HomeMy WebLinkAboutCity Council Resolution 2021-298
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-298
R ESOLUTION A UTHORIZING THE C ALL OF THE O UTSTANDING
G ENERAL O BLIGATION R EFUNDING B ONDS, S ERIES 2012A
WHEREAS, the City Council of the City of Plymouth, Minnesota (the "City") issued its General
Obligation Refunding Bonds, Series 2012A, in the principal amount of $9,770,000, dated April 5, 2012
(the "Bonds"), of which $2,040,000 remains outstanding; and
WHEREAS, the City has sufficient funds on hand in the debt service account of the Bonds to
pay the remaining balance; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to pay the
outstanding principal amount of the $485,000 Serial Bond maturing February 1, 2022 and call the
remaining 2023 through 2025 maturities of the Bonds, in the principal amount of $1,555,000, on
February 1, 2022, in accordance with the resolution of the City Council adopted on March 13, 2012,
authorizing the issuance of the Bonds (the "Prior Resolution").
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that:
1. The City Council hereby determines that there exists sufficient funds in the Debt Service
Account to pay all of the Bonds maturing, or subject to mandatory redemption, in the years
2022 through 2025, inclusive, on February 1, 2022 at a price of par plus accrued interest. The
scheduled levies for the Bonds are hereby eliminated due to sufficient funds on hand to pay
the required debt service.
2. The City Manager shall cause the Notice of Call for Redemption attached hereto as Exhibit A to
be mailed prior to February 1, 2022, 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.
APPROVED by the City Council on this 12th day of October, 2021.
12312513v1
Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012A
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:
February 1, 2022
those outstanding bonds of the City designated as General Obligation Refunding Bonds, Series 2012A, dated April 5, 2012,
having stated maturity dates in the years 2023 through 2025, inclusive, and totaling $1,555,000 in principal amount.
Year Amount CUSIP Number*
2023 $505,000 729773 X89
2024 $520,000 729773 X97
2025 $530,000 729773 Y21
The bonds are being called at a price of par plus accrued interest to February 1, 2022, 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 Deputy City Manager, City of Plymouth, Minnesota, on or before February 1, 2022.
Dated: October 12, 2021
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.
A-2
12312513v1