HomeMy WebLinkAbout98-123EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF PRIOR LAKE, MINNESOTA
Held: October 19, 1998
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior
Lake, Scott County, Minnesota, was duly called to order on the 19th day of October 1998, at
7:30 o'clock P.M.
The following members were present: Mayor Mader, and
Council memebers Kedrowski, Wuellner, Petersen, and Scbenck
and the following members ~vere absent: None
Member Kedrowski introduced the following resolution and moved its adoption:
RESOI.tIIIOlq 98-123
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
WHEREAS:
A. The City Council of the City of Prior Lake, Mim~esota issued $525,000 General Obligation
Improvement Bonds of 1991, dated March i, 1991, of which, $240,000 of the bonds maturing on
December 1, 1998, and thereafter remain outstanding; and
B. All of said bonds maturing on December 1, 1997, and thereafter, are subject to redemption, in
whole or in part, mid prepayment at the option of the City of Prior Lake, on December 1, 1996 mid on any
payment date thereafter at 100% plus accrued interest, all as provided in the resolution of the City
authorizing the issuance of said bonds; and
C. The City deems it desirable and in the best interest of the City to call $195.000 of the
outstanding of said bonds maturing in the years 1999 through 2001, inclusive, for redemption on
December 1, 1998, in accordance with said resolution authorizing the issuance of said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
1. $195,000 of the General Obligation Improvement Bonds of 1991, dated March 1, 1991 of the
City of Prior Lake, Minnesota, maturing in the years 1999 through 2008, shall be redeemed and prepaid on
December 1, 1998 at 100% of their principal amount plus accrued interest for each snch bond called.
2. The City Finance Director is hereby authorized and directed to give mailed notice of call to the
bank where said bonds are payable and to all holders of the bonds. Said uotice shall be in substantially the
following form:
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
DATED: March 1, 1991
CITY OF PRIOR LAKE, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Mi~mesota,
there have been called for redemption and prepayment on December 1, 1998,
those outstanding bonds of the City designated as General Obligation hnprovement Bonds of 1991, dated
March 1,1991, totaling $195,000 in principal amount, and baying the following stated maturity dates and
amounts:
Maturity Date Amount
12-1-1999 $ 45,000
12-1-2000 $ 45,000
12-1-2001 $15,000
12-1-2002 $15,000
12-1-2003 $15,000
12-I-2004 $15,000
12-1-2005 $15,000
12-1-2006 $10,000
12-1-2007 $ 10,000
12-1-2008 $10,000
Cusip
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to December 1,1998, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their certificates for payment to Firstar Trust
Company, (as successor for American National Bank & Trust Company), 1555 RiverCenter Drive,
Suite 300, Milwaukee, Wisconsin 53212 on or before December I, 1998.
Dated: October 19, 1998
BY ORDER OF THE CITY COUNCIL
/s/ Frank Bovles
City Manager
Important Notice: Under the Interest and Dividend Compliance Act of 1983, 31% will be withheld if tax
identification is not properly certified. Additional Information may be obtained from:
JURAN & MOODY
1100 World Trade Center
30 East Seventh Street
St. Paul, Minnesota 55101-4901
Telephone No. (612) 224-1500
Attn: Lori A. Giampaolo
Public Finance Department
3. The City Finance Director is hereby authorized and directed to deposit with the bank where said
bonds are payable prior to said call date sufficient funds to pay all principal and interest due on the bonds
as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by council member
Schenck and upon a vote taken thereon, the following voted in favor thereof:
Mader, Kedrowski, Wuellner, Petersen, and Schenck
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being the duly qualified and acting City Manager of the City of
Prior Lake, Minnesota, DO HEREBY CERTIFY that I have carefully compared the
attached and foregoing extract of minutes of the City Council meeting held on the date therein
indicated, with the original thereof on file in my office, and the stone is a full, true and complete
transcript therefrom insofar as the same relates to calling for redemption the outstanding
General Obligation Improvement Bonds of 1991, dated March 1, 1991.
WITNESS my hand as such City Manager of the City of Prior Lake, Minnesota,
this 190' day of October, 1998.