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<br /> � OFFICIAL NOTICE OF BOND SALE
<br /> • $475,000
<br /> GENERAL OBLIGATION IMPROVEMENT BONOS OF 1982
<br /> CITY OF ORONO, MINNESOTA ,
<br /> NOTICE IS HEREBY GIVEN that the City Council of the City of Orono, Minnesota, will meet
<br /> at the Orono City Hall at 7:00 o'clock p.m., C.S.T., on Monday, November 22, 1982, to receive and •
<br /> consider bids for the purchase of $475,000 negotiable coupon General Obligation Improvement Bonds
<br /> of 1982 of the City on the following terms:
<br /> Purpose and Secur�ty
<br /> The purpose of the bonds is to provide funds to construct various improvements, including
<br /> sewer, water main, storm sewer and streets, under Chapter 429, Minnesota Statutes. The bonds will be
<br /> general obligations of the issuer, for which its full faith, credit and taxing powers are pledged in
<br /> • addition to special assessments levied with respect to the improvements.
<br /> Date and Maturities
<br /> The honds will he.dated�December 1, 1982, will be in the denor�Tnation of�$5,OOD each and
<br /> • will mature on March-1 i�n •the'°'follo�ri:ng yea�+s and amounts:
<br /> Year Amount Year � Amount
<br /> 1985 $50,000 1992 $20,000
<br /> 1986 75,000 1993 15,000
<br /> 1987 • 50,000 1994 15,000
<br /> 1988 75,000 1995 15,000
<br /> 1989 50,000 1996 15,000
<br /> 1990 25,000 1997 15,000
<br /> 1991 . 25,000 1998 15,000
<br /> 1999 15,000
<br /> • Al1 bonds are issued without option of prior payment.
<br /> Interest
<br /> Interest on the bonds will be Payable on September 1, 1983, and semiannually thereafter on
<br /> each March 1 and September 1. All 6onds maturing on the same date must bear interest from date of
<br /> issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent
<br /> maturity. Not more than 15 interest rates may be specified for the issue and tf�e maturities must be
<br /> split not more than 15 ways for tfie purpose of designati.ng sucfi rates. Each rate must be in an integral
<br /> multiple of 5/100%, and no rate of interest nor the net effective rate of the issue may exceed the
<br /> maximum rate determined in accordance witft Minnesota Statutes, Section 475.55, Subdivision 4. No
<br /> supplemental or "B" coupons will 6e permitted. ' -
<br /> Paying Agent
<br /> Principal and interest will be made payable at any suitable bank in the�United States
<br /> designated by the successful bidder with.in 48 hours after award of sale, su6,�ect to approval by the
<br /> City, and the City will pay the reasonable and customary paying agency c4arges.
<br /> CUSIP Numbers
<br /> It is anticipated that CUSIP identification numbers will be printed on the bonds, but
<br /> neither the failure to print such number on any bond nor any error with respect thereto shall
<br /> constitute cause for a failure or refusal by the purc6aser tfiereof to accept delivery of and pay
<br /> for said bonds in accordance with the terms of sale. All expenses in relation to the printing of
<br /> CUSIP numbers on the bonds shall be paid for by the City; provided, however, that the CUSIP Service
<br /> Bureau charge for the assignment of said numbers shall be the responsibility of and shall 6e paid for
<br /> by the purchaser.
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