HomeMy WebLinkAbout2017-223 (call of the Outstanding General Obligation Sports Center Refunding Bonds, Series 2005C) EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF STILLWATER, MINNESOTA
HELD: November 7, 2017
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 November 7, 2017,
at 7:00 p.m. for the purpose, in part, of authorizing the call of certain outstanding General
Obligation Sports Center Refunding Bonds, Series 2005C.
The following members were present: Councilmembers Menikheim, Junker, Polehna and
Mayor Kozlowski.
and the following were absent: Councilmember Weidner
Member Menikheim introduced the following resolution and moved its adoption:
RESOLUTION 2017-223
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION SPORTS CENTER REFUNDING BONDS, SERIES 2005C
WHEREAS, by Resolution duly adopted on February 15, 2005 (the "Resolution"),the
City of Stillwater, Minnesota (the "City") issued $2,695,000 original principal amount of
General Obligation Sports Center Refunding Bonds, Series 2005C, dated March 1, 2005 (the
"Bonds"). The City has sufficient funds on hand in the debt service account of the General
Obligation Sports Center Refunding Bonds, Series 2005C Fund (the "Debt Service Account")to
call the remaining $230,000 outstanding principal amount of the June 1, 2018 maturity on
December 15, 2017, 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 15, 2017, $230,000 aggregate principal amount of
Bonds maturing on June 1, 2018 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.
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The motion for the adoption of the foregoing resolution was duly seconded by Member
Junker, and upon vote being taken thereon, the following voted in favor thereof:
Councilmembers Menikheim, Juner, Polehna and Mayor Kozlowski.
and the following voted against the same: None
Whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF STILLWATER
I, the undersigned, being the duly qualified and acting Clerk of the City of Stillwater,
Minnesota, DO HEREBY CERTIFY that I have carefully foregoing
the attached and g g
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 Sports Center Refunding Bonds, Series 2005C.
WITNESS my hand officially on November 7, 2017.
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CXerk
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION SPORTS CENTER REFUNDING BONDS, SERIES 2005C
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 15, 2017
those outstanding bonds of the City designated General Obligation Sports Center Refunding
Bonds, Series 2005C, dated March 1, 2005, having a stated maturity date of June 1, 2018 and
totaling $230,000 in principal amount and having a CUSIP number of 860741 8S9*.
The bonds are being called at a price of par plus accrued interest to December 15, 2017, 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: November 7, 2017.
BY ORDER OF THE CITY COUNCIL
CITY OF STILLWATER, MINNESOTA
/s/J. Thomas McCarty, Acting City Clerk
* 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.
A-1
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