Loading...
City Council Resolution 2016-54EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA Held: August 8, 2016 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Monticello, Wright County, Minnesota, was duly called to order on August 8, 2016, at 7:00 P.M. The following members were present: Gabler, Hilgart, Perrault, Posusta, and Stumpf and the following members were absent: Member Tom Perrault introduced the following resolution and moved its adoption: Resolution 2016 -054 RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2007A WHEREAS: A. The City Council of the City of Monticello, Minnesota issued $6,045,000 General Obligation Bonds, Series 2007A, dated December 27, 2007; and B. All of said bonds maturing on February 1, 2017 and 2018, inclusive, are subject to redemption, in whole or in part, and prepayment at the option of the City on February 1, 2016, and on any date thereafter at par 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 $100,000 of the outstanding bonds maturing in the year 2017 and $650,000 of the outstanding bonds maturing in the year 2018, for redemption on September 15, 2016, 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 Monticello, Minnesota as follows: 1. $100,000 of the General Obligation Bonds, Series 2007A, dated December 27, 2007, of the City of Monticello, Minnesota, maturing in the year 2017 and $650,000 of the General Obligation Bonds, Series 2007A, dated December 27, 2007, of the City of Monticello, Minnesota, maturing in the year 2018 shall be redeemed and prepaid on September 15, 2016, at 100% of their principal amount plus accrued interest for each such bond called. 2. The Finance Director is hereby authorized and directed to give mailed notice of call to the bank where said bonds are payable and said bank shall provide such notice to the holders of the bonds as may be required by law. Said notice shall be in substantially the attached fonn. 3. The Finance Director is hereby authorized and directed to deposit with the bank where said bonds are payable prior to said call date sufficient fiands 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 member Glen Posusta and upon a vote taken thereon, the following voted in favor thereof- and the following voted against the same: 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 Finance Director of the City of Monticello, Wright 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 set forth in the extract. WITNESS my hand officially and the official seal of the City on August 8, 2016. Finance Director (SEAL) NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION BONDS, SERIES 2007A DATED: DECEMBER 27, 2007 CITY OF MONTICELLO, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Minnesota, there have been called for redemption and prepayment on SEPTEMBER 15, 2016 those outstanding bonds of the City designated as General Obligation Bonds, Series 2007A, dated December 27, 2007, having the stated maturity dates of 2017 and 2018, inclusive, totaling $750,000 in principal amount and with the following CUSIP numbers: Maturity Principal Amount CUSIP 2017 $100,000* 614468ZK5 2018 $650,000 614468ZL3 *This is a partial call of the 2017 maturity. The bonds are being called for redemption at a price of 100% of their principal amount plus accrued interest to September 15, 2016, 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 to Bond Trust Services, Corp., 3060 Centre Pointe Drive, Roseville, Minnesota 55113, on or before September 15, 2016. Dated: August 8, 2016 BY ORDER OF THE CITY COUNCIL /s/ Wayne Oberg Finance Director Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2003, the paying agent is required to withhold a specified percentage of the principal amount of the redemption price payable to the holder of any bonds subject to redemption and prepayment on the redemption date, unless the paying agent is provided with the Social Security Number or Federal Employer Identification Number of the holder, properly certified. Submission of a fully executed Request for Taxpayer Identification Number and Certification, Form W -9 (Rev. December 2011), will satisfy the requirements of this paragraph.