HomeMy WebLinkAbout2015-07Extract 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 City Council of the City of Columbia
Heights, Minnesota, was duly held in the City Hall on Monday, January 26, 2015, commencing at 7:00 P.M.
The following members were present:
Mayor Peterson, Councilmembers Nawrocki, Williams, Schmitt and Murzyn Jr.
and the following were absent:
None
Member Williams introduced the following written resolution, the reading of which was dispensed
with by unanimous consent, and moved its adoption:
4553500 MNI CL162 -39
RESOLUTION NO. 2015-07
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF A PORTION OF THE CITY'S OUTSTANDING
GENERAL OBLIGATION STREET REHABILITATION BONDS,
SERIES 2007A
BE IT RESOLVED By the City Council of the City of Columbia Heights, Anoka County, Minnesota
(the "City "), as follows:
1. The City previously, issued and sold its General Obligation Street Rehabilitation Bonds,
Series 2007A (the "Bonds "), dated September 19, 2007, in the original aggregate principal amount of
$1,000,000, of which $460,000 in principal amount is currently outstanding. Bonds maturing on or after
February 1, 2016, are subject to call for prior redemption on February 1, 2015, or on any date thereafter at
a price of par plus accrued interest. Redemption may be in whole or in part, and if in part, at the option of
the City and in such order as the City will determine and within a maturity selected by the U.S. Bank
National Association, Saint Paul, Minnesota, acting as the registrar for the Bonds (the "Registrar ").
Prepayments will be 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, 2017, and thereafter be prepaid and redeemed on
March 13, 2015 (or on the first date thereafter for which the Registrar can provide proper notice to the
holders of the Bonds), and those Bonds are hereby called for redemption on that date in the aggregate
principal amount of $245,000.
3. The Registrar is authorized and directed to mail notice of call for redemption of the
Bonds in the form attached hereto as EXHIBIT A to the registered owners of each Bond to be redeemed
at the address shown on the registration books kept by the Registrar.
4. The City Finance Director will also cause the notice of redemption to be disclosed
pursuant to the Continuing Disclosure Certificate, dated September 19, 2007, related to the Bonds.
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455350v1 MN1 CL162 -39
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, Councilmembers Nawrocki, Williams, Schmitt and Murzyn Jr.
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
Adopted: January 26, 2015
Mayor
ATTEST:
City Clerk
455350v1 MNI CL162 -39
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$1,000,000
CITY OF COLUMBIA HEIGHTS, MINNESOTA
GENERAL OBLIGATION STREET REHABILITATION BONDS
SERIES 2007A
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Columbia
Heights, Anoka County, Minnesota (the "City"), there have been called for redemption and prepayment
Oil
March 13, 2015
certain outstanding bonds of the City designated as General Obligation Street Rehabilitation Bonds,
Series 2007A, dated September 19, 2007, having stated maturity dates of February 1 in the years 2017
through 2018, both inclusive, totaling $245,000 in principal amount, and with the following CUSIP
numbers:
Year of Maturity Amount CUSIP
2017 $120,000
2018 125,000
197684 MI-13
197684 MJ9
The bonds are being called at a price of par plus accrued interest to March 13, 2015, 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 Saint Paul, Minnesota, on or March 13, 2015.
If by mail:
U.S. Bank National Association
Corporate Trust Operations, 3`d Floor
P.O. Box 64111
St. Paul, MN 55164 -0111
If by hand or overnight:
U.S. Bank National Association
60 Livingston Avenue
EP- MN -WS3C
Bond Drop Window, I" Floor
St. Paul, MN 55107
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.
455350v1 MN1 CL162 -39 A -1
Dated: January 26, 2015.
BY ORDER OF THE CITY COUNCIL OF THE CITY
OF COLUMBIA HEIGHTS, MINNESOTA
By /s/ Walt Fehst
City Manager
City of Columbia Heights, Minnesota
455350v1 MNI CLI62 -39 A -2
STATE OF MINNESOTA )
COUNTY OF ANOKA ) SS.
CITY OF COLUMBIA HEIGHTS )
I, the undersigned, being the duly qualified City Clerk of the City of Columbia Heights, Minnesota
(the "City "), do hereby certify that I have carefully compared the attached and foregoing extract of minutes of
a regular meeting of the City Council held on Monday, January 26, 2015, with the original thereof on file in
my office, and the same is a full, true, and complete transcript therefrom insofar as the same relates to the
prepayment and redemption of the City's General Obligation Street Rehabilitation Bonds, Series 2007A,
issued in the original aggregate principal amount of $1,000,000.
WITNESS my hand as City Clerk and the corporate seal of the City this 26 " day of January, 2015.
i
City Clerk
City of Columbia Heights, Minnesota
(SEAL)
455350v1 MNI CLI62 -39