HomeMy WebLinkAbout1996-081
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CERTIFICATION OF MINUTES RELATING TO
$5,530,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1996A
Issuer: City of Stillwater, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held April 2, 1996, at 7:00
o'clock P.M., at the City Hall, Stillwater, Minnesota.
Members present:
Jay Kimble, Gene Bealka, Richard E. Cunmings
Members absent:
Eric Thole, Terrence Zoller
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 96-~
SUPPLEMENTAL RESOLUTION RELATING TO $5,530,000 GENERAL
OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1996A TERM
BONDS
I, the undersigned, being the duly qualified and acting recording officer
of the public corporation issuing the bonds referred to in the title of this certificate,
certify that the documents attached hereto, as described above, have been carefully
compared with the original records of said corporation in my legal custody, from
which they have been transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of said corporation,
and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to
said bonds; and that said meeting was duly held by the governing body at the time
and place and was attended throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer this 2nd day of
April, 1996.
Lfl.M1cJ ~ u.M.t&.-
City C erk
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Councilmember Cummings introduced the following resolution and moved
its adoption, which motion was seconded by Councilmember Bea lka
SUPPLEMENTAL RESOLUTION RELATING TO $5,530,000 GENERAL
OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1996A TERM BONDS
BE IT RESOLVED by the City Council of the City of Stillwater,
Minnesota (the Issuer), as follows:
Section 1. By resolution duly adopted on the date hereof, entitled
"RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $5,530,000
GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1996A" (the
Awarding Resolution) this Council awarded the sale of the Bonds to the Purchaser,
as shown in the Awarding Resolution. In accordance with the Terms of Proposal,
the Purchaser was allowed the option of designating a maturity schedule consisting
of serial and/or term bonds, subject to mandatory redemption. Based on the bid, the
Purchaser has offered to purchase the Bonds based on a maturity schedule consisting
of both serial and term bonds, the Council has heretofore accepted the bid and
Mayor and Clerk have executed a contract on behalf of the Issuer for the sale of the
Bonds to the Purchaser.
. Section 2. In order for a portion of the Bonds to be issued in the form
of Term Bonds, the following modifications to the Awarding Resolution are
necessary:
(A) The maturity schedule set forth in Section 2.01 shall be revised to
read as follows:
Year Amoun t Rate Year Amoun t Rate
1997 $285,000 5.00% 2006 $220,000 5.00%
1998 245,000 5.00 2007 230,000 5.00
1999 260,000 5.00 2008 145,000 5.10
2000 265,000 5.00 2009 150,000 5.20
2001 275,000 5.00 2010 160,000 5.30
2002 290,000 5.00 2011 165,000 5.375
2003 195,000 5.00 2012 175,000 5.375
2004 205,000 5.00 2017 1,025,000 5.375
2005 215,000 5.00 2021 1,025,000 5.375
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(B) A new paragraph shall be added to Section 2.03, reading as follows:
Bonds maturing on February 1,2017 and on February 1, 2021, shall be
subject to mandatory sinking fund redemption prior to maturity pursuant to
the sinking fund requirements of this Section 2.03, on February 1 in the
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following years and amounts, at a redemption price equal to the stated
principal amount thereof plus interest accrued thereon to the redemption
date, without premium. The Registrar (or, if applicable, the bond depository)
shall select the specific Bonds to be redeemed by lot or other manner deemed
fair.
Term Bonds maturing in 2017
Year Principal Amount
2013 $185,000
2014 195,000
2015 205,000
2016 215,000
The remaining $225,000 stated principal amount shall be paid at maturity on
February 1,2017.
Term Bonds maturing in 2021
Year Principal Amount
2018
2019
2020
$235,000
250,000
265,000
The remaining $275,000 stated principal amount shall be paid at maturity on
February I, 2021.
(C) Section 3 is modified by adding the following paragraph to the
Form of Bonds following the paragraph "Bonds maturing in 2007...representing the
remaining principal amount outstanding.":
Bonds maturing in the years 2017 and 2021 shall be subject to
mandatory sinking fund redemption prior to maturity, on the dates and in
the amounts specified in the Resolution, at a redemption price equal to the
stated principal amount thereof to be redeemed plus interest accrued thereon
to the redemption date, without premium. The Bond Registrar (or, if
applicable, the bond depository) shall select the specific Bonds to be redeemed
by lot or other manner deemed fair.
Section 3. Such modifications to the Awarding Resolution are hereby
approved.
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Adopted this 2nd day of April, 1996.
Approved: I sl Jay Kimble
Mayor
Attest: /s/ Modi J. Weldon
City Clerk
Upon vote being taken thereon, the following voted in favor thereof:
Jay Kimble, Gene Bealka and Richard Cummings
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.
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