2013 06-19 CCP - Laserfiche WebLink

Home

RESOLUTION NO. 2013-4 RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2004 AND GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2006A BE IT RESOLVED By the City Council of the City of Gem Lake, Minnesota (the "City"), as follows: 1. The City previously issued and sold its General Obligation Improvement Bonds, Series 2004 (the "2004 Bonds"), dated November 3, 2004, in the original aggregate principal amount of $586,000.00, of which $198,854.52 in principal amount is currently outstanding. Bonds maturing on or after August 1, 2005, are subject to call for prior redemption on any February 1 or August 1 at a price of par plus accrued interest. Redemption may be in whole or in part, and if in part, at the option of the City and in such order as the City will determine and within a maturity selected by the City Clerk, acting as the Registrar for the Bonds (the "Registrar"). Prepayments will be 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 2004 Bonds maturing on August 1, 2013, and thereafter, comprising all of the Bonds subject to redemption, be prepaid and redeemed on August 1, 2013 (or on the first date thereafter for which the Registrar can provide proper notice to the holders of the Bonds); and those Bonds are hereby called for redemption on that date in the aggregate principal amount of $198,854.52. 3. The City previously issued and sold its General Obligation Improvement Bond, Series 2006A (the "2006 Bonds"), dated August 23, 2006, in the original aggregate principal amount of $245,000.00, of which $110,000.00 in principal amount is currently outstanding. Bonds maturing on or after February 1, 2011, are subject to call for prior redemption on August 1, 2010, or on any interest date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part, and if in part, at the option of the City and in such order as the City will determine and within a maturity selected by the City Clerk, acting as the Registrar for the Bonds (the "Registrar"). Prepayments will be at a price of par plus accrued interest. 4. It is determined that it is in the best interests of the sound financial management of the City that 2006A Bonds maturing on February 1, 2014, and thereafter, comprising all of the Bonds subject to redemption, be prepaid and redeemed on August 1, 2013 (or on the first date thereafter for which the Registrar can provide proper notice to the holders of the Bonds), and those Bonds are hereby called for redemption on that date in the aggregate principal amount of $110,000.00. 5. The Registrar is authorized and directed to mail notice of call for redemption of the Bonds in the form attached hereto as EXHIBIT A and EXHIBIT B to the registered owners of each Bond to be redeemed at the address shown on the registration books kept by the Registrar. (The remainder of this page is intentionally left blank.) 426031 Q GE 190-6