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HomeMy WebLinkAbout95-105 • CITY OF LAKEVILLE RESOLUTION Date May 15, 1995 Resolution No. 95-105 Motion By Harvey Seconded By Mulvihill RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1987B WHEREAS, the City Council of the City of Lakeville, Minnesota, issued on behalf of the City $710,000 General Obligation Tax Increment Refunding Bonds, Series 1987B dated March 1, 1987; and WHEREAS, the bonds maturing in the years 1996 through 2001 may be called for redemption and prepayment, on February 1, 1995, and on any interest payment date thereafter in inverse order of maturity at par and accrued interest, all as provided in the resolution of the City Council authorizing the issuance of said Bonds; and WHEREAS, the City Council deems it desirable and in the best interests of the City to call $385,000 in principal amount of the Bonds on August 1, 1995 in accordance with said resolution authorizing the issuance of said Bonds. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lakeville as follows: 1. The General Obligation Tax Increment Refunding Bonds, Series 1987B of the City maturing in the years 1996 through 2001, and totaling $385,000 shall be redeemed and prepaid on August 1, 1995, at a price of par plus accrued interest. 2. The Clerk is hereby authorized and directed to instruct Norwest Bank Minnesota, National Association, as successor to Norwest Bank Minneapolis, National Association, the Bond Registrar, to mail the notice of call to each and every registered holder of the Bonds to be called for redemption. Said notice shall be in substantially the form attached hereto as Exhibit A. 3. The Finance Director is hereby authorized and directed to deposit with the bank where the Bonds are payable prior to said call date sufficient funds to pay all principal and interest due on said Bonds as of the call date. • • APPROVED AND ADOPTED by the City Council of the City of Lakeville, Minnesota, this 15th day of May, 1995. CITY O L MLLE By: cz~~?.~~ Dua a Zaun, May NEST: Charlene Frie`ges, t Clerk •