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Home My WebLink AboutCity Council Resolution 1982-495CITY Of PLYftTN Ptrsuant to due call and notice thereof, a s moot ing of the City Council of tha City of Plymouth. Minnotota. gyresreld on the � dby of �,�g embeerr #gw.M The following members were present: Mayor Davenpo� Councilmembers Moen, ng memeers were eosent: none _ w t++ Councilmenber Hoen introduced the following Resolution and moved its idopptt onn - RESOLUTION NO. 82-495 RELATING TO $1,300,000 GENERAL O6LTGATiON iMPROVEMENT BONDS OF 1982; APPROPRIATING MONEY FOR TIIE PAY!IEN ( THEREOF BE IT RESOLVED BY the City Council of the City of Plymouth, Minnesota, as follows: 1. The City has, by Resolution 82-410, (the "Resolution") issued and contracted for the sale of its $1,300,000 General Obligation Improvement Bonds of 1982, dated September 1, 1982 (the "Bonds"). 2. The Council has been advised by its financial advisers and bond counsel that a recalculation of the special assessment revenues pledged to the payment of the Bonds by the Resolution indicates that such revenues may be inadequate to produce 105% of the principal and interest on the Bonds as the same become due as required by Minnesota Statutes, Section 475.61, Subdivision 1. ` 3. In order that the City comply with the provisions of Section 475.61, Sub- division 1, there is hereby irrevocably appropriated the sum of $35,000 from the Utility Trunk Fund to the Sinking Fund established by the Resolution. 4. The Council hereby finds and determines that the appropriation made by paragraph 3 together with the special assessments pledged by the Resolution will produce at least five percent in excess of the amount needed to meet when due the principal and interest payment on the Bonds. The motion for adoption of the foregoinV Resolution was duly seconded by Comilmember Schneider , and upon vote being taken thereon, the o owing votedIn favor thereof: MaYar haven ort, Cnunrilmamherc Mone, Neils. Schneider and Threinen The following voted against or abstained: none Whereupon the Resolution was declared duly passed and adopted.