2001-73.DOC CITY COUNCIL OF THE
CITY OF CHANHASSEN, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Chanhassen, Minnesota, was duly called and held at 7:00 p.m. in Chanhassen, Minnesota, on
Tuesday, November 13, 2001.
The following members were present: Mayor Jansen, Councilman Ayotte, Councilman Peterson,
Councilman Boyle, Councilman Labatt
and the following members were absent: None
Member Ayotte introduced the following resolution and moved its adoption:
RESOLUTION NO. 2001-73
RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION BONDS OF 1988
GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1989C
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1991E
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993C
Be it resolved by the City Council of the City of Chanhassen, Minnesota (the "City) as follows:
WHEREAS, the City has heretofore issued and sold its $1,200,000 General Obligation
Bonds of 1988, dated September 1, 1988 (the "1988 Bonds"), of which $300,000 still remain
outstanding; and
WHEREAS, the City has heretofore issued and sold its $835,000 General Obligation
Corporate Purpose Bonds, Series 1989C, dated December 1, 1989 (the "1989 Bonds"), of which
$255,000 still remain outstanding; and
WHEREAS, the City has heretofore issued and sold its $1,415,000 General Obligation
Improvement Refunding Bonds, Series 1991E, dated November 1, 1991 (the "1991 Bonds"), of
which $795,000 still remain outstanding; and
WHEREAS, the City has heretofore issued and sold its $3,630,000 General Obligation
Improvement Bonds, Series 1992A, dated November 1, 1992 (the "1992A Bonds"), of which
$1,360,000 still remain outstanding; and
WHEREAS, the City has heretofore issued and sold its $1,635,000 General Obligation
Improvement Bonds, Series 1993C, dated October 1, 1993 (the "1993C Bonds"), of which
$415,000 still remain outstanding; and
WHEREAS, all of the 1988 Bonds maturing in the years 1997 and thereafter, are subject
to redemption and prepayment at the option of the City in inverse order, on November 1, 1996
and on any interest payment date thereafter at par, plus accrued interest, all as provided in the
resolution adopted by the City Council on September 15, 1988, authorizing the issuance of the
1988 Bonds (the "1988 Resolution"); and
WHEREAS, all of the 1989C Bonds maturing in the years 1996 and thereafter, are
subject to redemption and prepayment at the option of the City in inverse order, on February 1,
1995 and on any date thereafter at par, plus accrued interest, all as provided in the resolution
adopted by the City Council on December 4, 1989, authorizing the issuance of the 1989C Bonds
(the ~1989 Resolution"); and
WHEREAS, all of the 1991E Bonds maturing in the years 2002 and thereafter, are
subject to redemption and prepayment at the option of the City, on January 1,2001 and on any
date thereafter at par, plus accrued interest, all as provided in the resolution adopted by the City
Council on October 15, 1991, authorizing the issuance of the 1991E Bonds (the ~1991
Resolution"); and
WHEREAS, all of the 1992A Bonds maturing in the years 2003 and thereafter, are
subject to redemption and prepayment at the option of the City in inverse order, on February 1,
2002 and on any date thereafter at par, plus accrued interest, all as provided in the resolution
adopted by the City Council on October 26, 1992, authorizing the issuance of the 1992A Bonds
(the ~1992 Resolution"); and
WHEREAS, all of the 1993C Bonds maturing in the years 2003 and thereafter, are
subject to redemption and prepayment at the option of the City, on February 1, 2002 and on any
date thereafter at par, plus accrued interest, all as provided in the resolution adopted by the City
Council on October 4, 1993, authorizing the issuance of the 1993C Bonds (the ~1993
Resolution"); and
WHEREAS, the City Council deems it desirable and in the best interests of the City to
call those 1988 bonds maturing in the years 2002 through 2003 totaling $300,000 in principal
amount, on May 1, 2002, in accordance with the 1988 Resolution; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to
call those 1989C bonds maturing in the years 2003 through 2004 totaling $175,000 in principal
amount, on February 1, 2002, in accordance with the 1989 Resolution; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to
call those 1991E bonds maturing in the year 2003 totaling $430,000 in principal amount, on
January 1, 2002, in accordance with the 1991 Resolution; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to
call those 1992A bonds maturing in the years 2003 through 2005 totaling $1,010,000 in principal
amount, on February 1, 2002, in accordance with the 1992 Resolution; and
WHEREAS, the City Council deems it desirable and in the best interests of the City to
call those 1993C bonds maturing in the years 2003 through 2004 totaling $230,000 in principal
amount, on February 1, 2002, in accordance with the 1993 Resolution; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
(1) All of the 1988 Bonds maturing in the years 2002 through 2003, both inclusive, totaling
$300,000 in principal amount shall be redeemed and prepaid on May 1, 2002, at par, plus
accrued interest. All of the 1989C Bonds maturing in the years 2003 through 2004, both
inclusive, totaling $175,000 in principal amount shall be redeemed and prepaid on February 1,
2002, at par, plus accrued interest. All of the 1991E Bonds maturing in the year 2003 totaling
$430,000 in principal amount shall be redeemed and prepaid on January 1, 2002, at par, plus
accrued interest. All of the 1992A Bonds maturing in the years 2003 through 2005, inclusive,
totaling $1,010,000 in principal amount shall be redeemed and prepaid on February 1, 2002, at
par, plus accrued interest. All of the 1993C Bonds maturing in the years 2003 through 2004, both
inclusive, totaling $230,000 in principal amount shall be redeemed and prepaid on February 1,
2002, at par, plus accrued interest.
