HomeMy WebLinkAbout2006.11.06 RESO 2006-0061LJ
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EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA
HELD: November 6, 2006
Pursuant to due call and notice thereof, a regular or special meeting of the City
Council of the City of Hugo, Washington County, Minnesota, was held at the City Hall in said
City on Monday, the 6a' day of November, 2006, at 7:00 o'clock P.M.
The following members were present:
Mike Granger, Chuck Haas, Becky Petryk, Frank Puleo, and Fran Miron
and the following were absent: NONE
Member
moved its adoption:
Chuck Haas
introduced the following resolution and
RESOLUTION 2006-61
RESOLUTION CALLING FOR REDEMPTION
OF CERTAIN OUTSTANDING BONDS
A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City")
issued on behalf of the City $320,000 Taxable General Obligation Tax Increment Bond, Series
1997, dated September 1, 1997 (the "Bonds"), of which $185,000 remain outstanding; and
B. WHEREAS, all of the said Bonds maturing in the years 2008 and
thereafter, are subject to redemption and prepayment at the option of the City, on February 1,
2007, and on any date thereafter, at par and accrued interest, all as provided in the resolution of
the City Council authorizing the issuance of said Bonds (the "Prior Resolution"); and
C. WHEREAS, the City Council deems it desirable and in the best interests
of the City to call the 2008 through 2012 maturities of the Bonds, inclusive, totaling $160,000 in
principal amount, on February 1, 2007, in accordance with the Prior Resolution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, as follows:
1. Bonds to be Redeemed. All of the Bonds maturing in the years 2008
through 2012, inclusive, shall be redeemed and prepaid on February 1, 2007 at par and accrued
interest for each such Bond called.
2. Mailing of Notice of Call. The City Clerk shall cause the Notice of Call
for Redemption attached hereto as Exhibit A to be mailed not less than thirty days prior to
February 1, 2007, the date for call, to the paying agent where said Bonds are payable and to all
registered holders of the Bonds.
195469av1
3. Deposit of Sufficient Funds. The City Finance Director is hereby
authorized and directed to deposit with the bank where said Bonds are payable prior to said call
date sufficient funds to pay the principal and interest due on the Bonds called for redemption as
of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by
member �y Petryk and upon a vote being taken thereon, the following voted in
favor thereof:
Mike Granger, Chuck Haas, Becky Petryk, Frank Puleo, and Fran Miron
and the following voted against the same: NONE
Whereupon said resolution was declared duly and adopted.
1
Clerk
1954694x1
Exhibit A
NOTICE OF CALL FOR REDEMPTION
TAXABLE GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1997
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
February 1, 2007
those outstanding bonds of the City designated as Taxable General Obligation Tax Increment
Bond, Series 1997, dated September 1, 1997, having stated maturity dates in the years 2008
through 2012, inclusive, and totaling $160,000 in principal amount. The bonds are being called
at a price of par plus accrued interest to February 1, 2007, 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 U.S. Bank National Association, as successor to Firstar Bank
of Minnesota, N.A., St. Paul, Minnesota, on or before February 1, 2007.
Dated: November 6, 2006
BY ORDER OF THE CITY COUNCIL
/s1 Mary Ann Creager
Clerk
Important Notice: Under the Interest and Dividend Compliance Act of 1983,31% will be
withheld if tax identification is not properly certified.
A-1
19546941