HomeMy WebLinkAbout2022-105CITY OF COLUMBIA HEIGHTS, MINNESOTA
RESOLUTION NO.2022-105
RESOLUTION CALLING FOR REDEMPTION OF TAXABLE
GENERAL OBLIGATION HOUSING IMPROVEMENT AREA
BONDS, SERIES 2008A
BE IT RESOLVED by the City Council (the "Council") of the City of Columbia Heights,
Minnesota (the "City"), as follows:
A. The City has heretofore issued its Taxable General Obligation Housing Improvement Area
Bonds, Series 2008A, dated July 16, 2008 (the "Bonds"), in the original aggregate principal amount of
$975,000, of which $180,000 in principal amount is currently outstanding.
B. The Bonds are currently subject to call for prior redemption at the option of the City on
any date at a price of par plus accrued interest.
C. The City Council deems it desirable and in the best interests of the sound financial
management of the City that the outstanding Bonds maturing on February 1, 2024, comprised of a term
bond with two remaining mandatory sinking fund redemption installments due on February 1 in the years
2023 and 2024, which constitute all of the Bonds subject to redemption, be prepaid and redeemed on
December 16, 2022 (or on the .first date thereafter on which the City elects to redeem the Bonds and for
which U.S. Bank Trust Company, National Association (formerly, U.S. Bank, National Association), as
registrar for the Bonds (the "Registrar") can provide proper notice to the holders of the Bonds).
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights,
Minnesota, as follows:
1. The Bonds maturing on February 1, 2024, are hereby called for redemption and prepayment
in the aggregate principal amount of $180,000 on December 16, 2022, at a price of par and accrued interest.
2. The City Finance Director is hereby authorized and directed to cause the Registrar to mail
notice of the call for redemption of the Bonds, in substantially the form attached hereto in EXHIBIT A, to
The Depository Trust Company, as the registered owner of the Bonds to be redeemed, at the address shown
on the registration books kept by the Registrar. The Registrar is hereby authorized to take any and all other
actions deemed by the Registrar to be necessary or appropriate for the cash redemption and prepayment of
the Bonds maturing on and after December 16, 2022, and for all other actions related thereto.
3. The redemption price of the Bonds, comprised of the outstanding principal amount of the
Bonds plus accrued interest to December 16, 2022, will be paid from: (i) available cash revenues of the
City; and (ii) any amounts deposited in the debt service fund previously established for the Bonds.
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CL 162-65-834069.v1
Passed by the City Council of the City of Columbia Heights, Anoka County, Minnesota, and this
14th day of November, 2022.
Offered by: Murzyn, Jr.
Seconded by: Buesgens
Roll Call: All Ayes, Jacobs Absent
Attest: Am da Marquez mula, Mayor
'Sara Ion, City Clerk
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CL 162-65-834069.v1
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
CITY OF COLUMBIA HEIGHTS, MINNESOTA
TAXABLE GENERAL OBLIGATION HOUSING IMPROVEMENT AREA BONDS,
SERIES 2008A
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 on
December 16, 2022
(the "Redemption Date") the entire outstanding principal amount of the Taxable General Obligation
Housing Improvement Area Bonds, Series 2008A, dated July 16, 2008 (the "Series 2008A Bonds"), having
the stated maturity date set forth below, and totaling $180,000 remaining in aggregate principal, with the
interest rate and CUSIP number set forth below:
Maturitv Date
Principal
Amount
February 1, 2024* $ 180,000
Rate
6.05%
CUSIP
197684 MZ3
*Term bond subject to mandatory sinking fund redemption on February 1, 2023, in the principal amount
of $85, 000, and on February 1, 2024, in the principal amount of $95, 000.
The Series 2008A Bonds are being called at a price of par, plus accrued interest to the Redemption Date.
U.S. Bank Trust Company, National Association (formerly U.S. Bank, National Association) in Saint Paul,
Minnesota, as Bond Registrar, shall pay the Redemption Price to The Depository Trust Company in
accordance with the provisions of the Letter of Representations. No interest shall accrue on the Series
2008A Bonds subject to redemption and prepayment after December 16, 2022.
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of
2003, the City is required to withhold a specified percentage of the principal amount of the redemption
price payable to the holder of any Bonds subject to redemption and prepayment on the Redemption Date,
unless the City is provided with the Social Security Number or Federal Employer Identification Number of
the holder, properly certified. Submission of a fully executed Request for Taxpayer Identification Number
and Certification, Form W-9 (Rev. December 2011), will satisfy the requirements of this paragraph.
The City is not responsible for the selection or use of the CUSIP numbers with respect to the Series
2008A Bonds. The CUSIP numbers in this Notice of Optional Redemption are provided solely for the
convenience of the holders of the Series 2008A Bonds and no representation is made by the City as to the
accuracy of such CUSIP numbers.
Dated: [Date of submission to DTC].
BY ORDER OF THE CITY COUNCIL OF THE
CITY OF COLUMBIA HEIGHTS, MINNESOTA
A-1
CL162-65-834069.vl
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF COLUMBIA HEIGHTS
I, the undersigned, being the duly qualified and acting City Clerk of the City of Columbia Heights,
Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of
minutes of the City Council of the City held on the date therein indicated, with the original thereof on file
in my office, and the same is a full, true and complete transcript there from insofar as the same relates to
calling for redemption the outstanding Taxable General Obligation Housing Improvement Area Bonds,
Series 2008A.
WITNESS my hand as such Clerk this day of , 2022.
City Clerk
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CL162-65-834069.vl