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i' RESOLUTION # 23 C r <br />RESOLUTION AUTHORIZING -THE ISSUANCE,SAVE AND <br />DELIVERY OF $7509000 SEWER IMPROVEMENT BONDS, <br />_ PAYA.BLE. FROM THE IMPROVEMENT BOND REDEMPTION <br />FUND, AND APPROPRIATING SPECIAL ASSESSMENTS <br />AND TAXES TO THAT FUND FOR THE PAYMENT OF SUCH <br />BONDS <br />a <br />BE ' IT-- RESOLVED by the Council of the Village of * Orono, <br />Minn_es0ta as follows <br />-, <br />IL -,`For, the purpose of defraying expenses incurred and- to. <br />-be, incurred in the construction of 1963 Sanitary Sewer Improve <br />=..r ment`the.Village shall forthwith issue,sell and deliver to <br />Barcus.:Kindred and Company of Chicago,Illinoi.s.its negotiable <br />coupon -general obligation Sewer Improvement=Bonds.;`to be dated <br />} as of :October.1,19639in the aggregate principal amount of = <br />' .$750,000which bonds shall be.payable from the Improvement Bond <br />Redemption Fund of the Village of Orono in accordance with the, <br />pr.ovi'sions "of .Ordinance, No.56 9 adopted September ,,4,1,963, and shall <br />be .secured'{ by all the covenants and governed by all"'the terms <br />and -provisions set forth in that ordinance., It, i:s herebyRfound� <br />A, <br />anddetermined that said improvement has 'been duly. nsti-tuted in <br />ac.cordaxic:e with the provisions of Minnesota Statutes.' Chapter 429 <br />as*amendedupon hearings as required•by law,that contracts have <br />` beent duly- .awarded upon advertisement forbids. for the .work" and <br />materials : required for said improvement, in acoordance .:with ap— <br />p roved <br />p-proved plans and spe.cifications,that the total cost of the im <br />provement •'is`' estimated to be not less than the amount of the <br />bonds herein;authorized,and that the termw and provisions of. <br />said_ ;bonds , as herein set forth are as provided in the proposal <br />of said. purchaser received this date,which•proposal is the high <br />est and 'best bid submitted ,pursuant to advertisement •heretofore <br />- ' made .under the direction of the -Council. The Mayor and Clerk are <br />hereby authorized and directed to enter into a contract for.the <br />sale -of the bonds on the part of the Village in4cc:ordance with <br />said proposal. The -Treasurer shall retain the good faith check <br />furnished by the purchaser until delivery of the bonds and pay— <br />: meVt of ' the . purchase price, and shall return the , .checks of all <br />other bidders forthwith. <br />2 Sald bonds shall be numbered serially from l.to 1501 <br />inclusive, each in the denomination of $5000:,shall bear interest - <br />at the-respective.amnual <br />nterest-at,the-respective.amnual rates stated opposite their maturity <br />date's below,from date of issue until paid or duly -called for <br />redemption,and shall mature serially on.October 1 in'the respec <br />tive years -and amounts -as follows: <br />YEAR ,AMOUNT RATE YEAR. AMOUNT RATE <br />1965 `$4:0,000 2.80% 1973 $509000 2.80% <br />19.66 40900.0 2.80% 1974 55;000., 3400%. <br />1967 409000 2.80% 1975 55,000 3.00% <br />45, 000: : 2.80.% ' 1976. 5-59000 3.00% <br />1969- 45,000' 2..80% 1977 60,000 3.00% <br />1970 459000. 2..80% 1978 609000 3.20% <br />,197-1."`.50;:0.0.0 2;;80% ... 197.9 60,9000 3.20% <br />1972 .50:9000 <br />