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Member introduced the following written <br />resolution and moved its adoption: <br />RESOLUTION AWARDING SALE OF $900,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS OF 1985, FIXING <br />THE FORM AND SPECIFICATIONS THEREOF, PROVIDING <br />FOR THEIR EXECUTION AND DELIVERY AND LEVYING <br />TAXES FOR THEIR PAYMENT <br />BE IT RESOLVED by the City Council of the City of <br />Orono, Minnesota, as follows: <br />1. The bid of <br />to purchase the $900,000 Genera] Obligation <br />Improvement Bonds of 1985 of the City as advertised for sale is <br />hereby found and determined to be the best bid received pursuant <br />to advertised notice of sale, and shall be and is hereby <br />accepted, said bid being to purchase Bonds bearing interest as <br />follows: <br />Maturitv date <br />Interest rate <br />at a price of $ plus accrued interest. <br />2. To provide permanent financing for Project <br />No. 85-1 consisting of sanitary sewer improvements for the <br />Crystal Bay area, the City shall forthwith issue its negotiable <br />General Obligation Improvement Bonds of 1985 in the aggregate <br />principal amount of $900,000, to be dated July 1, 1985, to bear <br />interest at the rates above set forth, payable January 1, 1986 <br />and semiannually thereafter or. January 1 and July 1 in each year, <br />and to mature serially on January 1 in the years and amounts as <br />follows: <br />$50,000 in 1987 to 1992, <br />$60,000 in 1983 to 1997, and <br />$75,000 in 1998 to 2001, all years inclusive, <br />all Bonds maturing on or after January 1, 1996, being subject to <br />redemption and prior payment in whole or in part in inverse order <br />of maturity and by lot within a maturity at the option of the <br />City on January 1, 1995, and any interest payment date thereafter <br />-2- <br />