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,r x� <br /> � O� , � <br /> S O O � � <br /> , - CITY of ORONO <br /> e� <br /> � � <br /> '�' RESOLUTION F THE CITY COUNCIL <br /> ��`9kE p4�'� � NO. � � �. `� <br /> � SH , <br /> � RESOLUTION TO ISSUE AND SELL . <br /> $1,760,000 G�NEItAL OBLIGATION <br /> � SEWER AND�VATER IMPROVENd�NT BONDS FOR 1997 AND � <br /> DECLARING OFFICIAL INTENT <br /> BE IT RESOLVED by the City Council of the City of Orono,Minnesota, as follows: <br /> 1. The City Council deems it necessary and expedient to issue and sell its general obligation � <br /> improvement bonds in the amount of approximately$1,760,000 (the "Bonds")to provide financing <br /> of estimated costs, including contract price, construction period interest and legal, fiscal and <br /> miscellaneous costs for the North Long Lake/Long Lake Country Club, Brackett's Point, and Bay <br /> . Ridge sewer improvement projects,and the Orono Ice Arena sewer and water improvement project, <br /> pursuant to Minnesota Statutes, Chapters 429 and 475. <br /> 2. Sealed proposals for tlie Bonds will be received on a date and time determined by the City <br /> • Administrator. . � <br /> 3. The City has retained Ehlers and Associates, Inc., an independent financial advisor, in <br /> connection with the sale of the Bonds and the Bonds shall be offered without published notice as <br /> authorized by Minnesota Statues, Section 475.60, Subd.2(9),as amended. The City Administrator � <br /> and Ehlers and Associates,Inc. shall establish the terms of the Bonds and the sale thereof and notify <br /> prospective purchasers of the sale. <br /> 4. The City hereby declares its official intent to make a reimbursement allocation from the <br /> proceeds of the Bonds and(i) states that the City reasonably expects to reimburse expenditures for <br /> the above-listed sewer and water improvement projects,with the proceeds of debt to be incurred by <br /> the City, (ii) states that this resolution is a declaration of official intent under Treas. Reg. §1.103-18, <br /> (iii)a general functional description of the projects for which expenditures are to be reimbursed is <br /> the .North Long Lake/Long Lake Country Club, Brackett's Point and Bay Ridge sewer <br /> improvements, and the Orono Ice Arena water and sewer improvements,the fund or account from <br /> which expenditures may be paid is the general fund and the maximuxn principal amount of debt <br /> expected to be issued for such purposes is $1,760,000, and(iv)this resolution shall at a11 time be . <br /> . available for public inspection. � . � <br /> � <br />