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��°� . � o 0 b- - CITY of ORONO � � . . �� G'�' RESOLUTION OF THE CITY COUNCIL �kESH�4 NO. 3141 RESOLQTION TO ISSUE AND SELL $2,B0H,BBg GENERAL OBLIGATION SEWER IMPROVEMENT BONDS OF 1992 AND � DECLARING OFFICIAL INTENT BE IT RESOLVED by the City Council of the City of Orono, Minnesota, �as follows: 1. The City Council deems it necessary and expedient to issue and sell its general obligation improvement bonds in the amount of approximately $2,0�fd, �1PJ(d (the "Bonds") to provide financing of estimated costs , including contract price , construction period interest and legal, fiscal and miscellaneous • costs for the Stubbs Bay sewer improvement project pursuant to Minnesota Statutes, Chapters 429 and 47�5. 2. Sealed proposals for the Bonds will be received on a date and time determined by the City Administrator. 3. The City has retained Ehlers and Associa�tes, Inc., an independent financial advisor, in connection with the sale of the Bonds and the Bonds shall be offered without published notice as authorized by Minnesota Statutes, Section 475.60, Subd. 2 (9) , as amended. The City Administrator and Ehlers and Associates, Inc. shall establish the terms of the Bonds and the sale thereof and notify prospective purchasers of the sale. 4. The City hereby declares its official intent to make a reimbursement allocation from the proceeds of the Bonds and (i) states that the City reasonably expects to reimburse expenditures - for the Stubbs Bay sewer improvement project with the proceeds of . debt to be incurred by the City, (ii) states that thi�s resolution is a declaration of official intent under Treas. Reg. § 1.103-18, (iii) a general functional description of the project for which expenditures are to be reimbursed is the Stubbs Bay sewer � improvement, the fund or account from which expenditures may be _ paid is the general fund and the maximum principal amount of aebt " expected to be issued for such purposes is $2,�0fd,414J�1, and (iv) • this resolution shall at all times be available for public • inspection. .