HomeMy WebLinkAbout7362 - ADMIN Resolution - City Council - 1983/04/04r
APRIL 4, 1983
8b
Resolution No. 7362
A RESOLUTION CALLING FOR REDEMPTION OF ALL
GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1981
WHEREAS, on October 19, 1981, this Council authorized the issuance of
$3,000,000 General Obligation Temporary Improvement Bonds of 1981 (the "Bonds"),
dated December 1, 1981, and which Bonds mature on December 1, 1984, and
WHEREAS, the Bonds were sold to the Harris Trust and Savings Bank in Chicago,
Illinois on December 9, 1981 and bear interest at the rate of 8.25% per annum, and
WHEREAS, in issuing the Bonds, this Council reserved to itself the right to call
the Bonds for redemption on December 1, 1983, at par and accrued interest, and
WHEREAS, the market has improved for long term bonds and the City will be
financing 1982 and 1983 improvements and it is deemed advisable to combine the
issuance of bonds to save issuance costs and to avoid a second issue to refinance the
temporary bonds;
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of St.
Louis Park, Hennepin County, Minnesota, as follows:
1. The City Clerk, City Attorney, and other City officers and agents are
authorized and directed to call for redemption on December 1, 1983, all of the
$3,000,000 General Obligation Temporary Improvement Bonds of 1981.
2. A copy of the attached Notice for Call for Redemption (Exhibit A) shall be
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. The City
Clerk is also authorized and directed to make publication of said notice in any other
newspaper or financial periodical as he deems advisable.
3. A copy of this resolution and of the Notice of Call for Redemption shall
be sent to the Harris Trust and Savings Bank in Chicago, Illinois as it purchased the
Bonds and is the paying agent for the Bonds.
4. The City officers are directed to make all arrangements necessary to close
the definitive bond issue being sold on May 18, 1983, said bonds being necessary to
refinance the temporary bonds and to deliver said funds to the Harris Trust and Savings
Bank, Chicago, Illinois to pay all principal and interest due on the Bonds December 1,
1983.
Adopted by the City Council April 4, 1983.
Attest:
1A
ity Clerk
Reviewed for administration:
a,n4.1.& T.
May,
Approved as to form and legality:
ity Manager cl City A
"Exhibit A"
(Legal Notice)
NOTICE OF CALL FOR REDEMPTION
$3,000,000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS OF 1981
CITY OF ST. LOUIS PARK
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN That on December 1, 1983, the City of St. Louis
Park, Hennepin County, Minnesota, will redeem and pay prior to maturity all of the
outstanding bonds of its issue of $3,000,000 General Obligation Temporary Improvement
Bonds of 1981 dated December 1, 1981, at par and accrued interest to such redemption
date, in accordance with the terms of such bonds and as authorized by the resolution
of the City Council providing for their issuance and adopted October 19, 1981. The
bonds of such issue to be redeemed bear serial numbers 1 through 600, inclusive, and
have a stated maturity date of December 1, 1984. Payment of the principal and
accrued interest on such bonds will be made on the aforesaid redemption date at the
Harris Trust and Savings Bank in the City of Chicago, Illinois, and interest on all such
bonds will cease as of that date whether or not presented for payment.
Dated April 4, 1983.
Earl E. Hanson
City Clerk
City of St. Louis Park, Minnesota