HomeMy WebLinkAboutResolution 6387 � o�
O ,� O CITY of ORONO
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RESOLUTION TO ISSUE AND SELL BONDS
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono,
Hennepin County, Minnesota, as follows:
1. This Council has confirmed its intent to issue capital improvement plan bonds in
the estimated amount of$3,385,000 pursuant to Minnesota Statutes, Secrion 475.521 (the "CIP
Bonds").
2. It is necessary and expedient that the City issue bonds to finance water utility
improvements in the estimated amount of $1,305,000 pursuant to Minnesota Statutes, Section
444.075 (the "Water Bonds").
3. This Council has expressed its intent to issue abatement bonds in the estimated
amount of $690,000 to refinance the bonds issued by the Orono Housing and Redevelopment
Authority for the Big Island acquisition(the "Big Island Bonds").
4. Sealed proposals for a single series of Bonds aggregating approximately
$5,380,000, comprised of the CIP Bonds, the Water Bonds and the Big Island Bonds, will be
received on Tuesday, May 27, 2014, at the offices of Ehlers & Associates, Inc. The City Council
will meet at City Hall at 7:00 o'clock P.M. on the same day for the purpose of considering the
proposals and awarding the sale of the Bonds. The terms of the Bonds and the sale thereof shall
be substantially as set forth in the report of Ehlers & Associates, Inc. on file in the office of the
City Finance Director.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held
April 14, 2014.
ATTEST: _���LL�,
Lili McMillan, Mayor
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Rachel Dodge, City Clerk
CONFIRMING RESOLUTION
•
Extract of Minutes of Meeting of the
City Council of the City of Orono, Minnesota
Pursuant to due call and notice thereof, a meeting of the City Council of the City of
Orono, Minnesota, was duly held at the City Hall, in Orono, Minnesota, on Monday, April 14,
2014.
The following members were present: Mayor McMillan, Levang, Bremer
and the following were absent: Anderson, Printup
* * * * * * * * *
The Mayor announced that the meeting was open for consideration of a 2014 bond sale.
Member Levang introduced the following written resolution and moved its adoption:
RESOLUTION NO. 6387
RESOLUTION TO ISSUE AND SELL BONDS
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono,
Hennepin County, Minnesota, as follows:
1. This Council has confirmed its intent to issue capital improvement plan bonds in
the estimated amount of$3,385,000 pursuant to Minnesota Statutes, Section 475.521 (the "CIP
Bonds").
2. It is necessary and expedient that the City issue bonds to finance water utility
improvements in the estimated amount of $1,305,000 pursuant to Minnesota Statutes, Section
444.075 (the "Water Bonds").
3. This Council has expressed its intent to issue abatement bonds in the estimated
amount of $690,000 to refinance the bonds issued by the Orono Housing and Redevelopment
Authority for the Big Island acquisition (the "Big Island Bonds").
4. Sealed proposals for a single series of Bonds aggregating approximately
$5,380,000, comprised of the CIP Bonds, the Water Bonds and the Big Island Bonds, will be
received on Tuesday, May 27, 2014, at the offices of Ehlers & Associates, Inc. The City Council
will meet at City Hall at 7:00 o'clock P.M. on the same day for the purpose of considering the
proposals and awarding the sale of the Bonds. The terms of the Bonds and the sale thereof shall
be substantially as set forth in the report of Ehlers & Associates, Inc. on file in the office of the
City Finance Director.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held
April 14, 2014.
ATTEST:
Lili McMillan, Mayor
Rachel Dodge, City Clerk
CONFIRMING RESOLUTION
Motion for the foregoing Resolution was made by Member Levang and seconded by
Member Bremer upon a vote being duly taken thereon, the following voted in favor of:
and the following were against: None were against,vote 3-0
and the following were absent: Anderson, Printup
WHEREUPON, the Resolution was declared duly passed and adopted the 14th day of April
2014.
CONFIRMING RESOLUTION
,
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Orono,
Minnesota, hereby certify that the above and foregoing Resolution No. 6387 is a true and correct
copy of the Resolution as adopted by the Orono City Council on the 14th day of Apri12014.
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City Clerk
City of Orono, Minnesota
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CONFIRMING RESOLUTION