HomeMy WebLinkAboutResolution 1772 . �
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.� , r Resolution #1772
�, Extract of Minutes of Meeting of the
City Council of the City of Orono
Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Orono, Minnesota, was
duly held at the City Hall in the City, on Monday, June 10, 1985
at 7:00 o'clock P.M.
The following members were present:
Tim Adams, Tom Frahm, Jim Grabek, Lynn Adams
and the following were absent:
Mary Butler
* * * * * * * * *
� The Mayor announced that the meeting was convened for
the purpose of considering bids for the purchase of $900 ,000
• General Obligation Improvement Bonds of 1985, as advertised for
sale. The City Clerk presented affidavits showing publication of
the notice of sale in the official newspaper and in Commercial
West, which affidavits were examined and found satisfactory and
ordered placed on file. �
• � * * * * * * * *
The Finance Director then presented the bids received
prior to 4 :00 �o'clock P.M. and opened by the Finance Director
pursuant to the notice of sale for the General Obligation
Improvement Bonds of 1985. These were examined and found to be
as follows:
See attached bid tabulation
. Name of Bidder Interest Rates Purchase Price
•
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, • BID TABULATION Resolution #1772
�. , . , $900�000 General Obligation Improvement Bonds
Orono. Minnesota '
• SALE: Monday. June 10. 1985
AWARD: MILLER SECURITIES. INC.
RATING: "Aa"
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
MILLER SECURITIES� INC. 5.5096 1987 $653.037.50 , $887.850.00
Minneapolis. Minnesota 6.0096 1988
PAINEWEBBER, INC. 6.2596 1989 7.915696
Minneapolis. Minnesota 6.5096 1990
6.7596 1991
7.00% 1992
7.20% 1993 �
7.4096 1994
7.6096 1995
- 7.8096 1996 .
8.0096 1997
8.1096 1998
8.2096 1999
� 8.2596 2000 -2001
ALLISON-WILLIAMS COMPANY 5.5096 1987 $655.553.74 $887.850.00
Minneapolis. Minnesota , 6.0096 1988 �
PIPER. JAFFRAY & HOPWOOD. INC. 6.2596 1989 7.946196
Minneapolis. Minnesota 6.5096 1990
� 6.7596 1991 •
7.00% 1992
. " 7.25% 1993
7.50% 1994
7.7096 1995
7.9096 1996
8.0096 1997
8.10% 1998
8.2096 1999
8.2596 2000
8.3096 2001
NORWEST INVESTMENT SERVICES 5.7596 1987 $658,212.50 $885.150.00
Minneapolis. Minnesota 6.0096 1988 �
Moore. Juran & Company, Inc. 6.2596 1989 7.9783%
M.H. Novick & Company, Inc. 6.5096 1990
Miller 8� Schroeder Municipals. Inc. 6.7596 1991
7.0096 1992
7.20% 1993
7.4096 1994
� 7.6096 1995
7.8096 1996 �
8.0096 1997
8.1096 1998 �
EHLERS AND ASSOCIATES, INC. 8•2096 ' 1999 �
8.3096 2000
8.4096 2001
� $900,000 G.O. Improvement Bonds , ' .
Orono. Minnesota s
June 10, 1985 ` ' : ,
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•
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
r
FIRST BANK MINNEAPOLIS 5.7596 1987 $666.025.00 $885.600.00
Minneapolis, Minnesota 6.0096 1988
FIRST BANK ST. PAUL 6.3096 1989 8.073096
St. Paul. Minnesota 6.6096 1990
MERRILL LYNCH CAPITAL MARKETS GROUP 6.90% 1991
Minneapolis. Minnesota 7.1596 1992
Robert W. Baird � Company. Inc. 7.3096 1993 �
M.H. Novick & Company, Inc. 7.50% 1994
7.7096 1995
7.9096 1996
8.1096 1997
8.2096 1998 �
8.3096 1999
8.4096 2000
8.5096 2001 .
