Loading...
City Council Resolution 2002-05RESOLUTION 2002-5 EXTRACT OF MINUTES OF MEETING CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Monticello, Minnesota, was duly called and held at City Hall in Monticello, Minnesota, on Monday, January 28, 2002. The following members were present: Roger Belsaas, Roger Carlson, Clint Herbst, Brian Stumpf and Bruce Thielen and the following members were absent: None Member Stumpf introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A, GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1995A, AND GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996A WHEREAS, the City Council of the City of Monticello, Minnesota (the "City"), issued on behalf of the City $705,000 General Obligation Improvement Bonds, Series 1992A, dated July 1, 1992 (the "Series 1.992A Bonds"), of which $140,000 still remain outstanding; and WHEREAS, the City Council of the City of Monticello. Minnesota (the "City"), issued on behalf of the City $3,890,000 General Obligation Improvement Bonds, Series 1995A, dated June 1, 1995 (the "Series 1995A Bonds"), of which $1,715,000 still remain outstanding; and WHEREAS, the City Council of the City of Monticello, Minnesota (the "City"), issued on behalf of the Citv $1,030,000 General Obligation Improvement Bonds, Series 1996A, dated July 1, 1996 (the "Series 1996A Bonds'), of which $420,000 still remain outstanding; and WHEREAS, all of the Series 1992A Bonds maturing in the years 2002 and thereafter, are subject to redemption and prepayment at the option of the City, on February 1, 2001 and on any date thereafter at par, plus accrued interest, all as provided in the resolution adopted by the City Council on June 22, 1992, authorizing the issuance of the Series 1992A Bonds (the "1992 Resolution"); and WHEREAS. all of the Series 1995A Bonds maturing in the years 2002 and thereafter. are subject to redemption and prepayment at the option of the City, on February 1, 2001 and on any date thereafter at par. plus accrued interest, all as provided in the resolution adopted by the City Council on May 22, 1995, authorizing the issuance of the Series 1995A Bonds (the "1995 Resolution"); and r WHEREAS, all of the Series 1996A Bonds maturing in the years 2001 and thereafter, are subject to redemption and prepayment at the option of the City, on February 1, 2000 and on any interest payment date thereafter at par, plus accrued interest, all as provided in the resolution adopted by the City Council on June 24, 1996, authorizing the issuance of the Series 1996A Bonds (the "1996 Resolution"); and WHEREAS, the City Council deems it desirable and in the best interests of the City to call those bonds maturing in the year 2003, totaling $70,000 in principal amount, on March 15, 2002, in accordance with the 1992 Resolution; and WHEREAS, the City Council deems it desirable and in the best interests of the City to call those bonds maturing in the years 2004 through 2006, inclusive, totaling $745,000 in principal amount, on March 15, 2002, in accordance with the 1995 Resolution; and WHEREAS. the City Council deems it desirable and in the best interests of the City to call those bonds maturing in the years 2003 through 2007, inclusive, totaling $360,000 in principal amount, on March 15, 2002, in accordance with the 1996 Resolution; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota, as follows: (1) All of the Series 1992A Bonds maturing in the year 2003, totaling $70,000 in principal amount shall be redeemed and prepaid on March 15, 2002, at par, plus accrued interest. All of the Series 1995A Bonds maturing in the years 2004 through 2006, inclusive, totaling $745,000 in principal amount shall be redeemed and prepaid on March 15, 2002, at par, plus accrued interest. All of the Series 1996A Bonds maturing in the years 2003 through 2007, inclusive. totaling $360,000 in principal amount shall be redeemed and prepaid on March 15, 2002, at par, plus accrued interest. (2) The City Administrator is hereby authorized and directed to give mailed notice of call, prior to March 15, 2002, for the Series 1992A Bonds, to the Bond Registrar/Paying Agent, U.S. Bank National Association, in St. Paul, Minnesota, (formerly Firstar Bank, N.A. successor to American Bank National Association, St. Paul, Minnesota (formerly, American National Bank & Trust Company)) and to all holders of the Bonds. Said notice shall be