00-43 - 07-18 - Adopted at Meeting but not needed RESOLUTION WAS ADOPTED AT MEETING BUT NOT NEEDED
Resolution 00-43 July 18, 2000
Member LeSuer introduced the following resolution and moved its adoption:
SUPPLEMENTAL RESOLUTION RELATING TO $13,010,000 GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 2000A
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 June 20, 2000,
entitled "Resolution Authorizing Issuance, Awarding Sale, Prescribing the Form and Details
and Providing for the Payment of$13,010,000 General Obligation Improvement Bonds, Series
2000A" (the Awarding Resolution) the City Council awarded the sale of$13,010,000 General
Obligation Improvement Bonds, Series 2000A (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 City
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 00-43 - Continued July 18, 2000
(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 2011..."and ending with
the words "...representing the remaining principal amount outstanding.":
Bonds maturing in the year 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 and in the principal amounts specified 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 Bakken and
upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken,
Johnson, LeSuer, and Micks; and the following voted against the same: none, whereupon
said resolution was declared duly passed and adopted, signed by the Mayor and her signature
attested by the City Clerk.