CR 92-39 Revision Resolution 92-3
January 28, 1992
council Report 92-39
REVISION OF RESOLUTION NO. 92-2
proposed Action.
staff recommends adoption of the following resolution:
Approve Resolution No. 92-12 mOdifying certain specification
for $2.888.543.21 taxable general obliqation redevelopment
refunding bond series 1992.
Overview.
Recently the City Council approved a resolution authorizing
the sale of $2,875,000 taxable general obligation refunding
bonds. The city's bond consultant is prepared to close on
this issue on February 5, 1992.
At the time the original resolution was drafted, it was
assumed that the capital accumulator bonds within this
refunding issue would be dated February 1. However, it has
now been determined that these will be dated February 5,
1992. The City's Bond Council has recommended that in order
to facilitate this change a new resolution be adopted by the
city Council.
primary Issues to Consider.
o What is the impact of this action?
This change as proposed is only technical in
nature and does not have any effect on the
interest rate of the bonds or the proceeds.
supportinq Information.
o
o
Letter from Evanson Dodge Inc.
Resolution No. 92-12
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Economic Dev~lopment
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Extract of Minutes of Meeting
of the City Council of the City of Hopkins,
Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of
the City Council of the City of Hopkins, Minnesota, was duly held
in the City Hall in said City on Tuesday, February 4, 1992,
commencing at 7:30 P.M.
The following members were present:
and the following were absent:
After due consideration, Member
then
introduced the following written resolution and moved its adoption
the reading of which had been dispensed with by unanimous consent:
RESOLUTION NO.
92 -12
A RESOLUTION MODIFYING CERTAIN SPECIFICATIONS FOR $2,888,543.21
TAXABLE GENERAL OBLIGATION REDEVELOPMENT REFUNDING BONDS, SERIES
1992
BE IT RESOLVED by the City Council of the City of Hopkins,
Hennepin County, Minnesota (City) as follows:
Section 1. Backqround.
1.01. The City is authorized by the provisions of Minnesota
Statutes, Chapter 475 (Act) and Section 475,67, Subdivisions 4
through 12 of the Act to issue and sell its general obligation
bonds to refund outstanding bonds when determined by the City
Council to be necessary and desirable for the reduction of debt
service or interest cost and the adjustment of maturities of
outstanding issues of bonds.
SJB28623
HPllD-42
1.02. By resolution dated January 7, 1992 (Resolution), the
City awarded the sale of and fixed the form and specifications for
$2,888,543.2l Taxable General Obligation Redevelopment Refunding
Bonds, Series 1992 (Bonds) to refund in advance of maturity certain
outstanding general obligations of the City.
1.03. The Resolution provided that the Bonds shall be dated
February 1, 1992 and bear interest from such date.
l.04. The City has determined on the advice of its financial
advisor that the portion of the Bonds identified in the Resolution
as the Capital Accumulator Bonds shall be dated February 5, 1992
and shall bear interest from such date.
Section 2. Resolution modified.
2.01. The Resolution is hereby modified to provide that the
Capital Accumulator Bonds shall be dated February 5, 1992 and shall
bear interest from such date.
2.02. All terms and specifications regarding the Bonds,
including the Capital Accumulator Bonds, remain as set forth in the
Resolution except as provided herein.
The motion for the adoption of the forgoing resolution was
duly seconded by Member
, and upon vote being taken
thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
SJB28623
HPllO-42
STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) S8.
)
CITY OF HOPKINS )
I, the undersigned, being the duly qualified and acting City
Clerk of the City of Hopkins, Hennepin County, Minnesota, do hereby
certify that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of the
City held on February 4, 1992 with the original minutes on file in
my office and the extract is a full, true and correct copy of the
minutes insofar as they relate to the modification of certain
specifications regarding $2,888,543.21 Taxable General Obligation
Redevelopment Refunding Bonds, Series 1992 of the City.
WITNESS my hand officially as such City Clerk and the
corporate seal of the City this
day of
,
1992.
SJB2B623
HPllO-42