HomeMy WebLinkAbout85-017
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RESOLUTION NO.
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RESOLUTION APPROVING DEFEASANCE PROGRAM FOR
CERTAIN GENERAL OBLIGATION BONDS OF THE CITY
WHEREAS, the City has duly issued and presently has
outstanding the issue of general obligation bonds (hereinafter
called the "Refunded Bonds") identified in Exhibit A, and has a
substantial asset balance in the sinking and interest account
for said Refunded Bonds: and
WHEREAS, it appears that by (i) the purchase of
government securities which are general obligations of the
United States or agencies thereof in an amount sufficient so
that the receipts of principal and interest thereon will be
adequate to pay all principal and interest on the Refunded
Bonds as such becomes due, and (ii) the deposit of such .
government obligations, together with any required beginning
cash balance, with an independent escrow agent, the security of
the holders of the Refunded Bonds will be enhanced, the
remaining taxes heretofore levied for payment of the Refunded
Bonds may be cancelled, and the remaining asset balances in
said sinking and interest account will be available for general
expenditure by the City.
NOW, THEREFORE, BE IT RESOLVED by the Ci ty COuncil of
the City of Arden HillS, Minnesota, as follows I
1. The defeasance program, as prepared by Juran S.
Moody, Inc. is approved. The Clerk-Administrator is authorized
to proceed, at such time as she deems appropriate, with the
purchase of the securities necessary for the program.
2. The form of Escrow Agreement between the City and
First Trust Company of Saint Paul, a copy of which has been
presented to the Council, is approved, and the Mayor and City
Clerk-Administrator are authorized and directed to execute said
Escrow Agreement on behalf of the City. The approval, hereby
given to the Escrow Agreement includes approval of. such
additional details therein as may be necessary and appropriate
and such modifications, thereof, deletions therefrom and
additions thereto as may be necessary and appropriate and
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approved by the City Attorney and the City officials authorized
herein to execute the Escrow Agreement and said City officials
are hereby authorized to approve said changes on behalf of the
City. The execution of the Escrow Agreement by the Mayor and
the City Clerk-Administrator shall be conclusive evidence of
the approval of the Escrow Agreement in accordance with the
terms hereof.
Adopted this 8th day of April, 19B5.
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Mayor
Attest:
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Clerk-Administrator
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EXHIBIT A
$ 440,000 General Obligation Improvement Bonds of 1972, dated January 1, 1972
... $ 200,000 General Obligation Refunding Bonds of 1977, dated February 1, 1977.
$1,195,000 General Obligation Improvement Bonds of 1977, dated November 1, 1977
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STATE OF MINNESOTA )
COUNTY OF RAMSEY ) SS.
CITY OF ARDEN HILLS )
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I, the undersigned, being the duly qualified and acting
Clerk-Administrator of the City of Arden Hills hereby certify
that the attached and foregoing is a true and correct copy of a
resolution duly adopted by the City Council of the City of
Arden Hills at its meeting on April 8,
1985 , as the same is
recorded in the minutes of the meeting of such council for said
date, on file and of record in my office.
Dated this~ day of April , 1985.
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Clerk-Adm n strator