Loading...
Res 2016-61 Calling for Redemption of Certain Bonds RESOLUTION NO. 2016 - 61 RESOLUTION CALLING FOR REDEMPTION OF CERTAIN OUTSTANDING BONDS WHEREAS, the City of Fridley, Minnesota (the "City") issued (i) $1,910,000 original principal amount of General Obligation Improvement Bonds, Series 2007A, dated June 5, 2007 (the "2007 Bonds"); and (ii) $1,915,000 original principal amount of General Obligation Improvement Bonds, Series 2008A, dated August 26, 2008 ( the "2008 Bonds" and together with the 2007 Bonds, the "Bonds); and WHEREAS, the City Council deems it desirable and in the best interests of the City to call the 2018 maturity of the 2007 Bonds, in the principal amount of $230,000, on February 1, 2017, in accordance with the resolution of the City Council adopted on May 7, 2007, authorizing the issuance of the 2007 Bonds (the "Prior 2007 Resolution"); and WHEREAS, the City Council deems it desirable and in the best interests of the City to call the 2018 and 2019 maturities of the 2008 Bonds, totaling $440,000 in principal amount, on February 1, 2017, in accordance with the resolution of the City Council adopted on July 28, 2008, authorizing the issuance of the 2008 Bonds (the "Prior 2008 Resolution"). NOW, THEREFORE, BE IT RESOLVED that the City Council hereby determines that there exists sufficient funds in the 2007 Bonds Debt Service Account to prepay on February 1, 2017, $230,000 aggregate principal amount of the 2007 Bonds maturing on February 1, 2018, and the interest due thereon; and that the City Council hereby determines that there exists sufficient funds in the 2008 Bonds Debt Service Account to prepay on February 1, 2017, $440,000 aggregate principal amount of the 2008 Bonds maturing on February 1, 2018 and February 1, 2019, and the interest due thereon; and that Bond Trust Services Corporation, in Roseville, Minnesota, the bank at which the principal and interest on the Bonds are payable, is hereby authorized and directed to cause the Notices of Call for Redemption attached hereto as Exhibit A and Exhibit B to be given in accordance with the provisions of the Prior 2007 Resolution and the Prior 2008 Resolution; and that No further action shall be required of the City Council to complete prepayment of the Bonds. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS TH 24 DAY OF OCTOBER, 2016. _____________________________________ SCOTT J. LUND - MAYOR ATTEST: __________________________________ DEBRA A. SKOGEN – CITY CLERK Exhibit A NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A 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, 2017 those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2007A, dated June 5, 2007, having a stated maturity date of February 1, 2018, and in the principal amount of $230,000. Year CUSIP Number* 2018 358370 ZD9 The bonds are being called at a price of par plus accrued interest to February 1, 2017, on which date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment, at Bond Trust Services Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota, 55113-1122. Dated: October 24, 2016 BY ORDER OF THE CITY COUNCIL City Manager *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. Exhibit B NOTICE OF CALL FOR REDEMPTION GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2008A 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, 2017 those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2008A, dated August 26, 2008, having stated maturity dates of February 1, 2018 and February 1, 2019, and totaling $440,000 in principal amount. Year CUSIP Number* 2018 358370 ZN7 2019 358370 ZP2 The bonds are being called at a price of par plus accrued interest to February 1, 2017, on which date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment, at Bond Trust Services Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota, 55113-1122. Dated: October 24, 2016 BY ORDER OF THE CITY COUNCIL City Manager *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.