DAIN BOSWORTH, INC. 5.7596 1987 $667,560.00 $886.500.00
Minneapolis, Minnesota 6.2596 1988
CRONIN � MARCOTTE, INC. 6.5096 1989 8.091696 •
Minneapolis. Minnesota 6.7596 1990
7.0096 1991
, 7.20% 1992
7.4096 1993
. 7.6096 1994
7.80% 1995 •
8.0096 1996 ,
8.1096 1997
8.2096 1998
8.3096 1999 �
8.40% 2000 -2001
JURAN & MOODY. INC. 5.50% 1987 $668.672.50 $886,050.00
St. Paul. Minnesota 6.0096 1988
American National Bank & Trust Company 6.5096 1989 8.105196
Marquette Bank Minneapolis. N.A. 6.75% 1990 �
Robert S.C. Peterson. Inc. 7.00% 1991
7.2096 1992
7.4096 1993
7.6096 1994
7.8096 1995
8.0096 1996
8.1096 1997
8.2096 1998
8.3096 1999
8.4096 2000 •
8.5096 2001
EHLERS AND ASSOCIATES. INC. 507 MARQUETTE AVENUE MINNEAPOLIS. MINNESOTA 55402
' ' ' Resolution #1772
•
Member Grabek introduced the following written
resolution and moved its adoption: '
RESOLUTION AWARDING SALE OF $900 ,000 GENERAL
OBLIGATION IMPROVEMENT BONDS OF 1985, FIXING
THE FORM AND SPECIFICATIONS THEREOF, PROVIDING
FOR THEIR EXECUTION AND DELIVERY AND LEVYING
TAXES FOR THEIR PAYMENT
• BE IT RESOLVED by the City Council of the City of
Orono, Minnesota, as follows: �
1 . The b id of Miller Securities, Inc. , Minneapolis, MN
to purchase the $900 ,000 General Obligation
Improvement Bonds of 1985 of the City as advertised for sale is
hereby found and determined to be the best bid received pursuant
to advertised notice of sale, and shall be and is hereby
accepted, said bid being to purchase Bonds bearing interest as
follows: �
Maturity date Interest rate
• 1987 - 5.50% 1993 - 7.20�• 1999 - 8.20%
1988 - 6.00% 1994 - :7.40� 2000-01 --8.25�
1989 - 6.25% 1995 - 7.60�
1990 - 6.50� 1996 - 7.80%
1991 - 6.75% 1997 - 8.00�
1992 - 7.00� 1998 - 8.10%
at a price of $ R�7�g�0.00 plus accrued interest.
2. To provide permanent financing for Project
No. 85-1 consisting of sanitary sewer improvements for the �
Crystal Bay area, the City shall forthwith issue its negotiable
General Obligation Improvement Bonds of 1985 in the aggregate
principal amount of $900 ,000, to be dated July 1 , 1985, to bear
interest at the rates above set forth, payable January 1 , 1986
and semiannually thereafter on January 1 and July 1 in each year,
and to mature serially on January 1 in the years and amounts as
� follows:
� $50 ,000 in 1987 to 1992 ,
$60 ,000 in 1983 to 1997, and
$75,000 in 1998 to 2001 , all years inclusive,
� all Bonds maturing on or after January 1 , 1996 , being subject to
redemption and prior payment in whole or in part in inverse order
• of maturity and by lot within a maturity at the option of the
City on January 1, 1995 , and any interest payment date thereafter
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' � • Resolution #1772
• at par and accrued interest. In the event of redemption by lot
of Bonds of like maturity, the Bond Registrar shall assign to
each Bond of such maturity then outstanding a distinctive number
for each $5 ,000 of the principal amount of such Bonds and shall
select by lot in the manner it determines the order of numbers,
at $5,000 for each number, for all outstanding Bonds of like
maturity. The order of selection of Bonds to be redeemed shall
be the Bonds to which were assigned numbers so selected, but only
so much of the principal amount of each Bond of a denomination of
more than $5,000 shall be redeemed as shall equal $5,000 for each
number assigned to it and so selected. The Bonds shall be
numbered from R-1 upwards in order of issuance or in such other
order as the Registrar may determine and shall be in the
denomination of $5 ,000 each or any integral multiple thereof not
exceeding the amount maturing in any year.
