HomeMy WebLinkAbout5.a. Redemption of General Obligation Public Facility Refunding Bods
EXECUTIVE SUMMARY
Port Authority Meeting Date: December 17, 2019
AGENDA ITEM: Redemption of General Obligation Public
Facility Refunding Bonds
AGENDA SECTION:
New Business
PREPARED BY: Eric Van Oss, Economic Development
Coordinator, Kim Lindquist, Deputy
Director
AGENDA NO. 5.a.
ATTACHMENTS: Resolution Providing for the Redemption
of the 2010B Bonds APPROVED BY: LJM
RECOMMENDED ACTION: Approval of the Resolution
BACKGROUND
On December 10th, 2010 the Port Authority issued General Obligation Public Facility Refunding Bonds
(Series 2010B Bonds) in amount of $1,355,000. These bonds were refunding bonds issued in 2001 for City
Hall improvements. The 2010 bonds are scheduled to mature on February 1st, 2021 and February 1st, 2022, in
the principal amount of $300,000.
The Series 2010B Bonds can be prepaid and redeemed on February 1st, 2020. By calling the bonds early the
City will save a little over $16,000 in interest payments. The funding is currently available for the earlier date
payoff.
The bonds were issued by the Port Authority and therefore this action completes the work necessary for the
bond call. There is not City Council action required at this time.
RECOMMENDATION
Approve the Resolution.
625392v1RS125-13
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2019-01
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION PUBLIC FACILITY REFUNDING BONDS, SERIES 2010B OF
THE ROSEMOUNT PORT AUTHORITY
BE IT RESOLVED By the Board of Commissioners of the Rosemount Port Authority,
Dakota County, Minnesota (the “Authority”) as follows:
1. The Authority has issued its General Obligation Public Facility Refunding Bonds, Series
2010B, dated December 1, 2010 (the “Series 2010B Bonds”) in the original aggregate principal amount
of $1,355,000. The Series 2010B Bonds maturing on February 1, 2021 and February 1, 2022, in the
principal amount of $300,000 (the “Series 2010B Callable Bonds”), are subject to redemption and
prepayment on any date at a price of par plus accrued interest.
2. It is determined that it is in the sound financial management of the Authority that the
Series 2010B Callable Bonds, be prepaid and redeemed on February 1, 2020, or such later date for
which proper notice of redemption may be given, and such bonds are hereby called for redemption on
such date.
4. The Executive Director is authorized and directed to request that U.S. Bank National
Association, the paying agent and bond registrar (the “Registrar”) mail the Notice of the Call for
Redemption in substantially the form attached hereto as EXHIBIT A to the registered owners of each
Bond to be redeemed at the addresses shown on the registration books kept by the Registrar.
(The remainder of this page is intentionally left blank.)
2
625392v1RS125-13
ADOPTED this 17th day of December, 2019.
Chair
ATTEST:
________________________
Executive Director
CERTIFICATION
I hereby certify that the foregoing is a true and correct copy of a resolution presented to and
adopted by the Board of Commissioners of the Rosemount Port Authority at a duly authorized
meeting thereof, held on the 17th day of December, 2019, as disclosed by the records of said
Authority in my possession.
(SEAL)
Executive Director
Motion by: Seconded by:
Voted in favor:
Voted Against:
Members Absent:
RESOLUTION 2019-____
625392v1RS125-13 A-1
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION PUBLIC FACILITY REFUNDING BONDS, SERIES 2010B
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the Board of Commissioners of the
Rosemount Port Authority, Dakota County, Minnesota, there have been called for redemption and
prepayment on
February 1, 2020
all outstanding bonds of the Authority designated as General Obligation Public Facility Refunding
Bonds, Series 2010B, issued in the original aggregate amount of $1,355,000 dated December 1,
2010, having stated maturity dates of February 1, 2021 and February 1, 2022, totaling $300,000 in
principal amount, and with the following CUSIP numbers:
Year of Maturity
Amount
CUSIP
2021 $145,000 777602 FK4
2022 155,000 777602 FL2
The bonds are being called at a price of par plus accrued interest to February 1, 2020, 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 at the main office of U.S. Bank National
Association, in St. Paul, Minnesota, on or before February 1, 2020.
U.S. Bank National Association
Attention: Corporate Trust Operations
60 Livingston Avenue, 3rd Floor
EP-MN-WS3C
St. Paul, MN 55107
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003,
federal backup withholding tax will be withheld at the applicable backup withholding 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.
Dated: December 17, 2019.
BY ORDER OF THE BOARD OF
COMMISSIONERS OF THE
ROSEMOUNT PORT AUTHORITY