HomeMy WebLinkAbout2011-148EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF STILLWATER, MINNESOTA
HELD: October 4, 2011
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Stillwater, Washington County, Minnesota, was duly held at City Hall on October 4, 2011, at
7:00 p.m. for the purpose, in part, of authorizing the call of certain outstanding General
Obligation Tax Increment Refunding Bonds, Series 2003B.
The following members were present: Mayor Harycki, Councilmember Menikheim,
Councilmember Cook, Councilmember Roush, and Councilmember Polehna
and the following were absent: none.
Councilmember Menikheim
adoption:
introduced the following resolution and moved its
RESOLUTION 2011-148
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 2003B
WHEREAS, by Resolution duly adopted on March 4, 2003 (the "Resolution "), the City
issued $3,435,000 original principal amount of General Obligation Tax Increment Refunding
Bonds, Series 2003B, dated April 1, 2003 (the `Bonds "). The City has sufficient funds on hand
in the debt service account of the General Obligation Tax Increment Refunding Bonds, Series
2003B Fund (the "Debt Service Account ") to call the remaining $780,000 outstanding principal
amount of the February 1, 2012 and 2013 maturities of the Bonds on December 1, 2011, at a
price of par plus accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Stillwater,
Minnesota, as follows:
1. The City Council hereby determines that there exists sufficient funds in the Debt
Service Account to prepay on December 1, 2011, $780,000 aggregate principal amount of Bonds
maturing on February 1 of the years 2012 and 2013, and the interest due thereon.
2. U.S. Bank National Association, in St. Paul, Minnesota, the bank at which the
principal and interest on the Bonds are payable, is hereby authorized and directed to cause the
Notice of Call for Redemption attached hereto as Exhibit A to be given in accordance with the
provisions of the Resolution.
3. No further action shall be required of the City Council to complete prepayment of
the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Roush , and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
PA
STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF STILLWATER
I, the undersigned, being the duly qualified and acting City Administrator of the City of
Stillwater, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council duly called and
held on the date therein indicated, insofar as such minutes relate to authorizing the call of the
outstanding General Obligation Tax Increment Refunding Bonds, Series 2003B.
WITNESS my hand officially on October 4, 2011.
r �
City Administrator, Interim
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2003B
CITY OF STILLWATER, WASHINGTON COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Stillwater,
Washington County, Minnesota, there have been called for redemption and prepayment on
December 1, 2011
those outstanding bonds of the City designated General Obligation Tax Increment Refunding
Bonds, Series 2003B, dated April 1, 2003, having stated maturity dates in the years 2012 and
2013 and totaling $780,000 in principal amount and having CUSIP numbers listed below:
Year CUSIP Number
2012 860741 6H5
2013 860741 6J1
The bonds are being called at a price of par plus accrued interest to December 1, 2011, on which
date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at U.S. Bank National Association,
in St. Paul, Minnesota.
Dated: October 4, 2011.
BY ORDER OF THE CITY COUNCIL
CITY OF STILLWATER, MINNESOTA
/s/ Shawn Sanders, Interim City Administrator
The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any
representation made as to their correctness indicated in the notice. They are included solely
for the convenience of the holder.
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