HomeMy WebLinkAboutResolution 4032 � O�
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'�' RESOLUTION OF THE CITY COUNCIL
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A RESOLUTION AUTHORIZING ISSUANCE AND SALE OTi,
PUBLIC FACILITIES REVENUE REFUNDING BONDS, SERIES 1998
BE IT RESOLVED by the City Council of City of Orono,Minnesota(the City), as
follows:
Section 1. Pur�ose. It is hereby determined to be in the best interests of the City to
request the Housing and Redevelopment Authority in and for the City of Orono (the Authority)to
issue its Public Facilities Revenue Refunding Bonds, Series 1998 (the Bonds), in the approximate
principal amount of$2,400,000 to provide funds to pay the costs of issuance and to refund in
advance of maturity the 2002 through 2008 maturities of the Authority's outstanding Public Facilities
Revenue Bonds, Series 1991,pursuant to Minnesota Statutes, Chapters 469 and 475, as amended,
such refunding constituting a "crossover refunding" as defined in Minnesota Statutes, Section
, 475.67, Subd. 13.
Section 2. Further Action. The Authority will adopt a resolution providing for the
sale of the Bonds. Ehlers and Associates, Inc., as an independent financial adviser, is hereby
authorized to solicit a proposal or proposals for the Bonds on behalf of the Authority and the City
on a negotiated basis.
Section 3. Sale Meetin�. The Board of Commissioners of the Authority shall meet
on March 23, 1998, for the purpose of considering a proposal or proposals for the purchase of the
Bonds. This Council shall meet on that same date to approve the sale and authorize the execution
and delivery of necessary documents on behalf of the City. .
� Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held this 23rd day of February, 1998. �
. ;,; �
Gabrie Jabbour,Mayor
ATTEST:
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Lin a S. Vee, City Clerk �
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