HomeMy Public PortalAbout2019-78 Resolution Providing for the Prepayment and Redemption of the City's General Obligation Refunding Bondes, Series 2012BMember Pederson introduced the following resolution and moved its adoption.
CITY OF MEDINA, MINNESOTA
RESOLUTION NO.2019-78
RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF THE
CITY'S GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012B
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 Refunding Bonds, Series 2012B (the
`Bonds"), dated November 7, 2012, in the original aggregate principal amount of $2,845,000. The Bonds
are currently outstanding in the principal amount of $555,000 and are subject to redemption on or after
February 1, 2020 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 Bond 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 $90,000.
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.
Kathre-en Martin, Mayor
Jodi M.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. 2019-78
December 3, 2019
E70IIBIT A
NOTICE OF CALL FOR REDEMPTION
$2,845,000
CITY OF MEDINA, MINNESOTA
GENERAL OBLIGATION REFUNDING BONDS
SERIES 2012B
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 General Obligation Refunding Bonds,
Series 2012B, dated November 7, 2012, having a stated maturity date of February 1, 2021, totaling $90,000
in principal amount, and with the following CUSIP number:
Year of Maturity Amount to Be Redeemed CUSIP
2021 $90,000 584768 NW1
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
A-1
Resolution No. 2019-78
December 3, 2019