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• <br /> RESOLUTION NO. 1715 <br /> RESOLUTION APPROVING DEFEASANCE PROGRAM FOR <br /> CERTAIN GENERAL OBLIGATION BONDS OF THE CITY <br /> OF MOUNDS VIEW <br /> WHEREAS, the City has duly issued and presently has <br /> outstanding the following issues of general obligation bonds <br /> (hereinafter called the "Refunded Bonds") : <br /> Original Outstanding <br /> Principal Principal <br /> Issue Date of Issue Amount Amount <br /> General Obligation <br /> Sewer Improvement <br /> Bonds of 1965 April 1, 1965 $1, 860 , 000 $ 720 ,000 <br /> General Obligation <br /> Improvement Bonds <br /> of 1966 July 1, 1966 2,640 , 000 1, 310 , 000 <br /> General Obligation <br /> Improvement Bonds <br /> • of 1968 January 1, 1968 250 , 000 50 , 000 <br /> General Obligation <br /> Improvement Bonds <br /> of 1971 August 1, 1971 655, 000 185, 000 <br /> General Obligation <br /> Improvement Bonds <br /> of 1974 December 1, 1974 1, 680 ,000 870 , 000 <br /> and has a substantial asset balance in the sinking fund for <br /> said Refunded Bonds; and <br /> WHEREAS, it appears that by (i) the purchase of <br /> government securities which are general obligations of the <br /> United States or agencies thereof in an amount sufficient <br /> so that the receipts of principal and interest thereon will <br /> be adequate to pay all principal and interest on the Refunded <br /> Bonds as such becomes due, and (ii) the deposit of such <br /> government obligations, together with any required beginning <br /> cash balance, with an independent escrow agent, the security <br /> of the holders of <br /> the Refunded Bonds will be enhanced, the <br /> remaining taxes heretofore levied for payment of the Refunded <br /> Bonds may be cancelled, and the remaining asset balance in <br /> said sinking fund will be available for general expenditure <br /> 11/1 by the City. <br />