HomeMy WebLinkAbout92-163 RESOLUTION NO. 92-163
RESOLUTION AUTHORIZING REDEMPTION OF BONDS
AND TRANSFER OF CERTAIN DEBT SERVICE FUNDS
WHEREAS, the Finance Director has presented to the
Council several recommendations for alleviating potential cash
flow shortages with respect to certain outstanding improvement
bond issues of .the City which have significant amounts of deferred
special assessments; and
WHEREAS, the Council has reviewed the recommendations
and concurs that the requested actions are in the best interests
of the City and its inhabitants.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Lakeville as follows:
1. The Finance Director is authorized to transfer all
assets presently on deposit in the debt service fund for the
General Obligation Improvement Bonds of 1979 (which bonds have
been fully paid) to the Public Works Reserve Fund, as permitted by
Minnesota Statutes, Section 475.61, subd. 4.
2. The outstanding $280,000 principal amount of General
Obligation Improvement Bonds of 1980, Series B maturing in the
years 1994 through 2001 shall be called for redemption on their
next permissible redemption date .(February 1, 1993). The City
Clerk shall provide notice of redemption in accordance with
.provisions of the resolution .authorizing the issuance of said
bonds.
3. The Finance Director is authorized to utilize funds
on deposit in the Utility Trunk Fund, in the amount of $398,045,
to purchase, at their principal amount, deferred special
assessments in the amount of (i) $276,290 from the debt service
fund for the General Obligation Improvement Bonds, Series 1986A,
(ii) $67,552 from the debt service fund for the. General Obligation
Improvement Bonds, Series 1987C, and (iii) $54,203 from the debt
service fund for the General Obligation Improvement Bonds,. Series
1988A. Said deferred special assessments shall thereafter be held
as an asset of the Utility Trunk Fund.
Adopted this 21st day of September, 1992.
STATE OF MINNESOTA
COUNTY OF DAKOTA
The undersigned, being the duly appointed, qualified and
acting City Clerk of the City of Lakeville, Minnesota, hereby
certifies that the foregoing is a full, true and correct copy of a
resolution duly passed and adopted by the City Council of said
City at its meeting duly called and held on September 21, 1992, by
the following roll call vote:
Ayes: Mulvihill, Harvey, Ruhmann, Zaun, Sindt
Nays : N/A
Absent: N/A
and that said resolution has not subsequently been amended and is
now in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and the
seal of the City of Lakeville, Minnesota.
s~ y v
City Clerk
Dated: September 21, 1992
(SEAL)