HomeMy WebLinkAboutResolution No. 302-20 - Redemption of GO Bonds Series 2015D
RESOLUTION
Providing for the Redemption of the General Obligation Variable Rate Waste
Water Revenue Refunding Bond, Series 2015D.
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 General Obligation Variable Rate Waste Water Revenue
Refunding Bond, Series 2015D dated September 30, 2015 (the “2015D Bond”). The
2015D Bond 2021 through 2026 installments maturing on December 1, 2026, in the
principal amount of $8,030,000 (the “Callable Installments”), are subject to redemption
and prepayment on any 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
Installments be prepaid and redeemed on December 1, 2020, or such later date for
which proper notice of call may be given, and such bond is hereby called for redemption
on such date.
3. 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 Installments to be redeemed at the address shown
on the registration books kept by the Registrar and to deposit with the bank where the
Callable Installments are payable sufficient funds to pay all principal and interest due on
said the Callable Installments as of the call date.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2020.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2020.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
November 24, 2020
U.S. Bank National Association
777 East Wisconsin Avenue
Mail Code: MK-WI-T5GB
Milwaukee WI 53202
Attention: Brian Richter
Government Banking
Re: CITY OF ROCHESTER, MINNESOTA - $14,156,000 GENERAL OBLIGATION
VARIABLE RATE WASTE WATER REVENUE REFUNDING BOND, SERIES
2015D
To Whom It May Concern:
Pursuant to Section 2.04 of the Continuing Covenant Agreement, dated
September 1, 2015 (the “CCA”), between the City of Rochester, Minnesota (the “City”)
and U.S. Bank National Association, relating to the - $14,156,000 General Obligation
Variable Rate Waste Water Revenue Refunding Bond, Series 2015D, dated September
30, 2015 (the “Bonds”), the City has determined to exercise its option to redeem and
prepay the Bond, in the outstanding aggregate principal amount of $8,030,000, in the
installments set forth in the attached Schedule I, on December 1, 2020 (the “Redemption
Date”) for a redemption price equal to the principal amount redeemed plus accrued
interest to December 1, 2020, on which date all interest on said bond will cease to accrue.
U.S. Bank National Association, as the holder of the Bonds hereby called for
redemption, is requested to present its Bonds for payment at the office of the City Finance
Director, 201 Fourth Street SE, Rochester, Minnesota, on or before December 1, 2020.
____________________________________
Director of Finance
By order of the Common Council of the City of
Rochester, Olmsted County, Minnesota
Schedule I
SCHEDULE OF REDEEMED BOND INSTALLMENTS
Installment Due Amount
December 1
2021 $1,275,000
2022 $1,295,000
2023 $1,320,000
2024 $1,350,000
2025 $1,380,000
2026 $1,410,000