substantially in the form shown as Exhibit A. The City Administrator is hereby authorized and directed to give mailed notice of call, prior to March 15, 2002, for the Series 1995A Bonds, to the Bond Registrar/Paying Agent, Wells Fargo Bank Minnesota, N.A., in Minneapolis, Minnesota, (f/k/a Norwest Bank Minnesota, N.A.), and to all holders of the Bonds. Said notice shall be substantially in the form shown as Exhibit B. The City Administrator is hereby authorized and directed to give mailed notice of call, prior to March 15, 2002, for the Series 1996A Bonds, to the Bond Registrar/Paving Agent, U.S. Bank National Association, in St. Paul, Minnesota. (f/k/a First Trust National Association) and to all holders of the Bonds. Said notice shall be substantially in the form shown as Exhibit C. (3) The City Administrator is hereby authorized and directed to deposit with the Bond Registrar/Paying Agent of the Series 1992A Bonds, U.S. Bank National Association, in St. Paul, Minnesota, (formerly Firstar Bank, N.A, successor to American Bank National Association, St. Paul, Minnesota (formerly, American National Bank & Trust Company)), prior to the call date of March 15, 2002, sufficient funds to pay all principal and interest due on the Series 1992A Bonds as of the call date. The City Administrator is hereby authorized and directed to deposit with the Bond Registrar/Paying Agent of the Series 1992A Bonds, Wells Fargo Bank Minnesota, N.A., in Minneapolis, Minnesota, (f/k/a Norwest Bank Minnesota, N.A.), prior to the call date of March 15, 2002, sufficient funds to pay all principal and interest due on the Series 1995A Bonds as of the call date. The City Administrator is hereby authorized and directed to deposit with the. Bond Registrar/Paying Agent of the Series 1992A Bonds, U.S. Bank National Association. in St. Paul, Minnesota, (f/k/a First Trust National Association), prior to the call date of March 15, 2002, sufficient funds to pay all principal and interest due on the Series 1996A Bonds as of the call date. The motion for the adoption of the foregoing resolution was duty seconded by Member Thielen and upon a vote being, taken thereon. the follov, inU voted in favor thereof: Belsaas, Carlson, Herbst, Stumpf and Thielen and the following voted a`,ainst the same: None whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA ) COUNTY OF WRIGHT ) CITY OF MONTICELLO ) I. the undersigned. being the duly qualified and acting City Administrator of the City of Monticello, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Monday, January 28, 2002 with the original minutes on file in my office and the extract is a fiill, true and correct copy of the minutes, insofar as they relate to the redemption of certain General Obligation Improvement Bonds Series 1992A. General Obligation Improvement Bonds Series 1995A and General Obligation Improvement Bonds Series 1996A of the City. WITNESS My hand as City Administrator and the corporate seal of the City this 28th day of January, 2002. City Administilator City of Monticello, Minnesota (SEAL) EXHIBIT A NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A CITY OF MONTICELLO, WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on March 15, 2002 those outstanding bonds of the City designated as General Obligation Improvement Bond, Series 1992A, dated July 1, 1992, having the following stated maturity date, totaling $70,000 in principal amount and having the CUSIP number listed below: Year CUSIP Number* February 1, 2003 614468 RA6 The Bonds are being called at a price of par plus accrued interest to March 15, 2002, on which date they will cease to bear interest. Holders of the Bonds hereby called for redemption should present their Bonds for payment to U.S. Bank National Association (formerly Firstar Bank, N. A.) at the address below on or before March 15, 2002. If by Mail U.S. Bank National Association Corporate Trust Department P.O. Box 64111 St. Paul, MN 55164-0111 Dated: January 28, 2002 If by Hand or Overnight Mail U.S. Bank National Association U.S. Bank Trust Center Bond Drop Window, 4"' Floor 180 East Fifth Street St. Paul, Minnesota, MN 55101 BY ORDER OF THE CITY COUNCIL CITY OF MONTICELLO, MINNESOTA /s/ Rick Wolfsteller City Administrator 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 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. * Indicates full call of stated