RES 11-64Extract of Minutes of Meeting of the
• City Council of the City of Elk River,
Sherburne County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Elk
River, Minnesota, was duly held in the City Hall in the City of Elk River, on Monday, November
14, 2011, commencing at 6:30 P.M.
The following members were present:
Mayor Dietz, Councilmember Motin, and Councilmember Gumphrey
and the following were absent:
Councilmembers Zerwas and Westgaard
•
Member Motin
adoption, the reading of which was dispensed with by unanimous consent:
introduced the following written resolution and moved its
RESOLUTION NO. I I-~[~
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the Ciry of Elk River, Sherburne County,
Minnesota, as follows:
1. The City has issued and sold its General Obligation Ice Arena. Bonds, Series 1996C,
dated July 16, 1996 (the `Bonds' in the total principal amount of $2,100,000. Bonds maturing on ox
after July 16, 1996, axe subject to redemption and prepayment on July 16, 1996 and on any date
thereafter 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 Bonds maturing on December 1 in the years 2012 to and including 2013, comprising all of the
Bonds subject to redemption, be prepaid and redeemed on December 1, 2011 and those Bonds are
hereby called for redemption on that date.
3. The Finance Director is authorized and directed to distribute a notice of call fox
redemption of the Bonds in the form attached hereto as EXHIBIT A to the registered owner of each
Bond to be redeemed at the address shown on the registration books kept by the Finance Director.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Gumphrey ,and upon vote being taken thereon, the following voted in favor thereof:
Mayor Dietz, Councilmember Motin, and Councilmember Gumphrey
and the following voted against
None
whereupon said resolution was declared duly passed and adopted this 14~' day of November 2011. •
jo J. ietz, M r
ATTEST
Tina Allard, City Clerk
•
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$2,100,000
GENERAL OBLIGATION ICE ARENA BONDS, SERIES 1996C
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Elk River,
Sherburne County, Minnesota, there have been called for redemption and prepayment on
DECEMBER 1, 2011
all outstanding bonds of the City designated as General Obligation Ice Arena Bonds, Series 1996C,
dated July 16, 1996, having stated maturity dates of December 1 in the years 2012 through 2013,
both inclusive, totaling $370,000 in principal amount:
Year of Maturity Amount
2012 $180,000
2013 190,000
Of which the following maturity schedules are attributable to each original purchaser:
Bond R-1 Bank of Elk River
Year of Maturity Amount
2012 $75,000
2013 80,000
Bond R-2 First National Bank of Elk River
Year of Maturity Amount
2012 $75,000
2013 80,000
Bond R-3 Wells Fargo, National Association (originally State Bank of Rogers)
Year of Maturity Amount
2012 $30,000
2013 30,000
• The bonds axe being called at a price of pax plus accrued interest to December 1, 2011 on which
date all interest on said bonds will cease to accrue. Holders of -the bonds hereby called for
393370v1 S7B CL162-46
redemption are requested to present their bonds for payment at City Hall, on or before December 1,
2011.
Dated.
BY ORDER ~JF TH -C,IT~' COUNCIL
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Tina Allard, City Clerk
City of Elk River, Minnesota
393370v1 SJB CL162-46