12-10675r RESOLUTION NO. 10675
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING GENERAL
OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the City of Richfield, Minnesota (the
"City"), as follows:
1. The City has previously issued and sold its Taxable General Obligation
Improvement Bonds, Series 1997, dated December 1, 1997 (the "Bonds"), in the
aggregate principal amount of $750,000, of which $80,000 in principal amount is currently
outstanding. Bonds maturing on or after February 1, 2006, are subject to call for prior
redemption on February 1, 2005, or on any date thereafter at a price of par plus accrued
interest. Redemption may be in whole or in part, and if in part, at the option of the City and
in such order as the City will determine and within a maturity selected by Wells Fargo
Bank, National Association (as successor in interest to Norwest Bank Minnesota, National
Association), Minneapolis, Minnesota, acting as the registrar for the Bonds (the
"Registrar"). Prepayments will be at a price of par plus accrued interest.
2. It is determined that it is in the best interests of the sound financial
management of the City that Bonds maturing on February 1, 2013, comprising all of the
Bonds subject to redemption, be prepaid and redeemed on August 29, 2012 (or on the first
date thereafter for which the Registrar of the Bonds can provide proper notice to the
holders of the Bonds), and those Bonds are hereby called for redemption on that date in
the aggregate principal amount of$80,000.
3. The Registrar is authorized and directed to mail notice of call for redemption
of the Bonds in the form attached hereto as EXHIBIT A to the registered owners of the
Bonds to be redeemed at the address shown on the registration books kept by the
Registrar.
Adopted by the City Council of the City of Richfield, Minnesota this 24th day of July, 2012.
om Fitzh-nryy or Pro Tempore
ATTEST:
11JA.16(1/
Nancy Go City Clerk
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$750,000
CITY OF RICHFIELD, MINNESOTA
TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 1997
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of
Richfield, Minnesota (the "City"), there have been called for redemption and prepayment
on
August 29, 2012
all outstanding bonds of the City designated as the Taxable General Obligation
Improvement Bonds, Series 1997, dated December 1, 1997, having a stated maturity date
of February 1, 2013, totaling $80,000 in principal amount, and with the CUSIP number
763325 C54.
The bonds are being called at a price of par plus accrued interest to August 29,
2012, 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 at the main
office of Wells Fargo Bank, National Association (as successor in interest to Norwest Bank
Minnesota, National Association), in the City of Minneapolis, Minnesota, on or before
August 29, 2012, at the following address:
Wells Fargo Bank, National Association
Attention: Corporate Trust Operations
625 Marquette Avenue
MAC N9311-115
Minneapolis, MN 55479
In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2003,
the City is required to withhold a specified percentage of the principal amount of the
redemption price payable to the holder of any Bonds subject to redemption and prepayment
on the Redemption Date, unless the City is provided with the Social Security Number or
Federal Employer Identification Number of the holder, properly certified. Submission of a fully
executed Request for Taxpayer Identification Number and Certification, Form W-9 (Rev.
December 2011), will satisfy the requirements of this paragraph.
Dated: , 2012.
BY ORDER OF THE CITY COUNCIL
By /s/ Steven Devich
City Manager
City of Richfield, Minnesota