HomeMy WebLinkAbout2012-110EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF STILLWATER, MINNESOTA
HELD: July 17, 2012
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 July 17, 2012, at
7:00 p.m. for the purpose, in part, of authorizing the call of certain outstanding General
Obligation Water Revenue Bonds, Series 2000B.
The following members were present: Councilmembers Menikheim, Cook, Roush,
Polehna and Mayor Harycki
and the following were absent: None
Member Polehna introduced the following resolution and moved its adoption:
RESOLUTION 2012 -110
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000B
WHEREAS, by Resolution duly adopted on March 7, 2000 (the "Resolution "), the City
of Stillwater, Minnesota (the "City ") issued $1,330,000 original principal amount of General
Obligation Water Revenue Bonds, Series 2000B, dated April 1, 2000 (the 'Bonds "). The City
has sufficient funds on hand in the debt service account of the General Obligation Water
Revenue Bonds, Series 2000B Fund (the "Debt Service Account ") to call the remaining
$255,000 outstanding principal amount of the February 1, 2015 maturity on September 4, 2012,
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 September 4, 2012, $255,000 aggregate principal amount of Bonds
maturing on February 1, 2015 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.
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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:
Councilmembers Menikheim, Cook, Roush, Polehna and Mayor Harycki
and the following voted against the same: None
2012.
Whereupon the resolution was declared duly passed and adopted this 17t' day of July,
ATTEST:
AIA'IG----
Diane F. Ward, City Clerk
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STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF STILLWATER
I, the undersigned, being the duly qualified and acting City Clerk 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 Water Revenue Bonds, Series 2000B.
WITNESS my hand officially on July 17, 2012.
Diane F. Ward, City Clerk
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2000B
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
September 4, 2012
those outstanding bonds of the City designated General Obligation Water Revenue Bonds, Series
2000B, dated April 1, 2000, having stated maturity dates or subject to mandatory redemption in
the year 2015 and totaling $255,000 in principal amount and having CUSIP numbers listed
below:
Year CUSIP Number*
2015 860741 3H
The bonds are being called at a price of par plus accrued interest to September 4, 2012, 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: July 17, 2012.
BY ORDER OF THE CITY COUNCIL
CITY OF STILLWATER, MINNESOTA
/s/ Larry Hansen, 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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