MINUTES TO ADOPT RESOLUTION PROVIDING FOR PREPAYMENT OF 2006 BONDS
Monticello, Iowa
December 1, 2014
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 December 1, 2014. 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, Frank Yanda, Johnny Russ, 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 2006, dated April 3, 2006 and moved that said resolution be adopted; seconded by Council Member Yanda 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, Yanda, Russ, Lux, Goedken and Meyer
Nays: None
Whereupon, the Mayor declared the resolution duly adopted, as follows:
RESOLUTION NO.14-200
Resolution providing for the prepayment of certain General Obligation Corporate Purpose Bonds, Series 2006
WHEREAS, $460,000 General Obligation Urban Renewal Corporate Purpose Bonds, Series 2006, dated April 03, 2006 (the “2006 Bonds”), were issued by the City of Monticello, Iowa (the “City”), pursuant to Resolution No. 06-40 passed and approved on March 20, 2006 under which the right was reserved to the City to call and prepay part or all of the 2006 Bonds maturing in each of the years 2014 through 2016, inclusive, on June 1, 2013 or any date thereafter, on terms of par and accrued interest, provided notice is given to each of the registered owners of the 2006 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 2006 Bonds scheduled to mature in the years 2015 and 2016 (“Callable 2006 Bonds”); and
WHEREAS, prior to calling the Callable 2006 Bonds, due in fiscal years 2015 and 2016, 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 2006 Bonds, to take action to call the Callable 2006 Bonds for early redemption on January 05, 2015 (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 2006 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 2006 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 2006 Bonds to be redeemed at the addresses shown on the City’s registration books, not less than 30 nor more than 60 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 December 1, 2014.
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 )§
CITY OF MONTICELLO )
I, the undersigned, Sally Hinrichsen, 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 Corporate Purpose Bonds, Series 2006, dated April 03, 2006 and directing the giving of notice of redemption thereof.
WITNESS MY HAND this _______ day of _______________, 2014.
Sally Hinrichsen, City Clerk