Loading...
City Council Resolution 2021-80CITY OF MONTICELLO WRIGHT COUNTY, MINNESOTA RESOLUTION NO. 2021-80 RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF A PORTION OF THE CITY'S GENERAL OBLIGATION BONDS, SERIES 2014A BE IT RESOLVED By the City Council of the City of Monticello, Minnesota (the "City"), as follows: 1. The City previously issued its General Obligation Bonds, Series 2014A (the "Bonds"), dated as of December 18, 2014, in the original aggregate principal amount of $6,595,000. The Bonds are currently outstanding in the principal amount of $4,540,000 and are subject to call for prior redemption on December 15, 2021 at a price of par plus accrued interest. Redemption may be in whole or in part, and if in part, at the option of the City and in such order as the City will determine and within a maturity selected by the U.S. Bank National Association, Saint Paul, Minnesota, acting as the registrar for the Bonds (the "Registrar"). Prepayments will be at a price of par plus accrued interest. 2. It is determined that it is in the best interests of the sound financial management of the City that a portion of the Bonds maturing December 15, 2022 through December 15, 2030 (the "Redeemed Portion") be prepaid and redeemed on December 15, 2021, or the first date for which the Registrar of the Bonds can provide proper notice to the holders of the Bonds, and the Redeemed Portion is hereby called for redemption in the aggregate principal amount of $3,925,000. 3. The Registrar is authorized and directed to mail notice of call for redemption of the Redeemed Portion in the form attached hereto as EXHIBIT A to the registered owners of the Bonds to be redeemed at the address shown on the registration books kept by the Registrar. Adopted by the City Council of the City of Monticello, Minnesota this 11th day of October, 2021. --11 AoLt M6 %1-- Y I - I ayor ATTEST: MAV, Su4rah'-, i Clerk DOCSOPEN\MN 1 90\ 169\748973. v5-9/29/21 EXHIBIT A NOTICE OF CALL FOR PARTIAL REDEMPTION $6,595,000 CITY OF MONTICELLO, MINNESOTA GENERAL OBLIGATION BONDS SERIES 2014A NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Monticello, Minnesota (the "City"), there have been called for redemption and prepayment on December 15, 2021 a portion of the bonds (the "Redeemed Portion") of the City designated as General Obligation Bonds, Series 2014A, dated as of December 18, 2014, having stated maturity dates of December 15 in the years 2022 through 2030, both inclusive, totaling $3,925,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP 2022 $385,000 614468 G42 2023 395,000 614468 G59 2024 405,000 614468 G67 2025 420,000 614468 G75 2026 435,000 614468 G83 2027 445,000 614468 G91 2028 465,000 614468 H25 2029 480,000 614468 H33 2030 495,000 614468 H41 The Redeemed Portion is being called at a price of par plus accrued interest to December 15, 2021, on which date all interest on said Redeemed Portion will cease to accrue. Redemption shall be within a maturity chosen by random selection by U.S. Bank National Association, as paying agent and registrar. The Holders of the bonds hereby called for partial redemption are requested to present their bond for payment at the main office of U.S. Bank National Association, in the City of Saint Paul, Minnesota, on or before December 15, 2021. U.S. Bank National Association Corporate Trust Services 111 Fillmore Avenue East St. Paul, MN 55107 Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2009, 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 A-1 DOCSOPEN\MN 1 90\169\748973.v5-9/29/21 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. Dated: l `� , 2021. BY ORDER OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA By /s/ Rachel Leonard City Administrator City of Monticello, Minnesota A-2 DOCSOPEN\MN 190\169\748973.v5-9/29/21