RES 12-21• Extract 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, May 7, 2012,
commencing at 6:30 P.M.
The following members were present:
Mayor Dietz, Councilmembers Zerwas, Gumphrey, Westgaard, and Motin
and the following were absent:
None
Member Mo ; n introduced the following resolution and moved its adoption:
RESOLUTION N0.12- 21
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING
LIQUOR STORE REVENUE BONDS, SERIES 2005C OF THE CITY
BE IT RESOLVED By the City Council of the City of Elk River, Sherbume County,
Minnesota (the "City"), as follows:
1. The City has issued its Liquor- Store Revenue Bonds, Series 2005C, dated November
1, 2005 (the "Bonds"), in the original aggregate principal amount of $1,200,000. The Bonds
maturing in installments on February 1 in the years 2013 through and including 2015, in the
aggregate principal amount of $570,000 (the "Callable Bonds"), are subject to redemption and
prepayment on July 1, 2012 and any date thereafter at a price of par plus accrued interest.
2. It is determined that it is in the sound financial management of the City that the
Callable Bonds be prepaid and redeemed on July 1, 2012, or such later date for which proper notice
of call maybe given, and such bonds are hereby called for redemption on such date.
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3. The City Finance Director is authorized and directed, as the paying agent and bond
registrar (the "Registrar"), to mail the Notice of Call for Redemption in substantially the form
attached hereto as EXHIBIT A to the registered owners of each Bond to be redeemed at the
addresses shown on the registration books kept by the Registrar.
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, Councilmembers Zerwas, Gumphrey, Westgaard, and Motin
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted this 7~' day of May, 2012.
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Jo J. ' tz, May r
ATTEST:
Tina Allard, lty Clerk
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• EXHIBIT a
NOTICE OF CALL FOR REDEMPTION
LIQUOR STORE REVENUE BOI~TDS, SERIES 200~C
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
July 1, 2012
all outstanding bonds of the City designated as Liquor Store Revenue Bonds, Series 200~C,
dated July 1, 2005, numbered R-1 and R-2, totaling $570,000 in aggregate principal amount,
each bond maturing in installments on February 1 in the years 2013 through 201 ~, both
inclusive:
Year of Maturity
Amount
2013 $ 87,500
2014 97,500
• 2015 100,000
The bonds are being called at a price of par plus accrued interest to July 1, 2012, 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 the main office of the Finance Director, City
of Elk River, Minnesota, on or before July 1, 2012, at the following address:
City of Elk River, Minnesota
13065 Orono Parkway NW
Elk River, MN 55330-5600
Attention: Finance Director
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation
Act of 2003, federal backup withholding tax will be withheld at the applicable backup
withholding rate in effect at the time 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.
Dated: May 7, 2012.
BY ORDER OF THE CITY COUNCIL
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