HomeMy WebLinkAboutResolution 2021-112 Approving Bond Prepayment 2012A Bonds with Jessica Beise�XrI IV CT OF MINUTES OF A MEETING OF THE
E
ESOT
CITY COUNCIL OF TH
CITY OF CORCORA.N, MINN
1
Held: September 23, 202
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Corcoran, Hennepin County, Minnesota, was duly called to or
der on September 23 2021 at
7:00 P.M.
ma, N
The following members were present: McKee, Botteichols, and Vehrenkamp
and the following members were absent: Schultz
and m
Member Nichols introduced the following resolution oved its adoption:
EDEM
RESOLUTION CALLING FOR THE RPTION OF
THE OUTOUTSTANDING
ES OF
GENERAL OBLIGATION EQUIPMENT CERTIFICATINDEBTEDNESS, SERIES
2012A
Minne
012A,
A. The City Council of the City of Corcoran, sota issued $410,000 General
Obligation Equipment Certificates of Indebtedness, Series 2dated November 1, 2012; and
ry red
)le or
B . All of said bonds maturing or subject to mandatoemption on November 1, 2018
through 2022, inclusive, are subject to redemption, in whin part, and prepayment at the
option of the City on November 1, 2017 and on any date thereaft
ssuaner at par plus accrued interest,
all as provided in the resolution of the City authorizing the ic
e of said bonds; and
rest of
mption
resolut
C. The City deems it desirable and in the best intethe City to call $90,000 of the
outstanding bonds maturing or subject to mandatory redein the years 2021 and 2022 for
redemption on October 29, 2021, in accordance with said ion authorizing the issuance of
said bonds, and
NOW THEREFORE, BE IT RESOLVED by the C
ity Council of the City of
Corcoran, Minnesota as follows:
Certi
Mi
1. $90 000 of the General Obligation Equipment ficates of Indebtedness, Series
2012A, dated November l , 2012, of the City of Corcoran, nnesota, maturing or subject to
mandatory redemption in the years 2021 and 2022 shall be redeemed and prepaid on October 29,
2021, at 100% of their principal amount plus accrued interest for each such bond called.
2. -The City Acting Administrator is hereby authorized and directed to give mailed notice
A 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 Acting Administrator is hereby authorized and directed to deposit
bank where said bonds are payable prior to said call date sufficient funds to pay all prin
interest due on the bonds as of the call date.
w
ith the
cipal and
The motion for the adoption of the foregoing resolution was duly seconded by member
Bottema and upon a vote taken thereon,
,
Nicholsand Vehrenkamp
and the following voted against the same:
the following voted in favor thereof: McKee
, Bottema,
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
C OUNTY OF HENNEP IN
CITY OF CORCORAN
I, the undersigned, being the duly qualified and acting City Acting Administrator of the
City of Corcoran, Hennepin 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 City on September 23, 2021.
Acting City Administrator
(SEAL)
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2012A
DATED : NOVEMBER l , 2012
CITY OF CORCORAN, MI7�11`TESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Corcoran, Minnesota, there
have been called for redemption and prepayment on
OCTOBER 29, 2021
those outstanding bonds of the City designated as General Obligation Equipment Certificates of
Indebtedness, Series 2012A, dated November 1, 2012, maturing or subject to mandatory redemption in
the years 2021 and 2022 totaling $90,000 in principal amount and with the following CUSIP number:
Maturi
2022*
Principal Amount
CUSIP
*This is a Term Bond with a mandatory sinking fund payment in 2021.
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to October 29, 2021, 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 51' Street, Suite 3300, Minneapolis, Minnesota 55402, on or before October 29,
2021.
Dated: September 23, 2021
BY ORDER OF THE CITY COUNCIL
/s/ Jessica Beise
Acting City Administrator
Important Notice: In compliance with the Economic Growth and Tax Relief reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of 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.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
150 South 5�' Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920