2006-148 Council Resolution - Laserfiche WebLink

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• • • 1. It is hereby determined that: (a) the City is authorized by Minnesota Statutes, Chapter 475 (the "Act ") and Section 475.67, Subdivision 3, of the Act to issue and sell its general obligation bonds to refund obligations and the interest thereon before the due date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City Council to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment; (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 $1,745,000 General Obligation Water Revenue Refunding Bonds, Series 2006F (the "Bonds ") to refund certain outstanding general obligations of the City; (d) the outstanding bonds to be refunded (the "Refunded Bonds ") consist of the $3,320,000 General Obligation Water Revenue Bonds, Series 1996B, dated October 1, 1996, of which $1,710,000 in principal amount is currently outstanding and is callable on February 1, 2007. 2. To provide monies to refund the Refunded Bonds, the City will issue and sell Bonds in the amount of $1,735,839. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $9,161. The excess of the purchase price of the Bonds over the sum of $1,735,839 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.)