HomeMy WebLinkAboutCity Council Resolution 2016-377
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA
HELD: December 13, 2016
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
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Plymouth, Hennepin County, Minnesota, was held at the City Hall in said City on the 13 day of
December, 2016, at 7:00 o'clock P.M.
The following members were present:
and the following were absent:
Member Beard introduced the following resolution and moved its adoption:
RESOLUTION NO. 2016-377
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2007A
A. WHEREAS, the City Council of the City of Plymouth, Minnesota (the "City")
issued its $2,715,000 General Obligation Open Space Bonds, Series 2007A, dated November 13,
2007 (the "Bonds"), of which $1,450,000 remains outstanding; and
B. WHEREAS, the City Council deems it desirable and in the best interests of the City
to call the 2018 through 2024 maturities of the Bonds, in the principal amount of $1,450,000, on
February 1, 2017, in accordance with the resolution of the City Council adopted on October 23,
2007, authorizing the issuance of the Bonds (the "Prior Resolution"); and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. Bonds to be Redeemed. All of the Bonds maturing, or subject to mandatory
redemption, in the years 2018 through 2024, inclusive, shall be redeemed and prepaid on February
1, 2017 at par and accrued interest for the Bonds called.
2. Mailing of Notice of Call. The City Manager shall cause the Notice of Call for
Redemption attached hereto as Exhibit A to be mailed prior to February 1, 2017, the date for call,
to the paying agent where the Bonds are payable and to all registered holders of the Bonds.
3. Deposit of Sufficient Funds. The Finance 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.
The motion for the adoption of the foregoing resolution was duly seconded by member Willis
and upon a vote being taken thereon, the following voted in favor thereof:
Mayor Slavik, Councilmembers Johnson, Prom, Willis, Carroll, Wosje, and Beard.
and the following voted against the same: None.
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed 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 December 13, 2016 with the original thereof on file in my office, and
the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
___________day of __________________, __________.
____________________________________
City Clerk
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
I, 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 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 preparation and mailing of
notice of call and calling for the redemption of Bonds.
WITNESS my hand as such City Clerk this 13th day of December, 2016.
___________________________________
City Clerk
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Exhibit A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2007A
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, 2017
those outstanding bonds of the City designated as General Obligation Open Space Bonds, Series
2007A, dated November 13, 2007, having stated maturity dates or subject to mandatory
redemption in the years 2018 through 2024, inclusive, and totaling $1,450,000 in principal amount.
Year Amount CUSIP Number*
2018 $185,000 729773 R78
2020 $390,000 729773 R94
2022 $420,000 729773 S36
2024 $455,000 729773 S51
The bonds are being called at a price of par plus accrued interest to February 1, 2017, 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 February 1, 2017.
Dated: December 13, 2016
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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