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7 <br />RESOLUTION NO. 1714 <br />RESOLUTION REQUESTING CANCELLATION OF TAX <br />LEVIES FOR CERTAIN OUTSTANDING GENERAL <br />OBLIGATION BONDS OF THE CITY 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 <br />Outstanding <br />Issue <br />Date of Issue <br />Principal <br />Amount <br />Principal <br />Amount <br />General Obligation <br />Sewer Improvement <br />Bonds of 1965 <br />April 1, 1965 <br />$1,860,000 <br />$ 720,000 <br />General Obligation <br />Improvement Bonds <br />of 1966 <br />July 1, 1966 <br />2,640,000 <br />1,310,000 <br />General Obligation <br />Improvement Bonds <br />of 1968 <br />January 1, 1968 <br />250,000 <br />50,000 <br />General Obligation <br />Improvement Bonds <br />of 1971 <br />August 1, 1971 <br />655,000 <br />185,000 <br />General Obligation <br />Improvement Bonds <br />of 1974 <br />December 1, 1974 <br />1,680,000 <br />870,000 <br />for which ad valorem taxes have been levied pursuant to Minnesota <br />Statutes, Section 475.61, subd. 1, to pay a portion of the debt <br />service; <br />WHEREAS, the City has created within the sinking fund <br />established for payment of the Refunded Bonds an escrow account <br />(the "Escrow Account"), and has deposited in said Escrow Account <br />cash and securities which are general obligations of the United <br />States or agencies thereof, and has entered into an agreement <br />with Norwest Bank Minneapolis, N.A., whereby said bank will have <br />custody of the Escrow Account and will disburse funds from the <br />Escrow Account to the paying agents for the Refunded Bonds at <br />the times and in the amounts required to pay principal and <br />interest on the Refunded Bonds when due; <br />ity <br />nion from Voto, <br />Reardon, TalutgesS6 Co.,CLtd.),��certified dpublic an laccountants, <br />that the federal securities deposited in the Escrow Account mature <br />at such times and bear interest at such rates that the collections <br />