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RESOLUTION 95- 30 e A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION CALLING FOR THE EARLY REDEMPTION OF $1,975,000 GENERAL OBLIGATION IMPROVEMENT BOND SERIES 1986A WHEREAS, the Elk River City Council approved Resolution 86-47, authorizing the issuance, awarding the sale, prescribing the form and details and providing for the payment of General Obligation Improvement Bonds Series 1986A dated August 1, 1986; and, WHEREAS, the Bonds remaining outstanding mature in the years 1996 through 2003; and in the principal amount of $900,000, and, e WHEREAS, Section 2.05 of the Resolution states, and the Bonds so provide, that Bonds maturing in the years 1996 through 2003 shall be subject to redemption and prepayment at the option of the issuer on February 1, 1995, and at any interest payment thereafter, at a price equal to the principal amount thereof and the accrued interest to the date of redemption; and, WHEREAS, the City Council requests that principal outstanding for the years 1997-2003 in the amount of $765,000 be prepaid using funds available due to the prepayment of special assessments in accordance with the terms of the Bonds; and, WHEREAS, the City Council hereby directs the Paying Agent, Norwest Bank Minnesota, N.A., to proceed with mailing the proper notice to all registered holders not less than 30 days before the redemption date as required in the Resolution for early redemption. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River that the $765,000 of principal outstanding for years 1997-2003 on the $1,975,000 General Obligation Refunding and Improvement Bonds Series 1986A be redeemed on August 1, 1995. e