3. The Bonds, the Registrar' s Authentication Certifi-
cate, the form of assignment and the City Clerk' s Certificate on
• the reverse side thereof shall be in substantially the following
form:
UNITED STATES OF AMERICA
. STATE OF MINNESOTA
COUNTY OF HENNEPIN
• CITY OF ORONO
No. R- $
GENERAL OBLIGATION
IMPROVEMENT BOND OF 1985
Rate Maturity Date of OriQinal Issue CUSIP
July 1 , 1985
The City of Orono, Hennepin County, Minnesota, for
value received, hereby promises to pay to
or registered assigns, the
principal sum of dollars
($ ) on the maturity date specified above, without
option of prior payment, upon the presentation and surrender
hereof, and to pay to the registered owner hereof interest on
such principal sum at the interest rate specified above from
July 1, 1985 , or the most recent interest payment date to which �
interest has been paid or duly provided for as specified below,
on January 1 and July 1 of each year, commencing January 1, 1986 ,
until said principal sum is paid. Principal is payable in lawful
� money of the United States of America at the office of ,
as Bond Registrar or of its successor as Bond
Registrar designated by the City upon 60 days notice to the
• registered owners at their registered addresses. Interest shall �
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. ' . Resolution #1772
• be paid on each January 1 and July 1 interest payment date by
check or draft mailed to the person in whose name this Bond is
registered at the close of business on the 15th day of the month
preceding each interest payment date (whether or not a business
day) at said person' s address set forth on the registration books
maintained by the Bond Registrar. Any such interest not punc-
tually paid or provided for will cease to be payable to the owner
of record as of such regular record dates and such defaulted
interest may be paid to the person in whose name this Bond shall
be registered at the close of business on a special record date
for the payment of such defaulted interest established by the
Bond Registrar. For the prompt and full payment of such
principal and interest as the same become due the full faith,
credit and taxing powers of the City have been and are hereby
irrevocably pledged.
Additional provisions of this Bond are contained on the
reverse side hereof and such provisions shall for all purposes
have the same effect as if set forth here. ,
This Bond is one of an issue of bonds in the aggregate
principal amount of $900 ,000 , all of like date and tenor, except
as to maturity, redemption privilege and interest rate, issued
pursuant to and in full conformity with the Constitution and Laws
� of the State of Minnesota, including Minnesota Statutes,
Chapter 429 , for the purpose of defraying the expenses incurred
and to be incurred in connection with Project No. 85-1 of the
City, consisting of sewer improvements; and this Bond is payable
primarily from taxes levied and special assessments to be levied
from its Improvement Bonds of 1985 Fund, but constitutes a
general obligation of the City; and to provide moneys for the
prompt and full payment of said principal and interest as the
same become due the full faith and credit of the City is hereby
irrevocably pledged, and the City will levy additional ad valorem
taxes on all� taxable property in the City, if required for such
purpose, without limitation as to rate or amount.
The Bonds of this series maturing on or after January 1,
1996, are subject to redemption at the option of the City, in
whole or in part in inverse order of maturity and by lot within a
maturity, on January l , 1995 and any interest payment date there-
after at par and accrued interest. � Thirty days ' notice of prior
redemption will be given by mail to the bank where the Bonds are
payable and to the registered owners , ,and published notice of
prior redemption will be given in the manner provided by Chapter
475 , •Minnesota Statutes.
This Bond is transferable, as provided by the Resolu-
tion of the City Council authorizing the issuance of the Bonds of
this series adopted June 10 , 1985 (the "Resolution") only upon
� books of the City kept at the office of the Bond Registrar by the
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. , � Resolution #1772
•
registered owner hereof in person or by the owner's duly author-
ized attorney, upon surrender of this Bond for transfer at the
office of the Bond Registrar, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Bond
Registrar duly executed by the registered owner hereof or the
owner' s duly authorized attorney, and, upon payment of any tax,
fee or other governmental charge required to be paid with respect
to such transfer, one or more fully registered Bonds of the
series of the same principal amount and interest rate will be
issued to the designated transferee or transferees.
The Bonds of this seri�s are issuable only as fully
registered bonds without coupons in denominations of $5 ,000 or
any integral multiple thereof not exceeding the principal amount
maturing in any one year. As provided in the Resolution and
subject to certain limitations therein set forth, the Bonds of
this series are exchangeable for a like aggregate principal
amount of Bonds of this series of a different authorized denomi-
nation, as requested by the registered owner or the owner' s duly
authorized attorney upon surrender thereof to the Bond Registrar.
IT IS HEREBY CERTIFIED AND RECITED That all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota to be done, to happen and to be performed
• precedent. to and in the issuance of this Bond have been done,
have happened and have been performed in regular and due form,
and that this Bond, together with all other indebtedness of the
City outstanding on the date of its issuance, does not exceed any
constitutional or statutory limitation of indebtedness.
