HomeMy WebLinkAbout4.d. Redemption of G.O. Improvement Bonds, Series 1985ACITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: December 1, 1992
This item is on the agenda to consider the action necessary to
call the G.O. Improvement Bonds, Series 1985A. We have
sufficient funds on hand to pay off the total principal due on
these bonds as well as the interest accrued to the payoff date of
February 1, 1993. Taking this action will save the City $11,075
dollars in interest costs over the next 3 years. It will also
free up over $35,000 from that Debt Service Fund which will
become available to the Paid-up Debt Sery Bond Fund after the
bonds have been paid off,
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985A.
COUNCIL ACTION:
AGENDA SECTION:
Consent
AGENDA ITEM: Redemption of G.O. Improvement
Bonds, Series 1985A
PREPARED BY:
Jeff May, Finance Director
AGENDJ.�wn w '
M # 4_0
ATTACHMENTS: Resolution
AP ROVE BY:
This item is on the agenda to consider the action necessary to
call the G.O. Improvement Bonds, Series 1985A. We have
sufficient funds on hand to pay off the total principal due on
these bonds as well as the interest accrued to the payoff date of
February 1, 1993. Taking this action will save the City $11,075
dollars in interest costs over the next 3 years. It will also
free up over $35,000 from that Debt Service Fund which will
become available to the Paid-up Debt Sery Bond Fund after the
bonds have been paid off,
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985A.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTYr MINNESOTA
RESOLUTION 1992 -
A RESOLUTION CALLING FOR REDEMPTION OF THE
OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 1985A
WHEREAS, The City Council of the City of Rosemount, Minnesota has
heretofore issued its $215,000 General Obligation Improvement
Bonds, Series 1985A, dated June 1, 1985 (the "Bonds"), of which
$100,000 in principal amount remains outstanding;
WHEREAS, all of the Bonds maturing in the years 1993 to 1996,
both inclusive, are subject to redemption and prepaymentat the
option of the City on February 1, 1993, and any interest payment
date thereafter, at a price of par, and accrued interest
WHEREAS, the City Council deems it desirable and in the best
interests of the City to redeem all of said Bonds maturing in the
years 1993 to 1996, both inclusive on February 1, 1993;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Rosemount, Minnesota, as follows:
1. The General Obligation Improvement Bonds, Series 1985A of
the City maturing in the years 1993 to 1996, both inclusive,
shall be redeemed and prepaid on February 1, 1993, at a
price of par and accrued interest to the redemption date.
2. The City Administrator is hereby authorized and directed to
cause notice of the call to be published in Northwestern
Financial Review at least 30 days prior to February 1, 1993,
and to give at least 30 days mailed notice of the redemption
to the bank where said Bonds are payable. Said notice shall
be in substantially the form attached hereto as Exhibit A.
228799
ADOPTED this 17th day of November, 1992.
E. B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
228799
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS.-
SERIES
ONDS,SERIES 1985A
CITY OF ROSEMOUNT,
DAKOTA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the
City of Rosemount, Dakota County, Minnesota, there have been
called for redemption and prepayment on
February 1, 1993
outstanding bonds of the City designated as $215,000 General
Obligation Improvement Bonds, Series 1985A, dated June 1, 1985,
having stated maturity datesinthe years 1993 to 1996, and
totaling $100;000 in principal amount. The Bonds are being
called at a price of par, plus accrued interest to February 1,
1993, on which date all interest on said Bonds will cease to
accrue. Holders of the Bonds hereby called for redemption are
requested to present their Bonds for payment, with February 1,
1993, and subsequently maturing interest coupons attached, at
First Trust National Association (formerly First National Bank of
Minneapolis), in Saint Paul, Minnesota, on or before February 1,
1993.
Important Notice: In compliance with the Interest and
Dividend Compliance Act of 1983 and Broker Reporting requirement,
First Trust National Association (formerly First National Bank of
Minneapolis), in Saint Paul, Minnesota, is required to withhold
20% 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.
Dated -November 17, 1992.
BY ORDER OF THE CITY COUNCIL OF THE
CITY OF ROSEMOUNT, MINNESOTA
/s/ Stephan Jilk
City Administrator
228799
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3. The City Finance Director is hereby authorized and
directed to deposit with the bank where said Bonds are payable on
or -before February 1, 1993, sufficient funds'to pay all principal
and interest due on said Bonds as of such date.
The motion for the adoption of the foregoing resolution
was duly seconded by member and upon a vote
being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
228799
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