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.� <br /> �, + <br /> • .��r. "- � ' <br /> , 1 <br /> RESOLUTZON #2691. <br /> � Member Grabek introduced the following written <br /> resolution and moved its adoption: <br /> RESOLUTION AWARDING SALE OF GENERAL OBLIGATION <br /> ,. WATER AND SEWER REVENUE BONDS, SERIES 1989, <br /> � FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING <br /> FOR THEIR EXECUTION AND DELIVERY AND PROVIDING FUNDS FOR <br /> THEIR PAYMENT <br /> BE IT RESOLVED by the City Council of the City of <br /> Orono, Minnesota, as follows : <br /> SECTION 1 . AUTHORIZATION <br /> 1. 01. The City Council is authorized by Section <br /> 444 . 075 and Chapter 475, Minnesota Statutes, to issue its <br /> General Obligation Water and Sewer Revenue Bonds, Series 1989 <br /> (the "Bonds") , in order to provide funds for improvements to <br /> the Water and Sewer System of the City (the "Water and Sewer <br /> System" ) , and it is necessary and expedient to issue the Bonds <br /> for such purpose. <br /> 1. 02 . The Bonds are issued for the purposes of a <br /> • water and sewer system and are not subject to any provisions of <br /> law prescribing requiring an election or referendum therefor <br /> under Section 444 . 075, Minnesota Statutes. <br /> SECTION 2 . TERMS AND FORM OF THE BONDS. ' <br /> 2 • 0].. 1 . The bid of Dean Witter Reynol ds. Inc. � to <br /> purchase the $2 ,300, 000 General Obligation Water and Sewer <br /> Revenue Bonds, Series 1989 of the City is hereby found and <br /> determined to be the best bid received pursuant to advertised <br /> notice of sale and shall be and is hereby accepted, said bid <br /> being to purchase the Bonds bearing interest as follows <br /> according to year of maturity: . <br /> Year Interest Rate <br /> 1993 6.10 0 <br /> 1994 6.20% <br /> � 1995 6.25% <br /> • 1996 6.25% <br /> 1997 6.25 0 <br /> 1998 6.35 0 <br /> 1999 6.45% <br /> 2000 6.50 0 <br /> 2001 6.50% <br /> 2002 6.60 0 <br /> • at a price of $ 2.283,070.00 plus accrued interest. . <br /> -2- <br />