92-112 (2) - Laserfiche WebLink

Home Browse Search

... the Bonds and the Refunded Bonds are restated and confirmed in all respects. The provisions of the Prior Resolution are hereby supplemented to the extent necessary to give full effect to the provisions of this resolution. Section 5. Refundine:: Findine:s: Redemption of Refunded Bonds. 5.01. As of the date of delivery of and payment for the Bonds the proceeds of the Bonds, in the amount of $5,011,148.05 plus accrued interest on the Bonds less necessary expenses of the issuance of the Bonds (Proceeds), together with other funds (Funds) in the amount of $ -0- are hereby pledged and appropriated and shall be deposited in the Escrow Account. 5.02. It is hereby found and determined that the Proceeds and Funds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account, to pay at maturity or redemption all of the principal of and redemption premium (if any) on the Refunded Bonds. 5.03. Securities purchased from the monies in the Escrow Account shall be limited to securities specified in Section 475.67, Subdivision 8 of the Act. Securities purchased for the Escrow Account shall be purchased simultaneously with the delivery of and payment for the Bonds. The Mayor and City Clerk-Treasurer are authorized and directed to purchase such securities. 5.04. The Refunded Bonds maturing on February 1, 1996 and thereafter shall be redeemed and prepaid on the Redemption Date. The Refunded Bonds shall be redeemed and prepaid in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Attachment A which terms and conditions are hereby approved and incorporated herein by reference. 5.05. Escrow Ae:reement. On or prior to the delivery of the Refunding Bonds, the Mayor and the City Clerk-Treasurer are hereby authorized and directed to execute on behalf of the City an escrow agreement (Escrow Agreement) with the Escrow Agent in substantially the form now on file with the City Clerk-Treasurer. All essential terms and conditions of the Escrow Agreement including payment by the City of reasonable charges for the services of the Escrow Agent, are hereby approved and adopted and made a part of this resolution, and the City covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent. 5.06. Defeasance. When all Bonds and all interest thereon, have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds shall cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Bonds shall remain in full force and effect. The City may discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued tot he date of such deposit. The City may also at any time discharge and defease the SJB41117 NE136-97