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Home My WebLink AboutCC RES 03-103 A RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 199B, DTED DECEMBER 1, 1995 Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 104592 Box: 31 Folder: RES 2003 Document: CC RES 03-103 A RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1996, DTED DECEMBER 1,. 199S • EXTRACT OF MINUTES OF MEETING CITY COUNCIL OF THE CITY OF ST. ANTHONY, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of St. Anthony, Minnesota, was duly called and held at City Hall in St. Anthony, Minnesota, on Monday, December 8, 2003. The following members were present: Hodson, Faust, Thuesen, Sparks, Horst and the following members were absent: None Member Faust introduced the following resolution and moved its adoption: Resolution No. 03- 103 RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 19958, DATED DECEMBER 1, 1995 WHEREAS, the City Council of the City of St. Anthony, Minnesota, issued on behalf of the City of St. Anthony, Minnesota $2,650,000 General Obligation Tax Increment Bonds, Series 1995B, dated • December 1, 1995 (the"Series 1995B Bonds"), of which $4,460,000 still remains outstanding; and WHEREAS, all of the Series 1995B Bonds maturing in the years 2005 through 2010, inclusive, are subject to redemption and prepayment at the option of the City on February 1, 2004 and on any date thereafter at a price of par, plus accrued interest, all as provided in the resolution adopted by the City Council of the City of St. Anthony, Minnesota on November 27, 1995, authorizing the issuance of the Series 1995B Bonds (the"1995 Resolution"); and WHEREAS, the City Council of the City of St. Anthony, Minnesota deems it desirable and in the best interests of the City of St. Anthony to call those bonds maturing in the years 2005 through 2010, inclusive, totaling $1,280,000 in principal amount, on February 1, 2004, in accordance with the 1995 Resolution; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota, as follows: (1) All of the Series 1995B Bonds maturing in the years 2005 through 2010, inclusive, totaling $1,280,000 in principal amount shall be redeemed and prepaid on February 1, 2004, at par, plus accrued interest. (2) The City Clerk of the City of St. Anthony, Minnesota is hereby authorized and directed to give mailed notice of call, prior to February 1, 2004, for the Series 1995B Bonds, to the Bond Registrar/Paying Agent, U.S. Bank National Association as successor to Firstar Trust Company, (as agent for Firstar Bank, N.A.), successor to American Bank, National Association, in St. Paul, Minnesota, and to all holders of the Bonds. Said notice shall be substantially in the form shown as Exhibit A. • (3) The City Clerk of the City of St. Anthony is hereby authorized and directed to deposit with the Bond Registrar/Paying Agent of the Series 1995B Bonds, U.S. Bank National Association successor to Firstar Trust Company, (as agent for Firstar Bank, N.A.), successor to American Bank, National Association, prior to the call date of February 1, 2004, sufficient funds to pay • The motion for the adoption of the foregoing resolution was duly seconded by Member Sparks and upon a vote being taken thereon, the following voted in favor thereof: Hodson, Faust, Thuesen, Sparks, Horst and the following voted against the same: None Whereupon said resolution was declared asse and a o May6r City Clerk • • STATE OF MINNESOTA COUNTY OFA q en n e Pi n CITY OF ST. ANTHONY I,the undersigned, being the duly qualified and acting City Clerk of the City of St.Anthony,Minnesota (the"City'), hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Monday,December 8,2003,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 Tax Increment Bonds, Series 1995B of the City. WITNESS My hand as City Clerk and the corporate seal of the City this 8th day of December,2003. d)--Z--x e*e City Clerk City of St. Anthony, Minnesota (SEAL) • EXHIBIT A NOTICE OF REDEMPTION • General Obligation Tax Increment Bonds, Series 1995B Dated December 1, 1995 City of St. Anthony, Minnesota NOTICE IS HEREBY GIVEN that by order of the City Council of the City of St.Anthony, Minnesota, there have been called for