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• RESOLUTION #3151 <br /> , � . <br /> Member Goetten introduced the following <br /> � written resolution and moved its adoption: <br /> RESOLUTION AWARDING SALE OF $2, 000, 000 GENERAT, <br /> OBLIGATION SEWER IMPROVEMENT BONDS, SERIES 1992, FIXING <br /> THE FORM AND SPECIFICATIONS THEREOF, PROVIDING <br /> FOR THEIR EXECUT�ION. AND DELIVERY, AND PROVIDING <br /> FOR THEIR PAYMENT <br /> � <br /> BE IT RESOLVED by the City Council of the City of � <br /> Orono, Minnesota, as follows: <br /> 1. The proposal of Park Investment Corporation <br /> to purchase the $2, 000, 000 General Obligation Sewer Improvement <br /> Bonds, Series 1992 of the City is hereby found and determined to <br /> be the best proposal received pursuant to the approved Official <br /> Notice of Bond Sale, which is hereby approved and ratified, and <br /> shall be and is hereby accepted, said offer being to purchase <br /> Bonds bearing interest according to year of maturity as follows: <br /> Maturity Interest Maturity Interest <br /> Date Rate Date Rate <br /> � 1994 3.30 � 2002 5.00 � <br /> 1995 3.b0% 2003 5.00% <br /> 1996 3.90% 2004 5.10% <br /> � 1997 4.00% 2005 5.20% � <br /> 1998 4.20% 2006 5.30% <br /> 1999 4.40% 2007 5.40% <br /> 2000 4.60% 2008 5.50% <br /> 2001 4.80% <br /> at a price of $ 1.972.090.8o plus accrued interest. <br /> 2 . To provide funds for the 1992 Stubbs Bay Sewer . <br /> Improvement Project, the City shall forthwith issue its <br /> negotiable General Obligation Sewer Improvement Bonds, Series <br /> 1992 in the aggregate principal amount of $2, 000, 000, to be dated <br /> August 1, 1992, to bear interest at the rates above set forth, <br /> computed on the basis of a 360-day year� of twelve 30-day months, <br /> _ payable February 1, 1993 and semiannually thereafter on February <br /> 1 and August 1 in each year, and to mature serially on February 1 <br /> in the years and amounts as follows: <br /> � -2- • <br />