HomeMy WebLinkAbout1996-100 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 regular 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, September 9, 1996, commencing at 6:30 o'clock P.M.
The following members were present:
and the following were absent:
* * *
Member Neal
introduced the following written resolution and moved
its adoption the reading of which was dispensed with by unanimous consent:
RESOLUTION NO. 96 - 100
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 Temporary
Improvement Bonds, Series 1994A, dated November 1, 1994 (Bonds) in the total
principal amount of $2,095,000. Bonds maturing after November 1, 1996, are subject
to redemption and prepayment on that 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 November 1, 1997, be prepaid and
redeemed on November 1, 1996 and those Bonds are hereby called for redemption on
that date.
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3. The City Clerk -Treasurer is authorized and directed to mail a copy of
the notice of redemption in the form attached hereto as Exhibit A to the registrar for
the Bonds and to the original purchaser of the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Lyden , and upon vote being taken thereon, the following voted in
favor thereof: Bergeson, Kuether, Lyden, Neal, Landers.
and the following voted against: None.
whereupon said resolution was declared duly passed and adopted.
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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 regular meeting of the City
Council held on Monday, September 9, 1996, 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 $2,095,000 General Obligation
Temporary Improvement Bonds, Series 1994A, of the City.
WITNESS My hand as Clerk -Treasurer and the corporate seal of the City this
C: day of , 1996.
City Clerk -Treasurer
City of Lino Lakes, Minnesota
(SEAL)
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$2,095,000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS, SERIES 1994A
CITY OF LINO LAKES,
ANOKA COUNTY, MINNESOTA
CUSIP Number Rate Principal Called Maturity Date
536060 CYO 4.90% $2,095,000 November 1, 1997
NOTICE IS HEREBY GIVEN that the City of Lino Lakes, Minnesota, has called
for redemption on November 1, 1996, the aggregate principal amount outstanding of
its General Obligation Temporary Improvement Bonds, Series 1994A, dated November
1, 1994.
The Bonds are being redeemed at a price of par plus accrued interest to the
redemption date. On said date the principal amount and interest of each bond to be
redeemed will become due and payable, and from and after said date interest thereon
will cease to accrue and be payable.
The Registrar will not be responsible for the selection or use of the CUSIP
number, nor is any representation made as to the correctness indicated in the
Redemption Notice or on any Bond. It is included solely for convenience of the
Holders .
A Form W-9, Payer's Request for Taxpayer Identification Number, must be
completed and returned with the called bond or a specified percentage of the bond
redemption proceeds will be withheld. Payment of principal and accrued interest to
the redemption date of the bonds to be redeemed will be made on and after November
1, 1996 upon receipt of said bond, together with the completed Form W-9 to the
following address:
Norwest Bank Minnesota, N.A.
Attention: Corporate Trust Operations
255 Second Avenue South
Minneapolis, MN 55479-0113
If you request payment of principal and/or interest via wire transfer please
be advised there is a fee which will be deducted from your payment.
BY ORDER OF THE CITY COUNCIL
/ s / Marilyn Anderson
City Clerk -Treasurer
Dated: September 9, 1996.
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