Resolution 4889 - Laserfiche WebLink

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. . . (b) The Prior Bonds are subject to prepayment on February 1, 1997, at the option of the City at the redemption price of par plus accrued interest. (c) The refunding of the Prior Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for and will result in the reduction of debt service cost to the City. (d) It is necessary and expedient to issue the Ci ty I S General Obligation Tax Increment Refunding Bonds, Series 1996B (the "Bonds"), to provide moneys for a refunding of the Prior Bonds. The necessary principal amount of the Bonds is currently estimated to be $810,000, but in offering the Bonds for sale, the City will reserve the right to increase or decrease the amount of the Bonds by not more than $25,000, and accordingly the maximum principal amount of the Bonds would be $835,000. (e) The City has retained Springsted Incorporated, in Saint Paul, Minnesota, as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2 (9) . (f) It is necessary and desirable to the sound financial management of the affairs of the City that the City issue the Bonds pursuant to Minnesota Statutes, Section 475.67, in order to provide financing for the refunding described above, and the Council hereby states its intention to authorize and issue the Bonds accordingly. 2. The terms and conditions of the Bonds and the sale thereof are set forth in the "Terms of Proposal" attached hereto as Exhibit A, and the Council shall meet at the time and place specified therein for the purposes of opening and considering sealed bids for the purchase of the Bonds and considering the award of sale of the Bonds. Adopted by the City Council of the City of Mounds View, Minnesota, on February 5, 1996. 311081.1 2