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RESOLUTION NO. 4537 <br /> RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE <br /> CITY'S TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING <br /> BONDS, SERIES 1994A <br /> BE IT RESOLVED BY THE CITY COUNCIL (the "Council") of the <br /> City of Mounds View, Minnesota (the "City") , as follows: <br /> 1. The Council hereby finds and determines the following: <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 /> (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 /> (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 reduction of debt service cost <br /> to the City. <br /> (d) It is necessary and expedient to issue the City's <br /> Taxable General Obligation Tax Increment Refunding <br /> Bonds, Series 1994A (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 /> (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 /> (f) It is necessary and desirable 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 />