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HomeMy WebLinkAbout99-25 RESOLUTION 99-25 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA Held: April 19, 1999 Pursuant to due call and notice thereof, a regular meetin~ of the City Cou~1cil of the City of Prior Lake, Scott County, Minnesota, was duly called to order on the 1 th day of Apr1l 1999, at 7:30 o'clock P.M. The following members were present: Mader, Kedrowski, Petersen, Schenck and the following members were absent: Wuellner Member Schenck introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION REFUNDING PARK BONDS OF 1977 WHEREAS: A. The City Council of the City of Prior Lake, Milmesota issued $280,000 General Obligation Refunding Park Bonds of 1977, dated October I, 1977, of which, $30,000 of the bonds maturing on July I, 1999, and thereafter remain outstanding; and B. All of said bonds maturing on July L 1987, and thereafter, are subject to redemption, in whole or in part, and prepayment at the option of the City of Prior Lake, on July 1, 1986, and on any payment date thereafter at 100% plus accmed 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 $15,000 of the outstanding of said bonds maturing in the year 2000, inclusive. for redemption on July 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, Milmesota as follows: 1. $15,000 of the General Obligation Refunding Park Bonds 1977, dated October I, 1977, of the City of Prior Lake. Minnesota, maturing in the year 2000, shall be redeemed and prepaid on July 1, 1999 at 100% of their principal amount plus accmed 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 GENERAL OBLIGATION REFUNDING PARK BONDS OF 1977 DATED: October I, 1977 CITY OF PRIOR LAKE, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Milmesota, there have been called for redemption and prepayment on July 1,1999 those outstanding bonds of the City designated as General Obligation Refunding Park Bonds of 1977, dated October I, 1977, having the stated maturity date in the year of 2000, bearing serial numbers 54 through 56, inclusive, having the stated coupon rate of 5.50% and totaling $15,000 in principal amount. The bonds are being called for redemption at a price of 100% of their principal amount plus accrued interest to July 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 with subsequent coupons attached for payment at Norwest Bank Minnesota, National Association (fornlerly Northwestern National Bank of Minneapolis), if by mail to: Corporate Trust Operations, Sixth and Marquette Avenue, Minneapolis, Minnesota 55479- 0113; or ifin person to: Corporate Trust Bond Window, Northstar East 12th Floor, 608 Second Avenue South, in Minneapolis, Minnesota, on or before July 1, 1999. Dated: April 19, 1999 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 Infornlation may be obtained from: JURAN & MOODY 1100 Minnesota World Trade Center 30 East Seventh Street St. Paul, Minnesota 55101-2091 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 Kedrowski 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 Refunding Park Bonds of 1977. dated October I, 1977. WITNESS my hand as such City Manager of the City of Prior Lake, Minnesota, this 19thday of April 1999.