HomeMy WebLinkAboutResolution 2018-63 Redemption of Outstanding Certificates of IndebtednessEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF CORCORAN, MINNESOTA
Held: August 9, 2018
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 order on August 9, 2018, at 7:00
P.M.
The following members were present: Mayor Ron Thomas, Councilor Jon Botteffia, and
Councilor Tonya LaFave.
and the following members were absent: Councilor Brian Dejewski and Councilor Mike Keefe
Member LaFave introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES
2010A
WHEREAS:
A. The City Council of the City of Corcoran, Minnesota issued $470,000 General
Obligation Equipment Certificates of Indebtedness, Series 2010A, dated April 1, 2010; and
B. All of said certificates maturing or subject to mandatory redemption on February 1,
2016 through 2020, inclusive, are subject to redemption, in whole or in part, and prepayment at
the option of the City on February 1, 2015, and on any date thereafter at par plus accrued interest,,
all as provided in the resolution of the City authorizing the issuance of said certificates; and
C. The City deems it desirable and in the best interest of the City to call $118,000 of the
outstanding ertificates maturing or sub ect to mandatory redemption in the years 2019 and 2020,
9 j p
for redemption on September 11, 2018, in accordance with said resolution authorizing the
issuance of said certificates, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Corcoran,, Minnesota as follows:
1. $118,000 of the General Obligation Equipment Certificates of Indebtedness, Series
2010A, dated April 1, 2010, of the City of Corcoran, Minnesota, maturing or subject to
mandatory redemption in the years 2019 and 2020, shall be redeemed and prepaid on September
11) 2018, at 100% of their principal amount plus accrued interest for each such certificate called.
2. The City Administrator is hereby authorized and directed to give mailed notice of call
to the bank where said certificates are payable and said bank shall provide such notice to the
holders of the certificates as may be required by law. Said notice shall be in substantially the
attached form.
3. The City Administrator is hereby authorized and directed to deposit with the bank
where said certificates are payable prior to said call date sufficient funds to pay all principal and
interest due on the certificates as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by member
Bottema and upon a vote taken thereon, the following voted in favor thereof.- Thomas, Bottema,
and LaFave.
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF CORCORAN
I, the undersigned, being the duly qualified and acting City 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 August 9, 2018.
�114Z
City Administrator
(SEAL)
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS,, SERIES 2010A
DATED: APRIL I 20 10
CITY OF CORCORAN, MINNESOTA
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
SEPTEMBER 11, 2018
those outstanding certificates of the City designated as General Obligation Equipment Certificates of
Indebtedness, Series 2010A. dated April 1, 2010, maturing or subject to mandatory redemption in the
years 2019 and 2020, totaling $118,000 in principal amount and with the following CUSIP number:
Maturi Principal Amount CUSIP
2020* $11800 218388AW6
*This is a Term Certificate with a mandatory sinking fund payment in 2019.
The certificates are being called for redemption at a price of 100% of their principal amount plus accrued
interest to September 11, 2018, on which date all interest on said certificates will cease to accrue.
Holders of the certificates hereby called for redemption are requested to present their certificates for
payment to Northland Trust Services, Inc., 150 South 5' Street, Suite 3300, Minneapolis, Minnesota
55402, on or before September 11, 2018.
Dated: August 9, 2018
BY ORDER OF THE CITY COUNCIL
/s/ Brad Martens
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 5th Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920
City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2018-63
Motion By: LaFave
Seconded By: Bottema
August 9, 2018
A RESOLUTION CALLING FOR THE REDEMPTION OF THE OUTSTANDING
GENERAL OBLIGATION EQUIPMENT CERTIFICATES • INDEBTEDNESS, SERIE
201 OA I
0WWMt9-004'W'MA-T%*3
A. The City Council of the City of Corcoran, Minnesota issued $470,000 General
Obligation Equipment Certificates of Indebtedness, Series 2010A, dated April 1, 2010; and
B. All of said certificates maturing or subject to mandatory redemption on February
11 2016 through 2020, inclusive, are subject to redemption, in whole or in part, and
prepayment at the option of the City on February 1, 2015, and on any date thereafter at
par plus accrued interest, all as provided in the resolution of the City authorizing the
issuance of said certificates; and
C. The City deems it desirable and in the best interest of the City to call $118,000
of the outstanding certificates maturing or subject to mandatory redemption in the years
2019 and 2020, for redemption on September 11, 2018, in accordance with said resolution
authorizing the issuance of said certificates, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Corcoran, Minnesota as follows:
1. $118,000 of the General Obligation Equipment Certificates of Indebtedness,
Series 2010A, dated April 1, 2010, of the City of Corcoran, Minnesota, maturing or subject
to mandatory redemption in the years 2019 and 2020, shall be redeemed and prepaid on
September 11, 2018, at 100% of their principal amount plus accrued interest for each such
certificate called.
2. The City Administrator is hereby authorized and directed to give mailed notice of
call to the bank where said certificates are payable and said bank shall provide such notice
to the holders of the certificates as may be required by law. Said notice shall be in
substantially the attached form.
3. The City Administrator is hereby authorized and directed to deposit with the
bank where said certificates are payable prior to said call date sufficient funds to pay all
principal and interest due on the certificates as of the call date.
Page 1 of 2
City of Corcoran
County of Hennepin
State of Minnesota
VOTING AYE
® Thomas, Ron
® Bottema, Jon
F-1 Dejewski, Brian
❑ Keefe, M i ke
® LaFave, Tonya
RESOLUTION NO. 2018 -63
VOTING NAY
El Thomas, Ron
❑ Bottema, Jon
❑ Dejewski, Brian
❑ Keefe, Mike
❑ LaFave, Tonya
August 9, 2018
Whereupon, said Resolution is hereby declared adopted on this 9t" day of August, 2018.
Ron Thomas - Mayor
ATTEST:
r
Jes , a Beise - City Clerk/Administrative Services Coordinator
Page 2 of 2
City Seal