Res. #05-011 - Prepayment & Redemption of GO Bond

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Extract of Minutes of Meeting of the City Council of the City ofCenterville, Anoka County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Centerville, Minnesota, was duly held in the City Hall in the City of Centerville, on Wednesday, March 9, 2005, commencing at 6:30 o'clock ~.M. The following members were present: Mayor Capra, Council Members Lakso, Lee, Paar and Broussard Vickers and the following were absent: None * * * * * * * * * Member introduced the following resolution and moved its adoption: RESOLUTION #05-011 RESOLUTION PROVIDING FOR THE PREP A YMENT AND REDEMPTION OF CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY BE IT RESOLVED By the City Council of the City of Centerville, Anoka County, Minnesota, as follows: 1. The City has issued and sold its General Obligation Improvement Bonds, Series 1998, dated August 1, 1998 (the "Bonds") in the total principal amount of $615,000. Term Bonds maturing on February 1, 2006 or thereafter, are subject to redemption and prepayment on February 1,2005 and on any day 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 Term Bonds maturing on February 1 in the years 2006 and 2009, comprising all of the Bonds subject to redemption, be prepaid and redeemed on May 1, 2005 and those Bonds are hereby called for redemption on that date. 3. The Registrar is authorized and directed to publish, in accordance with law, a notice of call for redemption of the Bonds in the form attached hereto as Exhibit A and to mail a copy of the notice to the original purchaser of the Bonds. SJB-259827vl CE155-25