Resolution 2010-058 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved its adoption, which motion was seconded by Councilmernber RESOLUTION NO. Do k o -- .63 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,975,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2010B BE IT RESOLVED by the City Council (the "Council") of the City of Lake Elmo, Minnesota (the "City"), as follows: 1.01. Authorization. By a resolution, duly adopted on September 7, 2010, this Council called for the sale on the date hereof of approximately $3,150,000 aggregate principal amount of General Obligation Capital Improvement Plan Refunding Bonds, Series 2010B, pursuant to Minnesota Statutes, Chapter 475, the proceeds of which will be used along with available funds of the City to refund on February 1, 2013 (the "Crossover Date") the 2014 through 2025 maturities, aggregating $2,845,000 in principal amount, of the City's $4,090,000 General Obligation Capital Improvement Plan Bonds, Series 2004A, dated November 1, 2004 (the "Refunded Bonds"). The Crossover Date is the earliest date on which the Refunded Bonds may be redeemed without payment of premium. It is hereby determined that as of the Crossover Date, (i) the present value of the debt service on the Bonds, computed to their stated maturity dates, after deducting any premium, using the yield of the Bonds as the discount rate, plus (ii) any expenses of the refunding payable from a source other than the proceeds of the Bonds or investment earnings thereon, is lower by _% (not less than 3 %) than. the present value of the debt service on the Refunded Bonds, exclusive of any premium, computed to their stated maturity dates, using the yield of the Bonds as the discount rate. The maximum debt service payments to become due in any year on all outstanding capital improvement plan bonds of the City, including the Bonds ($ is less than. 16% of the taxable market value of the property within the City This Council hereby finds that the general obligation capital improvement plan bonds may be issued without an election pursuant to Minnesota Statutes, Section 475.521, subdivision 2.