HomeMy WebLinkAboutCity Council Resolution 1996-334v
P.BSOLiITIO] 96-334
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA
HELD: June 19, 1996
Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Plymouth, Minnesota, was duly called and held at the
City Hall in said City on the 19th day of June, 1996, at _Z_o'clock P.M.
The following members were present:
Tierney, Lymangood, Wold, Preus and Black
and the following members were absent:
Anderson, Granath
Member Preus introduced the following resolution and
moved its adoption:
RESOLUTION CALLING FOR REDEMPTION OF THE
OUTSTANDING GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS,SERIES 1990
WHEREAS:
A. The City Council of the City of Plymouth, Minnesota, issued on
behalf of the City $1.350,000 General obligation Taxable Tax Increment Bonds,
59ries 1990 dated April 16, 1990.
B. The bonds maturing in the years 1997 to 1999, both inclusive, may
be called for rademption and prepayment, on February 1, 1996, and on any
interest payment date thereafter at par and accrued interest, all as provided
In the resolution of the City Council authorizing the issuance of said Bondst
C. The City Council dawns it desirable and in the best interests of
the City to call $775,000 in principal amount of the Bonds on August 1, 1996
in accordance with said resolution authorizing the issuance of said Bondel
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, as follows&
1. The General obligation Taxable Tax Increment Bonds of 1990 of the
City maturing in the years 1997 to 1999, both inclusive and totaling $775,000
shall be redeemed and prepaid on August 1, 1996, at a price of par plus
accrued interest.
2. The Finance Director is hereby authorized and directed to mail the
notice of call to The Depository Trust Company, the registered holder of the
Bonds to be called for redemption. said notice shall be in substantially the
form attached hereto as Exhibit A.
The motion for the ado tign of the foregoing resolution was duly
seconded by member Lymangg0 and upon a vote being taken
thereon, the following voted in favor thersof:
Tierney, Lymangood, Wold, Preus and Black
and the following voted against the same:
None
Whereupon said resolution wan declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY Of HENNEPIN
CITY OF PLYMOUTH
I, the undersigned, being the duly qualified and acting Clerk of the City of
Plymouth, Minnesota, DO HERESY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office,
and that the same is a full, true and completes transcript of the minutes of a
meeting of the City Council of said City, duly called and held on the date
therein indicated, insofar as such minutes relate to authorising the
redemption of General Obligation Taxable Tax Increment Bonds of 1990 of said
City.
WITNESS my hand this day of June, 1996.
Clark ,
NOTICE OF REDEMPTION
City of Plymouth, Minnesota
General Obligation Taxable Tax Increment Bonds, Series 1990
NOTICE IS HEREBY GIVEN that the City of Plymouth, Minnesota, has called for
redemption all bonds of the issue of its General Obligation Taxable Tax Increment Bonds,
Series 1990, dated, as originally issued, as of April 16, 1990, which mature on February 1 In
the years and bear interest and CUSIP numbers as set forth below:
XW
Interest Rate Principal
Cusco Number
1997
8.90% $250,000
729773 WQO
1998
8.90% $250,000
729773 WR8
1999
8.90% $275,000
729773 WSB
Such bonds are called for redemption and prepayment on August 1, 1996, The Bonds
will be redeemed at a price of 100% of their principal amount plus accrued interest to the date
of redemption. Bonds should be presented for payment, on or before said date, to:
Finance Director
Plymouth City Hall
3400 Plymouth Boulevard
Plymouth, MN 55447-1482
Interest on such bonds will cease to accrue on August 1, 1996. A publication of this notice is
not required,
Dated: June 19, 1996
BY ORDER OF THE CITY COUNCIL
CITY OF PLYMOUTH, MINNESOTA
Laurie Ahrens
City Clerk