HomeMy Public PortalAbout1994-052Extract 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, August 2, 1994, commencing at 7:30 o'clock P.M.
The following members were present:
Anne E. Theis, John B. Ferris, Ann C. Thies, Philip K. Zietlow
and the following were absent:
James R. Johnson
* * *
Member P. Zietlow
adoption:
introduced the following resolution and moved its
RESOLUTION NO. 94-52
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 1985, dated October 1, 1985 (Bonds) in the total principal amount of $415 , 000 .
Bonds maturing after October 1, 1991 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 October 1 in the years 1995 and
1996, comprising all of the Bonds subject to redemption, be prepaid and redeemed
on October 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 the Bonds in the form
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attached hereto as Exhibit A 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 J. Ferris , and upon vote being taken thereon, the following voted in
favor thereof:
A. Theis, J. Ferris, A. Thies, P. Zietlow
and the following voted against:
None
whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF MEDINA )
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, August 2 , 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 $415 , 000 General Obligation Improvement Bonds
of 1985 of the City.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the City this
2nd day of August
(SEAL)
, 1994.
City of Medina, Minnesota
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$415,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1985
CITY OF MEDINA,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Medina, Minnesota, has called for
redemption on October 1, 1994, the aggregate principal amount outstanding of its
General Obligation Improvement Bonds of 1985, dated October 1, 1985.
Maturity
October 1, 1995
October 1, 1996
Rate CUSIP
8.20% 584768 FS9
8.40 584768 FT7
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.
First Trust National Association
Corporate Trust Operations
P.O. Box 64111
St. Paul, MN 55164-0111
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.
BY ORDER OF THE CITY COUNCIL
/s/ Jeff Karlson
City Clerk -Treasurer
Dated: August 2, 1994.
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