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HomeMy WebLinkAbout1994-094 Council ResolutionRESOLUTION NO. 94 - 94 EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF LINO LAKES, MINNESOTA HELD: November 16, 1994 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Lino Lakes, Minnesota, was duly called and held at the City Hall in said City on the 14th day of November, 1994, at 6:30 o'clock P.M. The following members were present: and the following members were absent: Member Kuether introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A WHEREAS: A. The City Council of the City of Lino Lakes, Minnesota, issued on behalf of the City $1,160,000 General Obligation Improvement Bonds, Series 1988A dated October 1, 1988. B. The bonds maturing in the years 1996 and 1997 may be called for redemption and prepayment, on February 1, 1995, and on any interest payment date thereafter at par and accrued interest, all as provided in the resolution of the City Council authorizing the issuance of said Bonds; C. The City Council deems it desirable and in the best interests of the City to call $350,000 in principal amount of the Bonds on February 1, 1995 in accordance with said resolution authorizing the issuance of said Bonds; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: 1. The General Obligation Improvement Bonds, Series 1988A of the City maturing in the years 1996 and 1997, and totaling $350,000 shall be redeemed and prepaid on February 1, 1995, at a price of par plus accrued interest. 2. The Clerk is hereby authorized and directed to instruct Norwest Bank Minnesota, National Association, as successor to Marquette Bank Minneapolis, N.A., the Bond Registrar, to mail the notice of call to each and every registered holder of the Bonds to be called for redemption. Said notice shall be in substantially the form attached hereto as Exhibit A. 3. The City Clerk is hereby authorized and directed to deposit with the bank where the Bonds are payable prior to said call date sufficient funds to pay all principal and interest due on said Bonds as of the call date. The motion for the adoption of the foregoing resolution was duly seconded by member Elliott and upon a vote being taken thereon, the following voted in favor thereof: Bergeson, Elliott, Kuether, Reinert. and the following voted against the same: None, Council Member Neal was absent. Whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES I, the undersigned, being the duly qualified and acting Clerk of the City of Lino Lakes, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on the date therein indicated, insofar as such minutes relate to authorizing the redemption of General Obligation Improvement Bonds, Series 1988A of said City. 14 WITNESS my hand this ;'"7 day of November, 1994. Clerk Rate 6.70% 6.80% EXHIBIT A NOTICE OF REDEMPTION CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A DATED OCTOBER 1, 1988 Maturity 2/1/1996 2/1/1997 CUSIP 536060BN5 * 536060 BP 0 * * Indicates a full call of the CUSIP Principal Amount $165,000 $185,000 NOTICE IS HEREBY GIVEN that the City of Lino Lakes called for redemption on February 1, 1995, the aggregate amount outstanding of its General Obligation Improvement Bonds, Series 1988A Dated October 1, 1988. The bends are being redeemed at a price of 100% plus accrued interest to the redemption date. On said date, the principal amount of each bond redemption shall become due and payable, and from and after said date interest thereon will 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 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, 1995, by submitting said bond along with the completed form W-9 to the following address: By Mail or Courier Service: Norwest Bank Minnesota, N.A. Corporate Trust Operations 6th Street & Marquette Avenue Minneapolis, MN 55479-0113 By Registered or Certified Mail: In Person, By Hand: Norwest Bank Minnesota, N.A. Corporate Trust Operations P.O. Box 1517 Minneapolis, MN 55480-1517 Corporate Trust Services, 12th Floor Northstar East Building 608 2nd Avenue South Minneapolis, MN 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. Telephone inquires may be made by calling (612) 667-9764. NORWEST BANK MINNESOTA, N.A. as Registrar Dated: November 14, 1994 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 the Redemption Notice or on any Bond. They are included solely for the convenience of the Holders.