92-118 RES
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RESOLUTION 92 -118
RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION CALLING FOR THE EARLY REDEMPTION OF
$2,290,000 GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS SERIES 1985
WHEREAS, the Elk River City Council approved Resolution 85-38,
authorizing the issuance, awarding the sale,
prescribing the form and details and providing for the
payment of $2,590,000 General Obligation Refunding and
Improvement Bonds Series 1985 dated September 1, 1985;
WHEREAS, the Bonds remaining outstanding mature in the years
1993 through 1999; and,
WHEREAS, Section 2.05 of the Resolution states, and the Bonds
so provide, that Bonds maturing in the years 1994
through 2000 shall be subject to redemption and
prepayment at the option of the issuer on February 1,
1993, at a price equal to the principal amount thereof
and accrued interest to the date of redemption; and,
WHEREAS, the City Council requests that all outstanding
principal and interest 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 to
proceed with publishing the proper notice as required
in the Resolution for early redemption.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Elk River that all outstanding $2,590,000 General
Obligation Refunding and Improvement Bonds Series 1985
be redeemed on February 1, 1993.
Passed and adopted by the City Council of the City of Elk River
this ~3 day of November, 1992.
Lr~
James A. Tralle, Mayor
ATTEST:
erk
.
.
.
RESOLUTION 92 - 118
RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION CALLING FOR THE EARLY REDEMPTION OF
$2,590,000 GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS SERIES 1985
WHEREAS, the Elk River City Council approved Resolution 85-38,
authorizing the issuance, awarding the sale,
prescribing the form and details and providing for the
payment of $2,590,000 General Obligation Refunding and
Improvement Bonds Series 1985 dated September 1, 1985;
WHEREAS, the Bonds remaining outstanding mature in the years
1993 through 1999; and,
WHEREAS, Section 2.05 of the Resolution states, and the Bonds
so provide, that Bonds maturing in the years 1994
through 2000 shall be subject to redemption and
prepaYment at the option of the issuer on February 1,
1993, at a price equal to the principal amount thereof
and accrued inter~st to the date of redemption; and,
WHEREAS, the City Council requests that all outstanding
principal and interest 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 to
proceed with publishing the proper notice as required
in the Resolution for early redemption.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Elk River that all outstanding $2,590,000 General
Obligation Refunding and Improvement Bonds Series 1985
be redeemed on February 1, 1993.
Passed and
this 21rc'l
adopted by the City Council of the City of Elk River
day of November, 1992.
..--L... If M~
James A. Tralle, Mayor
ATTEST: