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<br />Member <br /> <br />introduced the following resolution and <br /> <br />moved its adoption: <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF IMPROVEMENT WARRANTS <br />AND EXCHANGING THEM FOR $365,000 <br />REFUNDING IMPROVEMENT BONDS OF 2007 <br /> <br />WHEREAS, the County of Cass, North Dakota (the "Issuer") has <br />previously created one or more improvement districts as set out in <br />this resolution for the purpose of constructing municipal <br />improvements (the "Improvements"); and <br /> <br />WHEREAS, to finance such Improvements, the Issuer will issue one <br />or more improvement warrants and has levied or will levy assessments <br />on the property in the improvement district(s) benefitted thereby to <br />pay for the warrants; and <br /> <br />WHEREAS, pursuant to Chapter 40-27 of the North Dakota Century <br />Code, the Issuer will immediately exchange the warrant (s) for its <br />$365,000 Refunding Improvement Bonds of 2007 (the "Bonds"). <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the governing body of the <br />Issuer as follows: <br /> <br />Section 1. Authorization and Sale. <br /> <br />1.01. The actions heretofore taken by the County Auditor and <br />others relating to the sale of the improvement warrant(s) and <br />Refunding Improvement Bonds sold on this date, are approved, ratified <br />and confirmed; that, having considered all bids received for the <br />purchase of the improvement warrant (s), it is hereby found and <br />determined that the most favorable of such bids is that of <br />, to purchase the warrants at a price of <br />$ plus accrued interest, on the condition that the <br />warrant(s) shall be exchanged on a par for par basis for the Bonds <br />described in this resolution, which terms are equivalent to an <br />average annual net interest rate on the Bonds of % per <br />annum; that the Chairman of the Board of County Commissioners and <br />County Auditor are authorized and directed to make and execute all <br />documents necessary on the part of the Issuer for the sale of the <br />warrant(s) and Bonds in accordance with this resolution. <br /> <br />Section 2. Special Assessments. <br /> <br />2.01. The Issuer covenants and agrees with all holders of each <br />warrant and Bonds that it will do and perform as soon as may be <br />possible, in accordance with law, all acts and things necessary for <br />the final and valid levy of special assessments against properties <br />within each district benefitted by the improvements as set out ir- <br />Section 3, in an aggregate amount equal to the total cost of the <br />