HomeMy WebLinkAboutResolution 2020-66 Approving Prepayment and Redemption of City General Obligation Series 2014A CertificatesCITY OF CORCORAN, IVMIN n rd SOTA
RESOLUTION
REDEMPTION
OBLIGATION
RESOLUTION N0.2020-66
PROVIDING FOR THE PREPAYMENT AND
OF THE CITY' S
��C�T�11' 1 1�►�'
INDEBTEDNESS, SERIES 2014A
OUTSTANDING GENERAL
CERTIFICATES OF
BE IT RESOLVED By the City Council of the City of Corcoran, Minnesota (the "City"), as follows:
1. The City previously issued and sold its General Obligation Equipment Certificates of
Indebtedness, Series 2014A (the "Certificates"), dated as of May 15, 2014, in the original aggregate
principal amount of $442,000, of which $190,000 in principal amount is currently outstanding. The
outstanding Certificates are subject to call for prior redemption on any date 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 Northland Trust Services, Inc.,
Minneapolis, Minnesota, acting as the registrar for the Certificates (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 Certificates maturing after May 15, 2019, comprising all of the Certificates subject to
redemption, be prepaid and redeemed on May 15, 2020 (or on the first date thereafter for which the
Registrar can provide proper notice to the holders of the Certificates), and those Certificates are hereby
called for redemption on October 2, 2020, in the aggregate principal amount of $190,000.
3. The Registrar is authorized and directed to mail notice of call for redemption of the
Certificates in the form attached hereto as EXHIBIT A to the registered owners of each Certificate to be
redeemed at the address shown on the registration books kept by the Registrar.
Adopted by the City Council of the City of Corcoran, Minnesota this 27tli day of August, 2020.
ATTEST:
City Administrator
DOCSOPEN-CR100-22-669919.v3-8/19/20
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NOTICE OF CALL FOR REDEMPTION
$442,000
CITY OF CORCORAN, MIZ�TNESOTA
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS
WAV
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Corcoran,
Minnesota (the "City"), there have been called for redemption and prepayment on
October 2, 2020
all outstanding certificates of the City designated as General Obligation Equipment Certificates of
Indebtedness, Series 2014A, dated as of May 15, 2014, having a stated maturity date of May 15, 2024,
totaling $190,000 in principal amount, and with the following CUSIP numbers:
Year of Maturity
2024�
Term Certificate
Amount
CUSIP
218388 CJ3
The certificates are being called at a price of par plus accrued interest to October 2, 2020, 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 at the main office of Northland Trust
Services, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, Minnesota 55402, on or before
October 2, 2020.
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act
of 2009, the paying agent is required to withhold a specified percentage of the principal amount of the
redemption, price payable to the holder of any certificates subject to redemption and prepayment on the
redemption- date, unless tthepayingagent 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. October 2018), will satisfy the
requirements of this paragraph.
Dated: August 27, 2020.
BY ORDER OF THE CITY COtTNCIL OF THE CITY
OF C ORC ORAN, MI�I��NE S OTA
By /s/ Brad Martens
C ity Adm ini strator
City of Corcoran, Minnesota
DOCSOPEN-CRl 00-22-669919.v3-8/19/20