RES 2009-65 - 14648RESOLUTION NO. 2009 - 65
RESOLUTION AUTHORIZING THE CALL OF OUTSTANDING
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 2004B
A. WHEREAS, the City has issued $3,920,000 Taxable General Obligation Tax
Increment Refunding Bonds, Series 2004B, dated March 23, 2004 (the 'Bonds ") to refund the
Taxable General Obligation Tax Increment Bonds, Series 1998B, dated October 1, 1998; and
B. WHEREAS, in connection with the issuance of the Bonds the City established a
Taxable General Obligation Tax Increment Refunding Bonds, Series 2004B Fund (the 'Debt
Service Account "); and
C. WHEREAS, as of November 16, 2009, the cash balance in the Debt Service
Account was $3,00,000 and the City anticipates an additional $1,175,000 to be deposited in the
Debt Service Account by February 1, 2010. The remaining outstanding balance of principal and
interest due on the Bonds is $580,062.50, which includes the regularly scheduled February 1,
2010 interest and principal payment. Consequently, the balance in the Debt Service Account
will be not less than the remaining outstanding principal and interest requirements of the Bonds
on February 1, 2010; and
D. WHEREAS, the Bonds maturing in the years 2011 and 2012, aggregating
$1,175,000 in principal amount are subject to redemption on February 1, 2010, and on any
interest payment date thereafter, at a price of par plus accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Fridley,
Minnesota, as follows:
1. The Council hereby determines that there will be sufficient money in the Debt
Service Account established by the resolution duly adopted by the Council on February 23, 2004,
to prepay on February 1, 2010, $1,175,000 aggregate principal amount of Bonds maturing in the
years 2011 and 2012.
2. U.S. Bank National Association, in St. Paul, Minnesota, the bank at which
principal and interest on the Bonds is payable, is hereby authorized and directed to cause the
Notice of Redemption attached hereto as Exhibit A to be given in accordance with the provisions
of the resolution relating to the Bonds.
3. No further action shall be required of the Council to complete prepayment of the
Bonds.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
16TH DAY OF NOVEMBER 2009.
Sc (Kt J. Lund, Mayor
Attest:
Debra A. Skogen, Cq Clerk
Resolution No. 2009 - 65 Page 2
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 2004B
CITY OF FRIDLEY, ANOKA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Fridley, Anoka
County, Minnesota, there have been called for redemption and prepayment on
February 1, 2010
those outstanding bonds of the City designated as Taxable General Obligation Tax Increment
Refunding Bonds, Series 2004B, dated March 12, 2004, having stated maturity dates in the years
2011 and 2012, totaling $1,175,000 in principal amount and having CUSIP numbers listed
below.
Year CUSIP No.
2011 XK5
2012 XL3
The bonds are being called at a price of par plus accrued interest to February 1, 2010, 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 at U.S. Bank National Association,
Attention: Paying Agent Services, 60 Livingston Avenue, St. Paul, Minnesota 55107.
Dated: November 16, 2009. BY ORDER OF THE CITY COUNCIL,
CITY OF FRIDLEY, MINNESOTA
/s/ Debra A. Skogen, City Clerk
*The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any
representation made as to their correctness indicated in the notice. They are included solely for
the convenience of the holders.
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