RES 19-65EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
Held: October 28, 2019
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Otsego, Wright County, Minnesota, was duly called to order on October 28, 2019, at 7:00
P.M.
The following members were present: Stockamp, Tanner, Darkenwald, Warehime
and the following members were absent: Goede
Member Darkenwald introduced the following resolution and moved its adoption:
RESOLUTION 2019-65
CALLING FOR THE REDEMPTION OF
A PORTION OF THE OUTSTANDING
GENERAL OBLIGATION WATER AND SEWER REVENUE REFUNDING BONDS,
SERIES 2009A
. 3 ' IVI
A. The City Council of the City of Otsego, Minnesota issued $6,360,000 General
Obligation Water and Sewer Revenue Refunding Bonds, Series 2009A, dated December 1, 2009;
and
B. All of said bonds maturing on December 1, 2024 through 2027, inclusive, are subject
to redemption, in whole or in part, and prepayment at the option of the City on December 1,
2019, and on any date thereafter at par plus accrued interest, all as provided in the resolution of
the City authorizing the issuance of said bonds; and
C. The City deems it desirable and in the best interest of the City to call $2,400,000 of
the outstanding bonds maturing in the year 2027 for redemption on December 1, 2019, in
accordance with said resolution authorizing the issuance of said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Otsego, Minnesota as follows:
1. $2,400,000 of the General Obligation Water and Sewer Revenue Refunding Bonds,
Series 2009A, dated December 1, 2009, of the City of Otsego, Minnesota, maturing in the year
2027 shall be redeemed and prepaid on December 1, 2019, at 100% of their principal amount
plus accrued interest for each such bond called.
2. The City Administrator/Finance Director is hereby authorized and directed to give
mailed notice of call to the bank where said bonds are payable and said bank shall provide such
notice to the holders of the bonds as may be required by law. Said notice shall be in substantially
the attached form.
3. The City Administrator/Finance Director is hereby authorized and directed to deposit
with the bank where said bonds are payable prior to said call date sufficient funds to pay all
principal and interest due on the bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by member
Warehime and upon a vote taken thereon, the following voted in favor thereof. Stockamp,
Darkenwald, Tanner, Warehime
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
4MV4 ok�3
JessicaStockamp, Mayor
Tami Loff, Cleric
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and acting City Administrator/Finance
Director of the City of Otsego, Wright County, Minnesota, DO HEREBY CERTIFY, that I have
carefully compared the preceding extract of minutes of a meeting of the City Council of said City
held on the date therein indicated with the original minutes thereof on file in my office and that
the same is a full, true and correct transcript thereof insofar as said minutes relate to the topic
described in the title of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on October 28, 2019.
City r
A• •Director