HomeMy WebLinkAboutResolution 6008 � O�
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CITY of ORONO
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��� �G~' RESOLUTION OF TH� C�I� COUNCIL
`9kESI't0g' NO. - 8
A RESOLUTION CALLING FOR THE ANNUAL CERTIFICATION
OF MSA FUNDS FOR THE DEBT SERVICE ON THE BONDS
FOR THE OLD CRYSTAL BAY ROAD PROJECT
WHEREAS, the City of Orono has issued and sold bonds, dated December 30, 2010, in
the amount of$1,700,000 exclusively for the purpose of establishing, locating,relocating,
construction, reconstructing or improving its State Aid Streets in accordance with Minnesota
Statute 162.18; and
WHEREAS, said City of Orono has irrevocably pledged to the sinking funds from which
said obligations are payable, that amount of their future State Aid allotments needed to pay the
principal and interest thereon; which principal payments shall be made from the Construction
Account and the interest payments made from their Maintenance Account; and
WHEREAS, the City agrees to certify to the Commissioner of Transportation within 30
days following issuance of the bond, the amount of the total obligation and the amount of
principal and interest required to be paid annually in accordance with Minnesota Rules
8820.1500, Subp. 11.
NOW THEREFORE, BE IT RESOLVED that the Commissioner of Transportation be
and is hereby requested upon receipt of this resolution to annually certify to the Commissioner of
Management and Budget the sum of money required for the principal and interest on said bonds.
Adopted by the Orono City Council at a regular meeting held this 13`�'day of December,
2010.
ATTEST:
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Linda S. Vee, City Clerk J es M. White, Mayor
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