This Bond shall not be valid or become obligatory for
any purpose until the Authentication Certificate hereon shall
have been signed by the Bond Registrar.
IN• WITNESS WHEREOF, the City of Orono, Minnesota, by
its City Council, has caused this Bond to be executed in its
behalf by the facsimile signature of the Mayor and by the facsim-
ile signature of the City Clerk, and a facsimile of its official
seal to be printed hereon, all as of the Date of Original
Issue specified above.
Dated: Jun.e 10, 1985
� (Fac mi e gnature) �
Mayor
Tom F ahm, Acting Mayor
(F s r � �
• Ci y Clerk
(Seal)
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�• • ' Resolution #1772
• Bond Registrar' s Authentication Certificate
This is one of the Bonds described in the within
mentioned Resolution.
Bond Registrar
By
Authorized Signature
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
(Please Print or Typewrite Name and Address of Transferee) the
within Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints attorney to transfer
the within Bond on the books kept for registration thereof, with
full power of substitution in the premises.
Dated:
� Please Insert Social Notice: The signature to this
Security Number or Other assignment must correspond with the
Identifying Number of name as it appears on the face of
Assignee this Bond in every particular,
without alteration or any change
whatever.
. Signature Guaranteed:
Signatures must be guaranteed by a
national bank or trust company or by
a brokerage firm ha�Ting membership
in one of the major stock exchanges
(Certificate as to Legal Opinion)
I, the undersigned, City Clerk of the City of Orono,
Minnesota, hereby certify that except �or the date line, the
foregoing is a full, true and compared copy of the legal opinion
of Faegre & Benson, of Minneapolis, Minnesota which was delivered
� to me upon delivery of the bonds and is now on file in my office.
(Facsimile Si nature) �
• City Clerk
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• � Resolution #1772
•
4 . The Bonds shall be payable upon presentation at
the main of fice of Fi rst Natl Bank of Mnl sin Mi nneapol i s , as
Registrar and Paying Agent, or at the offices of such other
successor agents as the City may hereafter designate upon 60 days
mailed notice .to the registered addresses. Interest shall be
paid by check or draft of the Registrar mailed to the registered
owners at their addresses shown on the registration books on each
interest payment date unless other arrangements satisfactory to
the Bond Registrar the City and the registered owners of Bonds
are made. The City shall deposit immediately available funds
with the Bond Registrar sufficient for the payment of such
interest as is to be paid in such manner on the business day
preceding each interest payment date.
5 . The Bonds shall be prepared under the direction of
the City Clerk and when so prepared shall be executed on behalf of
the City by the facsimile signature of the Mayor and by the fac-
simile signature of the City Clerk, under a facsimile of its
official seal. The Bonds shall not be valid for any purpose
until authenticated by the Bond Registrar. The Bond Registrar is
authorized and directed to register the Bonds initially issued
hereunder in such names as the purchaser may direct. The Bonds
initially issued hereunder shall be registered as of July 1,
• 1985 , and all Bonds issuecl in exchange therefor shall be regis-
tered as of such date, or, if issued after the first payment
date, as of the most recent interest payment date on which in-
terest was paid or duly provided for. The legal opinion of
Faegre & Benson of Minneapolis, Minnesota, respecting the valid-
ity and enforceability of the Bonds shall be reproduced on the
reverse side of each Bond at the request of the purchaser and
shall be certified by the facsimile signature of the City Clerk.
