1999-061 Council Resolution - Laserfiche WebLink

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provisions of the Prior Resolution are hereby supplemented to the extent necessary to give full effect to the provisions of this resolution. Section 5. Refunding; Findings; Redemption of Refunded Bonds. 5.01. It is hereby found and determined that based upon information presently available from the City's financial advisers, the issuance of the Bonds will result in a reduction of debt service or interest cost to the City on the Refunded Bonds as follows: Net Effective Refunded Refunding Interest Rate Bonds Bonds 6.507% 4.668% The dollar value of such debt service or interest cost savings (the "Reduction") is $59,452.48 , and the present value of the Reduction is $ 50,232.79 . The dollar amount of the Reduction is 3.244 % of the debt service [inti tynostd on the Refunded Bonds. The Reduction, after the inclusion of all authorized expenses of refunding in the computation of the effective interest rate on the Bonds, is adequate to authorize the issuance of the Bonds as provided by Minnesota Statutes, Section 475.67, Subdivision 12. 5.02. It is necessary to purchase from Bond proceeds investment securities required to fund the Escrow Account pursuant to this Resolution. Springsted Incorporated, as agent for the City is hereby authorized and directed to purchase (or to cause the Escrow Agent to purchase) for and on behalf of the City and in its name, appropriate securities to fund the Escrow Account. Upon the issuance and delivery of the Bonds, the securities so purchased will be deposited with the Escrow Agent and held pursuant to the terms of the Escrow Agreement and this Resolution. As of the date of delivery of and payment for the Bonds the proceeds of the Bonds (the "Proceeds"), in the amount of $ 1, 719, 872.77 together with other funds (the "Funds") in the amount of $ -0- are hereby appropriated for such purpose as will be necessary to pay the principal of, interest on and redemption premium (if any) on the Refunded Bonds to their maturity or the date on which they are called for redemption, whichever date is earlier, less necessary expenses of the issuance of the Bonds and less any amount of Proceeds in excess of $ 1,712,925 required to be deposited in the Debt Service Fund, are hereby pledged and appropriated and will be deposited in an escrow account (the "Escrow Account") with U.S. Bank Trust National Association, Saint Paul, Minnesota, a suitable financial institution within the state, whose deposits are insured by the Federal Deposit Insurance Corporation, whose combined capital and surplus is not less than BMB-167650 LN 140-68