HomeMy Public PortalAbout1992-00501/16/92 CALL FOR REDEMPTION
DOC . NO. 22565 : RES50
Extract 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, January 21, 1992, commencing at 7 : 30 p.m.
The following members were present: Mayor Gary Acromite and Council
Members Robert Mitchell and Ann C. Thies
and the following were absent: Council Members Wilfred Scherer and Philip Zietlow
* * *
Member Mitchell introduced the following written resolution and moved
its adoption:
RESOLUTION NO. 92-5
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 Improvement Bonds
of 1984, dated December 1, 1984 (Bonds) in the total principal amount of $725,000.
Bonds maturing after March 1, 1992 are subject to redemption 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 March 1 in the years 1993 to and
including 2001, comprising all of the Bonds subject to redemption, be prepaid and
redeemed on March 1, 1992 and those Bonds are hereby called for redemption on that
date.
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3. The City has issued and sold its General Obligation Temporary
Improvement Bonds, Series 1991A, dated September 1, 1991 (Temporary Bonds) in
the total principal amount of $450,000. The Temporary Bonds are subject to
redemption and prepayment on March 1, 1992 and on any date thereafter.
4. It is determined that it is in the best interests of the City that the
Temporary Bonds be prepaid and redeemed on March 1, 1992 and the Temporary
Bonds are thereby called for redemption on that date.
5. 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 Clerk -Treasurer is authorized and
directed to notify the holders of the Temporary Bonds that the Temporary Bonds will
be called for redemption on March 1, 1992.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Thies
, and upon vote being taken thereon, the following voted in
favor thereof: Acromite, Mitchell and Thies
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
SS.
I, the undersigned, being the duly qualified and acting Clerk -Treasurer 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, January 21, 1992, 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 $725, 000 General Obligation Improvement Bonds
of 1984, of the City.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the City this
day of February
(SEAL)
, 1992.
City Clerk -Treasurer
City of Medina, Minnesota
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$725,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1984
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
March 1, 1992
all outstanding Bonds of the City designated as General Obligation Improvement
Bonds of 1984, dated December 1, 1984, and having stated maturity dates of March
1 in the years 1993 through 2001, both inclusive, totaling $400,000 in principal
amount and with CUSIP numbers as shown below:
Maturity CUSIP
The Bonds are being called at a price of par plus accrued interest to March 1, 1992
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 at
First Trust National Association, paying agent, in the City of St. Paul, Minnesota,
on or before March 1, 1992.
Bondholders presenting their Bonds for payment must include their taxpayer
identification number on Form W-9 to avoid withholding under the intrest and
Dividend Compliance Act.
Dated January 21, 1992 BY ORDER OF THE CITY COUNCIL
City of Medina, Minnesota
/ s /Donna Roehl
City Clerk -Treasurer
Further information:
Ehlers and Associates, Inc.
2950 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402-4100
(612) 339-8291
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