HomeMy WebLinkAbout12-206 Redeem GO Bonds Series 2005C
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE , MINNESOTA
Held: December 10, 2012
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
December 10, 2012 , at 7:00 P.M.
The following members were present: Mayor Myser, Councilmembers Erickson,
Hedberg, Keeney and Soukup; and the following members were absent: None.
Member Hedberg introduced the following re solution and moved its adoption:
RESOLUTION 12 - 206
CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 20 05C
AND AUTHORIZING A TRANSFER OF FUNDS FROM
THE GENERAL FUND TO THE DEBT SERVICE FUND
WHEREAS:
A. The City Council of the City of Prior Lake , Minnesota issued $ 2,500 ,000 General
Obligation Improvement Bonds, Series 200 5C , dated July 15, 200 5 ; and
B. All of said bonds maturing on December 15 , 20 13 through 20 15 , inclusive, are subject
to redempti on, in whole or in part, and prepayment at the option of the City on December 15,
20 12 , and on any date thereafter at p ar 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 $ 770 ,000 of the
outstanding bonds maturing in the years 20 13 through 20 15 , inclusive, for redemption on January
1 5, 2013 , 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. $ 770,000 of the General Obligation Improvement Bonds, Series 200 5C , dated
July 15,
, of the City of Prior Lake , Minnesota , maturing in the years 20 13 through 201 5 , inclusive,
2005
shall be redeemed and prepaid on January 15 , 201 3 , at 100% of their principal amount plus
accrued interest for each such bond called.
2. The Finance Director , as Bond Registrar and Paying Agent for the bonds, is hereb y
authorized and directed to give mailed notice of call to the Depository Trust Company (DTC)
where said bonds are payable and DTC shall provide such notice to the holders of the bonds as
may be required by law. Said notice shall be in substantially the form included with this resolution.
3. The Finance Director is hereby authorized and directed to deposit with DTC 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 da te.
4. A General Fund budget amendment is hereby approved to reflect a transfer of funds to
the debt service fund sufficient to pay off the called bonds, currently estimated at $470,000.
The motion for the adoption of the foregoing resolution was duly seconded by member
Soukup and upon a vote taken thereon, the following voted in favor thereof: Mayor Myser,
Councilmembers Erickson, Hedberg, Keeney and Soukup; and the following voted against the
same: None.
Whereupon said resolution was declared duly passed and adopted.
______________________________
Frank Boyles, City Manager
STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF P RIOR LAKE
I, the undersigned, being the duly qualified and acting Finance Director of the City of Prior
Lake , Scott County, Minnesota , DO HEREBY CERTIFY, that I have carefully compared the
preceding extract of minutes of a meeting of the City Council of said City held on the date therein
indicated with the original minutes thereof on file in my office and that the same is a full, true and
correct transcript thereof insofar as said minutes relate to the topic described in the title of the
resolution se t forth in the extract.
WITNESS my hand officially and the official seal of the City on December 10, 2012 .
____________________________________
Finance Director
(SEAL)
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 200 5C
DATED: JULY 15, 2005
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
JANUARY 15 , 201 3
those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series
200 5 C , dated July 15, 2005 , having the stated maturity dates of 201 3 through 2015 , inclusive,
totaling $ 770,000 in principal amount. The bonds are being called for r edemption at a price of
100% of their principal amount plus accrued interest to January 15 , 201 3 , 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 pay ment to the Finance Director of the City of Prior Lake, as
Bond Registrar and Paying Agent, 4646 Dakota St. SE , Prior Lake, MN 55372 - 1714 , on or
before January 15 , 201 3 .
CUSIP M aturity Principal Amount
7426163F 0 2013 $ 250 ,000
7426163G8 2014 $260 ,000
7426163H6 2015 $260 ,000
Dated: December 10, 2012
BY ORDER OF THE CITY COUNCIL
/s/ Jerilyn Erikson
Finance Director
Important Notice
: In compliance with the Economic Growth and Tax Relief reconciliation Act
of 2001, federal backup withholding tax will be withheld at the applicable backup withholding rate
in effect at the time of the payment by the redeeming institutions if they are not provided with
your social security number or federal employer identification number, properly certified. This
requirement is fulfilled by submitting a W - 9 Form, which may be obtained at a bank or other
financial institution.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
th
45 South 7 Street, Suite 2 0 00
Minneapolis, Minnesota 55402
Attn: Catherine Winkelhake
Public Finance Department
Phone: 612 - 851 - 5900 or 800 - 851 - 2920