HomeMy WebLinkAbout15.F.8. 1998A GO Improvement Bond Call-Res. No. 5891
IS. F. ~,
CITY OF SHAKOPEE
Memorandum CONSENT
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: 1998A GO Improvement Bond Call
DATE: June 4, 2003
Introduction and Background
Per the terms of the original bond sale, the 1998A GO Improvement Bonds
are now callable for payment. There is sufficient cash on hand to
payoff the bonds. These bonds financed the improvements to
Southbridge, mainly the road and utility improvements. Bond counsel
has prepared the resolution calling the bonds for payment on August 1,
2003.
Action
Move to offer Resolution No. 5891 a RESOLUTION PROVIDING FOR THE
PREPAYMENT AND REDEMPTION OF CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS
OF THE CITY
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Gregg Voxland
Finance Director
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Extract of Minutes of Meeting of the
City Council of the City of Shakopee,
Scott County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the City of
Shakopee, Minnesota, was duly held in the City Hall in the City of Shako pee, on Tuesday, June 17,
2003, commencing at_ o'clock P.M.
The following members were present:
and the following were absent:
* * * * * * ***
Member introduced the following resolution and moved its adoption:
RESOLUTION NO. 5891
RESOLUTION PROVIDING FOR THE PREP A YMENT AND
REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOL VED By the City Council of the City of Shakopee, Scott County, Minnesota,
as follows:
1. The City has issued and sold its General Obligation Improvement Bonds, Series
1998A, dated July 1, 1998 (Bonds) in the total principal amount of $4,495,000. Bonds maturing
after February 1, 2003, are subject to redemption and prepayment on that and on any interest
payment 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 February I in the years 2004 to and including 2009, comprising all
of the Bonds subject to redemption, be prepaid and redeemed on August I, 2003 and those Bonds
are hereby called for redemption on that date.
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3. The Registrar is authorized and directed to mail a notice of call for redemption of the
Bonds in the form attached hereto as Exhibit A to the registered owner of each Bond, and to mail a
copy of the notice to the original purchaser ofthe Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Member
, and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against:
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
)
COUNTY OF SCOTT ) SS.
)
CITY OF SHAKOPEE )
I, the undersigned, being the duly qualified and acting Clerk of the City of Shakopee,
Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of
minutes of a regular meeting of the City Council held on Tuesday, June 17, 2003, with the original
thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as
the same relates to the prepayment and redemption of $4,495,000 General Obligation Improvement
Bonds, Series 1998A, of the City.
WI1NESS My hand as City Clerk and the corporate seal of the City this _ day of
,2003.
City Clerk
City of Shakopee, Minnesota
(SEAL)
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$4,495,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998A
CITY OF SHAKOPEE
SCOTT COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Shako pee,
Scott County, Minnesota, there have been called for redemption and prepayment on
August 1, 2003
all outstanding bonds of the City designated as General Obligation Improvement Bonds, Series
1998A, dated July 1, 1998, having stated maturity dates of February 1 in the years 2004 through
2009, both inclusive, totaling $1,330,000 in principal amount, and with the following CUSIP
numbers:
Year Amount CUSIP
2004 $230,000 819156 WT3
2005 230,000 819156 WOO
2006 225,000 819156 WV8
2007 220,000 819156 WW6
2008 215,000 819156 WX4
2009 210,000 819156 WY2
The bonds are being called at a price of par plus accrued interest to August 1,2003, 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 Trust National
Association, in the City of St. Paul', Minnesota, on or before August 1, 2003.
If by mail: Ifby hand:
U.S. Bank Trust National Association U.S. Bank Trust National Association
Corporate Trust Operations 180 East Fifth Street
P.O. Box 64111 3rd Floor ~ Bond Drop Window
St. Paul, MN 55164-0111 St. Paul, MN 55101
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Importance Notice: In compliance with the Economic Growth and Tax Relief
Reconciliation Act of 2001, 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.
The Registrar will not be responsible for the selection or use of the CUSIP number nor is
. '
any representatiOn made as to the correctness indicated in the Redemption Notice or on any Bond.
It is included solely for convenience of the Holders.
Additional information may be obtained from:
U.S. Bank Trust National Association
Corporate Trust Division
Bondholder Relations (612) 244-0444
Dated: JWle 17,2003.
BY ORDER OF THE CITY COUNCIL
By Judith S. Cox
City Clerk
City of Shakopee, Minnesota
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