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RESOLUTION NO. <br /> <br />RESOLUTION AWARDING THE SALE OF THE <br />CITY'S GENERAL OBLIGATION <br /> WATER REVENUE BONDS, SERIES 2003B <br /> AND PROVIDING FOR THEIR ISSUANCE <br /> <br /> WHEREAS, the Council believes it to be in the City's best interest to consider a refunding <br />of (1) the City's General Obligation Permanent Improvement Revolving Fund Bonds, Series 1993B, <br />dated October 1, 1993, which included a portion of the bonds of said issue designated as the "Series <br />1993B Water Revenue Bonds" (said portion being hereinafter referred to as the "1993 Bonds") <br />issued in the original principal amount of $1,125,000, and (2) the city's General Obligation Water <br />Revenue Bonds, Series 1994D, dated December 1, 1994 (the "1994 Bonds"), issued in the original <br />principal amount of $1,010,000, and the 1993 Bonds and the 1994 Bonds are sometimes collectively <br />referred to herein as the "Prior Bonds"; and <br /> <br /> WHEREAS, the outstanding Prior Bonds which mature after February 1, 2004, being in the <br />aggregate principal amount of $985,000, are subject to prepayment on said date at the option of the <br />City at the redemption price of par plus accrued interest; and <br /> <br /> WHEREAS, the above-described refunding of the callable Prior Bonds is consistent with <br />covenants made with the holders thereof and is necessary and desirable for and will result in the <br />reduction of debt service cost to the City; and <br /> <br /> WHEREAS, the improvements (the "Improvements") to the City's municipal water system <br />and utility consisting of certain watermain improvements and a new well (#8) have been or will be <br />duly ordered by the City and have been constructed by the City or will be constructed under <br />contracts which the City has or will let therefor, all pursuant to and in accordance with the <br />applicable provisions of Minnesota Statutes, Section 444.075, the total costs thereof being estimated <br />as follows: <br /> <br />Project Costs <br />Allowance for Discount <br />Costs of Issuance <br />Rounding <br /> <br />$975,000 <br />12,060 <br />13,754 <br />4,186 <br />$1,005,000 <br /> <br /> WHEREAS, it is necessary and expedient to the sound financial management of the affairs <br />of the City that the City issue $1,005,000 of its bonds (the "Nonrefundmg Bonds") pursuant to <br />Minnesota Statutes, Chapter 475 and Section 444.075, to provide financing for the Improvements; <br />and <br /> <br /> WHEREAS, it is necessary and expedient to issue the City's General Obligation Water <br />Revenue Bonds, Series 2003B (the "Bonds"), to provide moneys (together with other funds available <br />for such purpose) for a current refunding of the callable Prior Bonds (which Prior Bonds to be <br /> <br />S:~ADMIN ~Resoluhons~2003 Resolu6ons~ Unapproved~Bond2.DOC <br /> <br /> <br />