HomeMy WebLinkAboutResolution 09-EDA-255MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF NIINNESOTA
RESOLUTION 09-EDA-255
AUTHORIZING THE REDEMPTION AND PREPAYMENT OF THE
AUTHORITY'S TAXABLE TAX INCREMENT REVENUE BONDS,
SERIES 2001
BE IT RESOLVED by the Board of Commissioners of the Mounds View Economic Development
Authority (the "Authority") that:
Section 1. Authorization and Recitals.
1.01. Pursuant to Minnesota Statutes, Sections 469.090 through 469.108, the Authority previously
issued and sold its Taxable Tax Increment Revenue Bonds, Series 2001 (the "Bond"), dated October 1, 2001,
in the original aggregate principal amount of $815,000, of which $394,000 in principal amount is currently
outstanding. The Bond maturing on February 1, 2013, is subject to call for prior redemption on February 1,
2010, or on any February 1 or August 1 (each an "Interest Payment Date") thereafter at a price of par, plus
accrued interest to the date of redemption. The Bond was issued under an Indenture of Trust, dated
October 1, 2001 (the "Indenture"), between the Authority and U.S. Bank National Association (formerly
known as U.S. Bank Trust National Association), Saint Paul, Minnesota, as trustee (the "Trustee").
1.02. The Bond matures on February 1, 2013, with principal and interest due in semiannual
installments on February 1 and August 1.
1.03. On February 1, 2010 (the "Redemption Date"), the Authority proposes to redeem and prepay
the outstanding principal amount of the Bond in the amount of $345,000, plus accrued interest to the
Redemption Date.
Section 2. Findings.
It is in the best interests of the Authority that the Authority redeem and prepay the outstanding Bond,
in whole, upon the terms set forth in the Indenture.
Section 3. Approval of Redemption.
3.01. The Authority hereby authorizes the redemption and prepayment of the Bond, in whole, upon
the terms set forth in the Indenture and this Resolution, and under such terms, conditions, and requirements
approved by the Executive Director of the Authority.
3.02. The Trustee is authorized and directed to send a copy of the Notice of Redemption to each
registered owner of the Bond.
3.03. The President and the Executive Director of the Authority or their designees are hereby
authorized and directed to execute all notices and other documents required as a condition to the redemption
and prepayment of the Bond, as prescribed herein and in the Indenture, and to deliver them to the Trustee,
together with a certified copy of this Resolution, any other documents required in the Indenture, and such other
certificates, documents, and instruments as may be appropriate to effect the transactions herein contemplated.
3.04. The approval hereby given includes an approval of modifications thereto, deletions therefrom,
and additions thereto as may be necessary and appropriate and approved by Kennedy & Graven, Chartered, as
Bond Counsel, and the Executive Director prior to the execution of the documents. The execution of an
instrument by the appropriate officer or officers of the Authority herein authorized shall be conclusive evidence
of the approval of such documents in accordance with the terms hereof. In the absence or disability of the
President, any of the documents authorized by this resolution to be executed may be executed by another
member of the Board of Commissioners of the Authority, and in the absence or disability of the Executive
Director by such officer of the Authority who, in the opinion of Kennedy & Graven, Chartered, as Bond
Counsel, may execute such documents.
Section 4. Authentication of Proceedings.
4.01. The President, Executive Director and other officers of the Authority are authorized and
directed to furnish to the Trustee and Kennedy & Graven, Chartered, as Bond Counsel, certified copies of all
proceedings and records of the Authority relating to the redemption and prepayment of the Bond, and such
other affidavits and certificates as may be required to show the facts relating to such redemption and
prepayment as such facts appear from the books and records in the officer's custody and control or as otherwise
known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished,
shall constitute representations of the Authority as to the truth of all statements contained therein.
4.02. This Resolution shall be in full force and effect from and after its passage.
Adopted by the Board of Commissioners of the Mounds View Economic Development Authority this
14th day of December, 2009.
MOUNDS VIEW ECONOMIC
DEVE OPMENT AUTHORITY
esident
Attest:
Executive Director
MU205-42 ($ W.l)
360473v1
NOTICE OF CALL FOR REDEMPTION
$815,000
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
TAXABLE TAX INCREMENT REVENUE BONDS
SERIES 2001
NOTICE IS HEREBY GIVEN that, by order of the Board of Commissioners of the Mounds View
Economic Development Authority, Mounds View, Minnesota (the "Authority"), there have been called for
redemption and prepayment on
February 1, 2010
all outstanding bonds of the Authority designated as Taxable Tax Increment Revenue Bonds, Series 2001,
dated October 1, 2001, with a stated maturity date and principal amount as set forth below:
Year Amount
2013 $345,000
The bonds are being called at a price of par plus accrued interest to February 1, 2010, on which date all interest
on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present
their bonds for payment at the main office of U.S. Bank National Association (formerly known as U.S. Bank
Trust National Association), in the City of Saint Paul, Minnesota, on or before February 1, 2010.
If by mail;
U.S. Bank National Association
Corporate Trust Operations
60 Livingston Avenue
EP-MN-WS3C
St. Paul, MN 55107
If b~hand:
U.S. Bank National Association
60 Livingston Avenue
3rd Floor -Bond Drop Window
St. Paul, MN 55107
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time the
payment by the redeeming institutions if they are not provided with your social security number or federal
employer identification number, properly certified. This requirement is fulfilled by submitting a W-9 Form,
which may be obtained at a bank or other financial institution.
Additional information may be obtained from:
U.S. Bank National Association
Corporate Trust Division
Bondholder Relations (800) 934-6802
Dated: l'am' j ~, 200 ~'
BY ORDER OF THE BOARD OF
COMMISSIONERS
By /s/ Jim Ericson
Executive Director, Mounds View Economic
Development Authority
MU205-42 (BWJ)
360474v1