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' ' ' Resolution #1772 • Member Grabek introduced the following written resolution and moved its adoption: ' RESOLUTION AWARDING SALE OF $900 ,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985, FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND DELIVERY AND LEVYING TAXES FOR THEIR PAYMENT • BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: � 1 . The b id of Miller Securities, Inc. , Minneapolis, MN to purchase the $900 ,000 General Obligation Improvement Bonds of 1985 of the City as advertised for sale is hereby found and determined to be the best bid received pursuant to advertised notice of sale, and shall be and is hereby accepted, said bid being to purchase Bonds bearing interest as follows: � Maturity date Interest rate • 1987 - 5.50% 1993 - 7.20�• 1999 - 8.20% 1988 - 6.00% 1994 - :7.40� 2000-01 --8.25� 1989 - 6.25% 1995 - 7.60� 1990 - 6.50� 1996 - 7.80% 1991 - 6.75% 1997 - 8.00� 1992 - 7.00� 1998 - 8.10% at a price of $ R�7�g�0.00 plus accrued interest. 2. To provide permanent financing for Project No. 85-1 consisting of sanitary sewer improvements for the � Crystal Bay area, the City shall forthwith issue its negotiable General Obligation Improvement Bonds of 1985 in the aggregate principal amount of $900 ,000, to be dated July 1 , 1985, to bear interest at the rates above set forth, payable January 1 , 1986 and semiannually thereafter on January 1 and July 1 in each year, and to mature serially on January 1 in the years and amounts as � follows: � $50 ,000 in 1987 to 1992 , $60 ,000 in 1983 to 1997, and $75,000 in 1998 to 2001 , all years inclusive, � all Bonds maturing on or after January 1 , 1996 , being subject to redemption and prior payment in whole or in part in inverse order • of maturity and by lot within a maturity at the option of the City on January 1, 1995 , and any interest payment date thereafter -2- �