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HomeMy WebLinkAboutCCRes_03-04• EXTRACT OF MINUTES OF MEETING CITY COUNCIL OF THE CITY OF FALCON HEIGHTS, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Falcon Heights, Minnesota, was duly called and held at the City Hall in Falcon Heights, Mim~esota, on Wednesday, February 12, 2003. The following members were present: Susan Gehrz, :Mayor, Council members Laura Kuettel, Robert Lamb and Richard Talbot and the following members were absent: peter Lindstrom Member Talbot introduced the following resolution and moved its adoption: Resolution No. 2003-04 RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993, DATED MAY 1, 1993 WHEREAS, the City Council of the City of Falcon Heights, Minnesota (the "City"), issued on behalf of the City $1,075,000 General Obligation Improvement Bonds, Series 1993, dated May 1, 1993 (the "1993 Bonds"), of which $130,000 still remains outstanding; and WHEREAS, all of the 1993 Bonds maturing in the years 2000 and later years are subject to redemption and prepayment at the option of the City on February 1, 1999 and on any date thereafter, at the price of par plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City Council on April 14, 1993, authorizing the issuance of the 1993 Bonds (the "1993 Resolution"); and WHEREAS, the City Council deems it desirable and in the best interests of the City to call those Bonds maturing in the year 2004 totaling $130,000 in principal amount, on April 1, 2003, in accordance with the 1993 Resolution; and, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota, as follows: (1) All of the 1993 Bonds maturing in the year 2004, totaling $130,000 in principal amount • shall be redeemed and prepaid on April 1, 2003, at par, plus accrued interest. • (2) The City Clerk is hereby authorized and directed to give mailed notice of call, at lease 30 days prior to April 1, 2003, to the registered owner of each Bond to be redeemed at the address shown on the registration books of the 1993 Bonds. Said notice shall be in substantially the form attached hereto as Exhibit A. In addition to the official notice of redemption provided for in the paragraph above, the City shall also give, or cause to be given, notice of the redemption of any Bond or Bonds thereof, at least 35 days before the redemption date, to the Purchaser and all registered securities depositories in the business of holding substantial amounts of obligations of types such as the 1993 Bonds (such depositories now being The Depository Trust Company of New York, New York) and to one or more national information services that disseminate information regarding municipal bond redemptions. Each further notice of redemption shall be sent by certified snail or facsimile transmission, and shall contain the information set forth in the official notice of redemption provided on Exhibit A. (3) The City Clerk is hereby authorized and directed to deposit with The Depository Trust Company, New York, New York, on the call date of April 1, 2003, sufficient funds for such redemption on the 1993 Bonds. • Attest: City Clerk Mayor The motion for the adoption of the foregoing resolution was duly seconded by Member Ku P ~ and upon a vote being taken thereon, the following voted in favor thereof: Gehrz, Kuettel, .Lamb and Talbot and the following voted against the same: None whereupon said resolution was declared duly passed and adopted this 12''' day of February, 2003 and was signed by the Mayor which signature was attested by the City Clerk. • S • STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting City Clerk of the City of Falcon Heights, Minnesota (the "City"), hereby certify that I have compared the attached and foregoing extract of minutes of a regular meeting of the City Council, held on Wednesday, February 12, 2003, with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes, insofar as they relate to the redemption of certain General Obligation Improvement Bonds, Series 1993, dated May 1, 1993 of the City. WITNESS My hand as City Clerk and the corporate seal of the City this 12th day of February, 2003. • (SEAL) City Clerk City of Falcon Heights, Minnesota • C7 EXHIBIT A NOTICE OF CALL FOR REDEMPTION The Depository Trust Company Attn.: Supervisor, Call Notification Department 55 Water Street 50`" Floor New York, NY 10041-0099 RE: City of Falcon Heights, Minnesota General Obligation Improvement Bonds, Series 1993 Date of Original Issue -May 1, 1993 NOTICE IS HEREBY GIVEN That by order of the City Council of the City of Falcon Heights, Minnesota, all Bonds of the above-described issue which mature on the dates and bear interest at the rates set forth below: Maturity Date Amount Interest Rate Cusip Number February 1, 2004 130,000 4.75% 306045 FL4 are called for redemption and prior payment on April 1, 2003. The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date of redemption. The Bonds to be redeemed should be presented for payment at the office of the City Clerk, 2077 Larpenteur Avenue West, Falcon Heights, Minnesota 55113-5551, on or before April 1, 2003. The City will deposit federal or other immediately available funds sufficient for such redemption at the office of The Depository Trust Company on or before April 1, 2003. Such Bonds will cease to bear interest on April 1, 2003. BY ORDER OF THE CITY COUNCIL CITY OF FALCON HEIGHTS, MINNESOTA City Clerk Dated: February 12, 2003 • FREERS & ASSOCIATES I N C FEB ~ 2 2003 January 3 1, 2003 Roland Olson Finance Director City Hall 2077 Larpenteur Avenue West Falcon Heights, MN 55113-5551 Re: General Obligation Improvement Bonds, Series 1993, dated May 1, 1993 City of Falcon Heights, Minnesota Attached are 4 copies of a resolution authorizing the April 1, 2003 call for redemption of the above Bonds. . Please review the resolution and notice of redemption attached as exhibit A. ~n ~~ l /' Once the resolution has been adopted, please complete and send 3 copies b to us in the enclosed envelope, keeping one copy for the City's records. Also, please call me on T sday, February 13`h at 651- 697-8528 to let me know the resolution was adopted. We will then forward the call notice to The Depository Trust Company, to U.S. Bancorp Piper Jaffray as original purchaser of the issue and to other informational companies on behalf of the City. There are no financial journal publication requirements for this notice. If you have any questions, please call Sincerely, • FREERS & ASSOCIATES, INC. c j~J(~+~~C~lt ~~~. Debra Eller Enclosures L E A D E R S I N P U B L I C F I N A N C E Equal Opportunity Employer Charter Member of the National Association of Independent Public Finance Advisors 3060 Centre Pointe Drive, Roseville, MN 55113-1105 651.697.8500 fax 651.697.8555 www.ehlers-inc.com