2005-134 Council Resolution - Laserfiche WebLink

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(b) Section 475.67, subdivision 4 of the Act permits the sale of refunding obligations during the six month period prior to the date on which the obligations to be refunded may be called for redemption; (c) it is necessary and desirable to reduce debt service costs that the City issue approximately $3,945,000 General Obligation Improvement Refunding Bonds, Series 2005B (the "Bonds ") to refund certain outstanding general obligations of the City; (d) the outstanding bonds to be refunded (the "Refunded Bonds ") consist of the $4,310,000 General Obligation Improvement Bonds, Series 1998A, dated August 1, 1998, of which $2,570,000 in principal amount is currently outstanding and is callable on February 1, 2006; and $2,000,000 General Obligation Improvement Bonds, Series 1998B, dated August 1, 1998, of which $1,310,000 in principal amount is currently outstanding and is callable on February 1, 2006 2. To provide monies to refund the Refunded Bonds, the City will issue and sell Bonds in the amount of $3,915,413. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $29,587. The excess of the purchase price of the Bonds over the sum of $3,915,413 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: (The remainder of this page is intentionally left blank.) •