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HomeMy WebLinkAbout95-244 • CERTIFICATION OF MINUTES RELATING TO CALL OF OUTSTANDING BONDS Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on November 20, 1995 at the City Hall in Lakeville, Minnesota. Members present: Johnson, Zaun, Sindt, Mulvihill, Harvey Members absent: N/A Documents Attached: Minutes of said meeting (pages): 95-244 RESOLUTION AUTHORIZING CALL OF CERTAIN OUTSTANDING GENERAL OBLIGATION IMPROVEMENT 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 4th day of D~Yo'd~~hYbe'u', 1995. December City Clerk i~ • Member Johnson introduced the following resolution and moved its adoption,. which motion was seconded by Member sindt BE IT RESOLVED by the City Council of City of Lakeville, Minnesota (the Council), as follows: RESOLUTION AUTHORIZING CALL OF CERTAIN OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS Section 1. The City has issued $1,200,000 General Obligation Improvement Bonds, Series 1986B, dated as of August 1, 1986 (the Bonds), $800,000 aggregate principal amount of which remain outstanding. Section 2. Bonds maturing in the years 1997 through 2008 are subject to prepayment on February 1, 1996, the next interest payment date, upon notice of call for redemption thereof mailed not less than 20 days before the date specified for redemption to the registered owner of each bond. Section 3. This Council has determined that there exists sufficient moneys in the 1986B Improvement Bond Account established by Resolution No. 86-76 duly adopted by the Council on July 21, 1986, to prepay $745,000 aggregate principal amount of Bonds maturing in the years 1997 through 2008 on February 1, 1996. • Section 4. Norwest Bank Minnesota, National Association, in Minneapolis, Minnesota, the bank at which principal and interest on the Bonds are payable, is hereby authorized and directed to cause the Notice of Redemption attached hereto as Exhibit A to be mailed in accordance with Section 2. Section 5. No further action shall be required of the Council to complete the prepayment of the Bonds. Upon vote being taken thereon, the following voted in favor thereof: .Johnson, Zaun, Sindt, Mulvihill, Harvey and the following voted against the same: N/A whereupon the resolution was declared duly passed and adopted. • EXHIBIT A NOTICE OF REDEMPTION $1,200,000 General Obligation Improvement Bonds, Series 1986B Dated: August 1,1986 City of Lakeville, Dakota County, Minnesota Notice is hereby given that all Bonds of the above issue which mature on February 1 in the following years and amounts: Year Amount Interest Rate CUSIP Number 1997 $55,000 - 7.10% 1998 55,000 7.25% 1999 55,000 7.40% 2000 60,000 7.50% 2001 60,000 7.60% 2002 60,000 7.60% 2003 60,000 7.60% 2004 65,000 7.60% 2005 65,000 7.70% 2006 70,000 7.70% 2007 70,000 7.70% 2008 70,000 7.70% are called for redemption and prepayment on February 1, 1996. The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date of redemption. Holders of such Bonds should present them for payment on or before said date, on which date they will cease to bear interest. • A form W-9, Payer's Request for Taxpayer Identification Number, must be completed and returned with the called bond or 31% of the bond redemption proceeds will be withheld. Payment of bonds to be redeemed will be made on and after February 1, 1996, by submitting said bond along with the completed form W-9 to the following address: By Mail or Courier Service: By Registered or Certified Mail: In Person. By Hand: Norwest Bank Minnesota, N.A. Norwest Bank Minnesota, N.A. Corporate Trust Services-Corporate Corporate Trust Operations Corporate Trust Operations Trust Operations - 12th Floor 6th Street & Marquette Ave. P. O. Box 1517 Northstar East Building Minneapolis, MN 55479-0113 Minneapolis, MN 55480-1517 608 Second Avenue South Minneapolis, Minnesota If you request payment of principal and/or interest via wire transfer, please be advised there is a wire transfer fee which will be deducted from your payment. Additional information may be obtained from the undersigned. Dated: November 20, 1995. BY ORDER OF THE CITY COUNCIL CITY OF LAKEVILLE, MINNESOTA Charlene Friedges, City Clerk * The Registrar shall not be responsible for the selection or use of the CUSIP numbers, nor is any representation made as to their correctness indicated in this Notice of Redemption or on any Bond. They are included solely for convenience of the Holders. Denotes full call of CUSIP.