HomeMy WebLinkAboutResolution 687ORONO COUNCIL MEETING HELD MAY 24, 1976
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2. The Council shall meet at the City Hall, on Monday, the 28th day of
June, 1976, at 5:00 o'clock P.M., C.D.T. for the purpose of considering
oids for, and awarding the sale of $2,635,000 negotiable coupon General
bligation Refunding Bonds of 1976, and taking such other action in respect
thereto as may be found necessary or expedient, for the purpose of refunding
-in advance of maturity all of the outstanding Bonds of the Improvement Bonds
of 1974, Improvement Bonds of 1970A and Improvement Bonds of 1970B pursuant
to the authority of Section 475.67, Minnesota Statutes,
3. Ehlers & Associates, Inc. has presented to the City Council forms of
Official Notice of Bond Sale and abbreviated notice of sale for publication.
Butler moved, Searles seconded, to adopt Resolution
#687, subject to:
1. It is understood that Ehlers & A6sociates, Inc.
will perform certain independent financial consult-
ing services relative to the public sale of general
obligation refunding bonds in the sum of $1.00
and other good and valuable consideration, which
services are set forth in the representations
in the letter dated May 24, 1976, addressed to
the City Council of the City of Orono. In addition
to those services which have been provided, Ehlers &
Associates, Inc. agree to pay all attorneys' fees
incurred by the City of Orono, with its bond
consultants, Faegre & Benson, in this matter, and
d1kpay all other debts as related to the public sale
of the general obligation refunding bonds, even
though the City Council may decide not to offer
the bonds for sale at some future time, or may_
decide not to accept the bid if such bonds are
offered for sale.
2. Ehlers & Associates, Inc. has agreed, in
cooperation with The First National Bank of Saint
Paul, to purchase or otherwise at its own risk
provide for the sale to the City for deposit in
the escrow account to be maintained for the bonds
being refunded, securities of the type authorized
by Section 475.67, Subd. 8, Minnesota Statutes,
which will be sufficient to satisfy all requirements
of said Section 475.67 and the proposed arbitrage
regulations under Section 103(d)'of the Internal
Revenue Code of 1954, as amended, so that the bonds
shall not be arbitrage bonds thereunder. Ehlers &
Associates, Inc. has further agreed to assume the
expense of the services of the escrow agent, bond
counsel, and such accountants and actuaries as may
be deemed necessary in connection with the trans-
action and shall arrange for the preparation and
l distribution of information to prospective bidders
*and for printing of the bonds, all subject to approval
and ratification by the City Council. The City
assumes no obligation to Ehlers & Associates, Inc.
for any fee or expenses which may be incurred by
Ehlers & Associates, Inc., it being understood
that Ehlers & Associates, Inc. is not an agent of
RESOLUTION #687
E ft&.Refunding
(Continued)
(Continued)
v
ORONO COUNCIL MEETING HELD MAY 24, 1976 Page 11
and has not fiduciary obligation to the City: RESOLUTION #687
Ehlers & Associates, Inc. shall ldok solely to Bond Refunding
he difference, if any, between the price the (Continued)
,Oity is required to pay for the obligations to
be deposited in the escrow account in order
that the yield thereon shall be limited as
provided by the applicable proposed arbitrage
regulations and the actual market price thereof,
less all expenses of the City and Ehlers &
Associates, Inc., in connection with the offering.
Motion, Ayes (4) - Nays (0) . CouncAmember
Paurus abstained.
The 1976 Sealcoating Progfam was tabled untii 1916 SEALCOATING PROGRAM
the me3ting of June 14, 1976.
The Hill Street Vacation resolution for A. T; HILL STREET VACATION
Esco was tabled until the meeting of June 14;
1976.
Searles moved, Butler seconded, to accept thh F4L,CLEANUP DAY
May 15, 1976 Spring Cleanup Report and to prb.claim October 30, 1976
a fall cleanup day for October 30, 1976, 8:00 A.M.
to 4:30 P.M. Motion, Ayes (5) - Days (0).
J !
The Mayor announced that the Board of Review BOARD OF REVIEW
±� will meet in the City Council Chambers Tuesday, SPECIAL COUNCIL MEETING
June 1, 1976 at 7:30 P.H. followed by a special June.l, 1976
Council meeting to consider the Supek ValU
E, request and the Multi -Housing Ordinance.
Butler moved, Paurus seconded, to accept the FAU FUNDING
extended deadline from June 1, 1976 to August 1, Bike/Hike Trails
1976 for application for Federal Aid Urban fund-
ing of the bike/hike trails. Motion, Ayes (5) -
Nays (0) .
Butler moved, Searles seconded, to adopt RESOLUTION #688
Resolution #688, A Resolution Authorizing W.H.H.S.P.B. Amendment
Execution Of Amendment Number Two To The
Join-:- And Cooperative Agreement, West Hennepin
Human Services Planning Board. I -lotion, Ayes (5) -
Nays ( 0) .
Paurus moved, Butler seconded, to appoint William POLICE CADET
i Bennett, Jr., 1437 North Arm Drive, to serve as William Bennett, Jr.
'Rpolice cadet and part-time policeman. The part -
ime police position salary shall commence at
(j $3.50 per hour. PIotion, Ayes (5) - Nays (0).
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