HomeMy WebLinkAbout2003.01.21 RESO 2003-0005r
V.
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF HUGO, MINNESOTA
HELD: January,Z 1, 2003
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 duly held at City Hall on January 20,
2003, at 7:00 o'clock p.m. for the purpose, in part, of authorizing the call of certain outstanding
General Obligation Water and Sewer Revenue Bonds of 1993.
The following members were present: Mike Granger, Becky Petryk, Frank Puieo,
Fran Miron
and the following were absent: Chuck Haas
Councilmember Petryk introduced the following resolution and moved its adoption:
RESOLUTION 2003-5
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1993
WHEREAS: by resolution duly adopted on July 6, 1993, the City issued $1,205,000
General Obligation Water and Sewer Revenue Bonds of 1993, dated July 1, 1993 (the "Bonds").
The City has sufficient funds on hand in the water and sewer fund to call the remaining $150,000
outstanding February 1, 2004, maturity of the Bonds on March 1, 2003, at a price of par plus
accrued interest. The combined remaining outstanding balance of principal and interest due on
the Bonds is $150,625.00.
NOW, THEREFORE, be it resolved -by the City of Hugo, Minnesota, as follows:
1.01 This Council hereby determines that there exists sufficient funds in the water and
sewer fund to prepay on March 1, 2003, $150,000 aggregate principal amount of Bonds maturing
in the year 2004.
1.02 U. S. Bank Trust Association, in St. Paul, Minnesota (successor to American
National Bank and Trust Company), the bank at which principal and interest are payable, is
hereby authorized and directed to cause the Notice of Redemption attached hereto as Exhibit A
to be given in accordance with the provisions of the City's resolution adopted on July 6, 1993.
1.03 No further action shall be required of the Council to complete prepayment of the
Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Granger , and upon vote being taken thereon, the following voted in favor
thereof:
Mike Granger, Becky Petryk, Frank Pulee, Fran Miron
and the following voted against the same: NONE
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Whereupon the resolution was declared duly passed and adopted.
Dated: January.,?/.�2003.
Cityr -Treasurer
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STATE OF MINNESOTA )
) ss.
COUNTY OF WASHINGTON )
I, the undersigned, being the duly qualified and acting City Clerk -Treasurer of the City of
Hugo, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes of a meeting of the City Council held on the date therein indicated
with the original minutes thereof on file in my office and that the same is a full, true and correct
transcript thereof.
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WITNESS my hand officially on January.Q/, 2003.
City Cl Treasurer
3
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1993
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
March 1, 2003
those outstanding bonds of the City designated as General Obligation Water and Sewer Revenue
Bonds of 1993, dated July 1, 1993, having a stated maturity date in the year 2004 and totaling
$150,000 in principal amount. The bonds are being called at a price of par plus accrued interest
to March 1, 2003, 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 Trust Association (successor to American National Bank and Trust Company), 180 East
Fifth Street, 3`d Floor -Bond Drop Window, or if by mail, to P.O. Box 64111, in St. Paul,
Minnesota 55164-0111, on or before March 1, 2003.
Dated: January A/, 2003.
BY ORDER OF THE CITY COUNCIL
C]TY OF HUGO, MINNESOTA
/s/ Mary Ann Creaser. Clerk -Treasurer
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