HomeMy Public PortalAbout2019-76 Resolution Providing for the Prepayment and Redemption of the City's General Obligation Improvement Bonds, Series 2010AMember Pederson introduced the following resolution and moved its adoption.
CITY OF MEDINA, MINNESOTA
RESOLUTION NO.2019-76
RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF THE
CITY'S GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2010A
BE IT RESOLVED By the City Council of the City of Medina, Minnesota (the "City"), as follows:
1. The City previously issued its General Obligation Improvement Bonds, Series 2010A (the
"Bonds"), dated July 7, 2010, in the original aggregate principal amount of $315,000. The Bonds are
currently outstanding in the principal amount of $60,000 and are subject to redemption on any date 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 Finance Director
of the City, 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 the Bonds maturing on February 1, 2021 be prepaid and redeemed on February 1, 2020 (or the first
date for which the Registrar of the Bonds can provide proper notice to the holders of the Bonds) and the
Bonds are hereby called for redemption in the aggregate principal amount of $30,000.
3. The Registrar is authorized and directed to mail notice of call for redemption of the Bonds
in substantially the format attached hereto as EXHIBIT A to the registered owner of the Bonds to be
redeemed at the address shown on the registration books kept by the Registrar.
Dated: December 3, 2019.
Kathleen Martin, Mayor
/1. t I1
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Jodi Mi. Gallup, City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member Anderson
and upon vote being taken thereon, the following voted in favor thereof:
Albers, Anderson, DesLauriers, Martin, Pederson
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2019-76
December 3, 2019
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
Bank of Maple Plain
4980 Highway 12
Maple Plain, MN 55359
Re: Notice of Call for Redemption for City of Medina, Minnesota, General Obligation Improvement
Bonds, Series 2010A
Dear
The City Council of the City of Medina, Minnesota (the "City"), has determined to redeem and prepay the
following maturity of the above -referenced bonds (the "Bonds") on February 1, 2020:
Maturity Amount to Be Redeemed
February 1, 2021 $30,000
The Bonds are being called at a price of par plus accrued interest to February 1, 2020, 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 the office of the Finance Director of the City, 2052
County Road 24, Medina, Minnesota 55340, on or before February 1, 2020.
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of 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.
Dated: , 2019.
BY ORDER OF THE CITY COUNCIL OF THE CITY
OF MEDINA, MINNESOTA
By /s/ Scott Johnson
City Administrator
City of Medina, Minnesota
Resolution No. 2019-76
December 3, 2019