HomeMy WebLinkAbout07C General Obligation Improvement Bonds, Series 2012A EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF COTTAGE GROVE, MINNESOTA
HELD: November 18, 2020
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Cottage Grove, Washington County, Minnesota, was duly held at City Hall on November 18,
2020, at 7:00 p.m. for the purpose, in part, of authorizing the call of certain outstanding General
Obligation Improvement Bonds, Series 2012A.
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 BONDS, SERIES 2012A
WHEREAS, by Resolution duly adopted on February 15, 2012 (the "Resolution"), the
City issued $1,865,000 original principal amount of General Obligation Improvement Bonds,
Series 2012A, dated March 13, 2012 (the "Bonds"). The City has sufficient funds on hand in the
debt service account of the General Obligation Bonds, Series 2012A Fund (the "Debt Service
Account") to call the remaining $760,000 outstanding principal amount of the February l, 2022,
2023, 2024. 2025, and 2027 maturities of the Bonds on February l, 2021, at a price of par plus
accrued interest.
NOW, THEREFORE, be it resolved by the City Council of the City of Cottage Grove,
Minnesota, as follows:
1. The City Council hereby determines that there exists sufficient funds in the Debt
Service Account to prepay on February l, 2021, $760,000 principal amount of Bonds maturing
or subject to mandatory redemption on February 1 of the years 2022, 2023, 2024, 2025 and 2027,
and the interest due thereon.
2. The City Finance Director of the City of Cottage Grove, Minnesota, where the
principal and interest on the Bonds are payable, 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.
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STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF COTTAGE GROVE
I, the undersigned, being the duly qualified and acting City Clerk of the City of Cottage
Grove, 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 Bonds, Series 2012A.
WITNESS my hand officially on November 18, 2020.
City Clerk
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2012A
CITY OF COTTAGE GROVE, WASHINGTON COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Cottage Grove,
Washington County, Minnesota, there have been called for redemption and prepayment on
February l, 2021
those outstanding bonds of the City designated General Obligation Improvement Bonds, Series
2012A, dated March 13, 2012, having stated maturity dates or subject to mandatory redemption
in the years 2022, 2023, 2024, 2025 and 2027 and totaling $760,000 in principal amount and
having CUSIP numbers listed below:
Year CUSIP Number*
2022 221651 X56
2023 221651 X64
2024 221651 X72
2025 221651 X80
2027 331651 Y22
The bonds are being called at a price of par plus accrued interest to February l, 2021, 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 the office of Bond Trust Services
Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota 55113.
Dated: November 18, 2020.
BY ORDER OF THE CITY COUNCIL
CITY OF COTTAGE GROVE, MINNESOTA
/s/Joe Fischbach, City Clerk
* The City shall not be responsible for the selection of or use of the CUSIP numbers, nor is any
representation made as to their correctness indicated in the notice. They are included solely
for the convenience of the holder.
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