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1999-064A Council Resolution
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1999-064A Council Resolution
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2/16/2016 12:00:01 PM
Creation date
2/16/2016 11:00:08 AM
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City Council
Council Document Type
Resolutions
Meeting Date
08/24/1999
Council Meeting Type
Regular
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Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2000 4.75% 2006 4.75% <br />2001 4.75 2007 4.80 <br />2002 4.75 2008 4.90 <br />2003 4.75 2009 5.00 <br />2004 4.75 2010 5.10 <br />2005 4.75 <br />True interest cost: 5.0801% <br />1.03. The President and Executive Director are directed to execute a contract with the <br />Purchaser on behalf of the Authority. <br />1.04. The Authority will forthwith issue and sell the Bonds pursuant to Minnesota <br />Statutes, Sections 469.001 to 469.047, as amended (the "Act") in the total principal amount of <br />$ 980,000 , originally dated September 1, 1999, in the denomination of $5,000 each or any integral <br />multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing <br />serially on February 1 in the years and amounts as follows: <br />Year Amount Year Amount <br />2000 $ 45,000 2006 $105,000 <br />2001 85,000 2007 100,000 <br />2002 85,000 2008 100,000 <br />2003 85,000 2009 95,000 <br />2004 85,000 2010 90,000 <br />2005 105,000 <br />The Bonds are subject to redemption and prepayment as set forth in the First Supplemental <br />Indenture. <br />2.01. (a) The Bonds are payable from the Bond Fund created under the Indenture, and the <br />Payments to be made by the City pursuant to the Installment Purchase Contract are hereby, pledged <br />to the Debt Service Fund. There is also appropriated to the Debt Service Fund (i) any amount over <br />the minimum purchase price paid by the Purchaser, and (ii) the accrued interest, if any, paid by the <br />Purchaser upon closing and delivery of the Bonds. <br />(b) The proceeds of the Bonds, less the appropriations made in paragraph (a), will be <br />deposited with the Trustee and applied to the redemption of the 1990 Bonds on October 1, 1999. <br />The redemption of the 1990 Bonds on October 1, 1999 is hereby approved, ratified and confirmed, <br />and the Executive Director and the Trustee are authorized and directed to perform such acts as may <br />be necessary to accomplish such redemption. The Notice of Call for Redemption is attached as <br />Exhibit A. <br />BMB-167652 <br />LN 140-68 <br />
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