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99-105 - 10-19 - Supplemental Relating to $11,500,000 Taxable General Obligation Tax Increment Bonds Series 1999D• n LJ RESOLUTION WAS NOT CONSIDERED Resolution 99-105 October 19, 1999 Councilmember introduced the following resolution and moved its adoption, which motion was seconded by Councilmember SUPPLEMENTAL RESOLUTION RELATING TO $11,150,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999D BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the Issuer), as follows: SECTION 1. AWARDING RESOLUTION. By resolution duly adopted on October 19, 1999, entitled "Resolution Authorizing Issuance, Awarding Sale, Prescribing the Form and Details and Providing for the Payment of $11,150,000 Taxable General Obligation Tax Increment Bonds, Series 1999D" (the Awarding Resolution) this Council awarded the sale of $11,150,000 Taxable General Obligation Tax Increment Bonds, Series 1999D (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 99-105 - 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 paragraph. shall be given as provided in the preceding 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 0 ATTEST: r� L 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 hereof: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.