Resolution - #15-04-101 - 04/14/2015

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Councilmember LeTourneau introduced the following resolution and moved for its adoption: RESOLUTION #15-04-101 RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2012B WHEREAS , by Resolution duly adopted on April 24, 2012 (the "Resolution"), the City issued $7,320,000 original principal amount of Taxable General Obligation Tax Increment Bonds, Series 2012B, dated June 5, 2012 (the "Bonds"). The City has sufficient funds on hand in the debt service account of the Taxable General Obligation Tax Increment Bonds, Series 2012B Fund (the "Debt Service Account") to call the remaining $7,145,000 outstanding principal amount of the June 1, 2016 through 2024 maturities of the Bonds on June 1, 2015, at a price of par plus accrued interest. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) The City Council hereby determines that there exists sufficient funds in the Debt Service Account to prepay on June 1, 2015, $7,145,000 aggregate principal amount of Bonds maturing on June 1 of the years 2016 through 2024, and the interest due thereon. 2) Northland Trust Services Inc., in Minneapolis, Minnesota, the bank at which the principal and interest on the Bonds are payable, is hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as Exhibit A to be given in accordance with the provisions of the Resolution. 3) No further action shall be required of the City Council to complete prepayment of the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Shryock, and upon vote being taken thereon, the following voted in favor thereof: Mayor Strommen Councilmember LeTourneau Councilmember Shryock Councilmember Johns Councilmember Kuzma Councilmember Riley Councilmember Williams and the following voted against the same: None