Resolution 75-08 - Laserfiche WebLink

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D. Minnesota Statutes , Section 475. 66 , authorizes the City to cancel at any time any obligation held in the sinking fund from which it is payable , unless otherwise pro- vided in the other obligations payable from such fund or in a resolution or ordinance authorizing their issuance; E. The City has in the aforementioned Sinking Fund Account a sufficient surplus to purchase bonds numbered 1 to 14 , both inclusive , of the Bonds (said bonds numbered 1 to 14 are hereinafter referred to as "Bonds to be purchased") , at a price of $14 ,000 (principal amount ) plus $606 . 67 (accrued interest to March 21 , 1975) ; F. Lakeland State _sank , the holder of the Bonds to be purchased has agreed to sell to the City the Bonds to be purchased for the price of $14 ,606 . 67 on March 21, 1975; G. Neither the Bonds , nor any of them, nor the resolution authorizing their issuance limits or restricts in any way the authority of the City to purchase and thereafter cancel the Bonds to be purchased; H. It has been determined and it is hereby determined that it is in the best interests of the City to purchase and cancel the Bonds to be purchased; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Lakes , Minnesota, as follows : 1 . The purchase by the City of the Bonds to be purchased, with surplus funds in the aforementioned Sinking Fund Account , is hereby authorized and the Clerk-Treasurer of the City is authorized and directed to effect such purchase on March 21 , 1975; 2 . The cancellation of th Bonds to be purchased held in the Sinking Fund Account after their purchase is hereby authorized and the Mayor and Clerk of the City are authorized and directed to cancel the Bonds to be purchased in accordance with law and this resolution;