Laserfiche WebLink
! <br /> � CITY OF ORONO <br /> � Regular Meeting of the Orono Council, 7e30 P.1�2. <br /> �une 28, 1976 <br /> t The Orono Council met on the aY�ove date with <br /> the following members present: PZayor Searles, <br /> e Councilmembers Butler, P�assengale, Paurus, and <br /> � Welsho Also presento City Administrator <br /> Benson, Building Inspector Olson, City Attorney <br /> � 1Zalkerson, and Phil Chenoweth, representing <br /> �hlers & Associatese <br /> � <br /> � Alayor Searles stated that the City Council k�ad BOND REFUYIDING <br /> met at 5a00 P.P�4. to consider bids for Bond <br /> � Refunding and recessed at 6:00 P,PT. for dinner <br /> � and was now reconvening this meeting for final <br /> decision to award or reject the bids as presented. <br /> , l�iayor Searles continued by saying that the Council <br /> � and staff have reviewed the bond refunding proposal, <br /> �here are advantages to our tax payers to consider <br /> 7 all aspects of the refund processe <br /> � Councilmember Walter T�Iassengale stated that the <br /> � City Council is attempting to take advantage of <br /> a favorable bond market to gain the maximum possible <br /> to reduce its debt service. City Administrator <br /> Benson read into the record a memo concerning the <br /> � 1976 Debt Service that stateso <br /> � 1976 Debt Service <br /> � Cash & Investo 1/1/76 $ 706 , 843 <br /> Spec, Assess. Collo by Co. 293, 387 <br /> � (3/75 amt. X 95°�) <br /> Tax Levy coll. by Coo 100496 <br /> � (11,050 X 95�) <br /> 1,010,728 <br /> � <br /> • 1976 Debt Service Requirement 522,478 <br /> Cash & Invest, 12/31/76 488,250 <br /> � <br /> � <br /> a Net Cash & Investe Reduction $ 218 ,593 <br /> • <br /> � Searles introduced the foll.owing resolution, and <br /> moved its adoptions <br /> RESOLUTIOId #692 RESOLUTION #692 <br /> Bond Sale <br /> A RESOLUTION AWARDING SALE OF GENERAL OBLIGATION <br /> FtEFUNDITdG BONDS OF 1976 AND ADJOURNING P-IEETING <br /> � BE IT RESOLVED by the City Council of the City of Orono, <br /> T-linnesota, as follows s <br /> (Continued) <br />