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2010-031 Council Resolution
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2010-031 Council Resolution
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Last modified
9/2/2014 1:55:16 PM
Creation date
8/29/2014 1:44:38 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
04/12/2010
Council Meeting Type
Regular
Resolution #
10-31
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• <br />• <br />• <br />(b) Section 475.67, subdivision 4 of the Act permits the sale of <br />refunding obligations during the six month period prior to the date on which the <br />obligations to be refunded may be called for redemption; <br />(c) it is necessary and expedient to the sound financial management of <br />the City that the City issue approximately $1,015,000 General Obligation Improvement <br />and Utility Revenue Refunding Bonds, Series 2010A (the "Bonds ") to refund certain <br />outstanding general obligations of the City. <br />(d) the outstanding bonds to be refunded (the "Refunded Bonds ") <br />consist of the $1,330,000 General Obligation Improvement and Utility Revenue Bonds, <br />Series 2004A, dated November 15, 2004, of which $965,000 in principal amount is <br />currently outstanding and is callable on July 1, 2010. <br />2. The City will issue and sell Bonds in the amount of approximately $1,015,000. <br />To provide in part the additional interest required to market the Bonds at this time, additional <br />Bonds will be issued in the amount of $1,007,134. The excess of the purchase price of the <br />Bonds over the sum of $7,866 will be credited to the debt service fund for the Bonds for the <br />purpose of paying interest first coming due on the additional Bonds, unless otherwise provided in <br />the resolution awarding sale of the Bonds. The amounts cited above are subject to adjustment in <br />accordance with the Terms of Proposal. The Bonds will be issued, sold and delivered in <br />accordance with the terms of the following Terms of Proposal: <br />366343v1 SJB LN 140 -106 <br />2 <br />
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