HomeMy WebLinkAbout1992-002 Council ResolutionExtract of Minutes of Meeting of the
City Council of the City of Lino Lakes,
Anoka County, Minnesota
Pursuant to due call and notice thereof, a special meeting of the Council of the
City of Lino Lakes, Minnesota, was duly held in the City Hall in the City of Lino
Lakes, on Monday, January 6, 1992, commencing at 6:30 P .m.
The following members were present: Neal, Kuether, Elliott, Reinert
and the following were absent: None.
* * *
Member Kuether introduced the following written resolution and moved
its adoption the reading of which was dispensed with by unanimous consent:
RESOLUTION NO. 92 - 02
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka
County, Minnesota, as follows:
1. The City has issued and sold its General Obligation Improvement Bonds,
Series 1986A, dated December 1, 1986 (Bonds) in the total principal amount of
$475,000. Bonds maturing on or after February 1, 1992, are subject to redemption
and prepayment on February 1, 1991 and on any interest payment date thereafter at
a price of par plus accrued interest.
2. It is determined that it is in the best interests of the sound financial
management of the City that Bonds maturing on February 1 in the years 1993 to and
including 1997, comprising all of the Bonds subject to redemption on February 1,
1992, be prepaid and redeemed on February 1, 1992 and those Bonds are hereby
called for redemption on that date.
3. The City Clerk -Treasurer is authorized and directed to mail a notice of
call for redemption of the Bonds in the form attached hereto as Exhibit A to the
registrar for the Bonds.
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The motion for the adoption of the foregoing resolution was duly seconded by
Member Neal
and upon vote being taken thereon, the following voted in
favor thereof: Neal, Kuether, Elliott, Reinert
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
01027259
LW14O-24
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
) SS.
I, the undersigned, being the duly qualified and acting Clerk -Treasurer of
the City of Lino Lakes, Minnesota, do hereby certify that I have carefully compared
the attached and foregoing extract of minutes of a special meeting of the City Council
held on Monday, January 6, 1692, with the original thereof on file in my office and
the same is a full, true and complete transcript therefrom insofar as the same relates
to the prepayment and redemption of $475,000 General Obligation Improvement
Bonds, Series 1986A, of the City.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the City this
day of /i: a ;- 19$2--
(SEAL)
8NG27259
L1.1140-24
City Clerk Treasurer
City of Lino Lakes, Minnesota
I, •
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$475,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1986A
CITY OF LINO LAKES, MINNESOTA
Notice is hereby given that by order of the City Council of the City of Lino
Lakes, Minnesota, there have been called for redemption and prepayment on
February 1, 1992
all outstanding Bonds of the City designated as General Obligation Improvement
Bonds, Series 1988A, dated December 1, 1986, and having stated maturity dates of
February 1 in the years 1993 through 1997, both inclusive, totaling $75,000 in
principal amount and with CUSIP numbers as shown below:
Maturity
1993
1994
1995
1996
1997
CUSIP
The Bonds are being called at a price of par plus accrued interest to February 1,
1992 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 Norwest Bank Minnesota, National Association, paying agent, in the City
of Minneapolis, Minnesota, on or before February 1, 1992.
8N027259
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BY ORDER OF THE CITY COUNCIL
/s/ Marilyn G. Anderson
City Clerk -Treasurer