08-005 RESEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: January 7, 2008
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Elk River, Sherburne County, Minnesota, was duly held at City Hall on January 7, 2008, at
6:30 p.m. for the purpose, in part, of authorizing the call of certain outstanding Taxable General
Obligation Tax Increment Refunding Bonds, Series 2000D.
The following members were present: Mayor Klinzing Councilmembers Motin, Farber
and Zerwas
and the following were absent: Councilmember Gumphrey
Member Motin introduced the following resolution and moved its adoption:
RESOLUTION 08-OS
RESOLUTION AUTHORIZING THE CALL OF THE
OUTSTANDING TAXABLE GENERAL OBLIGATION TAX
INCREMENT REFUNDING BONDS, SERIES 2000D
WHEREAS, by Resolution duly adopted on October 23, 2000 (the "Resolution"), the
City issued $510,000 original principal amount of Taxable General Obligation Tax Increment
Refunding Bonds, Series 2000D, dated November 1, 2000 (the "Bonds"). The City has sufficient
funds on hand in the debt service account of the Taxable General Obligation Tax Increment
Refunding Bonds, Series 2000D Fund (the " 2000D Fund") to call the remaining $75,000
outstanding principal amount of the February 1, 2009 and 2010 maturities of the Bonds on
March 1, 2008, at a price of par plus accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Elk River,
Minnesota, as follows:
1.01 The City Council hereby determines that there exists sufficient funds in the
2000D Fund to prepay on March 1, 2008, $75,000 aggregate principal amount of Bonds
maturing on February 1 of the years 2009 and 2010, and the interest due thereon.
1.02 U.S. Bank National Association, in St. Paul, Minnesota (formerly, U.S. Bank
Trust National Association), the bank at which principal and interest on the Bonds are payable, is
hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as
Exhibit A to be given in accordance with the provisions of the Resolution.
1.03 No further action shall be required of the City Council to complete prepayment of
the Bonds.
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• The motion for the adoption of the foregoing resolution was duly seconded by Member
Farber ,and upon vote being taken thereon, the following voted in favor thereof:
Mayor Rlin~ing, Councilmembers Motin, Farber, and Zerwas
and the following'voted against the same:
None
Whereupon the resolution was declared duly passed and adopted.
ATTEST:
`-,--- ..
Tina Allard, City Clerk
•
~a
Step nie A. Klinzing, Ma
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EXHIBIT A
• NOTICE OF CALL FOR REDEMPTION
TAXABLE ...GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 2000D
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
March 1, 2008
those outstanding bonds of the City designated Taxable General Obligation Tax Increment
Refunding Bonds, Series 2000D, dated November 1, 2000, having stated maturity dates in the
year 2009 and 2010 and totaling $75,000 in principal amount and having CUSIP numbers listed
below:
Year CUSIP Number*
2009
2010
The bonds are being called at a price of par plus accrued interest to March 1, 2008, 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 U.S. Bank National Association
(formerly U.S. Bank Trust National Association), in St. Paul, Minnesota.
Dated: January 7, 2008.
BY ORDER OF THE CITY COUNCIL
CITY OF ELK RIVER, MINNESOTA
/s/ Tina Allard, City Clerk
* 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 holder.
•
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