Agenda Packets - 1993/05/10 - Laserfiche WebLink

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$ General Obligation Water Revenue Refunding Bonds, Series 1993A (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; Oriainal Issue Date; Maturities; Denominations. The Bonds shall be titled "General Obligation Water Revenue Refunding Bonds, Series 1993A," shall be dated June 1, 1993, 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 2001 $ 2008 $ 2002 2009 2003 2010 2004 2011 2005 2012 2006 2013 2007 Pursuant to Minnesota Statutes, Section 475.54, Subdivision 2, the foregoing maturity schedule for the Bonds is hereby combined with the outstanding maturities of all of the other general obligation bonds of the City, and the Council hereby finds that said combined maturity schedule conforms to the applicable requirements of Minnesota Statutes, Section 475.54, Subdivision 1. 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, 2000. 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. 238053 3