HomeMy Public PortalAbout1994-049Extract 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, July 19, 1994, commencing at 7:30 o'clock P.M.
The following members were present:
Anne E. Theis, John B. Ferris, James R. Johnson and Ann C. Thies
and the following were absent:
Philip K. Zietlow
* * *
Member J. Ferris introduced the following resolution and moved its
adoption:
RESOLUTION NO. 94-49
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 Taxable General Obligation Tax
Increment Bonds of 1987, dated September 1, 1987 (Bonds) in the total principal
amount of $200, 000. Bonds maturing after September 1, 1994, are subject to
redemption and prepayment on that and on any interest payment date thereafter at
a price of par plus accrued interest.
2. The City has issued and sold its General Obligation Tax Increment
Bonds of 1987, dated September 1, 1987 (Bonds) in the total principal amount of
$225,000. Bonds maturing after September 1, 1994, are subject to redemption and
prepayment on that and on any interest payment date thereafter at a price of par
plus accrued interest.
3. 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 1995 to and
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including 1997, comprising all of the Bonds subject to redemption, be prepaid and
redeemed on September 1, 1994 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 for each of the Bonds in the form
attached hereto as Exhibit A and Exhibit B and to mail a copy of the notice to the
registrar for the Bonds and to the original purchaser of the Bonds .
The motion for the adoption of the foregoing resolution was duly seconded by
Member A. Theis
, and upon vote being taken thereon, the following voted in
favor thereof:
Anne E. Theis, John B. Ferris, James R. Johnson and Ann C. 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, July 19, 1994, 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 $200, 000 Taxable General Obligation Tax
Increment Bonds of 1987 and $225,000 General Obligation Tax Increment Bonds of
1987, of the City.
WITNESS My /hand as Clerk -Treasurer and the corporate seal of the City this
day of J ��tL� , 1994.
re
of Medina, Minnesota
(SFAI,)
L � L
asure`�
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$200,000 TAXABLE GENERAL OBLIGATION TAX
INCREMENT BONDS OF 1987
CITY OF MEDINA,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Medina, Minnesota, has called for
redemption on September 1, 1994, the aggregate principal amount outstanding of its
Taxable General Obligation Tax Increment Bonds of 1987, dated September 1, 1987.
Maturity
March 1, 1995
March 1, 1996
March 1, 1997
Rate CUSIP
9.20%
9.25
9.30
584768 GP4
584768 GS8
584768 GV1
The Bonds are being redeemed at a price of par plus accrued interest to the
redemption date. On said date the principal amount and interest of each bond to be
redeemed will become due and payable, and from and after said date interest thereon
will cease to accrue and be payable.
The Registrar will not be responsible for the selection or use of the CUSIP
number, nor is any representation made as to the correctness indicated in the
Redemption Notice or on any Bond. It is included solely for convenience of the
Holders.
In compliance with the Interest and Dividend Compliance Act of 1983 and
Broker Reporting Requirements, the Redeeming institution is required to withhold
a specified percentage of the principal amount of your holdings redeemed unless they
are provided with your social security number or federal employer identification
number, properly certified. This Compliance should be fulfilled through the
submitting of a W-9 Form which may be obtained at a Bank or other Financial
Institution.
American National Bank and Trust Company
Corporate Trust Operations
5th and Minnesota Street
101 East 5th
St. Paul, MN 55101
If you request payment of principal and/or interest via wire transfer please
be advised there is a fee which will be deducted from your payment.
Dated: July 19 , 1994.
BY ORDER OF THE CITY COUNCIL
/ s / Jeff Karlson
City Clerk -Treasurer
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