Resolution 5855 - Laserfiche WebLink

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. . . NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota (the "City"), as follows: 1. Findings. It is hereby determined: (a) The City issued its $2,320,000 (original principal amount) General Obligation Water Revenue Refunding Bonds, Series 1993A, dated June 1, 1993 (the "Prior Bonds"), to refinance improvements (the "Improvements") to the City's municipal water system. (b) The Council believes it to be in the City's best interest to consider a refunding of the Prior Bonds. (c) The Prior Bonds are subject to prepayment on February 1, 2003, and on any date thcreafter at the option of the City at the redemption price of par plus accrued interest. (d) The rcfunding of the Prior Bonds which mature after February 1, 2003, 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. (e) It is necessary and expedient to issue the City's General Obligation Water Revenue Refunding Bonds, Series 2002A (the "Bonds"), to provide (together with other available funds of the City to be used for such purposes) moneys for a current refunding of the $1,910,000 of the principal of the Prior Bonds maturing after February 1, 2003 (which Prior Bonds are sometimes referred to herein as the "Refunded Bonds"). The necessary amount of the Bonds is determined as follows: Prior Bonds Refunded Bond Discount Allowance Issuance Expenses Less Other Available Funds Net Bond Issue $1,910,000 16,533 23,900 (433) $1,945,000 (f) The Council desires that the Bonds be issued in Book Entry Only Form, as hereinafter described. 2. Acceptance of Offer. The offer of Harris Trust & Savings Bank (the "Purchaser"), to purchase the City's General Obligation Water Revenue Refunding Bonds, Series 2002A, dated November 1,2002 (the "Bonds", or individually a "Bond"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $1,928,684.00 plus interest accrued to settlement, is hereby accepted. 3. Title: Original Issue Date: Denominations: Maturities: Book Entry Bonds. (a) The Bonds shall be titled "General Obligation Water Revenue Refunding Bonds, Series 2002A," shall be dated November 1, 2002, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall 1448297vl 2