19-28 - 05-21 - Reallocate Certain Expenditure Bonds 2004B & 2013A RESOLUTION NO. 19-28
RESOLUTION REALLOCATING THE EXPENDITURE OF CERTAIN PROCEEDS
OF THE GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2004B AND
GENERAL OBLIGATION BONDS, SERIES 2013A
BE IT RESOLVED by the City Council of City of Golden Valley, Minnesota (the
"City"), as follows:
1. Background. The City has issued its General Obligation Bonds, Series 2013A
(the "Series 2013A Bonds"), pursuant to resolution adopted March 19, 2013 authorizing the
issuance of the Series 2013A Bonds (the "2013A Bond Resolution"), in part to refund (the
"Refunding Portion") the 2014 through 2019 maturities of the City's General Obligation Tax
Abatement Bonds, Series 2004B (the "Series 2004B Bonds"). The Series 2004B Bonds
authorized the use of proceeds to finance the construction of street, utility, right of way and
drainage improvements in the City (the "Tax Abatement Improvements"). The Refunding
Portion of the Series 2013A Bonds have been paid in full and certain funds remain in a
Bond Fund established pursuant to the 2013A Bond Resolution.
2. Authorization of Use of Series 2013A Bonds. Although the City had originally
intended to use the proceeds of the Series 2004B Bonds for the Tax Abatement
Improvements which have now been completed, use of such proceeds for the City's
Pavement Management Program ("2019 PMP") is authorized pursuant to Minnesota
Statutes, Section 475.65 which provides that if any balance of the proceeds of bonds
remains after the original purpose is accomplished, the remaining amount may be devoted
to any other public use authorized by law, and approved by resolution adopted or vote taken
in the manner required to authorize bonds for such new use and purpose and by Minnesota
Statutes, Section 475.61, subd. 4 which provides that if any balance remains in a debt
service fund established for the payment of bonds after such bonds and the accrued interest
thereon have been paid in full may be appropriated to any other general purpose by the
City. The City has determined that remaining proceeds of the Refunding Portion of the
Series 2013A Bonds, in an amount approximately equal to $397,388.17, are available to
finance a portion of the costs of the 2019 PMP. Now, therefore, the City hereby authorizes
expenditure of the remaining proceeds of the Series 2013A Bonds to finance a portion of
the costs of the PMP in the amount of$397,388.17 or such other amount as determined
necessary for such purpose by the City's Finance Director.
Adopted by the City Council of Golden Valley, Minnesota this 21 st day of May, 2019.
She and M. Harris, Mayor
ATTEST:
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Kristine A. Luedke, City Clerk