2003-0103
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
November 24. 2003
RESOLUTION NO:
2003-103
MOTION BY:
SECONDED BY:
Lundquist
Peterson
RESOLUTION APPROVING CALL OF OUTSTANDING 1995B, 1995C,
AND 1996B GENERAL OBLIGATION BONDS
A. WHEREAS, the City of Chanhassen, Minnesota (the "City"), has duly issued and
presently has outstanding $320,000 of its General Obligation Improvement
Bonds, Series 1995B dated March 1, 1995 (the "Series 1995B Outstanding
Bonds"), $780,000 of its General Obligation Improvement Bonds, Series 1995C
dated December 1, 1995 (the "Series 1995C Outstanding Bonds"), and $1,655,000
of its General Obligation Improvement Bonds, Series 1996B dated August 1,
1996 (the "Series 1996B Outstanding Bonds"), They are hereinafter collectively
referred to as the "Called Bonds"), and have substantial asset balances in the debt
service accounts or debt service funds, as the case may be, for said Refunded
Bonds; and
B.
WHEREAS, it appears that (i) the payment of these outstanding obligations is in
the best interest of the City of Chanhassen to reduce its total interest expense by
paying all principal and interest due on the Refunded Bonds as of the call date and
(ii) the payment of such fund balances and asset balances, together with any
required cash transfers, will not materially reduce the financial flexibility of the
City:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
1. Call for Redemption; Notices. The Series 1995B Outstanding Bonds and Series
1995C Outstanding Bonds are hereby called for redemption on December 30,
2003. The Series 1996B Outstanding Bonds are hereby called for redemption on
February 1,2004. The City Manager shall purchase a State and Local
Government Series Treasury Note on December 30, 2003 to effect a defeasance
for the Series 1996B Outstanding Bonds. The City Manager shall give published
and mailed notice as required by law.
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RESOLUTION APPROVING CALL OF OUTSTANDING 1995B, 1995C, and 1996B
GENERAL OBLIGATION BONDS
November 24, 2003
Page 2
2. Transfers of funds. The Series 1996B Outstanding Bonds cash balance not
required to close the debt service fund shall be transferred to pay the Series 1995C
Outstanding Bonds. $815,000 shall be transferred from the General Fund to pay
for the Series 1995C Outstanding Bonds. Any additional amount necessary to
pay the Series 1995C Outstanding Bonds shall be transferred from the Closed
Bond Fund. Any amount necessary to pay the Series 1995B Outstanding Bonds
shall be transferred from the Closed Bond Fund.
Adopted this 24th day of November, 2003.
ATTEST:
YES
NO
ABSENT
Furlong
Ayotte
Labatt
Lundquist
Peterson
None
None