ITEM 3_Resolution 2019-65EXTRACT 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:
and the following members were absent:
Member introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR THE REDEMPTION OF
A PORTION OF THE OUTSTANDING
GENERAL OBLIGATION WATER AND SEWER REVENUE REFUNDING BONDS,
SERIES 2009A
WHEREAS:
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
and upon a vote taken thereon, the following voted in favor thereof.
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
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.
(SEAL)
City Administrator/Finance Director
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION WATER AND SEWER REVENUE REFUNDING BONDS, SERIES 2009A
DATED: DECEMBER 1, 2009
CITY OF OTSEGO, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Otsego, Minnesota, there
have been called for redemption and prepayment on
DECEMBER 1, 2019
a portion of those outstanding bonds of the City designated as General Obligation Water and Sewer
Revenue Refunding Bonds, Series 2009A, dated December 1, 2009, maturing in the year 2027, totaling
$2,400,000 in principal amount and with the following CUSIP number:
Maturiy Principal Amount CUSIP
2027 $2,400,000 689146KD9
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to December 1, 2019, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their bonds for payment to Northland Trust
Services, Inc., 150 South 591 Street, Suite 3300, Minneapolis, Minnesota 55402, on or before December 1,
2019.
Dated: October 28, 2019
BY ORDER OF THE CITY COUNCIL
/s/ Adam Flaherty
City Administrator/Finance Director
Important Notice: In compliance with the Economic Growth and Tax Relief reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of the payment by the redeeming institutions if they are not provided with your social security
number or federal employer identification number, properly certified. This requirement is fulfilled by
submitting a W-9 Form, which may be obtained at a bank or other financial institution.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
150 South 5th Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920