RES 15-74111111111 . — "?AT
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 (:try, of Elk
River, Minnesota, was duly held in the City Hall in the City of Elk River, on 1\1onday, I)ecernber 7,
2015, commencing at 6:30 P.M.
'fhe following members were present:Mayor John J. Dietz, Councilmembers Jerry
Olsen, Matt Westgaard, Barbara Burandt, and Jennifer Wagner
and the follo,,ving were absent: no one.
Member Westgaard introduced the following resolutiori and moved its adoption:
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2006C OF THE
CITY
BE IT RFSOLVEI) By. the City Council of the City of Elk- 1:iver, Sherburne County,
Minnesota (the "City"), as follows:
1 The City has issued its General Obligation Capital 11-tiproxTernent Plan Bonds, Series
2006C, dated December 14, 2006 (the "Bonds"), in the original aggregate principal amount of
$3,220,000, The Bonds maturing on February I in the years 2017 through and including 2027, in the
aWegate principal amount of $2,110,000 (the "Callable Bonds"), are subject to redemption and
prepayn-ient 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 February 1, 2016, or such later date for which proper
notice of call may be given, and such bonds are hereby called for redemption on such date,
470919vi JSB EL,185-13
3. The City Finance Director is authorised and directed to request that U.S. Bank National
Association, the paying agent and bond registrar (the "Registrar"), mail the Notice of Call for
Redeniption 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
Olsen . and -upon vote being taken thereon, the following voted in favor thereof:
Mayor Dietz, Councilmembers, Olsen, Westgaard, Burandt, and Wagner
and the following voted against: no one
whereupon said resolution was declared duly passed and adopted.
J, nj.l , -"*,Or
let
A' FEST:
Tina .Allard, City Clerk
470919v] JSBE1,185-13 2
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 20060
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
N(--)'I'ICE IS HEREIBY 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
I
February 1, 2016
all outstanding bonds of the City designated as General Obligation Capital Improvement Plan
Bonds, Series 20060, dated December 14, 2006, having stated maturity dates of February I in the
years 2017 through 2027, both inclusive, totaling $2,110,000 11-1 principal amount:
Year of Maturity
Amount
CUSIP
2018
$315,000
287407 M98
2020
345,000
287407 N30
2022
370,000
287407 N55
2024
405,000
287407 N71
2027
675,000
287407 P20
'I
I he bonds are being called at a price of par plus accrued interest to February 1, 2016, on which date
all interest on said bonds will cease to accrue. Holders of the bonds hereby called for reden-iption
are requested to present their bonds for payment at the main office of U.S. Bank National
Association, in St. Paul, Minnesota, on or before February 1, 2016,
If by mail:
U.S. Bank National Association
Corporate'l-rust Operations
60 Iivingston Avenue
],,P-MN-WS3(-',
St. Paul, MN 55107
If by hand:
U.S. Bank National Association
60 JlivinVston Avenue
3" Floor — Bond Drop Window
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 financial institution.
Dated: December 7, 2015,
BY ORDER OFTHE CI`IA" COUNCIL
470919v] JSBEIA85-13 A-1