HomeMy WebLinkAboutCity Council Resolution 2012-196CITY OF PLYMOUTH
RESOLUTION No. 2012-196
A RESOLUTION AUTHORIZING PRE -PAYMENT OF THE
$1,465,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 20038
WHEREAS, on June 26, 2003, the City issued $1,465,000 General Obligation Street
Reconstruction Bonds, Series 200313 to finance street reconstruction improvement projects in the
City; and
WHEREAS, the bonds are being repaid through an annual property tax levy that is
scheduled to continue through 2013; and
WHEREAS, the bonds were purchased by Cronin and Company, Inc. and are callable on
February 1, 2011 and on any day thereafter at a price of par plus accrued interest; and
WHEREAS, the bonds mature on February 1, 2014; and
WHEREAS, after review, staff has determined that sufficient funds are on hand to
immediately pre -pay all of the outstanding principal and interest amounts; and
WHEREAS, the current interest rates on the outstanding debt are 3.25 percent and 3.5
percent and it is the desire of the City to save on future interest costs by pre -paying the remaining
principal amount of $325,000 plus interest accrued to the pre -payment date.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA that Staff is hereby authorized to pre -pay all
outstanding principal and interest amounts on the $1,465,000 General Obligation Street
Reconstruction Bonds, Series 200313 as soon as possible given notifications requirements.
Approved this 26th day of June 2012.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed city clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on
June 26, 2012, with the original thereof on file in my office, and the same is a correct transcription
thereof.
WITNESS my hand officially as such City Clerk and the corporate seal of the city this
day of
City Clerk