HomeMy WebLinkAbout1972-199 CCR1
Member Maurice Britts introduced the following resolution
and moved its adoption:
RESOLUTION NO. 72 -19
RESOLUTION CALLING FOR PREPAYMENT OF GENERAL OBLIGATION
BONDS OF THE 1956C FUND
WHEREAS, under the terms of the 1956C Fund Improvement Bonds
issued October 1, 1956, the City of Brooklyn Center may call all
bonds maturing on January 1, 1968, and thereafter on January 1, 1967,
and any interest payment date thereafter at par plus accrued interest;
and
WHEREAS, by January 1, 1973, the 1956C Fund will have accrued
sufficient monies to redeem all outstanding bonds of the Fund due on
January 1, 1974, through January 1, 1977; and
WHEREAS, July 1, 1973, is the next interest payment date after
January 1, 1973; and
WHEREAS, the redemption of such bonds will cause a substantial
savings of interest expense to the City of Brooklyn Center; and
WHEREAS, the redemption of such bonds will satisfy all outstanding
obligations of the Fund:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota that the City give notice to the
paying agent and the last known bond holders that all bonds maturing
of the 1956C Improvement Bonds on January 1, 1974, through January 1,
1977, are hereby called for payment as of July 1, 1973; and
BE IT FURTHER RESOLVED that the City Treasurer is hereby authorized
and instructed to take whatever actions are necessary to call the bonds.
fpcemhpr 1 R 1 X372
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Vernon Ausen and upon vote being taken
thereon, the following voted in favor thereof: Philip Cohen,
Min Leary, Howard Heck, Vernon Ausen, and Maurice Britts;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.