HomeMy WebLinkAboutCity Council Resolution 2023-229
CITY OF PLYMOUTH
RESOLUTION NO. 2023-229
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2015A
WHEREAS, the City Council of the City of Plymouth, Minnesota (the "City") issued its General
Obligation Open Space Bonds, Series 2015A, in the principal amount of $3,295,000 dated March 4,
2015 (the "Bonds"), of which $1,870,000 remains outstanding; and
WHEREAS, the City has sufficient funds on hand in the capital projects fund to pay the
remaining balance; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to call the
remaining 2024 through 2027 maturities of the Bonds, in the principal amount of $1,870,000, on
October 15, 2023, in accordance with the resolution of the City Council adopted on February 10,
2015, 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 sufficient funds exist in the capital projects fund to
pay all of the Bonds maturing, or subject to mandatory redemption, in the years 2024
through 2027, inclusive, on October 15, 2023 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 October 15, 2023, 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 September, 2023.
Resolution 2023-229
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2
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed Deputy City Clerk of the City of Plymouth, Minnesota, certifies
that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on September 12, 2023 with
the original thereof on file in my office, and the same is a correct transcription thereof.
WITNESS my hand officially as such Deputy City Clerk and the Corporate seal of the city this ___________day of
__________________, __________.
____________________________________
Deputy City Clerk
Resolution 2023-229
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Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2015A
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:
October 15, 2023
those outstanding bonds of the City designated as General Obligation Open Space Bonds, Series 2015A, dated March 4,
2015, having stated maturity dates in the years 2024 through 2027, inclusive, and totaling $1,870,000 in principal amount.
Year Amount CUSIP Number*
2024 $215,000 729773 Z38
2025 $455,000 729773 Z46
2026 $470,000 729773 Z53
2027 $730,000 729733 Z61
The bonds are being called at a price of par plus accrued interest to October 15, 2023, 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 October 15, 2023.
Dated: September 15, 2023
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.