HomeMy WebLinkAbout2010.11.02 RESO 2010-0055EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF HUGO, MINNESOTA
HELD: November 1, 2010Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Hugo, Washington County, Minnesota, was duly held at City Hall on
November 1, 2010, at 7:00 p.m. for the purpose, in part, of authorizing the call of certain
outstanding Taxable General Obligation Tax Increment Bonds, Series 2000A.
The following members were present: Haas, Petryk, Weidt, Klein, and Miron.
and the following were absent: None.
Member Haas introduced the following resolution and moved its adoption:
RESOLUTION NO. 2010 - 55
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS,
SERIES 2000A
WHEREAS, by Resolution duly adopted on November 6, 2000 (the "Resolution"), the
City issued $1,885,000 original principal amount of Taxable General Obligation Tax Increment
Bonds, Series 2000A, dated November 28, 2000 (the 'Bonds"). The City has sufficient funds on
hand in the debt service account of the Taxable General Obligation Tax Increment Bonds, Series
2000A Fund (the "2000 Fund") to call the remaining $1,250,000 outstanding principal amount of
the February 1, 2011 through 2018 maturities of the Bonds on December 15, 2010, at a price of
par plus accrued interest. The combined remaining outstanding balance of principal and interest
due on the Bonds is $1,284,771.14.
NOW, THEREFORE, be it resolved by the City Council of the City of Hugo, Minnesota,
as follows:
1.01 The City Council hereby determines that there exists sufficient funds in the 2000
Fund to prepay on December 15, 2010, $1,250,000 aggregate principal amount of Bonds
maturing on February 1 of the years 2011 through 2018, and the interest due thereon.
1.02 U.S. Bank National Association, in St. Paul, Minnesota (formerly, U.S. Bank
Trust National Association), the bank at which principal and interest on the Bonds are payable, 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.
1.03 No further action shall be required of the City Council to complete prepayment of
the Bonds.
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The motion for the adoption of the foregoing resolution was duly seconded by Member
Petryk, and upon vote being taken thereon, the following voted in favor thereof: Haas, Petryk,
Weidt, Klein, and Miron.
and the following voted against the same: None.
Whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF HUGO
I, the undersigned, being the duly qualified and acting City Clerk of the City of Hugo,
Minnesota, DO HEREBY CERTIFY that I have carefully 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 duly called and held on
the date therein indicated, insofar as such minutes relate to authorizing the call of the outstanding
Taxable General Obligation Tax Increment Bonds, Series 2000A.
WITNESS my hand officially on November 2, 2010.
City Clerk
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000A
CITY OF HUGO, WASHINGTON COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Hugo,
Washington County, Minnesota, there have been called for redemption and prepayment on
December 15, 2010
those outstanding bonds of the City designated Taxable General Obligation Tax Increment
Bonds, Series 2000A, dated November 28, 2000, having stated maturity dates in the year 2011
through 2018 and totaling $1,250,000 in principal amount and having CUSIP numbers listed
below:
Year CUSIP Number*
2012
2013
2014
2015
2016
2017
2018
The bonds are being called at a price of par plus accrued interest to December 15, 2010, on
which date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at U.S. Bank National Association
(formerly U.S. Bank Trust National Association), in St. Paul, Minnesota.
Dated: November 1, 2010.
BY ORDER OF THE CITY COUNCIL
CITY OF HUGO, MINNESOTA
/s/ .City Clerk
* The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any
representation made as to their correctness indicated in the notice. They are included solely
for the convenience of the holder.
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