03-90EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
Held: December 8, 2003
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 December 8, 2003, at 6:30 o'clock
P.M.
The following members were present: Mayor Larry Fournier; Councilmembers:
Vern Heidner, Virginia Wendel, Jerry Struthers and Dan Scharber.
and the following members were absent: None
Member S tru ther s introduced the following resolution and moved its adoption:
RESOLUTION 2003-90
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996A
WHEREAS:
A. The City Council of the City of Otsego, Minnesota issued $655,000 General Obligation
Improvement Bonds, Series 1996A, dated August 1, 1996; and
B. All of said bonds maturing on February 1, 2005 to 2007, inclusive and thereafter, are subject
to redemption, in whole or in part, and prepayment at the option of the City on February 1, 2004, and on
any date thereafter at 100% 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 $165,000 of the
outstanding bonds maturing in the years 2005 to 2007, inclusive, for redemption on February 1, 2004, 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. $165,000 of the General Obligation Improvement Bonds of 1996A, dated August 1, 1996, of
the City of Otsego, Minnesota, maturing in the years 2005 to 2007, inclusive, shall be redeemed and
prepaid on February 1, 2004, 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 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 following form:
Otsego.doc
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1995
DATED: August 1, 1996
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
February 1, 2004
those outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 1996A,
dated August 1, 1996, having the stated maturity dates of February 1, 2005 to 2007, inclusive, totaling
$165,000 in principal amount. The bonds are being called for redemption at a price of 100% of their
principal amount plus accrued interest to February 1, 2004, 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 Wells Fargo Corporate Trust Department, Sixth & Marquette, N9303-110, Minneapolis,
Mn 55479, on or before February 1, 2004.
Dated: December 8, 2003
BY ORDER OF THE CITY COUNCIL
/s/ Judy Hudson
City Clerk
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.
45 South 7`h Street, Suite 2500
Minneapolis, Minnesota 55402
Attn: Lori A. Giampaolo
Public Finance Department
Phone: 612-851-5900 or 800-851-2920
Otsego.doc
3. The City Clerk 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 council member
Struthers and upon a vote taken thereon, the following voted in favor thereof:
Mayor Fournier; Councilmembers: Heidner, Mendel, Struthers and Scharber.
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
Otsego.doc
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and acting City Clerk 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 December 8, 2003.
Otsego.doc
OYl
City Clerk