When the Bonds shall have been so prepared and executed, they
shall be delivered by the City Clerk and in exchange for the
purchase price and upon receipt of the signed legal opinion of �
Faegre & Benson, and the purchaser shall not be required to see
to the proper application of the proceeds. �
6 . As long as any of the Bonds issued hereunder shall
remain outstanding, the City shall maintain and keep at the
office of the Bond Registrar an office or agency for the payment
of the principal of and interest on such Bonds, as in this �
Resolution provided, and for the registration and transfer of
such Bonds, and shall also keep at said office of the Bond
Registrar books for such registration and transfer. Upon surren-
der for transfer of any Bond at the office of the Bond Registrar
with a written instrument of transfer satis.factory to the Bond
Registrar, duly executed by the registered owner or the owner' s
duly authorized attorney, and upon payment of any tax, fee or
other governmental charge required to be paid with respect to
� such transfer, the City shall execute and the Bond Registrar
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� . • Resolution #1772
•
shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more fully registered Bonds of
the same series, of any authorized denominations and of a like '
aggregate principal amount, interest rate and maturity. The
Bonds , upon surrender thereof at the office of the Bond Registrar
may, at the option of the registered owner thereof, be exchanged
for an equal aggregate principal amount of Bonds of the same
maturity and interest rate of any authorized denominations. In
all cases in which the privilege of exchanging Bonds or transfer-
ring fully registered Bonds is exercised, the City shall execute
and the Bond Registrar shall deliver Bonds in accordance with the
provisions of this Resolution. For every such exchange or trans-
fer of Bonds, whether temporary or definitive, the City or the
Bond Registrar may make a charge sufficient to reimburse it for
any tax, fee or other governmental charge required to be paid
with respect to such exchange or transfer, which sum or sums
shall be paid by the person requesting such exchange or transfer
as a condition precedent to the exercise of the privilege of
making such exchange or transfer. Notwithstanding any other
provision of this Resolution, the cost of preparing each new Bond
upon each exchange or transfer, and� any other expenses of the
City or the Bond Registrar incurred in connection therewith
(except any applicable tax, fee or other governmental charge)
shall be paid by the City. The City shall not be obligated to
• make any such exchange or transfer of Bonds during the fifteen
(15) days next preceding the date of the first publication or the
mailing (if there is no publication) of notice of redemption in
the case of a proposed redemption of Bonds. The City and the
Bond Registrar shall not be required to make any transfer or
exchange of any Bonds called for redemption.
7. Interest on any Bond which is payable, and is
punctually paid or duly provided for, on any interest payment
date shall be paid to the person in whose name that Bond (or one
or more Bonds for which such Bond was exchanged) is registered at
the close of business on the 15th day of the month preceding such
interest payment date. Any interest on any Bond which is pay-
able, but is not punctually paid or duly provided for, on any
interest payment date shall forthwith cease to be payable to the
registered holder on the relevant regular record date solely by
virtue of such holder having been such holder; and such defaulted
interest may be paid by the City in any lawful manner, if, after
notice given by the City to the Bond Registrar of the proposed
payment �ursuant to this paragraph, such payment shall be deemed
practicable by the Bond Registrar. Subject to the foregoing
provisions of this paragraph, each Bond delivered under this
Resolution upon transfer of or in exchange for or in lieu of any
o.ther Bond shall carry all the rights to interest accrued and �
unpaid, and to accrue, which were carried by such other Bond and
• each such Bond shall bear interest from such date that neither
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_ ` . - Resolution #1772
• gain nor loss in interest shall result from such transfer,
exchange or substitution.
8 . As to any Bond, the City and the Bond Registrar
and their respective successors, each in its discretion, may deem
and treat the person in whose name the same for the time being
shall be registered as the absolute owner thereof for all pur-
poses and neither the City .nor the Bond Registrar nor their
respective successors shall be affected by any notice to the
contrary. Payment of or on account of the principal of any such
Bond shall be made only to. or upon the order of the registered
owner thereof, but such registration may be changed as above
provided. All such payments shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent
of the sum or sums so paid.
9. There is hereby created a special fund, to be �
known as the Improvement Bonds of 1985 Fund, and in the event the
principal of and interest upon the said Bonds shall become due
and payable and there are insufficient moneys in said Fund to pay
such principal and interest, the Finance Director is authorized
and directed to pay said principal and interest from the general
fund and thereafter to reimburse said general fund from
collections of taxes levied hereby and speeial assessments for
• Project No. 85-1 . The proceeds of the Bonds herein authorized
shall be deposited in a separate construction fund to be used
solely for the payment of expenses of the Improvement. Any
remaining proceeds may be used for any lawful purpose. All ,
collections of special assessments for the Improvement are hereby
irrevocably appropriated and pledged to the payment of principal
of and interest on the Bonds herein authorized, and the moneys
and investments in the Improvement Bonds of 1985 Fund shall be
used for no other purpose than to pay principal of and interest
on the said Bonds until such principal and interest shall have
been paid in� full; provided, however, that nothing herein con-
tained shall prevent the issuance and sale of additional bonds
payable from the proceeds of such assessments to provide addi-
tional funds to pay the balance of the cost of said improvement.
