14-035 - 04-17 - authorize call of outstanding Series 2004C Bonds Resolution 14-35 April 17, 2014
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING CALL OF OUTSTANDING
SERIES 2004C BONDS
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
"City"), as follows:
Section 1. The City has issued its General Obligation Storm Sewer Utility Revenue
Bonds, Series 2004C, dated, as originally issued, as of July 1, 2004, in the original principal
amount of$2,995,000 (the "Bonds"), of which $1,180,000 in aggregate principal amount is
currently outstanding.
Section 2. The Bonds are subject to prepayment on any date, upon notice of call for
redemption thereof mailed not fewer than 30 days before the date specified for redemption
to the registered owners of the Bonds.
Section 3. This Council has determined that there exist sufficient funds available to
prepay on May 28, 2014, the outstanding Bonds.
Section 4. U. S. Bank National Association, as registrar and paying agent for the
Bonds, is hereby authorized and directed to cause the Notices of Redemption attached
hereto as Exhibit A to be mailed as provided in the resolutions authorizing the Bonds.
Section 5. No further action shall be required of the Council to complete the
prepayment of the Bonds.
,
� 4
hep d M. Harris, Mayor
ATTEST:
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Schmidgall and Snope; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.
Resolution 14-35 - Continued April 17, 2014
EXHIBIT A
NOTICE OF REDEMPTION
$2,995,000 General Obligation Storm Sewer Utility Revenue
Bonds,
Series 2004C
Dated as of July 1, 2004
City of Golden Valley, Minnesota
NOTICE IS HEREBY GIVEN that the City of Golden Valley, Minnesota (the "Issuer"), has
called for redemption and prepayment on May 28, 2014, the outstanding Bonds of the
above-referenced issue (the "Bonds") maturing on February 1 in the following years, in the
principal amounts and having the interest rates and CUSIP numbers listed below:
Maturit Amount Rate CUSIP Maturity Amount Rate CUSIP
2015* $215,000 4.250% 381244 8N 5 2018�` $245,000 4.500% 381244 8R 6
2016* 225,000 4.250 381244 8P 0 2019* 260,000 4.500 381244 8S 4
2017* 235,000 4.375 381244 8Q 8
* Indicates full call
The Bonds will be redeemed at a price of 100% of their principal amount plus accrued
interest to the date of redemption. Holders of the Bonds should present them for payment
to U.S. Bank National Association, St. Paul, Minnesota, on or before said date, when they
will cease to bear interest, in the following manner:
If by Mail: If by Hand or Overni_ hq t Mail:
U.S. Bank U.S. Bank
Corporate Trust Services Corporate Trust Services
P.O. Box 64111 111 Fillmore Avenue East
St. Paul, MN 55164-0111 St. Paul, MN 55107
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation
Act of 2001, federal backup withholding tax will be withheld at the applicable backup
withholding rate in effect at the time the payment by the redeeming institutions if they are
not provided with your social security number or federal employer identification number,
properly certified. This requirement is fulfilled by submitting a W-9 Form, which may be
obtained at a bank or other financial institution.
The Paying Agent shall not be responsible for the selection of or use of the CUSIP number,
nor is any representation made as to its correctness indicated in this Notice of Redemption.
It is included solely for the convenience of the Holders.
Resolution 14-35 - Continued April 17, 2014
Additional information may be obtained from the undersigned or from Springsted
Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101 (651-223-3000),
financial advisor to the Issuer.
Dated: April 17, 2014. BY ORDER OF THE CITY COUNCIL
CITY OF GOLDEN VALLEY, MINNESOTA
By s/
City Clerk