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City Council Resolution 2016-91EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA Held: December 12, 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 December 12, 2016, at 6:30 P.M. The following members were present: Gabler, Hilgart, Perrault, Posusta, and Stumpf and the following members were absent: None Member Hilgart introduced the following resolution and moved its adoption: RESOLUTION 2016 -091 RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION SEWER REVENUE REFUNDING BOND, SERIES 2008A ►ily /01g]ND!_�.`�i A. The City Council of the City of Monticello, Minnesota issued $9,270,000 General Obligation Sewer Revenue Refunding Bond, Series 2008A, dated April 17, 2008; and B. All of said bonds maturing on August 1, 2017, and February 1, 2018, 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 bond; and C. The City deems it desirable and in the best interest of the City to call $499,000 of the outstanding bond maturing on August 1, 2017 and $507,000 of the outstanding bond maturing on February 1, 2018, for redemption on February 1, 2017, in accordance with said resolution authorizing the issuance of said bond, and NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota as follows: 1. $499,000 of the General Obligation Sewer Revenue Refunding Bond, Series 2008A, dated April 17, 2008, of the City of Monticello, Minnesota, maturing on August 1, 2017 and $507,000 of the same issue maturing on February 1, 2018, shall be redeemed and prepaid on February 1, 2017, at 100% of the principal amount plus accrued interest for each such bond called. 2. The Finance Director, appointed as Paying Agent and Registrar, is hereby authorized and directed to give mailed notice of call to the holders of the bond as may be required by law. Said notice shall be in substantially the attached form. 3. The Finance Director is hereby authorized and directed to send full payment to the holder(s) on said call date 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 Gabler 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 December 12, 2016. r Finance Director (SEAL) NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION SEWER REVENUE REFUNDING BOND, SERIES 2008A DATED: APRIL 17, 2008 CITY OF MONTICELLO, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Minnesota, there has been called for redemption and prepayment on FEBRUARY 1, 2017 $499,000 in principal amount of the outstanding bond of the City designated as General Obligation Sewer Revenue Refunding Bond, Series 2008A, dated April 17, 2008, having the stated maturity date of August 1, 2017 and $507,000 in principal amount of the same issue with the stated maturity date of February 1, 2018. The portion of the bond being called for redemption represents the sinking fund principal amounts due on August 1, 2017 and February 1, 2018, and will be called at a price of 100% of the principal amount plus accrued interest to February 1, 2017, on which date all interest on said portion of the bond will cease to accrue. Dated: December 12, 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.