redemption and prepayment on February 1, 2004 the following outstanding bonds of the City designated as General Obligation Tax Increment Bonds, Series 1995B, dated December 1, 1995: Maturity Date Principal Amount Interest Rate CUSIP Number* February 1, 2005 $190,000 4.70% 787260 HR2 February 1, 2006 195,000 4.80% 787260 HSO February 1, 2007 205,000 4.90% 787260 HT8 February 1, 2008 220,000 5.00% 787260 HU5 February 1, 2009 230,000 5.10% 787260 HV3 February 1, 2010 240,000 5.20% 787260 HW1 The bonds are being called at a price of 100% of their principal amount plus accrued interest to February 1, 2004, on which date they will cease to bear interest. Holders of such bonds hereby called for redemption should present their Bonds for payment to U.S. Bank National Association (successor to American Bank, National Association)at the address below,on or before February 1, 2004. • If by Mail If by Hand or Overnight Mail U.S. Bank National Association U.S. Bank National Association Corporate Trust Department U.S. Bank Trust Center P.O. Box 64111 Bond Drop Window St. Paul, MN 55164-0111 60 Livingston Avenue St. Paul, Minnesota, MN 55107 It is recommended that you mail your bonds registered or certified mail to guard against loss. BY ORDER OF THE CITY COUNCIL CITY OF ST. ANTHONY, MINNESOTA /sl Mayor Dated: November 14, 2003 Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001, 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. • *Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use of the CUSIP number, and no representation is made as to its correctness indicated in the Notice of Redemption. CUSIP numbers are included solely for the convenience of the Holders. EHLERS December 31, 2003 & ASSOCIATES INC Mike Morison, City Manager City of St. Anthony 3301 Silver Lake Road NE St. Anthony Village,MN 55418 RE: Request for Certification of Tax Increment Financing District No. 3-5. This letter is to confirm that Ehlers & Associates, Inc. has delivered the following documents to the appropriate state and county agencies regarding the Modification to the Redevelopment Plan for Redevelopment Project Area No. 3 and the Establishment of Tax Increment Financing District No. 3-5, as approved by the City Council on September 23, 2003. The following action was taken: (1) A letter dated December 31,2003 was sent to the Ramsey County Auditor accompanied by a copy of the City Council resolution approving the Establishment of Tax Increment Financing District No. 3-5 and the Modification to the Redevelopment Plan for Redevelopment Project Area No. 3; a copy of the City Council meeting minutes from September 23,2003;the HRA resolution adopting the Tax Increment Financing Plan for Tax Increment Financing District No. 3-5 and the Modification to the Redevelopment Plan for Redevelopment Project Area No. 3; a copy of the Tax Increment Financing Plan and the Modification to the Redevelopment Plan;the County Auditor's Certificate as to Original Net Tax Capacity and Original Local Tax Rate; a list of the parcels included in Tax Increment • Financing District No.3-5;and a copy ofthe Tax Increment Financing Certification Request Supplement Form; (2) A letter dated December 31,2003 was sent to the Minnesota Department of Revenue along with a copy of the City Council resolution; a copy of the City Council minutes; a copy of the HRA resolution; a copy of the Tax Increment Financing Plan and the Modification to the Redevelopment Plan;and a copy of the Tax Increment Financing Certification Request Supplement Form. Enclosed is a compilation of all the documents related to the establishment of Tax Increment Financing District No. 3-5 and the Modification to the Redevelopment Plan. If you have any questions on this or any other matter,please contact me at 651-697-8516. Sincerely, EHLERS & ASSOCIATES, INC. Rebecca Kurtz Financial Advisor Enclosures cc: Connie Kroeplin, City of St. Anthony Jerome Gilligan,Dorsey&Whitney, LLP Equal Opportunity Employer L E A D E R S I N P U B L I C F I N A N C E Charter Member of the National Association of Independent Public Finance Advisors 3060 Centre Pointe Drive, Roseville, MN 551131105 651 697 8500 fax 651 697 8555 www ehlers-inc corn