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EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
Held: October 23, 1995
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Prior Lake, Minnesota, was duly called and held at the City Hall in said City on the 23rd day of
October, 1995, at 7:30 P.M.
The following members were present: Mayor Andren, Councilmembers Greenfield,
Schenck and Scott;
and the following were absent: Kedrowski.
Member Greenfield introduced the following resolution and moved its adoption:
Resolution No. 95-111
RESOLUTION CALLING FOR THE REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985
WHEREAS:
A. The City Council of the City of Prior Lake issued on behalf of the City,
$150,000 General Obligation Tax Increment Bonds of 1985, dated October 1, 1985, maturing
December 1, 1987 through December I, 1998, of which, $70,000 still remain outstanding; and
B. All of said bonds maturing December 1, 1995 and thereafter, are subject to
redemption and prepayment at the option of the City on December 1, 1994, and on any interest
payment date thereafter at 100 percent of par and accrued interest per Bond called, all as provided
in the resolution of the City Council dated September 16, 1985, authorizing the issuance of said
bonds; and
C. The City Council deems it desirable and in the best interest of the City to call all
of said bonds maturing December 1, 1995 through December 1, 1998 on December 1, 1995, the
call date, 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. All of the General Obligation Tax Increment Bonds of 1985 of the City maturing
December 1, 1995 through December I, 1998, shall be redeemed and prepaid on December 1,
1995 at 100% of their principal amount plus accrued interest for each such bond called.
2. The City Manager is hereby authorized and directed to give mailed notice of call
prior to said call date to the bank where said bonds are payable and to all holders of the bonds, if
any, who have registered their names, addresses and bond numbers with the City Manager. Said
notice shall be in substantially the following form:
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGA nON TAX INCREMENT
BONDS OF 1985
DATED October I, 1985
CITY OF PRIOR LAKE, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of Prior Lake, Minnesota, there
have been called for redemption and prepayment on
December 1, 1995
those outstanding bonds of the City designated as General Obligation Tax Increment Bonds of
1985, dated October I, 1985, having stated maturity dates of December I, 1995 through
December 1, 1998, and totaling $70,000 in principal amount. The bonds are being called for
redemption at a price of 100% of their principal amount plus accrued interest to December 1, 1995,
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, at First Trust National
Association, 180 East Fifth Street, St. Paul, Minnesota 55101.
Dated: October 23, 1995
BY ORDER OF THE CITY COUNCIL
Isl Frank Boyles
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, INC.
400 North Robert Street, Suite 800
S t. Paul, Minnesota 55101-2091
612/224-1500
Attn: Cherie L. Mockler
Public Finance Department
3. The City Manager 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 said bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by
member Schenck and upon a vote taken thereon, the following voted in favor thereof: Andren,
Greenfield, Schenck and Scott
and the following voted against the same: None.
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF SCOTI
I, the undersigned, being the duly qualified and acting 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 of the City of Prior Lake 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
Tax Increment Bonds of 1985.
this
~SS my hand as such Manager and official seal of the City
-2- dayof N~lv'.1995_ 'UL
(SEAL)