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N <br /> Member Hardesty introduced the <br /> following resolution and moved its adoption : <br /> RESOLUTION AUTHORIZING PURCHASE <br /> AND CANCELLATION OF CERTAIN <br /> GENERAL OBLIGATION IMPROVEMENT BONDS <br /> OF 1974 IN THE PRINCIPAL AMOUNT OF $14 ,000 <br /> WHEREAS : <br /> A. The City of Pequot Lakes ( "the City") has here- <br /> tofore issued $34,000 General Obligation Improvement Bonds of <br /> 1974 ("the Bonds" ) maturing on July 1 in the years 1976 and <br /> 1984, both inclusive; <br /> B. The resolution authorizing the issuance of <br /> the Bonds created a General Obligation Improvement Bonds of <br /> 1974 Fund, and as a part of said fund , a Sinking Fund Account <br /> to pay principal and interest on the Bonds ; <br /> C. Minnesota Statutes , Section 475 . 66, authorizes <br /> the City to use a surplus in said Sinking Fund Account to pur- <br /> chase any obligation of the issue for which the Sinking Fund <br /> Account was created, at such price as shall be agreed to by <br /> the holder of said obligation; <br />