MINUTES TO ADOPT RESOLUTION PROVIDING FOR PREPAYMENT OF 2004 BONDS
435926-27
Monticello, Iowa
May 7, 2012
The City Council of the City of Monticello, Iowa, met at the Monticello Renaissance Center, Community Media Room, 220 East First Street, in the City, at 6:00 o’clock p.m., on May 7, 2012. The meeting was called to order by the Mayor and the roll being called, there were present the Mayor and the following named Council Members:
Present: Dave Goedken, Bill Meyer, Reenie Breyer, John Sauser, Chris Lux and Tom Yeoman.
Absent: None.
Council Member Yeoman introduced the resolution next hereinafter set out related to the optional prepayment of the 2015 and 2016 Maturities of the City’s outstanding General Obligation Urban Renewal Corporate Purpose Bonds, Series 2004, dated May 1, 2004, and moved that said resolution be adopted; seconded by Council Member Meyer and after due consideration thereof by the Council, the Mayor put the question on the motion and, the roll being called, the following named Council Members voted:
Ayes: Yeoman, Meyer, Breyer, Sauser, Lux and Goedken
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted, as follows:
RESOLUTION NO.12-63
Resolution providing for prepayment of certain General Obligation Urban Renewal Corporate Purpose Bonds, Series 2004
WHEREAS, $1,200,000 General Obligation Urban Renewal Corporate Purpose Bonds, Series 2004, dated May 1, 2004 (the “2004 Bonds”), were issued by the City of Monticello, Iowa (the “City”), pursuant to a resolution passed and approved on April 19, 2004, under which the right was reserved to the City to call and prepay part or all of the 2004 Bonds maturing in each of the years 2011 through 2016, inclusive, on June 1, 2010 or any date thereafter, on terms of par and accrued interest, provided notice is given to each of the registered owners of the 2004 Bonds to be redeemed at the addresses shown on the City’s registration books, not less than 30 and not more than 60 days prior to the date set for such redemption and prepayment; and
WHEREAS, the City has sufficient funds on-hand to prepay the 2004 Bonds scheduled to mature in the years 2015 and 2016 (the “Callable 2004 Bonds”); and
WHEREAS, prior to calling the Callable 2004 Bonds for redemption, provision must be made for giving notice thereof; and
WHEREAS, it is now necessary to authorize Bankers Trust Company, Des Moines, Iowa (the “Registrar”), as Registrar and Paying Agent for the 2004 Bonds, to take action to call the Callable 2004 Bonds for early redemption on June 7, 2012 (the “Redemption Date”);
NOW, THEREFORE, It Is Hereby Resolved and ordered by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The Callable 2004 Bonds are hereby called for redemption on the Redemption Date on terms of par and accrued interest to such date of redemption.
Section 2. The Registrar is hereby authorized to take all action necessary to call the Callable 2004 Bonds for redemption as of the Redemption Date, and is further authorized and directed to give notice of such redemption by sending notice by electronic means to each of the registered owners of the Callable 2004 Bonds to be redeemed at the addresses shown on the City’s registration books, not less than 30 and days prior to the Redemption Date.
Section 3. All resolutions or orders or parts thereof, to the extent the same may be in conflict herewith, are hereby repealed.
Passed and approved May 7, 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk
• • • •
On motion and vote, the meeting adjourned.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk
STATE OF IOWA
COUNTY OF JONES SS:
CITY OF MONTICELLO
I, the undersigned, City Clerk of the City of Monticello, do hereby certify that the transcript hereto attached is a true, correct and complete copy of all the records of the City Council relating to the prepayment of certain General Obligation Urban Renewal Corporate Purpose Bonds, Series 2004, dated May 1, 2004 and directing the giving of notice of redemption thereof.
WITNESS MY HAND this _______ day of _______________, 2012.
Sally Hinrichsen,City Clerk
May 2, 2012
Doug Herman
City Administrator/City Hall
Monticello, IA
Via Email
Re: Authorizing Prepayment of G.O. Bonds, Series 2004 Urban Renewal Corporate
Purpose Bonds
Our file: 435926-27
Dear Doug:
As requested by Jon Burmeister, we have prepared the attached resolution for action by your City Council on May 7th in order to authorize the prepayment of the 2015 and 2016 maturities of the City’s General Obligation Urban Renewal Corporate Purpose Bonds, Series 2004.
Please forward an executed copy of the Resolution to Diana VanVleet of Bankers Trust, and please return an executed copy of the signed resolution to our office. The Bank will cause the early redemption of these maturities to occur on June 7, 2012.
If you have any questions please contact me.
Best regards,
Via Email
John P. Danos
cc: Sally Hinrichsen
Jon Burmeister
Diana Van Vleet