HomeMy WebLinkAboutResolution No. 384-18 - Redemption2009A.TaxableTIFBonds.BioBusinessCenter
RESOLUTION NO. ____
CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN
OUTSTANDING TAXABLE GENERAL OBLIGATION TAX INCREMENT
REVENUE BONDS, SERIES 2009A OF THE CITY
NOW, THEREFORE BE IT RESOLVED by the Common Council of the City of Rochester,
Olmsted County, Minnesota, as follows:
1. The City has issued its Taxable General Obligation Tax Increment Revenue Bonds, Series
2009A dated March 15, 2009 (the “2009A Bonds”). The 2009A Bonds maturing on February 1 in the years
2026 through and including 2033 in the principal amount of $4,005,000 (the “Callable Bonds”), are subject to
redemption and prepayment on February 1, 2019, or such later date, at a price of par plus accrued interest.
2. It is determined that it is in the sound financial management of the City that the Callable
Bonds be prepaid and redeemed on February 1, 2019, or such later date for which proper notice of call may
be given, and such bonds are hereby called for redemption on such date.
4. The Director of Finance of the City (the “Registrar”) is authorized and directed to mail the
Notice of Call for Redemption in substantially the form attached hereto as Exhibit A to the registered owner
of the Callable Bonds to be redeemed at the address shown on the registration books kept by the Registrar
and to deposit with the bank where the Callable Bonds are payable sufficient funds to pay all principal and
interest due on said the Callable Bonds as of the call date.
5. The City delegates to the Director of Finance the authority to redeem other maturities of the
bonds when funds in the tax increment account for Tax Increment Financing District No. 36-1 are achieved to
redeem additional maturities as determined by the Director of Finance.
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543528v1 JSB RC110-103
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
MINNESOTA, THIS _______ DAY OF____________, 2018.
_________________________________________
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
_________________________
CITY CLERK
Approved this ____day of _______________, 2018.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
543528v1 JSB RC110-103
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
TAXABLE GENERAL OBLIGATION TAX INCREMENT REVENUE BONDS, SERIES 2009A
CITY OF ROCHESTER
OLMSTED COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the Common Council of the City of Rochester,
Olmsted County, Minnesota, there have been called for redemption and prepayment on
February 1, 2019
the outstanding bonds of the City designated as Taxable General Obligation Tax Increment Revenue Bonds,
Series 2009A dated March 15, 2009, having stated maturity dates of February 1 in the years 2026 through
and including 2033, totaling $4,005,000 in principal amount, and with the following CUSIP numbers:
Year of Maturity Amount CUSIP
2026 $405,000 771588 QB9
2027 430,000 771588 QF7
2028 455,000 771588 QD5
2030* 1,000,000 771588 QF0
2033* 1,715,000 771588 QJ2
*Term Bonds
The bonds are being called at a price of par plus accrued interest to February 1, 2019, 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 office of the Director of Finance of the City on or
before February 1, 2019.
Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time 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.
Dated: December 3, 2018.
BY ORDER OF THE COMMON COUNCIL
543528v1 JSB RC110-103
A-1