HomeMy WebLinkAbout1992.08.17 RESO 1992-0022•
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
HUGO, MINNESOTA
HELD: August 17 , 1992
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Hugo, Minnesota, was duly
called and held at the City Hall in Hugo, Minnesota, on the 17th
day of August , 1992, at 7 o'clock P.M., for the purpose
in part of calling for redemption of outstanding bonds of the
$850,000 General Obligation Sanitary Sewer Improvement Bonds of
1974 of the City.
The following members were present: Bernard Brunotte, James Leroux,
Fran Miron, Walter Stoltzman
and the following were absent: Debra Barnes
Member Fran Miron introduced the following
resolution and moved its adoption:
RESOLUTION 1992-22
RESOLUTION CALLING FOR REDEMPTION OF
ALL OUTSTANDING BONDS OF THE CITY'S
$850,000 GENERAL OBLIGATION
SANITARY SEWER IMPROVEMENT BONDS OF 1974
A. WHEREAS, the City Council of the City of Hugo, Minnesota
(the "City"), by resolution adopted March 18, 1974, authorized
the issuance and sale of.$850,000 General Obligation Sanitary
Sewer Improvement Bonds of 1974 of the City dated April 1, 1974
(the "bonds"), to defray the expense of various sanitary sewer
improvements in the City (the "Project"); and
B. WHEREAS, special assessments have been prepaid in
amounts, which, together with investment income thereon, are
sufficient to prepay the bonds, which bear interest at rates per
annum of 5.60% and 5.70%; and
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C. WHEREAS, the bonds are subject to redemption and
prepayment on April 1, 1984, and on any interest payment date
thereafter at par plus accrued interest, and the City Council
deems it desirable and in the best interests of the City to
redeem the bonds on October 1, 1992, and to give notice thereof:
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Hugo, Minnesota, as follows:
1. Redemption of Bonds. The bonds shall be redeemed
and prepaid on October 1, 1992, at par and interest accrued to
the date of prepayment, and the Clerk -Treasurer and Administrator
are hereby authorized and directed to cause notice of the call to
be published in Northwestern Financial Review prior to said
prepayment date and to be given by mail by September 1 to the
paying agent for the bonds, who shall give mailed notice to any
holders of the bonds who have requested mailed notice and who
have registered with the Clerk -Treasurer or the paying agent.
Said notice shall be in substantially the form set forth in
Exhibit A attached hereto and incorporated herein by reference.
2. Source. The Sinking Fund Account in the General
Obligation Sanitary Sewer Improvement Bonds of 1974 Fund shall be
the source of the moneys used to redeem and prepay the bonds.
Upon roll call, voting AYE: Brunotte, Leroux, Miron, Stotlzman
Voting NAY: None
Whereupon said resolution was declared passed and adopted this 17th day
of August, 1992.
ATTEST:
Mary V
reager, City Cle
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Walter L. Stoltzman, Mayor