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� <br /> ! ORONO COUNCIL T�ZEETING HELD P�IAY 24, 1976 Page 9 <br /> � T•Zassen ale moved, V�elsh seconded to a <br /> g , pprove CONDITIONAL USE PERMIT <br /> � the conditional use permit for ponald Hagen, 1230 Shadywood Road <br /> 2130 Shadywood Road, subject to approval of (Continued) <br /> • staff and work being completed in the following <br /> orders <br /> • <br /> a 1. Remove pump house <br /> 2, Rip rap shoreline <br /> � 3, Grade areao <br /> � l�lotion, Ayes (5) - Nays (0) , <br /> • <br /> � Butler moved, P�Iassengale seconded, that RESOLUTION #686 <br /> Resolution #686, A Resolution Authorizing Emergency Communication <br /> ` Participation In Joint And Cooperative <br /> Agreement In "Hennepin Emergency Communication <br /> � Organization" , be adoptedo Motion, Ayes {5) - <br /> Pdays (0) . <br /> � <br /> • AZr, Bill Fahey, representing Ehlers & Associates, ADVANCE BOND REFUNDING <br /> � stated that the April 8, 1976 report to the <br /> City Council was submitted as an agent of the <br /> � City and that the P�ay 24, 1976 report outlining <br /> advance bond re�unding was submitted not as an <br /> �agent of the City but as the principal. The <br /> City bond attorney, Faegre & Benson, submitted <br /> • the following resoiution: <br /> � RESOLUTION �687 RESOLUTION #687 <br /> � A RESOLUTION PROVIDING FOR THE <br /> � PUBLIC SALE OF Y2,635,000 <br /> GENERAL OBLIGATION REFUNDING BONDS <br /> � <br /> BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follow: : <br /> • <br /> 1. It is hereby found and determined that the City presently has outstanding <br /> � the following bond issuesa <br /> � Present Net <br /> Description Amount Dated Interest Cost <br /> � <br /> Improvement Bonds of 1974 $1, 700,000 9/1/74 6,7456� <br /> • Iraprovement Bonds of 1970A 240,000 8/1/70 6.6285% <br /> Improvement Bonds of 1970B 695,000 8/1/70 606753$ <br /> � <br /> � The City has been advised by Ehlers & Associates, Inc, , who have acted as <br /> financial consultants to the City, that the interest cost to the City could <br /> � he substantially reduced by refunding in advance of maturity all outstanding <br /> bonds of the above issues, and that the refunding program could, at present, <br /> � he undertaken in such a manner as to comply �aith DZinnesota Statutes, <br /> �ection 475067, and applicable Federal laws and Internal Revenue Service <br /> re;ulations relating to "arbitrage bonds" . It is hereby found and determined <br /> • to be in the best interests of the City to proceed with the advertisement <br /> of sale $2,635,000 General Obligation Refunding Bonds for such purpose. <br /> • <br /> (Continued) <br /> • <br />