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RESOLUTION NO. 6684 <br />RESOLUTION AWARDING SALE OF <br />$2,795,000 GENERAL OBLIGATION STREET RECONSTRUCTION REFUNDING BONDS, <br />SERIES 2016A, <br />FIXING THE FORM AND SPECIFICATIONS <br />THEREOF, PROVIDING FOR THEIR EXECUTION AND <br />DELIVERY, AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: <br />1. The proposal of (the "Purchaser") to <br />purchase the $2,795,000 General Obligation Street Reconstruction Refunding Bonds, Series <br />2016A of the City is hereby found and determined to be the best proposal received pursuant to <br />the Terms of Proposal, and shall be and is hereby accepted, said offer being to purchase Bonds <br />bearing interest according to year of maturity as follows: <br />Maturity <br />(February 1) Interest Rate <br />2018 _ <br />2019 <br />2020 <br />Maturity <br />(February 1) Interest Rate <br />2021 <br />2022 <br />2023 <br />at a price of $ plus accrued interest. The sale is being conducted with the <br />assistance of Ehlers and Associates, Inc., independent financial advisors. <br />2. To provide funds to finance the refunding of outstanding General Obligation <br />Street Reconstruction Bonds, Series 2008A maturing in the years 2018 to 2023 (the "Refunded <br />Bonds"), the City hereby determines that it is necessary and expedient to issue its negotiable <br />General Obligation Street Reconstruction Refunding Bonds, Series 2016A (the "Bonds") in the <br />aggregate principal amount of $2,795,000, dated November 17, 2016. The Bonds shall bear <br />interest at the rates above set forth, computed on the basis of a 360 -day year of twelve 30 -day <br />months, payable August 1, 2017, and semiannually thereafter on February 1 and August 1 in <br />each year, and shall mature serially on February 1 in the years and amounts as follows: <br />Year <br />Amount <br />2018 <br />$245,000 <br />2019 <br />495,000 <br />2020 <br />505,000 <br />Year <br />Amount <br />2021 <br />$510,000 <br />2022 <br />515,000 <br />2023 <br />525,000 <br />without option of prior payment. The Bonds shall be numbered R-1 upwards in order of <br />issuance or in such other order as the Registrar may determine and shall be in the denomination <br />of $5,000 each or any integral multiple thereof not exceeding the amount maturing in any year. <br />2 <br />SALE RESOLUTION <br />