|
(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of
<br />paragraph 10.
<br />(d) Letter of Representations. The provisions in the Letter of Representations are
<br />incorporated herein by reference and made a part of the resolution, and if and to the extent any
<br />such provisions are inconsistent with the other provisions of this resolution, the provisions in the
<br />Letter of Representations shall control.
<br />3. Allocation of Bonds and Prepayments to Portions of Debt Service. The aggregate
<br />principal amount of $1,040,000 maturing in each of the years and amounts hereinafter set forth
<br />are issued to refund the Refunded Capital Improvement Bonds (the "Capital Improvement
<br />Refunding Portion"). The aggregate principal amount of $4,795,000 maturing in each of the
<br />years and amounts hereinafter set forth are issued to refund the Refunded Abatement Bonds (the
<br />"Abatement Refunding Portion"):
<br />If Bonds are prepaid, the prepayments shall be allocated to the portions of debt service
<br />(and hence allocated to the payment of Bonds treated as relating to a particular portion of debt
<br />service) as provided in this paragraph. If the source of prepayment is the general fund of the
<br />City, or other generally available source, the prepayment may be allocated to any of the portions
<br />of debt service in such amounts as the City shall determine. If the source of the prepayment is
<br />taxes levied for the Capital Improvement Refunding Portion, the prepayment shall be allocated to
<br />the Capital Improvement Refunding Portion of debt service. If the source of a prepayment is
<br />taxes abated and pledged to the Abatement Refunding Portion, the prepayment shall be allocated
<br />to the Abatement Refunding Portion of debt service.
<br />4. Purpose; Refunding Findings. The Bonds shall provide funds for a crossover
<br />refunding of the Refunded Bonds (the "Refunding"). It is hereby found, determined and declared
<br />that the Refunding is pursuant to Minnesota Statutes, Section 475.67, Subdivision 13, and as of
<br />the crossover date of the Bonds, shall result in a reduction of the present value of the dollar
<br />amount of the debt service to the City from a total dollar amount of $1,603,230.00 for the Prior
<br />Capital Improvement Bonds to a total dollar amount of $1,526,947.50 for the Capital
<br />Improvement Portion of the Bonds (as hereinafter defined), computed in accordance with the
<br />provisions of Minnesota Statutes, Section 475.67, Subdivision 12, and accordingly the dollar
<br />amount of such present value of the debt service for the Capital Improvement Portion of the
<br />Bonds is lower by at least three percent than the dollar amount of such present value of the debt
<br />service for the Prior Capital Improvement Bonds and as of the crossover date of the Bonds, shall
<br />result in a reduction of the present value of the dollar amount of the debt service to the City from
<br />5253945v1
<br />Capital
<br />Improvement
<br />Abatement
<br />Year
<br />Refunding Portion
<br />Refunding Portion
<br />Total
<br />2016
<br />$205,000
<br />$855,000
<br />$1,060,000
<br />2017
<br />$210,000
<br />$905,000
<br />$1,115,000
<br />2018
<br />$205,000
<br />$955,000
<br />$1,160,000
<br />2019
<br />$210,000
<br />$1,010,000
<br />$1,220,000
<br />2020
<br />$210,000
<br />$1,070,000
<br />$1,280,000
<br />If Bonds are prepaid, the prepayments shall be allocated to the portions of debt service
<br />(and hence allocated to the payment of Bonds treated as relating to a particular portion of debt
<br />service) as provided in this paragraph. If the source of prepayment is the general fund of the
<br />City, or other generally available source, the prepayment may be allocated to any of the portions
<br />of debt service in such amounts as the City shall determine. If the source of the prepayment is
<br />taxes levied for the Capital Improvement Refunding Portion, the prepayment shall be allocated to
<br />the Capital Improvement Refunding Portion of debt service. If the source of a prepayment is
<br />taxes abated and pledged to the Abatement Refunding Portion, the prepayment shall be allocated
<br />to the Abatement Refunding Portion of debt service.
<br />4. Purpose; Refunding Findings. The Bonds shall provide funds for a crossover
<br />refunding of the Refunded Bonds (the "Refunding"). It is hereby found, determined and declared
<br />that the Refunding is pursuant to Minnesota Statutes, Section 475.67, Subdivision 13, and as of
<br />the crossover date of the Bonds, shall result in a reduction of the present value of the dollar
<br />amount of the debt service to the City from a total dollar amount of $1,603,230.00 for the Prior
<br />Capital Improvement Bonds to a total dollar amount of $1,526,947.50 for the Capital
<br />Improvement Portion of the Bonds (as hereinafter defined), computed in accordance with the
<br />provisions of Minnesota Statutes, Section 475.67, Subdivision 12, and accordingly the dollar
<br />amount of such present value of the debt service for the Capital Improvement Portion of the
<br />Bonds is lower by at least three percent than the dollar amount of such present value of the debt
<br />service for the Prior Capital Improvement Bonds and as of the crossover date of the Bonds, shall
<br />result in a reduction of the present value of the dollar amount of the debt service to the City from
<br />5253945v1
<br />
|