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HomeMy WebLinkAbout99-26 RESOLUTION 99-26 EXTRACT OF MINUTES OF A MEETING OF THE CIll' COUNCIL OF THE CIll' OF PRIOR LAKE, MINNESOTA Held: April 19, 1999 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 April 1999, at 7~ o'clock P.M. The following members were present: Mader, Kedrowski, Petersen, Schenck and the following members were absent: Wuellner - Absent Member Schenck introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS OF 1988 WHEREAS: A. The City Council of the City of Prior Lake, Minnesota issued $390,000 General Obligation Improvement Bonds of 1988, dated June I, 1988, of which, $75,000 of the bonds maturing on December 1, 1999, and thereafter remain outstanding; and B. All of said bonds maturing on December !, 1997, 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, 1996 and on any payment date thereafter at 100.5% plus accnled 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 200 I, inclusive, for redemption on June I, 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 Improvement Bonds of 1988, dated June I, 1988, of the City of Prior Lake, Minnesota. maturing in the years 1999 through 200 I, shall be redeemed and prepaid on June I, 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 arc payable and to all holders of the bonds. Said notice shall be in substantially the following fonn: NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS OF 1988 DATED: June 1, 1999 CITY OF PRIOR LAKE, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Prior Lake, Minnesota, there have been called for redemption and prepayment on June 1, 1999, those outstanding bonds of the City designated as General Obligation Improvement Bonds of 1988, dated June 1, 1988, totaling $75,000 in principal amount, and having the following stated maturity dates and amounts: Maturity Date 12-1-1999 12-1-2000 12-1-200 I Amount $ 35,000 $ 20,000 $ 20,000 Cusip The bonds are being called for redemption at a price of 100.5% of their principal amount plus accrued interest to June 1, 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 certificates for payment to Firstar Trust Company, (as successor for American National Bank & Trust Company), 1555 RiverCenter Drive, Suite 3001, Milwaukee, Wisconsin 53212 on or before June 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 Infomlation 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 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 SCOTT CITY OF PRIOR LAKE 1, 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 Improvement Bonds of 1988, dated June 1, 1988. WITNESS my hand as such City Manager of the City of Prior Lake, Minnesota, this 19thdayof April 1999. - ~'--'"..'.'.'.