HomeMy Public PortalAbout2005-017 Resolution Calling for Redemption of Outstanding General Obligation BondsEXTRACT OF MINUTES OF MEETING
CITY COUNCIL OF THE
CITY OF MEDINA, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Medina, Minnesota, was duly called and held at City Hall in Medina, Minnesota, on Tuesday, March
15, 2005.
The following members were present: Weir, Workman, Cavanaugh
and the following members were absent: Brinkman, Smith
Member Weir introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2005-17
RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1993, DATED MAY 1,
1993
WHEREAS, the City Council of the City of Medina, Minnesota, issued on behalf of the City
of Medina, Minnesota $2,000,000 General Obligation Tax Increment Bonds, Series 1993, dated May
1, 1993 (the "Series 1993 Bonds"), of which $200,000 will remain outstanding after April 1, 2005;
and
WHEREAS, all of the Series 1993 Bonds maturing in the years 2000 through 2009, both
inclusive, are subject to redemption and prepayment at the option of the City on April 1, 1999 and on
any date thereafter at a price of par, plus accrued interest, all as provided in the resolution adopted by
the City Council of the City of Medina, Minnesota on April 20, 1993, authorizing the issuance of the
1993 Bonds (the "1993 Resolution"); and
WHEREAS, the City Council of the City of Medina, Minnesota deems it desirable and in the
best interests of the City of Medina to call those bonds maturing in the years 2006 through 2009,
inclusive, totaling $200,000 in principal amount, on May 1, 2005, in accordance with the 1993
Resolution; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Medina,
Minnesota, as follows:
(1) All of the Series 1993 Bonds maturing in the years 2006 through 2009, inclusive,
totaling $200,000 in principal amount shall be redeemed and prepaid on May 1,
2005, at par, plus accrued interest.
(2) The City Administrator of the City of Medina, Minnesota is hereby authorized and
Resolution No. 2005-17 1
March 15, 2005
(3)
directed to give mailed notice of call, prior to May 1, 2005, for the Series 1993
Bonds, to the Bond Registrar/Paying Agent, U.S. Bank National Association,
successor to American National Bank and Trust Company, in St. Paul, Minnesota,
and to all holders of the Bonds. Said notice shall be substantially in the form shown
as Exhibit A.
The City Administrator of the City of Medina is hereby authorized and directed to
deposit with the Bond Registrar/Paying Agent of the Series 1993 Bonds, U.S. Bank
National Association, successor to American National Bank and Trust Company,
prior to the call date of May 1, 2005, sufficient funds to pay all principal and interest
due on the Bonds as of the call date.
Dated: March 15, 2005
f�
Bruce D. Workman, Mayor
Attest:
(_,z( 414 4(.tA.„.
Chad M. Adams, City Administrator -Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Cavanaugh upon vote being taken thereon, the following voted in favor thereof:
Weir, Workman, Cavanaugh
And the following voted against same: (Absent: Brinkman, Smith)
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2005-17 2
March 15, 2005
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
I, the undersigned, being the duly qualified and acting City Administrator of the City of
Medina, Minnesota (the "City"), hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council of the City held on Tuesday,
March 15, 2005, with the original minutes on file in my office and the extract is a full, true and
correct copy of the minutes, insofar as they relate to the redemption of certain General Obligation
Tax Increment Bonds, Series 1993 of the City.
WITNESS My hand as City Administrator and the corporate seal of the City this 15th day of
March, 2005.
/4)e.wvut
Chad M. Adams, City Administrator
City of Medina, Minnesota
(SEAL)
Resolution No. 2005-17 3
March 15, 2005
EXHIBIT A
NOTICE OF REDEMPTION
General Obligation Tax Increment Bonds, Series 1993
Dated May 1, 1993
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
May 1, 2005
the following outstanding bonds of the City designated as General Obligation Tax Increment Bonds,
Series 1993, dated May 1, 1993:
Maturity Date
April 1, 2006
April 1, 2007
April 1, 2008
April 1, 2009
Principal Amount
$50,000
50,000
50,000
50,000
Interest Rate
5.00%
5.00%
5.00%
5.00%
CUSIP Number*
584768 HT5
584768 HU2
584768 HVO
584768 HW8
The bonds are being called at a price of 100% of their principal amount plus accrued interest to May
1, 2005, on which date they will cease to bear interest. Holders of such bonds hereby called for
redemption should present their Bonds for payment to U.S. Bank National Association (successor to
American National Bank and Trust Company) at the address below, on or before May 1, 2005.
If by Mail
U.S. Bank National Association
Corporate Trust Department
P.O. Box 64111
St. Paul, MN 55164-0111
If by Hand or Overnight Mail
U.S. Bank National Association
U.S. Bank Center
1 sr Floor - Bond Drop Window
60 Livingston Avenue
St. Paul, Minnesota, MN 55107
It is recommended that you mail your bonds registered or certified mail to guard against loss.
BY ORDER OTHE CITY COUNCIL
CITY OF ME NA, j
��_ 1:4_
/s/ Mayor
Dated: March 15, 2005
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act
of 2001, federal backup withholding tax will be withheld at the applicable backup withholding
Resolution No. 2005-17 4
March 15, 2005
rate in effect at the time 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.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use
of the CUSIP number, and no representation is made as to its correctness indicated in the Notice of
Redemption. CUSIP numbers are included solely for the convenience of the Holders.
Resolution No. 2005-17 $
March 15, 2005