HomeMy WebLinkAbout18-09-31 EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF OAK PARK 1-11:1GUTS, MINNESOTA
Held: September 11, 2018
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Oak Park Heights, Washington County, Minnesota, was duly called to order on September 11,
2018 at 6:00 P.M.
The following members were present: COunc i lmembers Dougherty, L i 1 j egren,
Runk, Swenson and Mayor McComber
and the following members were absent: None
Member Runk introduced the following resolution and moved its adoption:
RESOLUTION 18-09-31
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2009A
WHEREAS:
A. The City Council of the City of Oak Park Heights, Minnesota issued $1,195,000
General Obligation Capital Improvement Plan Bonds, Series 2009A, dated September 15, 2009;
and
B. All of said bonds maturing or subject to mandatory redemption on December 15, 2017
through 2019,. inclusive, December 15, 2016, and on any date thereafter at par plus accrued
interest, all as provided in the resolution of the City authorizing the issuance of said bonds; and
C. The City deems it desirable and in the best interest of the City to call $290,000 of the
outstanding bonds maturing or subject to mandatory redemption in the years 2018 and 2019 for
redemption on October 19, 2018, in accordance with said resolution authorizing the issuance of
said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Oak Park Heights, Minnesota as follows:
1. $290,000 of the General Obligation Capital Improvement Plan Bonds, Series 2009A,
dated September 15, 2009, of the City of Oak Park Heights, Minnesota, maturing in the years
2018 and 2019, shall be redeemed and prepaid on October 19, 2018, at 100% of their principal
amount plus accrued interest for each such bond called.
2. The City Finance Director is hereby authorized and directed to give mailed notice of
call to the bank where said bonds are payable and said bank shall provide such notice to the
holders of the bonds as may be required by law. Said notice shall be in substantially the attached
form.
3. The City Finance Director is hereby authorized and directed to deposit with the bank
where said bonds are payable prior to said call date sufficient funds to pay all principal and
interest due on the bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by member
L i 1 j egren and upon a vote taken thereon, the following voted in favor thereof: a 11 members
and the following voted against the same.Ione
Whereupon said resolution was declared duly passed and adopted this 11 t" day of
September, 2018.
M y M�¢ omber, Mayor
Attest:
Eric Johnson. Cik AdviTnistrator
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2009A
DATED: SEPTEMBER 15, 2009
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Oak Park Heights,
Minnesota,there have been called for redemption and prepayment on
OCTOBER 19, 2018
those outstanding bonds of the City designated as General Obligation Capital Improvement Plan Bonds,
Series 2009A, dated September 15, 2009, maturing in the years 2018 and 2019, totaling $290,000 in
principal amount and with the following CUSIP numbers:
Maturijy Principal Amount CUSIP
2018 $140.000 671562HF6
2019 150.000 671562HG4
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to October 19, 2018, 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 to Northland Trust
Services, Inc., 150 South 5t" Street, Suite 3300, Minn4innes, 5402, on or before October
19, 2018.
Dated: September 11, 2018.
CITY OUNCIL
Important Notice: In compliance with the Economic Growth a Tax Relief reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicab backup withholding rate in effect at the
time of the payment by the redeeming institutions if they ar not provided with your social security
number or federal employer identification number, properly rtified. This requirement is fulfilled by
submitting a W-9 Form, which may be obtained at a bank or of er financial institution.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
150 South 51" Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920
STATE OF MrNNESOTA
COUNTY OF WASHINGTON
CITY OF OAK PARK HEIGHTS
1, the undersigned, being the duly qualified and acting City Administrator of the City of
Oak Park Heights, Washington County, Minnesota, DO HEREBY CERTIFY, that I have
carefully compared the preceding extract of minutes of a meeting of the City Council of said City
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 insofar as said minutes relate to the topic
described in the title of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the C' y on S mber 11, 2018.
"City m�ntstratot-
(SEAL)