HomeMy WebLinkAboutResolution No. 2012-181 Authorizing Redemption of G.O. Bonds Series 2005E • CERTIFICATION OF MINUTES RELATING TO
REDEMPTION OF OUTSTANDING BONDS
Issuer: City of Edina, Minnesota
Governing Body: City Council
Kind, date,time and place of meeting: A regular meeting held on December 18, 2012
at 7:00 o'clock P.M., at the City Hall,Edina, Minnesota.
Councilmembers present: Bennett, Brindle, Sprague, Swenson and Mayor Hovland
Councilmembers absent:None
I
Documents Attached:
Minutes of said meeting (pages): 1 and 2
RESOLUTION NO. 2012-181
RESOLUTION AUTHORIZING THE REDEMPTION OF GENERAL
• OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND
BONDS, SERIES 2005E
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 day of
December,2012.
Debra Mangen, City Clerk
•
it
Councilmember Sprague introduced the following resolution and moved its adoption:
RESOLUTION NO. 2012-181
RESOLUTION AUTHORIZING THE REDEMPTION OF GENERAL
OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND
BONDS, SERIES 2005E
BE IT RESOLVED by the City Council of City of Edina, Minnesota(the"City"), as
follows:
Section 1. The City has issued its $1,460,000 General Obligation Permanent
Improvement Revolving Fund Bonds, Series 2005E, dated, as originally issued, as of
September 13, 2005 (the"Bonds")pursuant to a resolution,adopted by this Council on
August 16, 2005 (the "Bond Resolution").
Section 2. Bonds maturing in the years 2013 and thereafter, are subject to redemption
and prepayment on February 1,2012 and any date thereafter,upon notice of call for redemption
thereof mailed not less than 30 days before the date specified for redemption to the bank at
which principal and interest are payable and to the holder of each bond, if known.
Section 3. The City has determined that there exists sufficient moneys to redeem on
February 1,2013 all of the Bonds maturing after February 1,2013, and has requested that the
City Council approve such redemption of the Bonds. The redemption of the Bonds described
above is hereby approved and the Mayor and City Manager are hereby authorized and directed to
cause the Bonds to be redeemed on February 1, 2013.
Section 4. U.S. Bank National Association, in St. Paul, Minnesota,the bank at which
principal and interest on the Bonds are payable, is hereby authorized and directed to cause the
notice of redemption required by Section 2.04 of the Bond Res ution to be mailed in accordance
with such Section 2.04 to the registered holders of the Bonds to a redeemed.
Adopted this 18'h day of December, 2012.
Mayor
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Bennett and upon vote being taken thereon,the following
voted in favor thereof: Bennett,Brindle, Sprague, Swenson and Mayor Hovland
i
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
•
•
2
NOTICE OF REDEMPTION
$1,460,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series 2005E
Dated September 13,2005
City of Edina,Minnesota
NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on
February 1, 2013, all outstanding Bonds of the above-referenced issue maturing on February 1 in the
following years,principal amounts and having the interest rates and CUSIP numbers listed below:
Maturity Amount Rate CUSIP No.
2014 140,000 3.500 280605 E85
2015 135,000 3.625 280605 E93
2016 135,000 3.750 280605 F27
The Bonds will be redeemed at a price of 100%of their principal amount plus accrued interest to
the date of redemption. Holders of the Bonds should present them for payment to U.S. Bank National
Association, St.Paul,Minnesota,on or before said date,when they will cease to bear interest,in the
following manner:
If by Mail: If by Hand or Overnight Mail:
U.S.Bank National Association U.S.Bank National Association
Corporate Trust Operations,3rd Floor 60 Livingston Avenue
P.O.Box 64111 EP-MN-WS3C
St.Paul,MN 55164-0111 Bond Drop Window, 1St Floor
St.Paul,MN 55107
In compliance with the Interest and Dividend Compliance Act of 1983 and Broker Reporting
Requirements,the redeeming institutions are required to withhold 31%of the principal amount of your
holdings redeemed unless they are provided with your social security number or federal employer
identification number,properly certified. This requirement is fulfilled through the submitting of a W-9
Form,which may be obtained at a bank or other financial institution.
Additional information may be obtained from the undersigned or from Ehlers&Associates, Inc.,
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1122 (651-697-8500), financial advisor to the
City.
Dated: ,2012. BY ORDER OF THE CITY COUNCIL OF
THE CITY OF EDINA,MINNESOTA
/s/
City Manager