Loading...
9.b) Res 09-15-15-03 Bond RedemptionMember introduced the following resolution and moved its adoption, which introduction was supported by Member RESOLUTION NO.09-15-15-03 RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF CERTAIN OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS OF THE CITY BE IT RESOLVED By the City Council of the City of Scandia, Minnesota (the "City"), as follows: 1. On May 1, 2007, the City issued its General Obligation Improvement Bonds, Series 2007A, in the original aggregate principal amount of $1,430,000 (the "Bonds"). Bonds maturing on or after December 1, 2016 are subject to redemption and prepayment on December 1, 2015 and on any date thereafter at a price of par plus accrued interest. The final maturity of the Bonds is December 1, 2017. 2. It is determined that it is in the best interests of the sound financial management of the City that Bonds maturing on December 1, 2016 and December 1, 2017 be prepaid and redeemed on December 1, 2015, and those Bonds are hereby called for redemption on that date. The City will make its regular principal and interest payment for Bonds maturing on December 1, 2015. 3. Northland Trust Services, Inc., as registrar for the Bonds (the "Registrar"), 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 by first class mail (postage prepaid), to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar. Passed and adopted by the City Council of the City of Scandia, Minnesota this 15th day of September, 2015. CITY OF SCANDIA, MINNESOTA Randall Simonson, Mayor Attest: Brenda Eklund, Deputy Clerk EXIUBIT A FORM OF NOTICE OF CALL FOR REDEMPTION $1,430,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A CITY OF SCANDIA, MINNESOTA NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Scandia, Minnesota (the "City"), there have been called for redemption and prepayment on DECEMBER 1, 2015 the outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2007A, dated May 1, 2007 (the "Bonds"), having stated maturity dates of December 1 in the years 2016 and 2017, totaling $250,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP 2016 $125,000 806001 AJ2 2017 125,000 806001 AK9 The Bonds are being called at a price of par plus accrued interest to December 1, 2015, on which date all interest on said Bonds will cease to accrue. The City will make its regular principal and interest payment for Bonds maturing on December 1, 2015. Holders of the Bonds hereby called for redemption are requested to present their Bonds for payment at Northland Trust Services, Inc., on or before December 1, 2015, at the following address: Northland Trust Services, Inc. 45 South Seventh Street, Suite 2000 Minneapolis, Minnesota 55402 Attn: Lori A. Giampaolo, Chief Operating Officer 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. Dated: September 15, 2015. BY ORDER OF THE CITY COUNCIL I: Deputy Clerk City of Scandia, Minnesota