HomeMy WebLinkAbout1991-196 CCR1
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Member Celia Scott introduced the following resolution and moved
its adoption:
RESOLUTION RELATING TO FUNDING OF
THE CITY OF BROOKLYN CENTER, $3,000,000 GENERAL
OBLIGATION STATE AID ROAD BONDS,
S ERIES 1991B
WHEREAS, the City of Brooklyn Center, has issued and sold bonds,
dated September 1, 1991, in the amount of $3,000,000 exclusively for
the purpose of establishing, locating, relocating, constructing,
reconstructing or improving its State Aid Roads in accordance with
law; and
WHEREAS, said City has irrevocably pledged to the sinking fund
from which said obligations are payable that amount of their future
State Aid allotments as is permissible by law and needed to pay the
principal and interest thereon, which principal payments shall be made
from the regular construction account of such State Aid Fund and the
interest payments made from the regular State Aid maintenance account,
detailed as follows:
Year Date Principal Year Date Principal
NOW, THEREFORE, BE IT RESOLVED, that the Commissioner of Trans-
portation be and is hereby requested to keep a bond record in his
office for the City of Brooklyn Center.
BE IT FURTHER RESOLVED, that the Commissioner of Transportation
annually
required
be and is hereby requested upon receipt of this resolution to
certify the State Commissioner of Finance the sum of money
for the principal and interest on said bonds.
August 12, 1991
Date Todd Paulson, Mayor
ATTEST: i C 111 P. (C'
Deputy Clerk
RESOLUTION NO. 91 196
(See Attachment A)
The motion for the adoption of the foregoing resolution was duly seconded by
member Jerry Pedlar and upon vote being taken thereon, the following
voted in favor thereof:
Todd Paulson, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION NO. 91 -196
BROOKLYN CENTER, MINNESOTA
G.O. STATE AID ROAD BONDS, 19916
POST SALE DEBT SERVICE
1
Date Principal Rate Interest
TOTALS $3,000,000
Discount (plus)
Net Interest Cost
115,000 4.700 104,977.34
87,277.50
135,000 5.000 87,277.50
83,902.50
145,000 5.150 83,902.50
80,168.75
150,000 5.350 80,168.75
76,156.25
160,000 5.550 76,156.25
71,716.25
170,000 5.700 71,716.25
66,871.25
180,000 5.850 66,871.25
61,606.25
190,000 5.950 61,606.25
55,953.75
205,000 6.050 55,953.75
49,752.50
220,000 6.150 49,752.50
42,987.50
230,000 6.250 42,987.50
35,800.00
245,000 6.350 35,800.00
28,021.25
265,000 6.450 28,021.25
19,475.00
285,000 6.550 19,475.00
10,141.25
305,000 6.650 10,141.25
$1,644,637.34
$30,480.00
$1,675,117.34
Interest rounded on individual $5,000 denominations
Prepared August 13, 1991
By SPRINGSTED Incorporated
Bond Date: 9/ 1/1991
Sale Date: 8/12/1991
Issue Size: $3,000,000
Total
219,977.34
87,277.50
222,277.50
83,902.50
228,902.50
80,168.75
230,168.75
76,156.25
236,156.25
71,716.25
241,716.25
66,871.25
246,871.25
61,606.25
251,606.25
55,953.75
260,953.75
49,752.50
269,752.50
42,987.50
272,987.50
35,800.00
280,800.00
28,021.25
293,021.25
19,475.00
304,475.00
10,141.25
315,141.25
$4,644,637.34
Annual
Payment
307,254.84
306,180.00
309,071.25
306,325.00
307,872.50
308,587.50
308,477.50
307,560.00
310,706.25
312,740.00
308,787.50
308,821.25
312,496.25
314,616.25
315,141.25
$4,644,637.34
ATTACHMENT A