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• <br /> • <br /> then introduced the <br /> following Resolution, the reading of which was dispensed with by <br /> unanimous consent of the Council, and moved its adoption: <br /> RESOLUTION NO. 4556 <br /> RESOLUTION AWARDING THE SALE OF THE <br /> CITY'S TAXABLE GENERAL OBLIGATION TAX INCREMENT <br /> REFUNDING BONDS, SERIES 1994B <br /> AND PROVIDING FOR THEIR ISSUANCE <br /> A. WHEREAS, the Council believes it to be in the City's best <br /> interest to consider a refunding of the callable bonds of the <br /> City's Taxable General Obligation Tax Increment Bonds, Series <br /> 1988A, dated February 1, 1988, issued in the original principal <br /> amount of $6, 000, 000 (the "Prior Bonds") ; and <br /> B. WHEREAS, the Prior Bonds which mature after February 1, <br /> 1996, being in the aggregate principal amount of $4,725, 000, are <br /> subject to prepayment on said date at the option of the City at the <br /> redemption price of par plus accrued interest; and <br /> C. WHEREAS, the refunding of the callable Prior Bonds is <br /> consistent with covenants made with the holders thereof and is <br /> necessary and desirable for and will result in the reduction of <br /> debt service cost to the City; and <br /> D. WHEREAS, it is necessary and expedient to issue the <br /> City's Taxable General Obligation Tax Increment Refunding Bonds, <br /> Series 1994B (the "Bonds") , to provide moneys for a refunding of <br /> the callable Prior Bonds (which callable Prior Bonds are referred <br /> to herein as the "Refunded Bonds") ; and <br /> E. WHEREAS, there has been presented to the City the form of <br /> a certain Escrow Agreement, dated as of May 1, 1994 (the "Escrow <br /> Agreement") , which is to be executed and delivered by and between <br /> the City and the Escrow Agent thereunder in connection with the <br /> issuance of the Bonds and which provides, in accordance with its <br /> terms and the terms of this Resolution, for the deposit and <br /> investment within the Escrow Account thereunder of proceeds of the <br /> Bonds for subsequent disbursement by the Escrow Agent thereunder: <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council (the <br /> "Council") of the City of Mounds View, Minnesota (the "City") , as <br /> follows: <br /> 1. Acceptance of Offer. The offer of <br /> (the "Purchaser") , to purchase the City' s <br /> $ Taxable General Obligation Tax Increment Refunding <br /> 262142.1 2 <br />