Loading...
HomeMy WebLinkAbout99-24 RESOLUTION 99-24 EXTRACT OF MINUTES OF A MEETING OF THE CIIT COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA April 19, 1999 Held: Pursuant to due call and notice thereof, a regular meetiJ~ of the City COUl~cil of the City of Prior Lake, Scott County, Minnesota, was duly called to order on the ~ day of Apr1l 1999, at 7:30 o'clock P.M. The followin~members were present: Mader, ICedrowski, Petersen, Schenck and the following members were absent: Wuellner Member Kedrowski introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION PARK BONDS OF 1973 WHEREAS: A. The City Council of the City of Prior Lake, Minnesota issued $280,000 General Obligation Park Bonds of 1973, dated December 1, 1973, of which, $75,000 of the bonds maturing on December 1, 1999, and thereafter remain outstanding; and B. All of said bonds maturing on June 1, 1989, and thereafter, are subject to redemption, in whole or in part, and prepayment at the option of the City of Prior Lake, on December 1, 1988, and on any payment date thereafter at 100.5% 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 $75,000 of the outstanding of said bonds maturing in the years 1999 through 2003. inclusive, for redemption on June 1, 1999, 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. $75,000 of the General Obligation Park Bonds 1973, dated December 1, 1973, of the City of Prior Lake, Milmesota, maturing in the years 1999 through 2003, shall be redeemed and prepaid on June 1, 1999 at 100.5% of their principal amount plus accrued interest for each such 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 newspaper publication as required by law. Said notice shall be in substantially the following fonn: NOTICE OF CALL FOR REDEMPTION CITY OF PRIOR LAKE, MINNESOTA DATED: December I, 1973 GENERAL OBLIGATION PARK BONDS OF 1973 NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Scott County, Minnesota, there have been called for redemption and prepayment on June 1,1999 those outstanding bonds of the City designated as General Obligation Park Bonds of 1973, dated December I, 1973, having the stated maturity dates of December I, 1999 through 2003, bearing serial numbers 42 through 56, inclusive, and totaling $75,000 in principal amount. The bonds are being called for redemption at a price of 100.5% of their principal amount plus accrued interest to June I, 1999, 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 bonds for payment to U. S. Bank Trust National Association (formerly know as First Trust N.A.), 180 East Fifth Street, 4th Floor-Bond Drop Window, or if by mail, to P.O. Box 64111, in St. Paul, Minnesota 55164-0 Ill, on or before June 1, 1999. D d April 19, 1999 ate: 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 witWleld if tax identification is not properly certified. Additional Infonnation may be obtained from: JURAN & MOODY 1100 World Trade Center 30 East Seventh Street S1. Paul, Minnesota 55101-2091 Telephone No. (612) 224-1500 Attn: Lori A. Giampaolo Public Finance Department 3. The City Finance Director is hereby authorizcd and directed to dcposit with the bank where said bonds are payablc prior to said call datc 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, Petersen, Schenck and the following voted against the same: Wuellner - Absent Whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF SCOTI 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 same is a full, true and complete transcript therefrom insofar as the same relates to calling for redemption the outstanding General Obligation Park Bonds of 1973, dated December 1, 1973. WITNESS my hand as such City Manager of the City of Prior Lake, MilUlesota, this 19th day of April 1999.