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<br />t· <br /> <br />RESOLUTION NO. 8554 <br /> <br />RESOLUTION RELATING TO GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 5 THROUGH 11 <br />OF THE CITY; PROVIDING FOR THE DEFEASANCE OF <br />THE BONDS; CALLING CERTAIN BONDS <br />FOR REDEMPTION AND PREPAYMENT; <br />TRANSFERRING FUNDS; AND AUTHORIZING THE <br />ISSUANCE AND SALE OF GENERAL OBLIGATION <br />REFUNDING IMPROVEMENT BOND <br />(SPECIAL SERIES 1990) <br /> <br />BE IT RESOLVED By the City Council of the City of Roseville, Minnesota (City) as <br /> <br />follows: <br /> <br />Section 1. Backg-round: Findin~s. <br /> <br />1.01. The City has heretofore issued, sold and delivered the following issues of general <br />obligation improvement bonds pursuant to Minnesota Statutes, Chapters 429 and 475 <br />(collectively the Act): <br /> <br /> Balance Final <br />Series Ori~inal Amount Date of Bonds Outstandin~ Maturity Date <br />5 $2,950,000 July 1, 1971 $300,000 July 1, 1991 <br />6 $1,495,000 May 1, 1972 $225,000 May 1, 1992 <br />7 $2,040,000 May 1, 1972 $400,000 May 1, 1993 <br />8 $1,130,000 May 1, 1975 $360,000 May 1, 1995 <br />9 $1,600,000 November 1, 1977 $680,000 November 1, 1997 <br />10 $2,415,000 Sept. 1, 1980 $1,385,000 Sept. 1, 2000 <br />11 $5,125,000 June 1, 1983 $3,150,000 June 1, 1998 <br /> (The various issues of bonds described above are sometimes referred to in this <br /> Resolution as "the Bonds" or "the Series Bonds") <br /> <br />1.02. The City staff has reported to this Council and the Council so finds, that there <br />are, together with (i) special assessments pledged and in the process of collection and other <br />monies properly available for the purpose and identified in this Resolution adequate monies <br />in or available to the debt service funds for each respective series of Bonds which if <br />invested in securities authorized by Section 475.66 of the Act will provide for the prompt <br />and full payment of principal, interest and redemption premium (if any) on each Series of <br />Bonds at maturity or prior redemption. <br /> <br />1.03. It is found and determined that it is in the best financial interests of the City <br />that the Bonds be defeased and provision for their payment made as authorized by the Act. <br /> <br />1.04. It is further found and determined that the Series 10 Bonds and Series 11 Bonds <br />be redeemed and prepaid as subsequently provided in this Resolution. <br />