2019.03.04 RESO 2019-11 Call of Outstanding GO Bonds

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RESOLUTION NO. 2019-11 RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A WHEREAS, by a resolution duly adopted on September 17, 2007 (the "Resolution"), the City issued $1,230,000 original principal amount of General Obligation Improvement Bonds, Series 2007A, dated October 1, 2007 (the "Bonds"). The City has sufficient funds on hand in the debt service account of the General Obligation Improvement Bonds, Series 2007A Fund (the "Debt Service Account") to call the remaining $150,000 outstanding principal amount of the Term Bond maturing February 1, 2021, and the $110,000 outstanding principal amount of the Term Bond maturing February 1, 2023 on May 1, 2019, at a price of par plus accrued interest. NOW, THEREFORE, be it resolved by the City Council of the City of Hugo, Minnesota, as follows: 1. The City Council hereby determines that there exists sufficient funds in the Debt Service Account to prepay on May 1, 2019, $150,000 aggregate principal amount of the Term Bond maturing on February 1 of the year 2021, and $110,000 aggregate principal amount of the Term Bond maturing on February 1 of the year 2023, and the interest due thereon. 2. U.S. Bank National Association, Saint Paul, Minnesota, the paying agent for the principal and interest on the Bonds, is hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as Exhibit A to be given in accordance with the provisions of the Resolution. 3. No further action shall be required of the City Council to complete prepayment of the Bonds. Whereupon said resolution was declared passed and adopted this 4th day of March 2019. Tom Veidt, Mayor ATTEST: Michele Lindau, City Clerk