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RESOLUTION 97- 49 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION CALLING FOR THE EARLY REDEMPTION <br />OF $1,180,000 GENERAL OBLIGATION IMPROVEMENT BOND <br />SERIES 1988A <br /> <br />the Elk River City Council approved Resolution 88-28, <br />authorizing the issuance, awarding the sale, prescribing the <br />form and details, and providing for the payment of General <br />Obligation Improvement Bonds Series 1988A dated May 1, <br />1988; and, <br /> <br />the Bonds remaining outstanding mature in the years 1998 <br />and 1999; and in the principal amount of $90,000; and, <br /> <br />Section 2.05 of the Resolution states, and the Bonds so <br />provide, that Bonds maturing in the years 1996 through <br />1999 shall be subject to redemption and prepayment at the <br />option of the issuer on February 1, 1995, and at any interest <br />payment thereafter, at a price equal to the principal amount <br />thereof and the accrued interest to the date of redemption; <br />and, <br /> <br />the City Council requests that principal outstanding for the <br />years 1998-1999 in the -mount of $90,000 be prepaid using <br />funds available due to the prepayment of special <br />assessments in accordance with the terms of the Bonds; and, <br /> <br /> the City Council hereby directs the Paying Agent, Norwest <br /> Bank Minnesota, N.A., to proceed with mailing the proper <br /> notice to all registered holders not less than 30 days before <br /> the redemption date as required in the Resolution for early <br /> redemption. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br /> Elk River that the $90,000 for principal outstanding for <br /> years 1998-1999 on the $1,180,000 General Obligation <br /> Refunding and Improvement Bonds Series 1988A be <br /> redeemed on August 1, 1997. <br /> <br /> <br />