HomeMy WebLinkAboutResolution 3912 ,r x�
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'�' RESOLUTION F THE CITY COUNCIL
��`9kE p4�'� � NO. � � �. `�
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� RESOLUTION TO ISSUE AND SELL .
$1,760,000 G�NEItAL OBLIGATION
� SEWER AND�VATER IMPROVENd�NT BONDS FOR 1997 AND �
DECLARING OFFICIAL INTENT
BE IT RESOLVED by the City Council of the City of Orono,Minnesota, as follows:
1. The City Council deems it necessary and expedient to issue and sell its general obligation �
improvement bonds in the amount of approximately$1,760,000 (the "Bonds")to provide financing
of estimated costs, including contract price, construction period interest and legal, fiscal and
miscellaneous costs for the North Long Lake/Long Lake Country Club, Brackett's Point, and Bay
. Ridge sewer improvement projects,and the Orono Ice Arena sewer and water improvement project,
pursuant to Minnesota Statutes, Chapters 429 and 475.
2. Sealed proposals for tlie Bonds will be received on a date and time determined by the City
• Administrator. . �
3. The City has retained Ehlers and Associates, Inc., an independent financial advisor, in
connection with the sale of the Bonds and the Bonds shall be offered without published notice as
authorized by Minnesota Statues, Section 475.60, Subd.2(9),as amended. The City Administrator �
and Ehlers and Associates,Inc. shall establish the terms of the Bonds and the sale thereof and notify
prospective purchasers of the sale.
4. The City hereby declares its official intent to make a reimbursement allocation from the
proceeds of the Bonds and(i) states that the City reasonably expects to reimburse expenditures for
the above-listed sewer and water improvement projects,with the proceeds of debt to be incurred by
the City, (ii) states that this resolution is a declaration of official intent under Treas. Reg. §1.103-18,
(iii)a general functional description of the projects for which expenditures are to be reimbursed is
the .North Long Lake/Long Lake Country Club, Brackett's Point and Bay Ridge sewer
improvements, and the Orono Ice Arena water and sewer improvements,the fund or account from
which expenditures may be paid is the general fund and the maximuxn principal amount of debt
expected to be issued for such purposes is $1,760,000, and(iv)this resolution shall at a11 time be .
. available for public inspection. � . �
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��b. - C ITY of ORONO
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'�' RESOLUTION OF THE CITY COUNCIL
�L`9.kE p4��'G . NO. e� � �. �
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' � Adopted at a regular Council meeting this 27th day of May, 1997.
ATTEST: Gabriel bbour,Mayor
Dorothy M. al 'n, City Clerk
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