95-030 RES
RESOLUTION 95- 30
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A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION CALLING FOR THE EARLY REDEMPTION
OF $1,975,000 GENERAL OBLIGATION IMPROVEMENT BOND
SERIES 1986A
WHEREAS, the Elk River City Council approved Resolution 86-47,
authorizing the issuance, awarding the sale, prescribing the
form and details and providing for the payment of General
Obligation Improvement Bonds Series 1986A dated August
1, 1986; and,
WHEREAS, the Bonds remaining outstanding mature in the years 1996
through 2003; and in the principal amount of $900,000, and,
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WHEREAS, Section 2.05 of the Resolution states, and the Bonds so
provide, that Bonds maturing in the years 1996 through
2003 shall be subject to redemption and prepayment at the
option of the issuer on February 1, 1995, and at any interest
payment thereafter, at a price equal to the principal amount
thereof and the accrued interest to the date of redemption;
and,
WHEREAS, the City Council requests that principal outstanding for the
years 1997-2003 in the amount of $765,000 be prepaid using
funds available due to the prepayment of special
assessments in accordance with the terms of the Bonds; and,
WHEREAS, the City Council hereby directs the Paying Agent, Norwest
Bank Minnesota, N.A., to proceed with mailing the proper
notice to all registered holders not less than 30 days before
the redemption date as required in the Resolution for early
redemption.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River that the $765,000 of principal outstanding for
years 1997-2003 on the $1,975,000 General Obligation
Refunding and Improvement Bonds Series 1986A be
redeemed on August 1, 1995.
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Passed and adopted by the City Council of the City of Elk River this 19th
day of June, 1995.
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