HomeMy WebLinkAboutResolution 1217 - � �
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` � µ , RESOLUTION #1217 �. .
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.�• EXTRACT OF THE MINUTES OF A
MEETING OF THE CITY COUNCIL
OF THE CITY OF ORONO, MINNESOTA
Pursuant to due call and notice thereof a (regular) �i����)
meeting of the City Council of the City of Orono, Hennepin County,
Minnesota, was held at the City Ha11. in said City on Tuesdav ,
October 14 , 1980, commencing at � ��� o'clock p.m.
The following members were present: Acting Mayor Butler,
Councilmembers Hannah, Hurr, and Paurus
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and the following were absent: Mayor Van Nest, � �
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The following resolution was presented by Councilmember
Butler who moved its adoption:
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RESOLUTION #1217 �
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• RESOLUTION PROVIDING FOR THE ISSUANCE '
AND SALE OF $ 1,100, 000
GENERAL OBLIGATION IMPROVEMENT BONDS
OF 1980
BE IT RESOLVED By the City Council of the City of Orono,
Minnesota, Hennepin County, Minnesota, as follows: � �
1. It is hereby determined:
(a) That the following assessable, public improvements �
(the "Improvements") have been� made, duly ordered
or contracts let for the construction thereof, by
the City pursuant to the provisions of Minnesota
Statutes, Chapter 429 :
Project Name Estimated Cost
I. (A.) Minnetonka Blu�fs � $ 182 , 540
(.B) County Road #�15 � 47 ,454
II. (A) Ferndale Road 388 ,838
(B) Orono Lane 1:23 ,417
• (C) Trunk Sewer 72,805
III. North Shore Drive 241,207
MWCCF. M. Ex. 20, 653
Total Construction Costs $ �; 076,914
Plus: Allowance for discount bidding 20,510
(Bonds issued pursuant .to M.S.
Section 475. 56) ,-
Capitalized Interest (net a�ter 2, 576
discount) a
Total Bond Issue $ 1,100, 000
(b) That it is necessary .and expedient to the sound
financial management of the affairs of the City to
issue $ 1, 079,490 � General Obligation
Improvement Bonds of 1980, (the "Bonds") to provide
financing for the Improvements. In order to provide
in part the additional interest required to market
the Bonds at this time, additional Bonds shall be
issued in the amount of $ 20, 51.0 Any excess
of the purchase price of the Bonds over the sum of
$ 1,:100, 000 shall be credited to the
debt service fund for the purpose of paying interest
� first coming due on the Bonds . The Bonds shall be
issued and sold in accordance with the terms of the
Official Notice of Sale-
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�� 2 . The City Clerk is authorized and directed to advertise
he Bonds for sale in accordance with the official notice of sale and to
cause the abbreviated notice of sale to be published in the manner
required by law. The City Council shall meet on � Wednesday , •
November 12 , 1980 at 7 : 00 o 'clock p.m. at the City Hall
for the purpose of considering sealed bids on the Bonds and taking any
other appropriate action.
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The motion for the adoption of the foregoing resolution was �
duly seconded by Councilmember Paurus , and upon vote being
taken thereon, the following voted in favor: Acting Mayor Butler, �
Councilmembers Hannah, Hurr, and Paurus '
and the following voted against: None .. -
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whereupon said resolution was declared duly passed and adopted.
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.`Nla�y:zC.. "' __ ler:,�:_Acting May r
Attest�� -� r
Walte R. Benson, City Administrator
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