HomeMy WebLinkAbout13-103 - ADMIN Resolution - City Council - 2013/07/01RESOLUTION NO. 13-103
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF THE CITY'S OUTSTANDING GENERAL
OBLIGATION TAX INCREMENT REFUNDING BONDS,
SERIES 2004A
BE IT RESOLVED By the City Council of the City of St. Louis Park, Minnesota (the
"City"), as follows:
1. The City previously issued and sold its General Obligation Tax Increment
Refunding Bonds, Series 2004A (the "Bonds"), dated April 7, 2004, in the original aggregate
principal amount of $7,490,000, of which $1,895,000 in principal amount (constituting the 2014
through 2016 maturities) has previously been defeased and redeemed on February 1, 2013, and the
remainder of $1,415,000 in principal amount is currently outstanding. Bonds maturing on or after
February 1, 2014, are subject to call for prior redemption on February 1, 2013, or on any date
thereafter at a price of par plus accrued interest. Redemption may be in whole or in part, and if in
part, at the option of the City and in such order as the City will determine and within a maturity
selected by the Controller of the City (as successor to the Finance Director), acting as the Registrar
for the Bonds (the "Registrar"). Prepayments will be at a price of par plus accrued interest.
2. It is determined that it is in the best interests of the sound financial management of
the City that Bonds maturing on February 1, 2017 and February 1, 2018, comprising all of the
Bonds subject to redemption, be prepaid and redeemed on August 5, 2013 (or on the first date
thereafter for which the Registrar can provide proper notice to the holders of the Bonds), and those
Bonds are hereby called for redemption on that date in the aggregate principal amount of
$1,415,000.
3. The Registrar is authorized and directed to mail notice of call for redemption of the
B d• in the form attached hereto as EXHIBIT A to the registered owners of each Bond to be
r , e ed at the address shown on the registration books kept by the Registrar.
f.. Adopted b th 'ty Council July 1, 2013
Revi
City
Administration
Attest:
City Clerk
Mayor
Resolution No. 13-103
-2-
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$7,490,000
CITY OF ST. LOUIS PARK, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS
SERIES 2004A
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of St. Louis
Park, Minnesota (the "City"), there have been called for redemption and prepayment on
August 5, 2013
all outstanding bonds of the City designated as General Obligation Tax Increment Refunding
Bonds, Series 2004A, dated April 7, 2004, having stated maturity dates of February 1 in the
years 2017 through 2018, both inclusive, totaling $1,415,000 in principal amount, and with the
following CUSIP numbers:
Year of Maturity
Amount CUSIP
2017 $690,000 791740 TK9
2018 725,000 791740 TL7
The bonds are being called at a price of par plus accrued interest to August 5, 2013, on which
date all interest on said 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 Controller of the
City, 5005 Minnetonka Boulevard, St. Louis Park, MN 55416-2216, on or before August 5,
2013.
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act
of 2003, 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.
Dated: July 1, 2013