HomeMy WebLinkAboutCity Council Resolution 2014-366EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA
HELD: December 9, 2014
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Plymouth, Hennepin County, Minnesota, was held at the City Hall on December 9, 2014, at
7:00 o'clock P.M.
The following members were present: Mayor Slavik, Councilmembers Willis, Bildsoe,
Wosje, Johnson, and Prom.
and the following were absent: None.
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION NO. 2014-366
RESOLUTION CALLING FOR REDEMPTION OF CERTAIN OUTSTANDING BONDS
A. WHEREAS, the City of Plymouth, Minnesota (the "City") issued $1,370,000
General Obligation Tax Increment Bonds, Series 2005A, dated April 1, 2005 (the "Bonds"), of
which $920,000 remains outstanding; and
B. WHEREAS, all Bonds maturing in the years 2016 and thereafter, are subject to
redemption and prepayment at the option of the City, on February 1, 2015, and on any date
thereafter, at par and accrued interest, all as provided in the resolution of the City Council
adopted on March 8, 2005, authorizing the issuance of the Bonds (the "Prior Resolution"); and
C. WHEREAS, the City Council deems it desirable and in the best interest of the
City to call the 2016 through 2023 maturities of the Bonds, totaling $835,000 in principal
amount, on February 1, 2015, in accordance with the Prior Resolution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. Bonds to be Redeemed. Bonds maturing or subject to mandatory redemption in
the years 2016 through 2023, inclusive, shall be redeemed and prepaid on February 1, 2015 at
par and accrued interest.
2. Mailing of Notice of Call for Redemption. The City Clerk shall cause the Notice
of Call for Redemption attached hereto as Exhibit A to be mailed thirty days prior to February 1,
2015, to the paying agent for the Bonds.
3. Deposit of Sufficient Funds. The City Finance Manager is hereby authorized and
directed to deposit with the paying agent prior to February 1, 2015, sufficient funds to pay the
principal and interest due on the Bonds called for redemption.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Bildsoe and upon a vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
The undersigned, being the duly qualified and acting City Clerk of the City of Plymouth,
Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of
minutes of the City Council of the City of Plymouth, Minnesota, held on the date therein
indicated, with the original thereof on file in my office, and the same is a full, true and complete
transcript therefrom insofar as the same relates to authorizing the redemption of Bonds.
WITNESS my hand as such City Clerk on December 9, 2014.
City Clerk
2
Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2005A
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, 2015
those outstanding bonds of the City designated as General Obligation Tax Increment Bonds,
Series 2005A, dated April 1, 2005, having stated maturity dates or subject to mandatory
redemption in the years 2016 through 2023, inclusive, and totaling $835,000 in principal amount.
Year CUSIP Number*
2016
2017
2018
2019
2020
2021
2022
2023
The bonds are being called at a price of par plus accrued interest to February 1, 2015, 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 Office of the City Finance
Manager, City of Plymouth, Minnesota.
Dated: December 9, 2014
BY ORDER OF THE CITY COUNCIL
City Clerk
*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.