Laserfiche WebLink
RESOLUTION NO. <br />RESOLUTION APPROVING DEFEASANCE PROGRAM FOR <br />CERTAIN GENERAL OBLIGATION BONDS OF THE CITY <br />A. WHEREAS, the City of Roseville, Minnesota (the "City"), has duly issued and <br />presently has outstanding $9,860,000 of its General Obligation Tax Increment Refunding Bonds, <br />Series 1998 dated March 15, 1998 (the "Outstanding Bonds"), ($8,045,OOQ in principal amount <br />of the Outstanding Bonds maturing in the years 2003 to 2006 are hereinafter referred to as the <br />"Refunded Bonds"), and has substantial asset balances in the debt service account or debt service <br />fund, as the case may be, for said Refunded Bonds; and <br />B. WHEREAS, it appears that by (i) the purchase of government securities which <br />are general obligations of the United States or agencies thereof in an amount sufficient so that the <br />receipts of principal and interest thereon will be adequate to pay all principal and interest on the <br />Refunded Bonds as such becomes due and (ii) the deposit of such government obligations, <br />together with any required beginning cash balance, with an independent escrow agent, the <br />security of the holders of the Refunded Bonds will be enhanced, and the remaining asset <br />balances in the debt service account or debt service fund, as the case may be, will be available <br />for any authorized expenditure of the City: <br />NOW, THEREFOItE, BE IT RES�LVED by the City Counci( of the City ot <br />Roseville, Minnesota, as follows: <br />1. ApQroval of Pro�ram; Authoritv to Purchase Securities. The defeasance <br />program prepared by , is hereby approved. The City Manager is <br />authorized to proceed, at such time as she deems appropriate, with the purchase of the securities <br />necessary for the program. <br />2. Aqnroval of and Authorization to Execute the Escrow Agreement. The form <br />of Escrow Agreement by and between the City and , in <br />, Minnesota, a copy of which has been presented to the Council, is hereby <br />approved, and the Mayor and City Manager are authorized and directed to execute said Escrow <br />Agreement on behalf of the City. <br />3. Certificate of Re�istration. Upon establishment of the Escrow Account, the <br />City Manager is hereby directed to provide a copy of this resolution to the County Auditor of <br />Ramsey County. <br />4. Call for Redemation; Notice. The Refunded Bonds are hereby called for <br />redemption on March 1, 2004. The City Manager shall give published and mailed notice as <br />required by law. <br />1335783v1 <br />