HomeMy WebLinkAboutResolution No. 2021-11 Authorizing the Redemption of Public Project Revenue BondsCommissioner ,10 um ng introduced the following resolution and moved its adoption:
RESOLUTION NO, 202 1 -11
RESOLUTION AUTHORIZING THE REDEMPTION OF PUBLIC PROJECT
REVENUE BONDS, SERIES 2009A (CITY OF EDINA ANNUAL
APPROPRIATION LEASE OBLIGATIONS)
BE IT RESOLVED by the Board of Commissioners of the Edina Housing and
Redevelopment Authority (the "Authority"), as follows:
Section 1. The Authority has entered into a (i) Ground Lease, dated as of
November 1, 2009 (the "Ground Lease"), between the City of Edina, Minnesota (the "City"), as
lessor and the Authority as lessee, (ii) a Lease Agreement, dated as of November 1, 2009, between
the Authority, as lessor and the City as lessee, pursuant to which the Authority acquired,
constructed and furnished a portion of a public works facility (the "Facility"), and the City leased
a portion of the Facility from the Authority.
Section 2. The Authority has issued its $2,595,000 Public Project Revenue Bonds,
Series 2009A (City of Edina Annual Appropriation Lease Obligations) on November 24, 2009 (the
"Bonds") pursuant to a Trust Indenture (Public Works Facility), dated as of November 1, 2009
(the "Indenture"), between the Authority and U.S. Bank National Association, as trustee (the
"Trustee") to provide funds to finance project costs related to the Facility.
Section 3. Pursuant to the Indenture, the City has provided notice to the Authority and to
the Trustee of its intention to purchase the Facility, and has requested that the Authority provide
notice of redemption of the Bonds in connection with the purchase to the Trustee.
Section 4. Pursuant to the Indenture, the Bonds are currently subject to redemption and
prepayment on any date upon notice of call for redemption thereof mailed not less than thirty (30)
days before the date specified for redemption to the Owners of all Bonds which are to be redeemed.
Section 5. Pursuant to the Indenture, the Authority is required to provide written notice of
an election to exercise an option to redeem the Bonds to the Trustee at least forty-five (45) days
prior to the date specified for redemption.
Section 6. Pursuant to the purchase, the Authority has determined that there exists
sufficient moneys to redeem on December 1, 2021, the outstanding February 1, 2022, through
February 1, 2028, maturities of the Bonds, and has requested that the Board of Commissioners
approve such redemption of the Bonds and the termination of the Ground Lease and the Lease.
Section 7. The redemption of the Bonds described above is hereby approved and the Chair
and the Secretary are hereby authorized and directed to cause the outstanding February 1, 2022,
through February 1, 2028, maturities of the Bonds, to be redeemed on December 1, 2021, and to
provide notice of the redemption to the Trustee, in the form of Exhibit A attached hereto, and are
further authorized to execute a Termination of Ground Lease and Termination of Lease
Agreement.
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CERTIFICATION OF MINUTES RELATING TO
REDEMPTION OF OUTSTANDING BONDS
Issuer: Edina Housing and Redevelopment Authority
Governing Body: Board of Commissioners
Kind, date, time and place of meeting: A regular meeting held on October 14, 2021
at 7:30 o'clock A.M. at the Edina City Hall.
Members present:(.gYYlMIgS'jgWjA jaMon,itYtOWoviIStA lht%jjOld Char-- MVj01Kd
Members absent: (;flYY M SL I oyW V Pl e r(,e,
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 2021- I 1
RESOLUTION AUTHORIZING THE REDEMPTION OF PUBLIC PROJECT
REVENUE BONDS, SERIES 2009A (CITY OF EDINA ANNUAL
APPROPRIATION LEASE OBLIGATIONS)
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 It A-1 1""day of 0 (j lovy -,
2021.
(SEAL)
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Section 8. The Trustee is hereby authorized and directed to cause the notice of redemption,
attached as Appendix A to Exhibit A, to be mailed in to the registered holders of the Bonds to be
redeemed, pursuant to the terms of the Indenture.
BE IT FINALLY RESOLVED that this resolution shall be in full force and effect from
and after its passage and that a certified copy hereof be provided to the Authority.
Upon vote being taken thereon, the following voted in favor thereof:
(OMMiSsiWZVS ' iWlAvitoo, A1rOvIon,JalGWOVI,0�VIA GV01V tluv�rnln�.
and the following voted against the same: N Olt ,
whereupon the resolution was declared duly passed and adopted.
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FOX. ff f IT W.,
NOTICE OF REDEMPTION
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
$2,595,000 PUBLIC PROJECT REVENUE BONDS, SERIES 2009A
(CITY OF EDINA ANNUAL APPROPRIATION LEASE OBLIGATIONS)
TO: U.S. Batik National Association., as trustee (the "Trustee")
FROM: Edina Housing and Redevelopment Authority (the "Authority")
SUBJECT: Notice of redemption the above described obligations (the "Series 2009A Bonds")
DATED DATE: [Dftg�V�-, 2021
The Authority hereby gives notice, pursuant to Section 3.2 of the Trust Indenture (Public Works
Facility), dated as of November 1, 2009, between the Authority and the Trustee, of the redemption of the
outstanding February 1, 2022, through February 1, 2028, maturities of the Series 2009A Bonds on
December 1, 2021 (the "Redemption Date").
Attached hereto as Appendix A is the Notice of Redemption to be provided by the Trustee to
Owners of all 2009A Bonds which are to be redeemed not less than thirty (30) days before the Redemption
Date.
EDINA HOUSI ND REDEVELOPMENT
AUTHORITY
B
lts:?ecr*eta,y�,�y
3
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APPENDIX A
NOTICE OF REDEMPTION
Edina Housing and Redevelopment Authority, Minnesota
$2,595,000 Public Project Revenue Bonds, Series 2009A
(City of Edina Annual Appropriation Lease Obligations)
NOTICE IS HEREBY GIVEN that all of the above referenced Bonds, which mature on February 1
in the following years and amounts (the "Bonds"), are called for redemption and prepayment in whole on
December 1, 2021 (the "Redemption Date"):
Maturit
Date
Principal
Interest
(February
Amount
Rate
CUSIP
2022
$145,000
3.98%
280615 CR4
2023
150,000
4.05
280615 CS2
2024
155,000
4.12
280615 CTO
2025
160,000
4.20
280615 CU7
2026
165,000
4.27
280615 CV5
Maturity
Date
Principal
Interest
(February 1)
Amount
Rate CUSIP
2027
$175,000
4.35% 280615 CW3
2028
180,000
4.42 280615 CX1
On the Redemption Date there shall become due and payable upon each Bond to be redeemed, the
principal thereof and prernium, if any, together with interest accrued to the Redemption Date, and from and
after the Redemption Date, interest on the Bonds shall cease to accrue and be payable.
A form W-9, Payer's Request for Taxpayer Identification Number, must be completed and returned
with the called Bonds or 3 1 % of the redemption proceeds will be withheld. Payment of Bonds to be
redeemed will be made on and after the Redemption Date. Redeemed Bonds are to be surrendered for
payment by submitting said Bond along with the completed Form W-9 to U.S. Bank National Association,
at the following address:
If by Mail:
U.S. Bank National Association
Corporate Trust Services
P.O. Box 64111
St. Paul, MN 55164-0111
If by Hand or Overnight Mail:
U.S. Bank National Association
Corporate Trust Services
I I I Fillmore Avenue East
St. Paul, MN 55107
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.
The Trustee shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in this Notice of Redemption. It is included solely for
the convenience of the holders of the Bonds.
Dated: , 2021.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By
Its
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