Resolution - #91-12-268 - 12/17/1991

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holders thereof, when determined by the City Council to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment, and subdivision 4 of the Bond Act permits the sale of refunding obligations during the six month period prior to the date on which the obligations to be refunded may be called for redemption; (c) it is necessary and desirable to the sound financial management that the City issue approximately $620,000 General Obligation Improvement Bonds, Series 1992B (Bonds) to provide financing for the Improvements and to refund certain outstanding general obligations of the City; (d) the outstanding bonds to be refunded (Refunded Bonds) consist of the 1993-1996 maturities of the $2,045,000 General Obligation Improvement Bonds of 1984, dated October 1, 1984, of which $420,000 in principal amount is currently callable on April 1, 1992; (e) the composition of the Bonds is as follows: New Project Financing* Bonds to be Refunded Less: City Funds for Refunding $ 320,828 420,000 ,(126,870) Subtotal $ 613,958 Plus: Costs of Issuance for Refunding Portion of the Bonds Contingencies 4,855 1~187 TOTAL BOND ISSUE $ 620,000 *Includes construction, engineering, contingency and costs of issuance. 2. To provide moneys to finance the Improvements and refund the Refunded Bonds, the City will issue and sell Bonds in the amount of approximately $613,180. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $6,820. The excess of the purchase price of the Bonds over the sum of $613,180 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: SNG26304 RA125-32