HomeMy WebLinkAboutCity Council Resolution 2020-037
C ITY OF P LYMOUTH
R ESOLUTION N O. 2020-037
R ESOLUTION A UTHORIZING THE C ALL OF THE O UTSTANDING
G ENERAL O BLIGATION O PEN S PACE B ONDS, S ERIES 2010A
WHEREAS, the City Council of the City of Plymouth, Minnesota (the "City") issued its General Obligation Open
Space Bonds, Series 2010A, in the principal amount of $2,990,000, dated August 24, 2010 (the "Bonds"), of which
$1,365,000 remains outstanding; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to call the 2021 through 2026
maturities of the Bonds, in the principal amount of $1,365,000, on March 2, 2020, in accordance with the resolution of
the City Council adopted on July 27, 2010, authorizing the issuance of the Bonds (the "Prior Resolution"); and
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, as
follows:
1) All of the Bonds maturing, or subject to mandatory redemption, in the years 2021 through 2026, inclusive, shall
be redeemed and prepaid on March 2, 2020 at par and accrued interest for the Bonds called.
2) The City Manager shall cause the Notice of Call for Redemption attached hereto as Exhibit A to be mailed prior to
March 2, 2020, the date for call, to the paying agent where the Bonds are payable and to all registered holders of
the Bonds.
3) The City Manager is hereby authorized and directed to deposit with the paying agent where the Bonds are payable
prior to said call date sufficient funds to pay the principal and interest due on the Bonds called for redemption as
of the call date.
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APPROVED by the City Council on this 28 day of January, 2020.
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Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2010A
CITY OF PLYMOUTH
HENNEPIN COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Plymouth, Hennepin County, Minnesota, there
have been called for redemption and prepayment on:
March 2, 2020
those outstanding bonds of the City designated as General Obligation Open Space Bonds, Series 2010A, dated August 24,
2010, having stated maturity dates in the years 2021 through 2026, inclusive, and totaling $1,365,000 in principal amount.
Year Amount CUSIP Number*
2021 $210,000 729773 V81
2022 $215,000 729773 V99
2023 $225,000 729773 W23
2024 $230,000 729773 W31
2025 $240,000 729773 W49
2026 $245,000 729773 W56
The bonds are being called at a price of par plus accrued interest to March 2, 2020, on which date all interest on the bonds
will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment
at the principal office of the City Administrative Services Director, City of Plymouth, Minnesota, on or before March 2,
2020.
Dated: January 28, 2020
BY ORDER OF THE CITY COUNCIL
/s/ Dave Callister
City Manager
*The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any representation made as to
their correctness indicated in the notice. They are included solely for the convenience of the holders.
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