HomeMy WebLinkAbout5.c. Bond DefeasanceCITY OF ROSEMOUNT
EXECUTIVE sM MARY FOR ACTION
CITY COUNCIL MEETING DATE: APRIL 2, 1991
AGENDA ITEM: BOND DEFEASANCE ACTION AGENDA'SECTION:
OLD BUSINESS
PREPARED BY: STEPHAN JILK, CITY ADMINISTRATOR AGEND io
ATTACHMENTS: MEMO, RESOLUTION 2APg-B4Y*-
This item is on the agenda to consider the action necessary to defease or
release monies available in certain debt issues so that those funds can be
used in the general operation of the city.
RECOMMENDED ACTION:
Motion -to adopt a resolution ordering the defeasance of certain
outstanding debt obligations.
COUNCIL ACTION;
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1991 -
A RESOLUTION ORDERING THE DEFEASANCE OF
CERTAIN OUTSTANDING DEBT OBLIGATIONS
WHEREAS, the City of Rosemount has determined that funds in
excess of the obligations to repay principal and pay accrued
interest exists on certain debt service accounts, and
WHEREAS, it is found that an Escrow Account for those obligations
can be created internally and funded with approved investments
sufficient to defease the bond obligations.
NOW THEREFORE, BE IT RESOLVED that the City Council does hereby
direct staff to take such action necessary to defease the
outstanding obligations and to transfer excess Debt Service Funds
to the Paid -Up Bond Account.
ADOPTED this 2nd day of April, 1991.
Vernon J. Napper, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against: