HomeMy WebLinkAbout2017-081 CCRMember Dan Ryan'.-.,, introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2017-81
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN
OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES
2008B OF THE CITY
BE IT RESOLVED By the City Council of the City of Brooklyn Center, Hennepin County,
Minnesota (the "City"), as follows:
1. The City has issued its General Obligation Improvement Bonds, Series 2008B, dated
December 15, 2008 (the "Bonds"), in the original aggregate principal amount of $2,390,000. The
Bonds maturing on February 1 in the years 2018 and 2019, in the aggregate principal amount of
$390,000 (the "Callable Bonds"), are subject to redemption and prepayment on February 1, 2017
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 February 1, 2017, or such later date for which proper
notice of redemption may be given, and such bonds are hereby called for redemption on such date.
3. The City Finance Director is authorized and directed to request that U.S. Bank
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.
June 12, 2017 2��
Date Mayor
ATTEST:
AAM
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
April Graves
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Maruita Butler, April Graves, Kris LAwrence-Anderson, Dan Ryan
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2017-81
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF BROOKLYN CENTER )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Brooklyn
Center, Minnesota (the "City"), 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 Monday, June 12,
2017, 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 a portion of the
General Obligation Improvement Bonds, Series 2008B, of the City.
WITNESS My hand as City Clerk this day of June, 2017.
City Clerk
City of Brooklyn Center, Minnesota
RESOLUTION NO. 2017-81
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2008B
CITY OF BROOKLYN CENTER
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Brooklyn
Center, Hennepin County, Minnesota, there have been called for redemption and prepayment on
August 1, 2017
all outstanding bonds of the City designated as General Obligation Improvement Bonds, Series
2008B, issued in the original aggregate amount of $2,390,000, dated December 15, 2008, having
stated maturity dates of February 1 in the years 2018 and 2019, totaling $390,000 in principal
amount, and with the following CUSIP numbers:
Year of
Maturity
Amount CUSIP
2018 $230,000 113835 E65
2019 160,000 113835 E73
The bonds are being called at a price of par plus accrued interest to August 1, 2017, 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, in St. Paul, Minnesota, on or before August 1, 2017.
U.S. Bank National Association
Attention: Corporate Trust Operations
I 1 I Fillmore Avenue East
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: June 12, 2017.
WIN
BY ORDER OF THE CITY COUNCIL