(2) The City Manager is hereby authorized and directed to give mailed notice of call, prior to May
1, 2002, for the 1988 Bonds, to the Bond Registrar/Paying Agent, Firstar Bank, N.A., (f/k/a
Firstar Trust Company), as agent for Firstar Bank, N.A., in St. Paul, Minnesota, successor
to American Bank National Association, St. Paul, Minnesota (formerly, American National
Bank & Trust Company), and to all holders of the Bonds. Said notice shall be substantially
in the form shown as Exhibit A. The City Manager is hereby authorized and directed to give
mailed notice of call, prior to February 1, 2002, for the 1989C Bonds, to the Bond
Registrar/paying Agent, Wells Fargo Bank Minnesota, N.A., in Minneapolis, Minnesota, (f/k/a
Norwest Bank Minnesota, N.A.), and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit B. The City Manager is hereby authorized and
directed to give mailed notice of call, prior to January 1, 2002, for the Series 1991E Bonds, to the
Bond Registrar/Paying Agent, U.S. Bank Trust National Association, St. Paul, Minnesota (f/k/a
First Trust National Association), and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit C. The City Manager is hereby authorized and
directed to give mailed notice of call, prior to February 1, 2002, for the Series 1992A Bonds, to
the Bond Registrar/paying Agent, U.S. Bank Trust National Association, St. Paul, Minnesota
(f/k/a First Trust National Association), and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit D. The City Manager is hereby authorized and
directed to give mailed notice of call, prior to February 1, 2002, for the Series 1993C Bonds, to
the Bond Registrar/paying Agent, Firstar Bank, N.A., (f/k/a Firstar Trust Company), as agent for
Firstar Bank, N.A., in St. Paul, Minnesota, successor to American Bank National Association, St.
Paul, Minnesota (formerly, American National Bank & Trust Company), and to all holders of the
Bonds. Said notice shall be substantially in the form shown as Exhibit E.
(3) The City Manager is hereby authorized and directed to deposit with the Bond
Registrar/paying Agent of the 1988 Bonds, Firstar Bank, N.A., (f/k/a Firstar Trust Company), as
agent for Firstar Bank, N.A., in St. Paul, Minnesota, successor to American Bank, National
Association, St. Paul, Minnesota (formerly, American National Bank & Trust Company),
prior to the call date of May 1, 2002, sufficient funds to pay all principal and interest due on
the 1988 Bonds as of the call date. The City Manager is hereby authorized and directed to deposit
with the Bond Registrar/paying Agent of the 1989C Bonds, Wells Fargo Bank Minnesota, N.A.,
in Minneapolis, Minnesota, (f/k/a Norwest Bank Minnesota, N.A.), prior to the call date of
February 1, 2002, sufficient funds to pay all principal and interest due on the 1989C Bonds as of
the call date The City Manager is hereby authorized and directed to deposit with the Bond
Registrar/paying Agent of the Series 1991E Bonds, U.S. Bank Trust National Association, St.
Paul, Minnesota (f/k/a First Trust National Association), prior to the call date of January 1, 2002,
sufficient funds to pay all principal and interest due on the 1991E Bonds as of the call date
The City Manager is hereby authorized and directed to deposit with the Bond Registrar/paying
Agent of the Series 1992A Bonds, U.S. Bank Trust National Association, St. Paul, Minnesota
(f/k/a First Trust National Association), prior to the call date of February 1, 2002, sufficient
funds to pay all principal and interest due on the Series 1992A Bonds as of the call date
The City Manager is hereby authorized and directed to deposit with the Bond Registrar/paying
Agent of the Series 1993C Bonds, Firstar Bank, N.A., (f/k/a Firstar Trust Company), as agent
for Firstar Bank, N.A., in St. Paul, Minnesota, successor to American Bank, National
Association, St. Paul, Minnesota (formerly, American National Bank & Trust Company),
prior to the call date of February 1, 2002, sufficient funds to pay all principal and interest due
on the Series 1993C Bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by Member Peterson
and upon a vote being taken thereon, the following voted in favor thereof:
Jansen, Ayotte, Peterson, Boyle, Labatt
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
(COUNTIES OF CARVER AND HENNEPIN )
(CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and City Manager of the City of Chanhassen,
Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of
minutes of a regular meeting of the City Council of the City held on Tuesday, November 13,
2001 with the original minutes on file in my office and the extract is a full, true and correct copy
of the minutes, insofar as they relate to the redemption of certain General Obligation Bonds of
1988, General Obligation Corporate Purpose Bonds Series 1989C, General Obligation
Improvement Refunding Bonds Series 1991E, General Obligation Improvement
Bonds Series 1992A and General Obligation Improvement Bonds Series 1993C of the City.
WITNESS My hand as City Manager and the corporate seal of the City this 13th day of
November, 2001.
Todd Gerhardt, City Manager
City of Chanhassen, Minnesota
(SEAL)