HomeMy WebLinkAboutResolution - 90-36 - Authorizing Call for Redemption Relating to $19,800,000 General Obligation Advance Refunding Tax Increment Bonds of 1983 - 02/06/1990 Member introduced the following
• resolution and moved its adoption:
Resolution 90-36
RESOLUTION RELATING TO $19,800,000 GENERAL
OBLIGATION ADVANCE REFUNDING TAX INCREMEENT
BONDS OF 1983; AUTHORIZING CALL FOR REDEMPTION
BE IT RESOLVED by the City Council of the City of Eden
Prairie, Minnesota (the City, as follows:
1. Authorization . It is hereby determined that it is
in the best interests of the City to call for redemption its
General Obligation Advance Refunding Tax Increment Bonds of 1983
dated as of December 1, 1983, originally issued in the principal
amount of $19,800, 000 and presently outstanding in the principal
amount of $14,850,000, maturing in the years and bearing interest
as follows :
Interest
Maturity Rate
---------- --------
1991 8. 50%
1992 8. 50%
1993 8 . 75%
. 1994 9 .00%
1995 9 . 20%
1996 9.40%
1997 9 .50%
1998 9 .60%
1999 9 .70%
2000 9. 75%
2 . Notice of Redemption. The City Finance Director/
Clerk is hereby authorized and directed to cause notice of
redemption to be published or mailed by the paying agent as
required by the resolution under which the bonds were issued,
which notice shall be in substantially the following form:
NOTICE OF REDEMPTION
• City of Eden Prairie, Minnesota
General Obligation Advance Refunding Tax Increment Bonds of 1983
NOTICE IS HEREBY GIVEN that the City of Eden Prairie,
Hennepin County, Minnesota, has called for redemption bonds of the
above issue, all originally dated as of December 1, 1983, maturing
in the years and bearing interest as follows :
Maturity Interest Rate CUSIP NO. *
• Such bonds have been called for redemption on March 1, 1990, at a
price of o of their principal amount and interest thereon will
cease to accrue from and after said date. Holders of such bonds
maturing in said years should present their bonds and coupons
appurtenant thereto payable after March 1, 1990 at the main office
of Norwest Bank Minnesota, National Association (as successor to
Northwestern National Bank of Minneapolis) in the City of
Minneapolis, Minnesota, on or before March 1, 1990 . Under the
Interest and Dividend Compliance Act of 1983 (the "Act") , a paying
agent may be obligated to withhold 200 of the redemption price
from any Holder who has failed to furnish a valid taxpayer
identification number and a certification that such Holder is not
subject to backup withholding under the Act . Holders who wish to
avoid the application of these provisions should submit a
completed Form W-9 when presenting their Bonds.
Dated:
CITY OF EDEN PRAIRIE,
MINNESOTA
By Norwest Bank Minnesota,
National Association,
Paying Agent
*The Paying Agent shall not be responsible for the selection or
use of the CUSIP number, nor is any representation made as to its
correctness as indicated in the redemption notice. It is included
solely for convenience of the Holders.
• - a or
Attest:
City F ' W Director/Clerk
The motion for the adoption of the foregoing resolution
was duly seconded by Member and upon vote being taken
thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared passed and adopted, signed
• by the Mayor and his signature attested by the City Finance
Director/Clerk.