01-13EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
Held:
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 the 23`d day of April, 2001, at
6: 3 0 oblock P.M.
The following members were present:
Mayor Larry Fournier; Councilmembers: Suzanne Ackerman,
Vern Heidner, Jerry Struthers and Virginia Wendel
and the following members were absent: NONE
Member H e i d n e r introduced the following resolution and moved its adoption:
Resolution 2001-13
RESOLUTION CALLING FOR TBE REDEMPTION OF
TBE OUTSTANDING
GENERAL OBLIGATION WROVEMENT BONDS OF 1991
WHEREAS:
A. The City Council of the City of Otsego, Minnesota issued $210,000 General Obligation
Improvmne nt Bonds of 1991, of which, bonds maturing on August 1, 2001, $75,000 still remain
outstanding; and
B. All of said bonds maturing an. August 1, 1997 through 2002, are subject to redemption, in
whole or in part, and prepayment at the option of the City on August 1, 1996, and on any payment date
thereafter at 100% plus accrued interest, all as provided in the resolution of the City authorizing the
issuance of said bonds; and
C. T]k City deems it desirable and in the best interest of the City to call $50,000 of the
outstanding of said bonds maturing in the years 2002 and 2003, for redemption on August 1, 2001, 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. $50,000 of the General Obligation Improvement Bonds of 1991, of the City of Otsego,
Minnesota, maturing in the years 2002 and 2003, shall be redeemed and prepaid on August 1, 2001 at
100% of their principal amount plus accrued interest for each such bond called.
2. The City Clerk is hereby authorized and directed to give mailed notice of call to the bank where
said bonds are payable and to all holders of the bonds. Said notice shall be in substantially the following
form:
3. The City Clerk is hereby authorized and directed to deposit with the bank when 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 council member
Ackerman and upon a vote taken thereon, the following voted in favor thefwf Mayor Fournier,
Councilmembers: Vern Heidner, Suzanne Ackerman, Jerry Struthers and
Virginia Wendel.
and the hollowing voted against the same: N o n e
Whereupon said resolution was declared duly passed and adopted.
NOTICE OF CALL FOR REDEMPTION
CITY OF OTSEGO, MINNESOTA
GENERAL OBLIGATION IlOROVEMENT BONDS OF 1991
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Otsego, Wright County
Minnesota, there have been called for redemption and prepayment on
August 1, 2001
those outstanding bonds of the City designated as General Obligation Improvement Bonds of 1991, having
the stated maturity dates of August 1, 2002 through 2003, and totaling $50,000 in principal amount. The
bands are being called fnr redemption at a price of 100% of their principal amount plus accrued interest to
August 1, 2001, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby
called for redemption are requested to pmt their bonds for payment to the City of Otsego, 8899 Nasbua
Avenue NE, Elk River, Mn 55330 on or before August 1, 2001.
Dated: April 23, 2001
BY ORDER OF THE C17Y COUNCIL
/81 -Judy Hudson
Clerk
Important Notice: Under the Interest and Dividend Compliance Act of 1983, 31 % will be withheld if tax
identification is not properly certified.
Additional Information may be obtained from:
JURAN & MOODY
1100 World Trade Center
30 East Seventh Street
St. Paul, Minnesota 55101-2091
Telephone No. (651) 224-1500
Atter Lori A. Giampaolo
Public Finance Department
STATE OF NfMESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and acting Clack of the City
Otsego, Minnesota, DO HEREBY CERTIFY that I have csirefnlly compared the
attached and foregoing extract of minutes of the City Council meeting held on the date therein
indicated, with the original thereof on file m my office, and the same is a full, tree and camplete
transcript therefrom insofar as the same relates to calling for redemption the outstanding
General Obligation Improvement Bands of 1991.
WITNESS my hand as such Clerk ofthe City of Otsego, Minnesota,
this 23rd day of April, 2001.