HomeMy WebLinkAbout08-02-13 • RESOLUTION 08-0 2-13
RESOLUTION AUTHORIZING THE CALL OF THE
OUTSTANDING GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1998
WHEREAS, by Resolution duly adopted on September 22, 1998 (the "Resolution "), the
City issued $1,990,000 original principal amount of General Obligation Improvement Bonds of
1998, dated October 1, 1998 (the "Bonds "). The City has sufficient funds on hand in the debt
service account of the General Obligation Improvement Bonds of 1998 Fund (the "1998 Fund ")
to call the remaining $750,000 outstanding principal amount of the December 1, 2008 through
2013 maturities of the Bonds on April 1, 2008, at a price of par plus accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Oak Park Heights,
Minnesota, as follows:
1.01 The City Council hereby determines that there exists sufficient funds in the 1998
Fund to prepay on April 1, 2008, $750,000 aggregate principal amount of Bonds maturing on
December 1 of the years 2008 through 2013, and the interest due thereon.
1.02 U.S. Bank National Association, in St. Paul, Minnesota (formerly, U.S. Bank
Trust National Association), the bank at which principal and interest on the Bonds are payable, is
• hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as
Exhibit A to be given in accordance with the provisions of the Resolution.
1.03 No further action shall be required of the City Council to complete prepayment of
the Bonds.
Passed by the City Council of the City of Oak Park Heights this 26th day of
February, 2008
David Beaudet, Mayor
,4tes
ri Johnson, City Administrator
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