HomeMy WebLinkAboutResolution 686J
ORONO COUNCIL MEETING HELD MAY 24, 1976
Massengale moved, Welsh seconded, to approve
the conditional use permit for Donald Hagen,
02130 Shadywood Road, subject to approval of
staff and work being completed in the following
order:
1. Remove pump house
2. Rip rap shoreline
3. Grade area.
Motion, Ayes ( 5 ) - Nays (0) .
Butler moved, Massengale seconded, that
Resolution #686, A Resolution Authorizing
Participation In Joint And Cooperative
Agreement In "Hennepin Emergency Communication
Organization", be adopted. Motion, Ayes (5) -
Nays (0).
Mr. Bill Fahey, representing Ehlers & Associates,
stated that the April 8, 1976 report to the
City Council was submitted as an agent of the
City and that the May 24, 1976 report outlining
advance bond refunding was submitted not as an
agent of the City but as the principal. The
Wity bond attorney, Faegre & Benson, submitted
he following resolution:
RESOLUTION #687
Page 9
CONDITIONAL USE PERMIT
1230 Shadywood Road,
(Continued)
RESOLUTION #686
Emergency Communication
ADVANCE BOND REFUNDING
RESOLUTION #687
A RESOLUTION PROVIDING FOR THE
PUBLIC SALE OF $2,635,000
GENERAL OBLIGATION REFUNDING BONDS
BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows.
1. It is hereby found and determined that the City presently has outstanding
the following bond issues:
Description
Improvement Bonds of 1974
Improvement Bonds of 1970A
Improvement Bonds of 1970B
Amount
$1,700,000
240,000
695,000
Dated
Present Net
Interest Cost
9/1/74 6.7456%
8/1/70 6.6285%
8/1/70 6.6753%
The City has been advised by Ehlers & Associates, Inc., who have acted as
financial consultants to the City, that the interest cost to the City could
be substantially reduced by refunding in advance of maturity all outstanding
bonds of the above issues, and that the refunding program could, at present,
C be undertaken in such a manner as to comply with Minnesota Statutes,
r"ection 475.67, and'applicable Federal laws and Internal Revenue Service
egulations relating to "arbitrage bonds". It is hereby found and determined
to be in the best interests of the City to proceed with the advertisement
U •of sale $2,635,000 General Obligation Refunding Bonds for such purpose.
L
(Continued)