92-099 - 12-15 Authorize $360,000 Tax Increment BondsResolution 92-99
December 15, 1992
Member Russell introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING CALL OF OUTSTANDING
$360,000 GENERAL OBLIGATION TAX INCREMENT BONDS
BE IT RESOLVED by the City Council of the City of Golden Valley,
Minnesota (the City), as follows:
Section 1. In 1982 the City established the Medley Park Tax Increment
Finance District (the District) and issued its $360,000 General Obligation Tax
Increment Bonds, dated as of July 1, 1982 (the Bonds), of which $200,000 in
principal amount is currently outstanding.
Section 2. This City Council has determined that there exists suf-
ficient moneys in the 1982 General Obligation Tax Incremcnt Bond Sinking Fund
established by Resolution No. 74, adopted by the City Council on July 6, 1982,
to prepay the 1994 through 1997 maturities of the Bonds, aggregating $170,000
in principal amount.
Section 3. Bonds maturing in 1994 through 1997 are subject to pre-
payment on February 1, 1993, the next interest payment date, upon notice of call
for redemption thereof published in a daily or weekly periodical published in a
Minnesota city of the first class, or its metropolitan area, which circulates
throughout the state and furnishes financial news as a part of its service, and
mailed thirty days in advance of the date specified for redemption to the bank
at which principal and interest are payable and to the holder of each bond, if
known.
Section 4. The City Clerk is hereby authorized and directed to cause
the Notice of Redemption attached hereto as Exhibit A to be mailed and published
in accordance with Section 2. The bank at which the principal and interest are
payable for the Bonds is First Trust National Association, as successor to First
National Bank of Minneapolis.
Section 5. No further action shall be required of the City Council to
complete the prepayment of the Bonds.
Ray B. Stockman, Mayor Pro -Tem
ATTEST:
Shirley J. e so , City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Thompson, and upon a vote being taken thereon, the following voted in favor
thereof: Russell, Stockman and Thompson; and the following voted against the
same: none; and the following were absent: Bakken and Johnson; whereupon said
resolution was declared duly passed and adopted, signed by the Mayor Pro -Tem and
his signature attested by the City Clerk.
Resolution 92-99 - Continued December 15, 1992
EXHIBIT A
NOTICE OF REDEMPTION
$360,000 General Obligation Tax Increment Bonds
Dated: July 1, 1982
City of Golden Valley
Hennepin County, Minnesota
Notice is hereby given that the Bonds of the above issue which mature on
February 1 in the following years and amounts:
Year
Amount
Interest Rate
Bond Numbers
CUSIP
No.
1994
$35,000
11.50%
39-45
381244
TXO
1995
40,000
11.75%
46-53
381244
TY8
1996
45,000
12.00%
54-62
381244
TZ5
1997
50,000
12.00%
63-72
381244
UA8
are called for redemption and prepayment on February 1, 1993. The Bonds will be
redeemed at a price of 100% of their principal amount plus accrued interest to
the date of redemption. Holders of such Bonds may present them for payment in
person at the main office of First Trust National Association, 180 East Fifth
Street, St. Paul, Minnesota, 3rd Floor - Bond Drop Window, or may present them
by mail to First Trust National Association, Corporate Trust Operations, 3rd
Floor, P.O. Box 64111, St. Paul, Minnesota 55164-0111, on or before said date,
on which date they will cease to bear interest.
Under the Interest and Dividend Compliance Act of 1983, 31%, will be withheld if
tax identification number is not properly certified. This compliance should be
fulfilled by submitting a W-9 Form which may be obtained at a bank or other
financial institution.
Additional information may be obtained from the undersigned.
BY ORDER OF THE CITY COUNCIL
CITY OF GOLDEN VALLEY, MINNESOTA
/s/ Shirley J. Nelson, City Clerk