HomeMy Public PortalAbout1988-031EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF MEDINA,
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the
Council of the City of Medina, Minnesota, was duly held in the City Hall in
the City of Medina, on Tuesday, May 17, 1988, commencing at 7:30 o'clock
p.m.
The following members were present: Thomas Anderson, Wilfred Scherer,
Stephen Schmit, Anne Theis
and the following were absent: Robert Mitchell
* * *
Councilmember Theis introduced the following resolution and moved its
adoption:
RESOLUTION NO. 88-- /
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the City of Medina, Hennepin
County, Minnesota, as follows:
1. The City has issued and sold its General Obligation Refunding
Bonds of 1976, dated August 10, 1976 (Bonds) in the total principal amount
of $845,000. Bonds maturing after January 1, 1987, are subject to redemp-
tion and prepayment on that and on any interest payment date thereafter 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 Bonds maturing on January 1 in the
years 1989 to and including 1993, comprising all of the Bonds subject to
redemption, be prepaid and redeemed on July 1, 1988 and those Bonds are
hereby called for redemption on that date.
3. The Clerk -Treasurer is authorized and directed to publish, in
accordance with law, a notice of call for redemption of the Bonds in the
form attached hereto as Exhibit A and to mail a copy of the notice to the
paying agent for the Bonds and to the original purchaser of the Bonds.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Scherer, and upon vote being taken thereon, the
following voted in favor thereof: Thomas Anderson, Wilfred Scherer, Stephen
Schmit, and Anne Theis
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
) SS.
I, the undersigned, being the duly qualified and acting Clerk- Trea-
surer of the City of Medina, Minnesota, do hereby certify that I have
carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council held on Tuesday, May 17, 1988, with the
original thereof on file in my office and the same is a full, true and
complete transcript therefrom insofar as the same relates to the prepayment
and redemption of $845,000 General Obligation Refunding Bonds of 1976, of
the City.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the City
this -, day of
(SEAL)
M4:05560588.PRE
, 1988.
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City Clerk -Treasurer
City of Medina, Minnesota
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$845,000 GENERAL OBLIGATION REFUNDING
BONDS OF 1976
CITY OF MEDINA, MINNESOTA
Notice is hereby given that by order of the City Council of the City
of Medina, Minnesota, there have been called for redemption and prepayment
on
JULY 1, 1988
all outstanding Bonds of the City designated as General Obligation Refund-
ing Bonds of 1976, dated August 10, 1976, and having stated maturity dates
of January 1 in the years 1989 through 1993, both inclusive, totaling
$200,000 in principal amount and bearing serial numbers 130 to 169, both
inclusive. The Bonds are being called at a price of par plus accrued
interest to July 1, 1988 on which date all interest on the Bonds will cease
to accrue. Holders of the Bonds hereby called for redemption are requested
to present their Bonds for payment with coupons attached at the main office
of American National Bank and Trust Company, paying agent, in the City of
St. Paul, Minnesota, on or before July 1, 1988.
BY ORDER OF THE CITY COUNCIL
/s/ Donna Roehl
City Clerk -Treasurer
M4:05560588.PRE