HomeMy WebLinkAbout1973-086 CCRMember Tony Kuefler introduced the following resolution and
moved its adoption:
WHEREAS, on December 18, 1972, the City Council did adopt Resolu-
tions Numbered 72 -198, 72 -199 and 72 -200 which called for the prepayment
of general obligation bonds on July 1, 1973 of the 1955A, the 1956C and the
1958B Special Assessment Debt Retirement Funds respectively; and
WHEREAS, prior to the actual issuance of the call of the bonds, it
was determined that it would not be of financial benefit to the City to call
the bonds at this time because of the low rate of interest which the bonds
bear and that the City could accomplish its objective of satisfying the
obligations of the Funds by setting aside cash reserves for the redemption
of said bonds as they mature:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota that Resolutions Numbered 72 -198, 72 -199
and 72 -200 adopted December 18, 1972 are hereby rescinded; and
BE IT FURTHER RESOLVED that the Director of Finance is hereby
directed to set aside from moneys presently on hand in the above named
Funds cash reserves to guarantee the payment of all outstanding bond
principal balances, all future interest coupon payments and all future
paying agent charges in the following named special assessment debt
retirement funds in the amounts here indicated:
The moneys is said cash reserve accounts shall be used only for the pay-
ment of maturing bonds, the interest on the bonds, and the paying agent
charges associated therewith which are payable from said Funds.
ATTEST:
June 4, 1973
Date
RESOLUTION NO. 73 -86
RESOLUTION RESCINDING RESOLUTIONS NUMBERED 72 -198,
72 -199 AND 72 -200 CALLING FOR PREPAYMENT OF GENERAL
OBLIGATION BONDS; AND TO ESTABLISH RESERVE ACCOUNTS
IN CERTAIN SPECIAL ASSESSMENT DEBT RETIREMENT FUNDS
1955 A Fund (S.A. Fund No. 6) 54,500
1956 C Fund (S.A. Fund No. 7) 88,500
1958 B Fund (S.A. Fund No. 11) $123,300
Mayor
RESOLUTION NO. 73 -86
The motion for the adoption of the foregoing resolution was duly seconded
by member Bill Fignar, and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, John Leary, Maurice Britts,
Tony Kuefler, and Bill Fignar;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.