1d. Prepayment of 1983 Improvement Bonds C ITYOF .___.
CHANHASSEN
690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317
(612) 937 -1900 • FAX (612) 937 -5739
MEMO ' `�UM
TO: Mayor and City Council
1 FROM: Don Ashworth, City Manager
DATE: May 6, 1992
1 SUBJ: Redemption of 1983 Improvement Bonds
1 As a part of this past fall's bond sales, we updated our overall Debt Management Study.
That study revealed that the Improvement Bonds of 1983 were eligible to be redeemed in
1992, and therefore, achieve cost savings for the :city. To effectuate the redemption process,
the attached resolution is required to be adopted. Approval is recommended.
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� 117 PRINTED ON RECYCLED PAPER
HOLMES & GRAVEN
CHARTERED
470 Pillsbury Center, Minneapolis, Minnesota 55402
DAVID J. KENNEDY
Attorney at Lay, 470
(612) 337 -9300
Facsimile (612) 337 -9310
Direct Dial (612) 337 -9232
4;7 p_
� e _
APR 3 0 199';
April 28, 1992
Don Ashworth
' City Manager
City of Chanhassen
P. 0. Box 147
Chanhassen, MN 55317 -0147
1 RE: Redemption of 1983 Improvement Bonds
Dear Don:
At the request of Tom Chaffee, I have prepared the enclosed
proceedings calling the above bonds for redemption on August 1,
1 1992.
The resolution may be adopted at any time. Please send me two
' certified copies. I'll then notify the paying agent and arrange
for publication. The notice should be published no later than July
1.
If you or Tom have any questions, please call.
Yo truly,
David J. Kennedy
DJK:jes
Enclosure
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Extract of Minutes of Meeting of the
City Council of the City of Chanhassen,
1 Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the
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City of Chanhassen, Minnesota, was duly held in the City Hall in the City of
Chanhassen, on , , 1992, commencing at _.m. 1
The following members were present:
and the following were absent:
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Member introduced the following resolution and moved its
adoption:
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RESOLUTION NO.
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RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING I
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the City of Chanhassen, Carver and
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Hennepin Counties, Minnesota, as follows:
1. The City has issued and sold its General Obligation Improvement Bonds
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of 1983, dated May 1, 1983 (Bonds) in the total principal amount of $1,330,000.
Bonds maturing after August 1, 1992, are subject to redemption and prepayment on
that and on any interest payment date thereafter at a price of par plus accrued
interest.
2. It is determined that it is in the best interests of the sound financial
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management of the City that Bonds maturing on August 1 in the years 1993 to and
including 1996, comprising all of the Bonds subject to redemption, be prepaid and
redeemed on August 1, 1992, and those Bonds are hereby called for redemption on
that date. 1
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3. The City Manager is authorized and directed to publish, in accordance
with law, a notice of call for redemption of the Bonds in the form attached hereto as
' Exhibit A and to mail a copy of the notice to the paying agent for the Bonds and to
the original purchaser of the Bonds .
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:
1 and the following voted against:
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
)
COUNTIES OF CARVER ) SS.
AND HENNEPIN )
)
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting City Manager of the
City of Chanhassen, Minnesota, do hereby certify that I have carefully compared the
attached and foregoing extract of minutes of a regular meeting of the City Council
held on , , 1992, with the original thereof on file in
my office and the same is a full, true and complete transcript therefrom insofar as
the same relates to the prepayment and redemption of $1,330,000 General Obligation
Improvement Bonds of 1983, of the City. '
WITNESS My hand as City Manager and the corporate seal of the City this '
day of , 1992.
City Manager ,
City of Chanhassen, Minnesota
(SEAL)
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EXHIBIT A
1 NOTICE OF CALL FOR REDEMPTION
$1,330,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1983
CITY OF CHANHASSEN, MINNESOTA
Notice is hereby given that by order of the City Council of the City of
Chanhassen, Minnesota, there have been called for redemption and prepayment on
AUGUST 1, 1992
' all outstanding Bonds of the City designated as General Obligation Improvement
Bonds of 1983, dated May 1, 1983, and having stated maturity dates of August 1 in
the years 1993 through 1996, both inclusive, totaling $580,000 in principal amount
and bearing serial numbers 151 to 266, both inclusive, and with CUSIP numbers as
' shown below:
Maturity Rate CUSIP
1993 8.25% 159105 PF6
1994 8.40 159105 PG4
' 1995
1996 8.60 159105 PH2
8.70 159105 PJ8
The Bonds are being called at a price of par plus accrued interest to August 1, 1992
' on which date all interest on the Bonds will cease to accrue. Holders of the Bonds
hereby called for redemption are requested to present their Bonds for payment with
coupons attached at First Trust National Association (successor paying agent to
First National Bank of Saint Paul) , paying agent, in the City of St. Paul, Minnesota,
on or before August 1, 1992.
If by mail If by hand
First Trust National Association First Trust National Association
Corporate Trust Operations 180 East Fifth Street
' P.O. Box 64111 3rd Floor - Bond Drop Window
St. Paul, MN 55164 -0111 St. Paul, MN 55101
BY ORDER OF THE CITY COUNCIL
/s/ Donald Ashworth
City Manager
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IMPORTANT NOTICE: 1
In compliance with the Interest and Dividend Compliance Act of 1983 and Broker
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Reporting Requirements, the redeeming institution is required to withhold 20% of the
principal amount of your holdings redeemed unless they are provided with your
social security number or federal employer identification number, properly certified.
This Compliance should be fulfilled through the submitting of a W -9 Form which may
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be obtained at a Bank or other Financial Institution.
The Trustee shall not be responsible for the selection or use of the CUSIP number, I
nor is any representation made as to its correctness indicated in the Redemption
Notice. It is included solely for the convenience of the Holders.
Additional information may be obtained from:
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First Trust National Association
Corporate Trust Division I
Bondholder Relations (612) 223 -7900
Dated: , 1992 1
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