HomeMy WebLinkAbout92-052
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CITY OF ARDEN HILLS
RAMSEY COUNTY, MINNESOTA
RESOLUTION NO. 92-52
RESOLUTION CALLING FOR THE REDEMPTION OF
OUTSTANDING GENERAL OBLIGATION ADVANCE
REFUNDING BONDS OF 1985
WHEREAS, the City Council of the city of Arden Hills issued on
behalf of the City, $2,320,000 General Obligation Advance
Refunding Bonds of 1985, dated December 15, 1985, of which, bonds
maturing 1993 and thereafter $275,000 still remain outstanding;
and
WHEREAS, all of said bonds maturing in the years 1989 through
1994, are subject to redemption and prepayment at the option of
the city on December 1, 1988, and on any interest payment date
thereafter at par and accrued interest per Bond called, all as
provided in the resolution of the city council dated December 3,
1985, authorizing the issuance of said bonds; and
WHEREAS, the city Council deems it desirable and in the best
interest of the City to call all of said bonds maturing the years
1993 through 1994 on December l, 1992, the next interest payment
date, in accordance with said resolution authorizing the issuance
of said bonds.
NOW, THEREFORE, BE IT RESOLVED by the city Council of the City of
Arden Hills, as follows:
l. All of the General Obligation Advance Refunding Bonds of
1985 of the City maturing in the years 1993 through 1994,
shall be redeemed and prepaid on December l, 1992 at 100
percent of their principal amount plus accrued interest for
each such bond called.
2. The City Deputy Clerk is hereby authorized and directed to
give mailed notice of call prior to said call date to the
bank where said bonds are payable and to all holders of the
bonds, if any, who have registered their names, addresses
and bond numbers with the city Deputy Clerk. Said notice
shall be in substantially the following form:
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1985
DATED DECEMBER 15, 1985
CITY OF ARDEN HILLS, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of
Arden Hills, Minnesota, there have been called for
redemption and prepayment on:
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RESOLUTION NO. 92-52
Page Two
December 1, 1992
those outstanding bonds of the City designated as General
Obligation Advance Refunding Bonds of 1985, dated December
l5, 1985, having stated maturity dates in the years 1993
through 1994, and totaling $275,000 in principal amount.
The bonds are being called for redemption at a price of 100
percent of their principal amount plus accrued interest to
December l, 1992, 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 Norwest Bank Minnesota, National Association
(formerly, Norwest Bank Minneapolis, National Association),
if by mail to: Corporate Trust Operations, 255 Second
Avenue South; or if in person to: TELLERS 1-8, 6th and
Marquette Avenue, in Minneapolis, Minnesota, 55479-0113, on
or before December 1, 1992.
DATED:
BY ORDER OF THE CITY COUNCIL
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Important Notice: Under the Interest and Dividend
Compliance Act of 1983, 20 percent will be withheld
identification is not properly certified.
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0, Acting Clerk Administrator
if tax
Additional information may be obtained from:
JURAN & MOODY, INC.
400 North Robert street, suite 800
st. Paul, Minnesota 55101-2091
612/224-1500
Attn: Cherie L. Rice
Public Finance Department
3. The City Deputy Clerk is hereby authorized and directed to
deposit with the bank where said bonds are payable prior to
said call date sufficient funds to pay all principal,
premium and interest due on said bonds as of the call date.
The motion for the
seconded by
taken thereon, the
adoption of the foregoing resolution was duly
Councilmember Growe and upon a vote
following voted in favor thereof:
Mayor Sather
Councilmember Mahowald
councilmember Hicks
Councilmember Malone
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RESOLUTION NO. 92-52
Page Three
and the following voted against the same:
None
PASSED AND ADOPTED BY THE CITY COUNCII/OF THE C~TY OF ARDEN HILLS
27TH DAY OF JULY, 1992.J Oil;' /,
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Thomas R. Sather, Mayor
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Catherine J.
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, Acting lerk Administrator