HomeMy WebLinkAboutResolution 3141 f �
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- RESOLUTION #3141
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f-� 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 meeting of
the City Council of the City of Orono, Minnesota, was duly held
in the City Hall in said City on Monday , July �13 , 1992 at 7:00
o'clock P.M. -
The following members were present:
Barbara Peterson, J. Diann Goetten, Edward Callahan, Gabriel Jabbour, Mary Butler
and the following were absent:
None
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_ Member Goetten introduced the following
:� resolution and moved its adoption:
RESOLUTION TO ISSUE AND SELL
$2,000,000 GENERAL OBLIGATION
SEWER IMPROVEMENT BONDS OF 1992 AND
DECLP,RING 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 $2,000,000 (the "Bonds") to provide
financing of estimated costs, including contract price,
construction period interest• and legal, fiscal and miscellaneous
costs for the Stubbs Bay sewer improvement project pursuant to
� Minnesota Statutes, Chapters 429 and 475.
2. Sealed proposals for the 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 Statutes, Section 475.60, Subd. 2 (9) ,
� as amended. The City Administrator and Ehlers and Associates,
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� RESOLUTION #3141
�'� STATE OF MINNESOTA)
• ) SS.
COUNTY OF HENNEPIN)
I the undersigned, being the duly qualified acting City
Clerk of the City of Orono, Minnesota, hereby certify that I have
carefully compared the attached foregoing extract of minutes of a
meeting of the City Council of said City, held July 13 , 1992,
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 related to the issuance and sale of
$2,000,000 General Obligation Sewer Improvement Bonds of 1992 of
the City. " �
WITNESS My hand officially as such Clerk and the seal �
of the City this 13th day of July, 19 2.
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City Cle ,
City of no, Minnesota �
(Seal)
MFF01194.WP5 ,
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STATE OF MINNESOTA) .
- ) SS . .
COUNTY OF HENNEPIN) �
� � I the � undersigned, beinq the duly qualified acting City
Clerk of the City of Orono, Minnesota, hereby certify that I have
carefully compared the attached foregoing extract of minutes of a
meeting of the City Council of said City, held July 13, 1992,
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 related to the issuance and sale of
• $2,00�,��PJ General Obligation Sewer Improvement Bonds of 1992 of
the C i ty. .
WITNESS My hand officially as such Clerk and the seal of
. the City this 13th day of July, 992.
.
i y Cler .
. City of 0 0, Minnesota
�(Seal:) . _
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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 meeting of
the City Council of the City of Orono, Minnesota, was duly held
in the City Hall in said City of Monday, July 13 , 1992 at 7: 00
o'clock P.M. _
. The following members were present: '
. yayor Baxbara Peterson, Councilmembers Gabriei Jabbour
and J. Diann Goetten. •
and the following were absent: �
� Councilmembers Mary Butler and Edward Callahan.
. Councilmember Goetten introduced the - following
. resolution and moved its adoption:
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b- - CITY of ORONO
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��� �G'�' RESOLUTION OF THE CITY COUNCIL
�kESH�4 NO. 3141
RESOLQTION TO ISSUE AND SELL
$2,B0H,BBg GENERAL OBLIGATION
SEWER IMPROVEMENT BONDS OF 1992 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 $2,0�fd, �1PJ(d (the "Bonds") to provide
financing of estimated costs , including contract price ,
construction period interest and legal, fiscal and miscellaneous
• costs for the Stubbs Bay sewer improvement project pursuant to
Minnesota Statutes, Chapters 429 and 47�5.
2. Sealed proposals for the Bonds will be received on a
date and time determined by the City Administrator.
3. The City has retained Ehlers and Associa�tes, 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 Statutes, 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 Stubbs Bay sewer improvement project with the proceeds of
. debt to be incurred by the City, (ii) states that thi�s resolution
is a declaration of official intent under Treas. Reg. § 1.103-18,
(iii) a general functional description of the project for which
expenditures are to be reimbursed is the Stubbs Bay sewer
� improvement, the fund or account from which expenditures may be _
paid is the general fund and the maximum principal amount of aebt "
expected to be issued for such purposes is $2,�0fd,414J�1, and (iv) •
this resolution shall at all times be available for public
• inspection. .
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b. - C ITY of ORONO
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�� G'�' RESOWTION OF THE CITY COUNCIL
L�kESH�g'� NO. 3141 -
The motion for the adoption of the foregoing resolution �
was duly seconded by Mayor Peterson and upon vote being taken •
thereon the following voted in favor thereof:
" Mayor Peterson, Councilmembers Jabbour and Goetten
and the following voted against the same: . �
none �
whereupon said resolution was declared duly passed and adopted.
• - Barbara A. Peterson, Mayor
ATT ST:
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Do othy . allin, City Clerk•
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