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HomeMy WebLinkAboutResolution No. 2011-124 Extract of Minutes of Meeting of the City Council of the City of Columbia Heights, Anoka County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Columbia Heights, Minnesota, was duly held in the City Hall in the City of Columbia Heights, on Monday, October 24, 2011, commencing at 7:00 P.M. The following members were present: Mayor Peterson, Council member Nawrocki, Council member Diehm, Council member Schmitt. and the following were absent: Council member Williams * ** * ** * ** Member Diehm introduced the following written resolution and moved its adoption, the reading of which was dispensed with by unanimous consent: RESOLUTION NO. 2011-124 RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY BE IT RESOLVED By the City Council of the City of Columbia Heights, Anoka County, Minnesota, as follows: 1. The City has issued and sold its General Obligation Improvement and Sewer and Water Revenue Bonds, Series 2003A, dated June 1, 2003 (the "Bonds ") in the total principal amount of $2,600,000. Bonds maturing on or after February 1, 2010, are subject to redemption and prepayment on February 1, 2011 and on any date thereafter at a price of par plus accrued interest. 2. It is determined that it is in the best interests of the sound financial management of the City that Bonds maturing on February 1 in the years 2012 to and including 2018, comprising all of the Bonds subject to redemption, be prepaid and redeemed on December 1, 2011 and those Bonds are hereby called for redemption on that date. 3. The Registrar is authorized and directed to publish, in accordance with law, a notice of call for redemption of the Bonds in the form attached hereto as EXHIBIT A to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar, and to mail a copy of the notice to the original purchaser of the Bonds. (The remainder of this page is intentionally left blank.) The motion for the adoption of the foregoing resolution was duly seconded by Member Schmitt, and upon vote being taken thereon, the following voted in favor thereof: Mayor Peterson, Council member Nawrocki, Council member Diehm, Council member Schmitt. and the following voted against: - none whereupon said resolution was declared duly passed and adopted. _ ayor Gary L. ` eterson I / Patricia Muscovit CMC CityjClerk EXHIBIT A NOTICE OF CALL FOR REDEMPTION $2,600,000 GENERAL OBLIGATION IMPROVEMENT AND SEWER AND WATER REVENUE BONDS, SERIES 2003A CITY OF COLUMBIA HEIGHTS ANOKA COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Columbia Heights, Anoka County, Minnesota, there have been called for redemption and prepayment on DECEMBER 1, 2011 all outstanding bonds of the City designated as General Obligation Improvement and Sewer and Water Revenue Bonds, Series 2003A, dated June 1, 2003, having stated maturity dates of February 1 in the years 2012 through 2018, both inclusive, totaling $1,220,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP 2012 $190,000 197684 KZ5 2013 190,000 197684 LA9 2014 165,000 197684 LB7 2015 165,000 197684 LC5 2016 165,000 197684 LD3 2017 170,000 197684 LE1 2018 175,000 197684 LF8 The bonds are being called at a price of par plus accrued interest to December 1, 2011,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 the main office of U.S. Bank National Association, in the City of St. Paul, Minnesota, on or before December 1, 2011. Ifbymail: Ifbyhand: U.S. Bank National Association U.S. Bank National Association Corporate Trust Operations 60 Livingston Avenue 60 Livingston Avenue 3 Floor — Bond Drop Window EP- MN -WS3C St. Paul, MN 55107 St. Paul, MN 55107 393370v1 SJB CL162 -46 Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003, federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time the payment by the redeeming institutions if they are not provided with your social security number or federal employer identification number, properly certified. This requirement is fulfilled by submitting a W -9 Form, which may be obtained at a bank or other financial institution. The Registrar will not be responsible for the selection or use of the CUSIP number, nor is any representation made as to the correctness indicated in the Redemption Notice or on any Bond. It is included solely for convenience of the Holders. Additional infonuation may be obtained from: U.S. Bank National Association Corporate Trust Division Bondholder Relations (800) 934 -6802 Dated: October 24, 2011. BY ORDER OF THE CITY COUNCIL By /s/ Patty Muscovitz City Clerk City of Columbia Heights, Minnesota 39337th 1 SJB CL162 -46