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<br />, <br /> <br />. <br /> <br />~ <br /> <br />. <br /> <br />RESOLUTION NO. <br /> <br />cI :J-:- / 7 <br />, <br /> <br />RESOLUTION APPROVING DEFEASANCE PROGRAM FOR <br />CERTAIN GENERAL OBLIGATION BONDS OF THE CITY <br /> <br />WHEREAS, the City has duly issued and presently has <br />outstanding the issue of general obligation bonds (hereinafter <br />called the "Refunded Bonds") identified in Exhibit A, and has a <br />substantial asset balance in the sinking and interest account <br />for said Refunded Bonds: and <br /> <br />WHEREAS, it appears that by (i) the purchase of <br />government securities which are general obligations of the <br />United States or agencies thereof in an amount sufficient so <br />that the receipts of principal and interest thereon will be <br />adequate to pay all principal and interest on the Refunded <br />Bonds as such becomes due, and (ii) the deposit of such . <br />government obligations, together with any required beginning <br />cash balance, with an independent escrow agent, the security of <br />the holders of the Refunded Bonds will be enhanced, the <br />remaining taxes heretofore levied for payment of the Refunded <br />Bonds may be cancelled, and the remaining asset balances in <br />said sinking and interest account will be available for general <br />expenditure by the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Ci ty COuncil of <br />the City of Arden HillS, Minnesota, as follows I <br /> <br />1. The defeasance program, as prepared by Juran S. <br />Moody, Inc. is approved. The Clerk-Administrator is authorized <br />to proceed, at such time as she deems appropriate, with the <br />purchase of the securities necessary for the program. <br /> <br />2. The form of Escrow Agreement between the City and <br />First Trust Company of Saint Paul, a copy of which has been <br />presented to the Council, is approved, and the Mayor and City <br />Clerk-Administrator are authorized and directed to execute said <br />Escrow Agreement on behalf of the City. The approval, hereby <br />given to the Escrow Agreement includes approval of. such <br />additional details therein as may be necessary and appropriate <br />and such modifications, thereof, deletions therefrom and <br />additions thereto as may be necessary and appropriate and <br />