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CITY OF ELK RIVER <br /> <br />RESOLUTION NO. 00-96 <br /> <br />RESOLUTION ACCEPTING OFFER TO PURCHASE THE <br />CITY'S $510,000 TAXABLE GENERAL OBLIGATION <br />TAX INCREMENT REFUNDING BONDS, SERIES 2000D <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(l) the City's General Obligation Taxable Tax Increment Bonds, Series 1989B, dated November <br />1, 1989 (the "1989B Bonds"), issued in the original principal amount of $410,000 and (2) the City's <br />General Obligation Taxable Tax Increment Bonds, Series 1990A, dated April 1, 1990 (the "1990A <br />Bonds") issued in the original principal amount of $400,000, and the 1989B Bonds and the 1990A <br />Bonds are sometimes collectively referred to herein as the "Prior Bonds"; and <br /> <br /> WHEREAS, the outstanding Prior Bonds which mature after February 1,2001, being in the <br />aggregate principal amount of $500,000, 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, it is necessary and expedient to issue the $510,000 City's Taxable General <br />Obligation Tax Increment Refunding Bonds, Series 2000D (the "Bonds"), to provide moneys for a <br />refunding of the Prior Bonds which mature after February 1,2001 (which Prior Bonds to be refunded <br />are referred to herein as the "Refunded Bonds"): <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River <br />as follows: <br /> <br />Acceptance of Offer. The offeror <br />(the "Purchaser"), to purchase the City's Taxable General Obligation Tax Increment <br />Refunding Bonds, Series 2000D (the "Bonds", or individually a "Bond"), at the rates <br />of interest and upon the other terms set forth in this Resolution, and to pay therefor <br />the sum of $ plus interest accrued to settlement, is hereby <br />accepted. <br /> <br />2. Title; Original Issue Date; Maturities; Denominations. <br /> <br />(a) <br /> <br />Title and Maturities. The Bonds shall be titled "Taxable General Obligation <br />Tax Increment Refunding Bonds, Series 2000D," shall be dated November <br /> <br />1218143.1 <br /> <br /> <br />