|
� `
<br /> � ORONO COUNCIL MEET�NG HELD MAY 24, 1976 Page 10
<br /> � 2. The Council shall meet at the City Hall, on P�onday, the 28th day of
<br /> June, 1976, at 5v00 o'clock P.P�. , C.D.T. for the purpose of considering
<br /> ybids for, and awarding the sale of $2,635,000 negotiable coupon General
<br /> � Obligation Refunding Bonds of 1976, and taking such other aCtion in respect
<br /> thereto as may be found necessary or e:.pedient, for the purpose of refunding
<br /> • in advance of maturity all of the outstanding Bonds of the Improvement Bonds
<br /> � of 1974, Improvement Bonds of 1970A and Improvement Bonds of 19708 pursuant
<br /> to the authority of Section 475.67, Minnesota Statutes.
<br /> � 3a Ehlers & Associates, Inc. has presented to the City Council forms of
<br /> r Official Notice of Bond Sale and abbreviated notice of �ale for publication.
<br /> • Butler moved, Searles seconded, to adopt Resolution
<br /> • #687, subject toe
<br /> � 1. It is un$erstood that Ehlers & ASsociates, Inc. RESOLUTION �687
<br /> will perform certain independent financial consult� n8nd..Refunding
<br /> � ing services relative to the public sale of general {Continued)
<br /> cbligation refunding bonds in the sum of $1.00
<br /> � and other good and valuable consideration, wh�Ch
<br /> services are set forth in the representations
<br /> • in the letter dated r�ay 24, 1976, addressed to
<br /> . the City Council of the City of Orono. In addition
<br /> to those services which have been provided, Ehlers &
<br /> � Associates, Inc. agree to pay all attorneys' fees
<br /> incurred by the City of Orono, with its bond
<br /> � consultants, Faegre & Benson, in this matter, and
<br /> pay all other debts as related to the public sale
<br /> • of the general obligation refunding bonds, even ,
<br /> though the City Council may decide not to offer
<br /> � the bonds for sale at some future time, or may
<br /> � decide not to accept the bid if such bonds are
<br /> offered for sale.
<br /> •
<br /> 2. Ehlers & Associates, Inc. has agreed, in
<br /> � c:�operation with The First National Bank of Saint
<br /> Paul, to purchase or otherwise at its own risk
<br /> � provide for the sale to the City for deposit in
<br /> � the escrow account to be maintained for the bonds
<br /> being refunded, securities of the type authorized
<br /> a by Section 475.67, Subd. 8, Minnesota Statutes,
<br /> which will be sufficient to satisfy all requirements
<br /> � of said Section 475.67 and the proposed arbitrage
<br /> regulations under Section 103 (d) of the Internal
<br /> • Revenue Code of 1954, as amended, so that the bonds
<br /> shall not be arbitrage bonds thereunder. Ehlers &
<br /> � Associates, Tnco has further agreed to assume the
<br /> � expense of the services of the escrow agent, bond
<br /> counsel, and such accountants and actuariPs as may
<br /> � be deemed necessary in connection with the trans-
<br /> action and shall arrange for the preparation and
<br /> � distribution of information to prospective bidders
<br /> � and for printing of the bonds, all subject to approval
<br /> and ratification by the City Council. The City
<br /> � assumes no obligation to Ehlers & Associates, Inc.
<br /> for any fee or expenses which may be incurred by
<br /> � Ehlers & Associates, Inc. , it being understood
<br /> that Ehlers & Associates, Tnc. is not an agent of (Continued)
<br /> •
<br />
|