Laserfiche WebLink
Councilmember Dietz then introduced the <br />following Resolution and moved its adoption: <br /> <br />RESOLUTION NO. 92 <br /> <br /> RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S GENERAL <br />OBLIGATION IMPROVEMENT REFUNDING <br /> BONDS, SERIES 1999B <br /> <br /> WHEREAS, the City has received bids for the purchase of its <br />General Obligation Improvement Refunding Bonds, Series 1999B. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council (the <br />"Council") of the City of Elk River, Minnesota (the "City"), as <br />follows: <br /> <br /> 1. Findinqs. It is hereby determined: <br /> <br /> (a) The City issued its $3,495,000 General Obligation <br /> Improvement Bonds, Series 1994A, dated June 1, 1994 (the <br /> "Prior Bonds"), to finance assessable public improvements <br /> (the "Improvements") in the City. <br /> <br /> (b) The Council believes it to be in the City's best <br /> interest to consider a refunding of the Prior Bonds. <br /> <br /> (c) The Prior Bonds are subject to prepayment on <br />February 1, 2001, at the option of the City at the <br />redemption price of par plus accrued interest. <br /> <br /> (d) The refunding of the Prior Bonds is consistent <br />with covenants made with the holders thereof and is <br />necessary and desirable for and will result in the reduction <br />of debt service cost to the City. <br /> <br /> (e) It is necessary and expedient to issue the City's <br />General Obligation Improvement Refunding Bonds, Series 1999B <br />(the "Bonds"), to provide (together with other available <br />funds of the City to be used for such purposes) moneys for a <br />crossover refunding of the $1,770,000 of the principal of <br />the Prior Bonds maturing after February 1, 2001 (which Prior <br />Bonds are sometimes referred to herein as the "Refunded <br />Bonds"). <br /> <br /> (f) There has been presented to the City the form of a <br />certain Escrow Agreement, dated as of December 1, 1999 (the <br />"Escrow Agreement"), which is to be executed and delivered <br />by and between the City and the Escrow Agent thereunder in <br />connection with the issuance of the Bonds and which <br />provides, in accordance with its terms and the terms of this <br />Resolution, for the deposit and investment within the Escrow <br />Account thereunder of proceeds of the Bonds for subsequent <br />disbursement by the Escrow Agent thereunder. <br /> <br />~079939.2 2 <br /> <br /> <br />