99-104 - 10-19 - Supplemental Relating $6,510,000 General Obligation Tax Increment Bonds Series 1999C•
RESOLUTION WAS NOT CONSIDERED
Resolution 99-104
October 19, 1999
Councilmember introduced the following resolution and moved its
adoption, which motion was seconded by Councilmember
SUPPLEMENTAL RESOLUTION RELATING TO $6,510,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999C
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
City), as follows:
SECTION 1. AWARDING RESOLUTION. By resolution duly adopted on November
18, 1999, entitled "Resolution Authorizing Issuance, Awarding Sale, Prescribing the Form
and Details and Providing for the Payment of $6,510,000 General Obligation Tax Increment
Bonds, series 1999C" (the Awarding Resolution) the City Council awarded the sale of
$6,510,000 General Obligation Tax Increment Bonds, Series 1999C (the Bonds) to the
Purchaser, as described in the Awarding Resolution.
SECTION 2. DESIGNATION OF TERM BONDS BY PURCHASER. In accordance with
the Terms of Proposal, the Purchaser was allowed the option of designating a maturity
schedule consisting of serial and/or term bonds subject to mandatory redemption. The
Purchaser offered to purchase the Bonds based on a maturity schedule including term
bonds, the Council accepted such bid and Mayor and City Manager have executed a
contract on behalf of the Issuer for the sale of the Bonds to the Purchaser. The following
modifications to the Awarding Resolution are necessary:
(A) The maturity schedule set forth in Section 2.02 shall be revised to read as
follows:
Year Amount Rate
Year Amount Rate
(B) A new paragraph shall be added to Section 2.04, reading as follows:
Bonds maturing in the year (the Term Bonds) shall be subject to mandatory
redemption at a price equal to the principal amount thereof plus interest accrued
thereon to the redemption date, on February 1 (each such date, a Sinking Fund
Payment Date) in the following years and amounts:
Year Principal Amount
• The remaining $ stated principal amount of such Bonds shall be paid at
maturity on February 1,
Resolution 99-104 - Continued October 19, 1999
• (C) Section 2.09 is modified by adding the following paragraph to the Form of
Bonds following the paragraph beginning with the words "Bonds maturing in 2009..." and
ending with the words "...representing the remaining principal amount outstanding.":
Bonds maturing in shall be subject to mandatory redemption prior to maturity
by lot pursuant to the mandatory sinking fund requirements of the Resolution on
February 1 in the years through and in the principal amounts set
forth in the Resolution at a redemption price equal to the stated principal amount
thereof to be redeemed plus interest accrued thereon to the redemption date,
without premium. Notice of redemption shall be given as provided in the preceding
paragraph.
SECTION 3. APPROVAL OF MODIFICATION OF AWARDING RESOLUTION: NO
FURTHER ACTION OF COUNCIL REQUIRED. Such modifications to the Awarding
Resolution are hereby approved. Except as expressly modified hereby, the Awarding
Resolution shall remain in full force and effect. No further action of the City Council is
required to approve the modifications to the Awarding Resolution.
Mary E. Anderson, Mayor
• ATTEST:
Shirley J. Nelson, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
and upon a 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, signed by the Mayor
and her signature attested by the City Clerk.
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