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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 4537 <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE <br />CITY'S TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING <br />BONDS, SERIES 1994B <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL (the "Council") of the <br />City of Mounds View, Minnesota (the "City"), as follows: <br /> <br />1. The Council hereby finds and determines the following: <br /> <br />(a) The Council believes it to be in the City's best <br />interest to consider a refunding of the callable <br />bonds of the City's Taxable General Obligation Tax <br />Increment Bonds, Series 1988A, dated February 1, <br />1988, issued in the original principal amount of <br />$6,000,000 (the "Prior Bonds"). <br /> <br />(b) The Prior Bonds which mature after February 1, <br />1996, are in the aggregate principal amount of <br />$4,725,000 and are subject to prepayment on said <br />date at the option of the City at the redemption <br />price of par plus accrued interest. <br /> <br />(c) The refunding of the callable Prior Bonds is <br />consistent with covenants made with the holders <br />thereof and is necessary and desirable for and <br />will result in the reductin of debt service cost <br />to the City. <br /> <br />(d) It is necessary and expedient to issue the City'S <br />Taxable General Obligation Tax Increment Refunding <br />Bonds, Series 1994B (the "Bonds"), to provide <br />moneys for a refunding of the callable Prior <br />Bonds. The necessary principal amount of the <br />Bonds is currently estimated to be $4,970,000, but <br />in offering the Bonds for sale, the City will <br />reserve the right to increase or decrease the <br />amount of the Bonds by not more than $150,000, and <br />accordingly the maximum principal amount of the <br />Bonds would be $5,120,000. <br /> <br />(e) The City has retained springsted Incorporated, in <br />st. Paul, Minnesota, as its independent financial <br />advisor for the Bonds and is therefore authorized <br />to sell the bonds by a competitive negotiated sale <br />in accordance with Minnesota statutes, section. <br />475.60, Subdivision 2 (9). <br /> <br />(f) It is necessary and desireable to the sound <br />financial management of the affairs of the City <br />that the City issue the Bonds pursuant to <br />Minnesota Statutes, Section 475.67, Subdivision <br />