HomeMy WebLinkAbout1972-200 CCR1
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Member John Leary
moved its adoption:
RESOLUTION NO. 72 -200
introduced the following resolution and
RESOLUTION CALLING FOR PREPAYMENT OF GENERAL OBLIGATION
BONDS OF THE 1958 B FUND
WHEREAS, under terms of the 1958 B Fund Improvement Bonds issued
July 1, 1958, the City of Brooklyn Center may call all bonds maturing on
January 1, 1970 and thereafter on January 1, 1964 and any interest payment
date thereafter at par plus accrued interest plus a premium of $10.00 for each
bond redeemed; and
WHEREAS, by January 1, 1973, the 1958 B Fund will have accrued
sufficient monies to redeem all outstanding bonds of the Fund due on January 1,
1974 through January 1, 1979; 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 1958 B Improvement
Bonds on January 1, 1974 through January 1, 1979 are hereby called for payment
as of July 1, 1973; and
BE IT FURTHER RESOLVED that the Cit Treasurer is hereby authorized
and instructed to take whatever actio
December 18, 1972
Date
ATTEST:
sary to,call the bonds.
Mayor
The motion for the adoption of the foregoing resolution was duly seconded by
member Maurice Britts and upon vote being taken thereon, the
following voted in favor thereof: Philip Cohen, John Leary, Vernon Ausen, HovAa rd Heck,
and the following voted against the same: none, and Maurice Britts;
whereupon said resolution was declared duly passed and adopted.