Agenda Packets - 1994/04/25 - Laserfiche WebLink

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Bonds, Series 1994B (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 $ plus interest accrued to settlement, is hereby accepted. 2. Title; Original Issue Date; Maturities; Denominations. The Bonds shall be titled "Taxable General Obligation Tax Increment Refunding Bonds, Series 1994B, " shall be dated May 1, 1994, as the date of original issue, and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5, 000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the following years and amounts, respectively: Year Amount Year Amount 1997 $ 2001 $ 1998 2002 1999 2003 2000 3 . Purpose; Refunding Findings. The Bonds shall provide moneys for a refunding of the City's Refunded Bonds. It is hereby found, determined and declared that such refunding is a crossover refunding pursuant to Minnesota Statutes, Section 475. 67, Subdivisions 3 and 13, is necessary or desirable for the reduction of debt service cost to the City and/or the adjustment of the maturities of the Prior Bonds in relation to the sources for their repayment, and will result in a reduction of debt service cost to the City. All of the proceeds, including all investment earnings thereon, of the Prior Bonds have heretofore been expended by the City for the uses and purposes for which the City issued said Prior Bonds. The current and anticipated balances in the separate debt service account heretofore established by the City for the payment of the principal of and interest on the Prior Bonds do not exceed and are not expected to exceed the aggregate amount of regularly scheduled debt service on the Prior Bonds which is payable on or before February 1, 1996. The present value of the dollar amount of the debt service on the Bonds is lower by at least 3% than the present value of the dollar amount of the debt service on the bonds being refunded thereby, determined as of the date the proceeds of the Bonds are applied to payment of said refunded bonds, as provided in Minnesota Statutes, Section 475. 67, Subdivision 12 , as made applicable pursuant to Laws of Minnesota for 1993 , Chapter 271, Section 7. The City has observed and complied with all of its obligations and covenants made by the City in connection with the issuance of the Prior Bonds. The Recitals of this Resolution are hereby made fully a part of the body of this Resolution to the same extent as though set forth in full at this point. 262142.1 3