Resolution No. 99-64A EDAC - Laserfiche WebLink

Home Search

Year of Interest Year of Interest Maturity Rate Maturity Rate 2000 4.75% 2006 4.75% 2001 4.75 2007 4.80 2002 4.75 2008 4.90 2003 4.75 2009 5.00 2004 4.75 2010 5.10 2005 4.75 True interest cost: 5.0801% 1.03. The President and Executive Director are directed to execute a contract with the Purchaser on behalf of the Authority. 1.04. The Authority will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the "Act") in the total principal amount of $ 980, 000 , originally dated September 1, 1999, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Year Amount Year Amount 2000 $ 45,000 2006 $105,000 2001 85,000 2007 100,000 2002 85,000 2008 100,000 2003 85,000 2009 95,000 2004 85,000 2010 90,000 2005 105,000 The Bonds are subject to redemption and prepayment as set forth in the First Supplemental Indenture. 2.01. (a) The Bonds are payable from the Bond Fund created under the Indenture, and the Payments to be made by the City pursuant to the Installment Purchase Contract are hereby pledged to the Debt Service Fund. There is also appropriated to the Debt Service Fund (i) any amount over the minimum purchase price paid by the Purchaser, and (ii) the accrued interest, if any, paid by the Purchaser upon closing and delivery of the Bonds. (b) The proceeds of the Bonds, less the appropriations made in paragraph (a), will be deposited with the Trustee and applied to the redemption of the 1990 Bonds on October 1, 1999. The redemption of the 1990 Bonds on October 1, 1999 is hereby approved, ratified and confirmed, and the Executive Director and the Trustee are authorized and directed to perform such acts as may be necessary to accomplish such redemption. The Notice of Call for Redemption is attached as Exhibit A. BMB-167652 LN140-68