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.�. . . . <br /> � <br /> �'� . ' _ . • <br /> � , <br /> �J O �`-: O <br /> � CITY of ORONO <br /> � - :. � <br /> , ti <br /> ��� �G'�' RESOLUTION OF THE CITY COUNCIL <br /> `9kEsH.og' N0. � � � � <br /> RESOLUTION AWARDING SALE OF$885,000 GENERAL <br /> OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS, SERIES 2003A, <br /> FIXING THE FORM AND SPECIFICATIONS � <br /> THEREOF,PROVIDING FOR THEIR EXECUTION AND <br /> DELIVERY,AND PROVIDING FOR THEIR PAYMENT <br /> BE IT RESOLVED by the City Council of the City of Orono,Minnesota, as <br /> " follows: <br /> 1. The proposal of United Bankers Bank(the "Purchaser")to purchase the <br /> $885,000 General Obligation Sewer Improvement Refunding Bonds, Series 2003A of the City at <br /> a price of$881,681.25 plus accrued interest is hereby found and determined to be the best <br /> proposal received and shall be and is hereby accepted, said offer being to purchase Bonds bearing <br /> • interest according to year of maturity as follows: <br /> Maturity Interest <br /> �Februar�� Rate <br /> 2004 1.10% <br /> 2005 1.10 <br /> 2006 1.30 <br /> 2007 1.70 <br /> 2008 2.00 <br /> � 2. To provide funds to refiind the City's outstanding General Obligation � � <br /> Sewer Improvement Bonds, Series 1992 (the"Prior Bonds"), which were issued to finance the <br /> . Stubbs Bay Sewer Improvement Project(the"Improvement"),the City hereby determines that it <br /> is necessary and expedient to issue pursuant to Minnesota Statutes, Chapter 429 and Section <br /> 475.67, its negotiable General Obligation Sewer Improvement Refunding Bonds, Series 2003A <br /> (the "Bonds") in the aggregate principal amount of$885,000, dated July 1, 2003,which Bonds <br /> shall bear interest at the rates above set forth, computed on the basis of a 360-day year of twelve <br /> � 30-day months,payable February 1, 2004 and semiannually thereafter on February 1 and <br /> August 1 in each year, and shall mature serially on February 1 in the years and amounts,without <br /> option of prior payment, as follows: <br /> � <br /> Page 1 of 12 <br />