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5 <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 <br />Principal <br />Issue <br />Date of <br />Issue <br />Amount <br />Amount <br />General Obligation <br />Sewer Improvement <br />Bonds of 1965 <br />April 1, <br />1965 <br />$1,860,000 <br />$ 720,000 <br />General Obligation <br />Improvement Bonds <br />of 1966 <br />July 1, <br />1966 <br />2,640,000 <br />1,310,000 <br />General Obligation <br />Improvement Bonds <br />of 1968 <br />January <br />1, 1968 <br />250,000 <br />50,000 <br />General Obligation <br />Improvement Bonds <br />of 1971 <br />August 1, <br />1971 <br />655,000 <br />185,006 <br />General Obligation <br />Improvement Bonds <br />of 1974 <br />December <br />1, 1974 <br />1,680,000 <br />870,000 <br />and has a substantial <br />asset <br />balance <br />in the sinking <br />fund for <br />said Refunded Bonds; <br />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 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 />by the City. <br />