HomeMy WebLinkAboutResolution 548Resolution No. 548
RESOLUTION TO ISSUE AND SELL $1,700,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1.974
BE I.T RESOLVED by the City Council of the City of
Orono, Minnesota, as follows:
1. The City Coun.ci.l deems it necessary and expedient
to .issue and sell $1,700,000 negotiable coupon, General Obligation
Improvement. Bonds of 1974, to provide financing in the amount
of $1,667,500 for the costs, including contract pri.ce, construction
interest., and legal, fiscal and miscellaneous costs, of constructing
Sanitary Sewer Improvement No. 7.3-1, a local sanitary sewer improve-
ment ordered by the City by re-soi.utlJn adopted April. 8, 1974,
pursuant to the authority of Chapter. 429, Minnesota Statutes, and
also to provide $ 32,500 of additional interest .in the form
of obligations as authorized by Section 475.56, Minnesota Statutes.
The City Council has made all necessary investigation, has held
a public hearing after due notice regarding the improvement,
and finds that the improvement will be a special benefit to
property .in the City and that special assessments may and will
be levied on, said property in an amount not less than 20% of
the estimated cost of each such improvement.
2. The City Council will meet at the City Hall
on Tuesday , the 27th day of August , 1974 at 7:30 o'clock
P.M., for the purpose of receiving and considering sealed bids
for the purchase of said General Obligation Improvement Bonds
of 1974.
3. The terms of such bonds and of the sale thereof
shall be the terms set forth in the following Official Notice
of Bond Sale, which shall be furnished to all. interested bidders
by the City Clerk -Administrator and by Ehlers and Associates,
Inc., fiscal agents for the City:
Adopted by the Village Council of the Village of Orono, Minnesota
at a regular meeting held July 23, 1974.
Robert L. Searles, Mayor
Attest:
Walter R. Benson, Acting Clerk -Administrator
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