08-23-84 Agenda & Packet - Laserfiche WebLink

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. . , . 4111 RESOLUTION NO. 1714 RESOLUTION REQUESTING CANCELLATION OF TAX LEVIES FOR CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY OF MOUNDS VIEW WHEREAS, the City has duly issued and presently has outstanding the following issues of general obligation bonds (hereinafter called the "Refunded Bonds" ) : Original Outstanding Principal Principal Issue Date of Issue Amount Amount General Obligation Sewer Improvement • Bonds of 1965 April 1, 1965 $1,860 ,000 $ 720 ,000 General Obligation Improvement Bonds of 1966 July 1, 1966 2, 640 , 000 1, 310 , 000 General Obligation Improvement Bonds 4111 of 1968 January 1, 1968 250 ,000 . 50 ,000 General Obligation Improvement Bonds of 1971 August 1, 1971 655, 000 185, 000 General Obligation Improvement Bonds of 1974 December 1, 1974 1, 680 ,000 870 ,000 for which ad valorem taxes have been levied pursuant to Minnesota Statutes, Section 475. 61, subd. 1 , to pay a portion of the debt service; WHEREAS, the City has created within the sinking fund established for payment of the Refunded Bonds an escrow account (the "Escrow Account" ) , and has deposited in said Escrow Account cash and securities which are general obligations of the United States or agencies thereof, and has entered into an agreement with Norwest Bank Minneapolis, N.A. , whereby said bank will have custody of the Escrow Account and will disburse funds from the Escrow Account to the paying agents for the Refunded Bonds at the times and in the amounts required to pay principal and interest on the Refunded Bonds when due; WHEREAS, the City has received an opinion from Voto, 0 Reardon, Tautges & Co. , Ltd. , certified public accountants , that the federal securities deposited in the Escrow Account mature at such times and bear interest at such rates that the collections