HomeMy Public PortalAbout2019-77 Resolution Providing for the Prepayment and Redemption of the City's Taxable General Obligation Improvement Bondes, Series 2011BMember Pederson introduced the following resolution and moved its adoption.
CITY OF MEDINA, MINNESOTA
RESOLUTION NO.2019-77
RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF THE
CITY'S TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011B
BE IT RESOLVED By the City Council of the City of Medina, Minnesota (the "City"), as follows:
1. The City previously issued its Taxable General Obligation Improvement Bonds,
Series 2011B (the `Bonds"), dated July 12, 2011, in the original aggregate principal amount of $870,000.
The Bonds are currently outstanding in the principal amount of $295,000 and are subject to redemption on
or after February 1, 2017 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 Bond Trust Services Corporation, Roseville, 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 the Bonds maturing on February 1, 2021 and February 1, 2022 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 $200,000.
3. The Registrar is authorized and directed to mail notice of call for redemption of the Bonds
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.
Dated: December 3, 2019.
r • ,
Jod M. Gallup, City Cl rk
Kathleen Martin, Mayor
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. 2019-77
December 3, 2019
EXIIIBIT A
NOTICE OF CALL FOR REDEMPTION
$870,000
CITY OF MEDINA, MINNESOTA
TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 2011B
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Medina, Minnesota
(the "City"), there have been called for redemption and prepayment on
February 1, 2020
all outstanding bonds (the "Bonds") of the City designated as the Taxable General Obligation Improvement
Bonds, Series 2011B, dated July 12, 2011, having a stated maturity date of February 1 in the years 2021
and 2022, both inclusive, totaling $200,000 in principal amount, and with the following CUSIP numbers:
Year of Maturity Amount to Be Redeemed CUSIP
2021 $100,000 584768 MR3
2022 $100,000 584768 MS1
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 main office of Bond Trust Services Corporation, 3060
Centre Pointe Drive, Roseville, Minnesota 55113, 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. 2019-77 A-1
December 3, 2019