HomeMy WebLinkAboutResolution 3366 �;
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O :. O C ORONO
,� ;�T� RESOLUTION OF THE CITY COUNCIL
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,� ' �, .a�� �, NO.� � � .
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� RESOLUTION CALLING FOR THE REDEMPTION OF �
$150,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980
WHEREAS, the City Council of the City of Orono, Minnesota, issued
� $1,100,000 GENERAL OBLIGATION IMPROVEMENT BONDS datedDecember 1, 1980;and
WI�REAS, Bonds maturing in the years 1991 through 1996 �are subject to
redemption and prepayment at the option of the City on March 1, 1990 and any interest payment
date thereafter at a price of 101% of par plus accrued interest, as provided in the resolution of
the City Council dated November 12, 1980, authorizing the issuance of the Bonds; and
WHEREAS, the City Council deems it desirable and in the best interests of the
City to call Bonds totalling$150,000 in principal amount(those Bonds due in the years 1995 and
• 1996), on March 1, 1994, in accordance with the resolution;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Orono, Minnesota, as follows:
1. Redemption. Bonds totalling$150,000 in principal amount, due in the years 1995 �
and 1996, shall be redeemed and prepaid on March�1, 1994 at 101% of par, plus
accrued interest for each such Bond called.
2. The City Cl�rk is hereby authorized and d'uected to give mailed and published
notice of call at least 30 days prior to March 1, 1994. Said notice shall be in
substantially the form hereto attached.
3. Deposit of Funds. The City Clerk is hereby authorized and directed to deposit
with the bank where the Bonds are payable prior to said call date sufficient funds
� to pay all principal and interest due on the Bonds as of the call date.
Adopted by the Orono City Council on this 22nd day of November, 1993.
. A ST: Edward J. Callahan, Jr., Mayor � �
Dorothy M allin, City Clerk
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. Notic2 of Ca11 far Redemotion
General ObTigation Improvement Bonds of �980
� City of Orono
Nennepin County, Minnesa�a �
NOTIC� IS �:FRfBY GIVEN That by ordzr of �tte Ci ty Counci 1 of the Ci ty �
� of Orono, Hennepin Count�, ��(innesota, there have bee� caTled T�'"
re�empt,ion and prepayment on � � �
� � March 1 , 1994
those outstand�ng bonds of the City designated �s General Obligation
Impro�cement Bonds of' 1980 dated• December 1 , I980, which matur2 on
the. dat2s and bear inter�s� at the rates set forth below: '
{Nat�rity' Date In_terest Rate CUSiP Number
3��f g5 � 8.60q 6871?9 FF 9
. 3/�/96 � 8.75� 687119 F& 7
Such Bonds wi1T cease to bear interest on March 1 , 1994. lJpon '
presenta�ion and surrender of said Bonds, you wiZl be pafd the
• principa7 amount af such Bonds plus a premi�um of Z� and accrued
�nterest ta the. date ot redemption. Owners of cajled bvnds. s�tould
� also provide a fu11y-executed .W-9 Taxpayer Fdentification Number
Certifica-�e and return with the called bond�.
• If b�y Mai T : Non•rest Bank Mi nnesota, N.A. . � � � _
' Attn: Corporate Trust Opera�ions • _ . .
. 255 Second Avenue 5outh . ,
. Minneapolis, MN 55479-0113 .
A service fee will be deducted from any payments requested to be made
by wire transfer. � � -
Phone inquiries may be made by calling (612) fi67-97.64.
� � BY OROER OF THE CITY COUNCIL
� Ron Moorse � �
City Administrator .
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