maturity. ** Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use of the CUSIP number, and no representation is made as to its correctness indicated in the Notice of Call for Redemption. CUSIP numbers are included solely for the convenience of the Holders. EXHIBIT B NOTICE OF PARTIAL CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1995A CITY OF MONTICELLO, WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that by order- of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on March 15, 2002 those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 1995A, dated June 1, 1995 having the following stated maturity dates, totaling $745,000 in principal amount and havino- CUSIP numbers listed below: Year CUSIP Number* February 1, 2004 614468 RW8 February 1, 2005 614468 RX6 February 1, 2006 614468 RY4 The bonds are being called at a price of par plus accrued interest per bond called to March 15, 2002, on which date all interest on said bonds will cease to accrue. Holders of the Bonds should present them for payment to Wells Fargo Bank Minnesota, N.A., (f/k/a Norwest Bank Minnesota. N.A.), at the address below, on or before said date, when they will cease to bear interest. By Mail or Overnight Service: By Registered or Certified Mail: In Person, By Hand: Wells Fargo Bank Minnesota, N.A. Wells Fargo Bank Minnesota, N.A. Corporate Trust Services -12th Floor Corporate Trust Operations Corporate Trust Operations Northstar East Building MAC N9303-121 MAC N9303-121 608 2nd Avenue South 6th Street & Marquette Avenue PO Box 1517 Minneapolis, MN Minneapolis, MN 55479-011 3 Minneapolis, MN 55480-1517 Registered or certified insured mail is suggested when submitting Bonds for payment. Wells Fargo policy does not allow Corporate Trust Services to hold any securities longer than 30 days. Please do not submit your securities more than 30 days in advance. When inquiring about this redemption, please have the Bond number available. Please inform the customer service representative of the CUSIP number(s) of the affected Bonds. Customer Service 612- 667-9764 or Toll Free 800-344-5128. IMPORTANT NOTICE A signed W-9 is required to accompany the certificates or 31 % of the bond proceeds will be withheld. If you request payment of principal and/or interest via wire transfer, please be advised there is a $25.00 fee that will be deducted from your payment. Dated: January 28, 2002 BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller City Administrator *The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any representation made as to their correctness indicated in the notice. They are included solely for the convenience of the holders. EXHIBIT C NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS. SERIES 1996A CITY OF MONTICELLO, WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY" GIVEN that by order of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on March 15, 2002 those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 1996A, dated July 1, 1996 having the following stated maturity date, totaling $360,000 in principal amount and having the CUSIP number listed below: Year CUSIP Number* February 1, 2003 614468 SF4 February 1, 2004 614468 SG2 February 1, 2005 614468 SHO February 1, 2006 614468 SJ6 February 1, 2007 614468 SK -3' The bonds are being called at a price of par plus accrued interest to the redemption date of March 15, 2002, on which date all interest on said bonds will cease to accrue. Holders of the Bonds hereby called for redemption should present their Bonds for payment to U.S. Bank National Association (f/k/a First Trust National Association) at the address below on or before March 15, 2002. If by Mail U.S. Bank National Association Corporate Trust Department P.O. Box 64111 St. Paul, MN 55164-0111 If by Hand or Overnight Mail U.S. Bank National Association U.S. Bank Center Bond Drop Window, 4"' Floor 180 East Fifth Street St. Paul, Minnesota, MN 55101 Dated: January 28, 2002 BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller City Administrator 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 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. * Indicates full call of stated maturity. ** Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use of the CUSIP number, and no representation is made as to its correctness indicated in the Notice of Call for Redemption. CUSIP numbers are included solely for the convenience of the Holders.