05-10-1976 Council Meeting Minutes

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OROIJO COUNCIL MEETING HELD P�IAY 10, 1976 Page 15 Searles moved, Butler seconded, to adopt RESOLUTION �#683 Resolution #683, A Resolution Conceptually Bond Refunding Approving �he Advance Bond Refunding Proposal Of Ehlers & Associates, and to identiry "out of pocket expenses" and to retain Faegre- Benson as bond consultants. Final resolution and approval will be submitted at the next meeting. Motion, Ayes (5) - Nays (0) . RESOLUTION #683 t�I-IEREAS, the City of Orono presently haa outstanding the following: Description Amount Dated Present NIC Improvement Bonds of 1974 $1,700,000 9/1/74 607456� Improvement Bonds of 1970-A 240,000 8/1/70 6.6285� Improvement Bonds of 1970-B 695,000 8/1/70 6, 67530 • WHEREAS, the City has been advised by Ehlers & Associates, Inc, , financial consultants to the City, that the interest cost to the City would be substantially reduced by refunding in advance of maturity all outstanding bonds of the above issues, and that the refunding program would, at present, be undertaken in such a manner as to comply with the tlinnesota Statutes, Section 475e67, and applicable federal laws and Internal Revenue Service regulations relating to "arbitrage bonds" , NOV7, TH�R�FORE, BE IT RESOLVEDs � lo It is hereby found and determined to be in the best interest of the City to proceed with a determination of whether the advertisement of general obligation bonds for such purpose should be undertakene 2. The City shall retain Ehlers & Associates, Inco for one dollar ($1,00) f and other good and valuable consideration to investigate further the possibilities of the sale of the general obligation refunding bonds with � all additional expenses to be paid by Ehlers & Associates, Inc, � 3, The City retains Faegre & Benson as special bond counsel to investigate further on behalf of the City the possibility of the proposed sale of the general obligation refunding bonds at no expense to the City, since � Ehlers & Associates, Inc. have agreed to pay for any attorneys ° fees incurred by the City related to the general obligation refunding honds, 4, That Ehlers & Associates, Ince and Faegre & Benson will present to the City of Orono at its regularly scheduled meeting all additional information needed to determine whether or not the sale of such general obligation refunding bonds should be authorized by the City of Orono. This resolution was passed by a vote of five ayes and 0 nays on P�1ay 10, 1976a � Dick Benson, City Administrator, informed the BIKE/HIKE TRAIL TOUR City Council that the proposed Bike/Hike Trail June 20, 1976 Tour has been rescheduled for June 20, 1976.