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Member Callahan introduced the following written resolution and • moved its adoption: � � 5 0 RESOLUTION AWARDING SALE OF $1,910,000 GENER.AL OBLIGATION REFUNDING BONDS OF 1995, FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND DELIVERY, AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: 1. The proposal of piper Jaf frav znc.(the"Purchaser") to purchase the $1,910,000 General Obligation Refunding Bonds of 1995 of the City is hereby found and determined to be the best proposal received pursuant to the Terms of Proposal, and shall be and is hereby accepted, said offer being to purchase Bonds bearing interest according to year of maturity as follows: � Maturity Interest Maturity Interest � (Februarv 1) Rate (Februarv 1) Rate , ' 1997 3.85% 2000 4.10% 1998 3.95% 2001 4.125% 1999 4.�5% 2�02 4.15/ 2. To provide funds for refunding in advance of maturity the redeemable portions of its outstanding General Obligation Improvement Bonds of 1985 (the "Series 1985 Bonds") and its outstanding General Obligation Water and Sewer Bonds of 1989 (the"Series 1989 Bonds" and together with the Series 1985 Bonds, the"Prior Bonds"), the City hereby , determines that it is necessary and expedient to issue pursuant to Minnesota Statutes, Section 475.67, its negotiable General Obligation Refunding Bonds of 1995 (the"Bonds") in the aggrejate principal amount of$1,910,000, dated December 26, 1995, which Bonds shall bear interest at the rates above set forth, computed on the basis of a 360-day yeaz of twelve 30-day months, payable August 1, 1996 and semiannually thereafter on February 1 and August 1 in each year, and shall mature serially on February 1 in the years and amounts as follows: i -2- .