RES 12-22• 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 ~e~as introduced the following resolution and moved its adoption:
RESOLUTION NO. 12- 22
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000A OF THE CITY
BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County,
Minnesota (the "City"), as follows:
1. The City has issued its General Obligation Tax Increment Bonds, Series 2000A,
dated November 1, 2000 (the "Bonds"), in the original aggregate principal amount of $800,000.
The Bonds maturing on February 1 in the years 2013 through and including 2015, in the aggregate
principal amount of $235,000 (the "Callable Bonds"), are subject to redemption and prepayment on
any date 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 June 7, 2012, or such later date for which proper notice
of call may be given, and such bonds are hereby called for redemption on such date.
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396199v2 JSB EL185-15
3. The City Finance Director is authorized and directed to request that U.S. Bank
National Association (formerly known as U.S. Bank Trust National Association), the paying agent
and bond registrar (the "Registrar"), 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
westward ,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.
Jo . Dietz, M or
ATTEST:
~~~
Tina Allard, City Clerk
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396199v2 JSB EL185-15 2
• EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GEI~TERAL OBLIGATION TAX II~TCREMENT BONDS. SERIES 2000A
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the Cite of Elk River,
Sherburne County; Minnesota, there have been called for redemption and prepayment on
June 7, 2012
all outstanding bonds of the City designated as General Obligation Tax Increment Bonds,
Series 2000A, dated November 1; 2000, having stated maturity dates of February 1 in the years
2013 through 2015; both inclusive, totaling $235,000 in principal amount:
Year of Maturity Amount CUSIP
2013 $75,000 287407 ZR4
2014 80,000 287407 ZS2
2015 80,000 287407 ZTO
• The bonds are being called at a price of par plus accrued interest to June 7, 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 U.S. Bank National
Association (formerly known as U.S. Bank Trust National Association), in St. Paul, Minnesota,
on or before June 7, 2012.
If b~ If by hand:
U.S. Bank National Association U.S. Bank National Association
Corporate Trust Operations 60 Livingston Avenue
60 Livingston Avenue 3rd Floor -Bond Drop Window
EP-MN-WS3C St. Paul, MN 55107
St. Paul, MN 55107
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 fmancial institution.
• Dated: May 7, 2012.
BY ORDER OF THE CITY COUNCIL
396199v2 JSB EL185-15 A-1