D-6. 2009A General Obligation Bonds7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
wwaci.chanhasse n. m n.us
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MEMORANDUM
TO: Mayor & City Council
FROM: Greg Sticha, Finance Director
DATE: June 27, 2016 alk/
SUBJ: Resolution Authorizing Early Redemption of 2009A GO Bonds
PROPOSED MOTION:
"The City Council approves a resolution authorizing early redemption of the
2009A General Obligation Bonds."
Approval of this item requires a simple majority vote of the City Council.
BACKGROUND
The 2009A General Obligation Bonds were an issue that refinanced the 2005 MUSA
State Financing Bonds for improvements in an around the newly constructed
Highway 212. There is currently enough cash in the debt service fund to make the
final principal payment of $590,000. The early payment will save the city
approximately $8,000 in interest cost.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing
early redemption of the 2009A General Obligation Bonds.
ATTACHMENTS
1. Resolution.
F:\gregs\councin2016\2009a go early redemption memo.docx
Chanhassen is a Community for Life - Providing for Todayand Planning forTomorrow
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF CHANHASSEN, MINNESOTA
HELD: June 27, 2016
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Chanhassen, Carver and Hennepin Counties, Minnesota, was duly held at City Hall on June
27, 2016, at 7:00 p.m. for the purpose, in part, of authorizing the call of certain outstanding
General Obligation Improvement Refunding Bonds, Series 2009A.
The following members were present:
and the following were absent:
Member
introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2009A
WHEREAS, by Resolution duly adopted on May 11, 2009 (the "Resolution"), the City
issued $6,020,000 original principal amount of General Obligation Improvement Refunding
Bonds, Series 2009A, dated June 3, 2009 (the 'Bonds"). The City has sufficient funds on hand
in the debt service account of the General Obligation Improvement Refunding Bonds, Series
2009A Fund (the "Debt Service Account") to call the remaining $590,000 outstanding principal
amount of the February 1, 2017 maturity of the Bonds on August 1, 2016, at a price of par plus
accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Chanhassen,
Minnesota, as follows:
1. The City Council hereby determines that there exists sufficient funds in the Debt
Service Account to prepay on August 1, 2016, the Outstanding Bonds and the interest due
thereon.
2. Bond Trust Services Corporation, in Roseville, Minnesota, is hereby authorized
and directed to cause the Notice of Call for Redemption attached hereto as Exhibit A to be given
in accordance with the provisions of the Resolution.
3. No further action shall be required of the City Council to complete prepayment of
the Bonds.
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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 the resolution was declared duly passed and adopted.
2
ns7ssovi
STATE OF MINNESOTA
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
I, the undersigned, being the duly qualified and acting Manager of the City of
Chanhassen, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached
and foregoing extract of minutes with the original thereof on file in my office, and that the same
is a full, true and complete transcript of the minutes of a meeting of the City Council duly called
and held on the date therein indicated, insofar as such minutes relate to authorizing the call of the
outstanding General Obligation Improvement Refunding Bonds, Series 2009A.
WITNESS my hand officially on June 27, 2016.
City Manager
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2009A
CITY OF CHANHASSEN, CARVER AND HENNEPIN COUNTIES, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Chanhassen,
Carver and Hennepin Counties, Minnesota, there have been called for redemption and
prepayment on
August 1, 2016
those outstanding bonds of the City designated General Obligation Improvement Refunding
Bonds, Series 2009A, dated June 3, 2009, having a stated maturity date in the year 2017 and
totaling $590,000 in principal amount and having the CUSIP number listed below:
Year CUSIP Number*
2017 159105 7135
The bonds are being called at a price of par plus accrued interest to August 1, 2016, 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 at Bond Trust Services Corporation,
in Roseville, Minnesota.
Dated: June 27, 2016.
BY ORDER OF THE CITY COUNCIL
CITY OF CHANHASSEN, MINNESOTA
/s/ Todd Gerhardt, City Manager
* The City shall not be responsible for the selection of or use of the CUSIP number, nor is any
representation made as to its correctness indicated in the notice. It is included solely for the
convenience of the holder.
FEW
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