HomeMy WebLinkAbout95-246 'i
. CERTIFICATION OF MINUTES RELATING TO
DEFEASANCE OF OUTSTANDING BONDS
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on November 20,
1995 at the City Hall in Lakeville, Minnesota.
Members present: Johnson, Zaun, Sindt, Mulvihill, Harvey
Members absent: N/2,
Documents Attached:
Minutes of said meeting (pages):
95-246
RESOLUTION AUTHORIZING DEFEASANCE OF CERTAIN
OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS
I, the undersigned, being the duly qualified and acting recording officer
of the public corporation issuing the bonds referred to in the title of this certificate,
certify that the documents attached hereto, as described above, have been carefully
compared with the original records of said corporation in my legal custody, from
which they have been transcribed; that said documents are a correct and complete
transcript. of the minutes of a meeting of the governing body of said corporation,
and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to
said bonds; and that said meeting was duly held by the governing body at the time
and place and was attended throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer this 4th day of
1~Yc6~6~~M~f, 1995.
December
• ity Clerk
,rt
• Member Johnson introduced the following resolution and
moved its adoption, which motion was seconded by Member sindt
BE IT RESOLVED by the City Council of City of Lakeville, Minnesota (the
Council), as follows:
RESOLUTION AUTHORIZING DEFEASANCE OF CERTAIN
OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS
Section 1. The City presently has outstanding an issue of General Obligation
Improvement Bonds, Series 1991D, dated as of December 1, 1991 (the Bonds), issued
in the original principal amount of $675,000, and presently estimates that it can
effect a substantial debt service savings by funding an escrow account sufficient to
defease the 1996 through 2003 maturities, which aggregate $510,000 in principal
amount, by retiring the 1996 through 2000 maturities on their scheduled maturity
dates and by redeeming the 2001 through 2003 maturities on their first permissible
redemption date of February 1, 2000.
Section 2. This Council has determined that there exists sufficient moneys in
the Series 1991D Improvement Bond Sinking Fund (the Sinking Fund) established
by Resolution No. 91-154, duly adopted by the Council on November 18, 1991, to
fund the escrow account and defease the Bonds in accordance with Section 1 hereof.
• Section 3. The Finance Director is hereb authorized and directed to de osit
Y P
moneys from the Sinking Fund in the aggregate amount of $ in
escrow with First Trust National Association, in St. Paul, Minnesota (the Escrow
Agent), a banking institution whose deposits are insured by the Federal Deposit
Insurance Corporation and whose combined capital and surplus is not less than
$500,000. The Escrow Agent shall invest the funds so deposited in securities
authorized for such purpose by Minnesota Statutes, Section 475.67, subdivision 8,
maturing on such dates and bearing interest at such rates as are required to provide
funds sufficient to pay the principal of and interest on the Bonds to and including
February 1, 2000, and to redeem the Bonds maturing after said date on February 1,
2000.
Section 4. The Mayor and Clerk are hereby authorized to- enter into an escrow
agreement with the Escrow Agent establishing the terms and conditions for the
escrow account in accordance with Minnesota Statutes, Section 475.67. No further
action shall be required of the Council to complete the defeasance and redemption
of the Bonds.
•
•
Upon vote being .taken thereon, the following voted in favor thereof:
Johnson, Zaun, Sindt, Mulvihill, Harvey
and the following voted against the same: N/A
whereupon the resolution was declared duly passed and adopted.
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