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� O� <br /> � O O .. <br /> � ��b- - CITY of ORONO <br /> � ' � <br /> '�' RESOLUTION OF THE CITY COUNCIL <br /> �L`9$'E gpg'�'� � � N O. 4 a e;g �° <br /> - S <br /> A RESOLUTION AUTHORIZING ISSUANCE AND SALE OTi, <br /> PUBLIC FACILITIES REVENUE REFUNDING BONDS, SERIES 1998 <br /> BE IT RESOLVED by the City Council of City of Orono,Minnesota(the City), as <br /> follows: <br /> Section 1. Pur�ose. It is hereby determined to be in the best interests of the City to <br /> request the Housing and Redevelopment Authority in and for the City of Orono (the Authority)to <br /> issue its Public Facilities Revenue Refunding Bonds, Series 1998 (the Bonds), in the approximate <br /> principal amount of$2,400,000 to provide funds to pay the costs of issuance and to refund in <br /> advance of maturity the 2002 through 2008 maturities of the Authority's outstanding Public Facilities <br /> Revenue Bonds, Series 1991,pursuant to Minnesota Statutes, Chapters 469 and 475, as amended, <br /> such refunding constituting a "crossover refunding" as defined in Minnesota Statutes, Section <br /> , 475.67, Subd. 13. <br /> Section 2. Further Action. The Authority will adopt a resolution providing for the <br /> sale of the Bonds. Ehlers and Associates, Inc., as an independent financial adviser, is hereby <br /> authorized to solicit a proposal or proposals for the Bonds on behalf of the Authority and the City <br /> on a negotiated basis. <br /> Section 3. Sale Meetin�. The Board of Commissioners of the Authority shall meet <br /> on March 23, 1998, for the purpose of considering a proposal or proposals for the purchase of the <br /> Bonds. This Council shall meet on that same date to approve the sale and authorize the execution <br /> and delivery of necessary documents on behalf of the City. . <br /> � Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br /> held this 23rd day of February, 1998. � <br /> . ;,; � <br /> Gabrie Jabbour,Mayor <br /> ATTEST: <br /> � <br /> ��� � <br /> Lin a S. Vee, City Clerk � <br /> Page 1 of 1 <br />