10. It is hereby found and determined that the
estimated collection of special assessments pledged for the pay-
ment of said Bonds will, with the taxes hereby �levied, produce at
least five percent in excess of the amount needed to meet, when
due, the principal and interest payments on the Bonds, and it is
further found and determined that the special benefits to be
assessed against assessable property for the improvement will, in
any case, be more than 20$ of the cost of the improvement to the
municipality. For the purpose of paying the City' s share of the
cost of said improvement, there is hereby levied on all taxable
• �
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• - Resolution #1772
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property within the corporate limits of the City a general ad
valorem tax in the years collectible and in the amount provided
as follows:
Year Collectible Amount
See attached sheet
11. The City Clerk is authorized and directed to pre-
pare and furnish to the purchaser and to the attorneys approving
the Bonds , certified copies of all proceedings . and records
• relating to the issuance of said General Obligation Improvement
Bonds o€ 1985 and to the right, power and authority of the City
and its officers to issue the same, and said certified copies and
certificates shall be deemed the representations of the City as
to all matters stated therein.
12. The City Clerk shall furnish a certified copy of
this resolution to the County Auditor of Hennepin County, and
obtain the County Auditor' s certificate as required by law.
The motion for the adoption of the foregoing resolution
was duly seconded by Member Tim A��mc and upon
vote being taken thereon the following voted in favor thereof:
Adams, Frahm, Grabek, Adams (Lynn)
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
.
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' , . - Resolution #1772
,:. ° �
• COMPUTATION OF TAX LEVY ON —
CITY OF OFtONO� MINNESOTA '
;900,000 G.O. IMPROVEMENT BONDS
CuMULATIVE
LEVY PbI PLUS Sx ASSESSf�NTS 9.20Z NET TAX
1986 �122,220.00 �163.500.00 ;41.279.99 ;0
1987 ;119,332.50 �137,280.00 #59,227.49 ;0
1988 :116�182.50 #131,760.00 �74,804.99 $0
1989 #112,901.25 �126,240.00 �88,143.14 #0
1990 ;109,488.75 �120,720.00 �99,374.99 �0
1991 #105,945.00 ;115,200.00 31�.629.99 �0
1992 #112,170.00 ;109,680.00 ;105,539.99 �0
1993 ;108,234.00 �104,160.00 �101,465.99 #0
• 1994 $103,512.00 #98,639.99 $96,533.98 $0
" 1995 398,184.00 ;93,119.99 #90,869.97 �0
' 1996 ;93,870.00 ;87,599.99 $84,599.96 #0
1997 �104,580.00 ;82�079.99 #62�099.95 $0
1998 ;98,201.25 ;76.559.99 ;40,458.69 ;0 �
1999 �91,743.75 ;71,039.99 �19,154.93 $0
2000 �85,246.88 �65,520.00 �28.05 #0
�1�583�071.88 ;1,583,099.94 �0
NOTE: BOND PROCEEDS (CAPITALIZEO INTEREST) OF Z33200.00
WILL BE USED TO PAY ;33200.00 OF INTEREST PAYMENTS DUE
1/1/1986
CAPITALIZED INTEREST HAS BEEN OEOUCTED FROM TFtE FIRST YEAR LEVY SHOI,Mr ABOVE.
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SFfOMM.
• PROGWIN 'LEVYCAIC'� COPYRIGHT, EHLERS & ASSOCIATES, INC., 10/15/1984
. �
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• STATE OF MINNESOTA )
. ,
COUNTY OF HENNEPIN ) SS. .
�
CITY OF ORONO )
I, the undersigned, being the duly qualified and acting
City Clerk of the City of Orono, Minnesota, hereby certify that I
have carefully compared the attached and foregoing extract of
minutes of a Council meeting of the City Council of said City
held June 10, 1985 with the original thereof on, file and of
record in my office and the same is a full, true and complete
transcript therefrom insofar as the same relates to the issuance
and sale of $900,000 General Obligation Improvement Bonds of 1985
• of said City. '
WITNESS My hand officially and the seal of the City
this llth day of Jurie ' , 1985 . �
� !
� . ,
ty CIe �
City of ono, Minnesota
(Seal)
�
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