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, *.�'_-�,,�r <br /> � Member Flint introduced the following written resolution and <br /> � moved its adoption: <br /> RESOLU'TION NO. 3924 <br /> RESOLUTION AWARDING SALE OF $1,760,000 GENERAL <br /> OBLIGATION IMPROVEMENT BONDS, SERIES 1997, <br /> FIXING TI�FORM AND SPECIFICATIONS <br /> THEREOF, PROVIDING FOR THEIR EXECUTION AND <br /> DELNERY, AND PROVIDING FOR TF�IR PAYMENT <br /> � BE TT RESOLVED by the City Council of the City of Orono, Minnesota, as . <br /> follows: <br /> 1. The proposal of Piper Jaffray Inc. (the"Purchaser")to purchase the <br /> $1,760,000 General Obligation Improvement Bonds, Series 1997 of the City at a price of <br /> $1,750,360.55 plus accrued interest is hereby found and determined to be the best proposal <br /> received pursuant to the Terms of Proposal, and sha11 be and is hereby accepted, said offer <br /> being to purchase Bonds beazing interest according to year of maturity as follows: <br /> � Maturity Interest Maturity Interest . <br /> (Februarv 11 Rate (Februarv 1) Rate <br /> 1999 4.20% 2007 4.75% <br /> 2000 4.25 2008 4.875 <br /> 2001 4.45 2009 4.95 <br /> 2002 4.50 � 2010 5.05 <br /> 2003 4.55 2011 5.10 <br /> 2004 4.60 2012 5.15 <br /> 2005 4.625 2013 5.20 � <br /> 2006 � 4.65 � <br /> 2. To provide funds for the City's 1997 Improvement Projects as described <br /> in paragraph 3 (the "Improvements"), the City hereby determines that it is necessary and <br /> expedient to issue pursuant to Minnesota Statutes, Chapter 429, its negotiable General � <br /> Obligation Improvement Bonds, Series 1997 (the"Bonds") in the aggregate principal amount � <br /> of$1,760,000, dated July 1, 1997,which Bonds sha11 bear interest at the rates above set forth, <br /> computed on the basis of a 360-day year of twelve 30-day months, payable February 1, 1998 <br /> and semiannually thereafter on February 1 and August 1 in each year, and shall mature serially <br /> on February 1 in the yeazs and amounts as follows: <br /> � <br /> -2- <br />