Resolution 3924 - Laserfiche WebLink

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t . � Year Amount Year Amount 1999 $85,000 2007 $120,000 2000 85,000 2008 125,000 2001 90,000 2009 130,000 2002 95,000 2010 140,000 2003 100,000 2011 145,000 � 2004 � 105,000 2012 155,000 2005 110,000 2013 160,000 2006 115,000 . All Bonds maturing on or after February 1, 2006, are subject to redemption and prior payment � in whole or in part in such order as the City may determine and by lot within a maturity at the option of the City on February 1, 2005, and any date thereafter at par and accrued interest. In the event of redemption by lot of Bonds of like maturity,the Bond Registrar shall assign to each Bond of such maturity then outstanding a distinctive number for each$5,000 of the principal amount of such Bonds and shall select by lot in the manner it determines the order of numbers, at$5,000 for each number, for all outstanding Bonds of like maturity. The order of . selection of Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected, but only so much of the principal amount of each Bond of a denomination of more than$5,000 shall be redeemed as sha11 equal $5,000 for each number assigned to it and so . selected. The Bonds shall be numbered R-1 upwards in order of issuance or in such other order as the Registrar may determine and sha11 be in the denomination of$5,000 each or any integral multiple thereof not exceeding the amount maturing in any year. 3. The Bonds are being issued to provide financing of estimated costs in the minimum amount of$1,735,360, including contract price, constxuction interest and legal, fiscal and miscellaneous costs for certain local improvements of the City pursuant to the authority of Chapter 429, Minnesota Statutes, refened to as North Long Lake and Long Lake County Club Sanitary Sewer Improvements, Bay Ridge/Hartwood and Brackett's Point � Sanitary Sewer and Orono Ice Arena Sewer and Water, and also to provide additional interest in the amount of$34,640 in the form of obligations as authorized in Section 475.56, Minnesota Statutes, consisting of bonds maturing in 1999. The City Council has made all necessary investigation and hereby finds and determines as follows: a. The City Council has held a public hearing after due notice regazding each such unprovement(except Orono Ice Arena which was initiated by petition) and has ordered in each such improvement b. Contract for the construction of each such improvement will be entered � int�within the time prescribed by law. - � -3-