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Resolution 8718
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Resolution 8718
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6/25/2019 10:08:26 AM
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6/8/2017 2:18:30 PM
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MV City Council
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Year Interest Rate <br /> 2019 3.000% <br /> 2020 3.000 <br /> 2021 3.000 <br /> 2022 3.000 <br /> 2023 3.000 <br /> 1.03. Terms and Principal Amounts of the Certificates. The City of Spring Lake Park will <br /> forthwith issue and sell the Certificates pursuant to the Act in the total aggregate principal amount of <br /> $1,090,000, originally dated March 21, 2017, in the denomination of$5,000 each or any integral multiple <br /> thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 <br /> in the years and amounts as follows: <br /> Year Amount <br /> 2019 $205,000 <br /> 2020 210,000 <br /> 2021 220,000 <br /> 2022 225,000 <br /> 2023 230,000 <br /> 1.04. Optional Redemption. The Certificates are not subject to optional redemption or <br /> prepayment prior to maturity. <br /> Section 2. Form of Mounds View Certificate. <br /> 2.01. Execution of the Mounds View Certificate. Under the precepts of the Joint Powers <br /> Agreement and Third Supplement thereto, and to evidence its obligation to pay its proportionate share of <br /> debt service on the Certificates, this Council finds it is necessary and expedient to the sound financial <br /> management of the City to issue its own General Obligation Equipment Certificate of Indebtedness, <br /> Series 2017, pursuant to the Act in a principal amount anticipated not to exceed $172,430 (the "Mounds <br /> View Certificate"). This Council understands and acknowledges that debt service on the Mounds View <br /> Certificate will always be payable by the City in accordance with the final percentages fixed from time to <br /> time by the Formula. The Mounds View Certificate will be in substantially the form as attached hereto as <br /> Exhibit A. Additionally, the City is responsible to pay to the City of Spring Lake Park the amount of <br /> $4,677.09 on February 1,2018,which is an interest payment due on the Certificates on said date. <br /> 2.02. Security. The City of Spring Lake Park has irrevocably pledged its full faith and credit and <br /> taxing powers to pay debt service on the Certificates. To reimburse the City of Spring Lake Park for the <br /> City's portion of principal and interest on the Certificates, as evidenced through the Mounds View <br /> Certificate,the City hereby irrevocably pledges the full faith and credit and taxing powers of the City,and the <br /> City shall levy ad valorem taxes on all taxable property, which taxes may be levied without limitation as to <br /> rate or amount. The City will pay principal and interest on the Mounds View Certificate from the general <br /> fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of the taxes <br /> levied hereto,when collected,and the proceeds of such ad valorem taxes levied are pledged to the payment of <br /> the Mounds View Certificate. Taxes levied to pay debt service on the Mounds View Certificate are in the <br /> years and amounts as provided for on Exhibit B hereto. <br /> 2 <br />
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