HomeMy WebLinkAbout93- 52 - ADMIN Resolution - City Council - 1993/05/17RESOLUTION NO, 93-52
RESOLUTION AUTHORIZING REDEMPTION OF GENERAL
OBLIGATION IMPROVEMENT BONDS OF 1979,
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1977,
AND GENERAL OBLIGATION REDEVELOPMENT
BONDS OF 1976
WHEREAS, the City Council of the City of St. Louis Park
(the "City") has heretofore determined and declared that it is
necessary and expedient to prepay on the next applicable
optional redemption date the remaining outstanding principal
amount of certain outstanding general obligation Bonds of the
City, issued in the original principal amounts indicated on
Exhibit A attached hereto and incorporated herein by reference,
to the extent prepayable in advance of maturity (the "Prior
Bonds"); and
WHEREAS, the Prior Bonds are next callable for redemption
on the option of the City on the dates indicated on Exhibit A at
a price of par, plus accrued interest, as provided in the
Resolutions of the City Council authorizing the issuance of the
Prior Bonds (the "Prior Resolutions"), which Prior Resolutions
are dated as indicated on Exhibit A; and
WHEREAS, the prepayment of the Prior Bonds is permitted
by the Prior Resolutions and the Prior Bonds, is consistent with
the covenants made with the holders of the Prior Bonds and is
necessary and desirable for the reduction of debt service cost
to the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of St. Louis Park, Minnesota (the "City"), as follows:
Section 1. Authorization. It is in the best interests
of the City to prepay the Prior Bonds in the amounts and on the
dates indicated on Exhibit A with monies currently held in the
debt service funds established for the respective Prior Bonds
pursuant to the Prior Resolutions. The City Manager, the Acting
Finance Director and the City Clerk are hereby authorized and
directed to take any and all actions necessary or advisable to
cause the Prior Bonds to be prepaid in the amounts and on the
dates set forth in Exhibit A, at a price of par plus accrued
interest, from, and to the extent of, available monies,
including, without limitation, publishing of notice of
redemption, making funds available to the paying agnts for the
respective bonds on the dates and in the amounts required to
prepay the Prior Bonds, and otherwise coordinating the
prepayment of the Prior Bonds with the respective paying agents.
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Section 2. Notice of Redemption. Forms Notice of Call
for Redemption attached hereto as Exhibits B, C and D are hereby
approved in substantially the forms attached hereto with such
changes or additions as the City Manager or Acting Finance
Director may approve. The City Clerk is hereby authorized and
directed to deliver each said Notice of Call for Redemption to
the paying agent or agents for the Prior Bonds at least 30 days
prior to the applicable redemption date and, if there is a
registration book kept for the Prior Bonds by the paying agent,
as registrar, to mail such notice to the registered owner of
each Prior Bond to be called for redemption at the address shown
on such registration books. In addition, the City Clerk is
authorized and directed to cause Notice of Call of Redemption to
be published, at least 30 days in advance of the applicable
redemption date, in the official newspaper of the City and in a
daily or weekly periodical which circulates throughout the State
of Minnesota and furnishes financial news as a part of its
service, in compliance with and as provided in Minnesota
Statutes, Section 475.54 Subd. 4. No defect in the providing of
Notice of Call for Redemption specified in this Resolution shall
preclude the call for redemption and prepayment of the Prior
Bonds if the Notice of Call for Redemption actually given
complies with the requirements of the respective Prior
Resolutions and with the requirements of law and no defect in
the Notice of Call for Redemption shall adversely affect the
redemption and prepayment of any Prior Bond for which such
notice was properly given.
Section 3. Effective Date. This Resolution shall become
effective immediately upon adoption.
Adopted by the City Council
May 17, 1993
6i) /044,-te-
Mayor
Approved as to Form and
Reviewed for Administration: Execution:
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Ci ja'y Manager
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City Attorney
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