1998 Resolutions - Laserfiche WebLink

Home Browse Search

") Section 1. Sale of Bonds. 1.01. It is hereby determined that: (a) the City is authorized by Minnesota Statutes, Chapter 475 (Act) and Section 475.67, Subdivision 3, of the Act to issue and sell its general obligation bonds to refund obligations and the interest thereon before the due date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City Council to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment; (b) Section 4'75.67, subdivision 4 of the Act permits the sale of refunding obligations during the six month period prior to the date on which the obligations to be refunded may be called for redemption; (c) it is necessary and desirable to reduce debt service costs that the City issue $245,000 General Obligation Refunding Improvement Bonds, Series 1998 (Bonds) to refund certain outstanding general obligations of the City; (d) the outstanding bonds to be refunded (Refunded Bonds) consist of the $615,000 General Obligation Improvement Bonds, Series 1987, dated July 1, 1987, of which $240,000 in principal amount is currently outstanding and is callable on August 1, 1998. 1.02. The proposal of Firstar Bank Wisconsin (Purchaser) to purchase $245,000 General Obligation Refunding Improvement Bonds, Series 1998 (Bonds) of the City is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of par plus accrued interest to date of delivery, for Bonds bearing interest at the rate of 4.71 % per annum to maturity. 1.03. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 475 (Act) in the total principal amount of $245,000, originally dated July 1, 1998, consisting of a single typewritten bond in the denomination of $245,000, bearing interest as above set forth, and which mature serially on February 1 in the years and installment amounts as follows: Year 1999 2000 2001 Amount $45,000 50,000 50,000 Year 2002 2003 Amount $50,000 50,000 DJK144652 CE155-14