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