HomeMy WebLinkAboutResolution No. 081-25 - Resolution - Calling for the Redemption of Series 2015A Bonds
RESOLUTION NO. _____
RESOLUTION PROVIDING FOR THE PARTIAL REDEMPTION OF CERTAIN
OUTSTANDING GENERAL OBLIGATION LODGING TAX REVENUE BONDS, SERIES
2015A OF THE CITY
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 Lodging Tax Revenue Bonds,
Series 2015A, dated June 16, 2015 (the “2015A Bonds”), in the original aggregate principal
amount of $42,795,000. The Bonds are currently outstanding in the principal amount of
$27,690,000 and are subject to call for prior redemption on any date 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 U.S. Bank
Trust Company, National Association (as successor to the Director of Finance of the City),
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 a portion of the Bonds maturing on February 1, 2034 and
February 1, 2035 (the “Callable 2015A Portion”) be prepaid and redeemed on May 15, 2025,
or the first date for which the Registrar of the Bonds can provide proper notice to the holders
of the Bonds, and the Callable 2015A Portion is hereby called for redemption in the
aggregate principal amount of $5,000,000.
4. The Director of Finance of the City is authorized and directed to request that
the Registrar mail the Notice of the Call for Redemption in substantially the form attached
hereto as EXHIBIT A to the registered owner of the Callable 2015A Portion (collectively, the
“Callable Bonds”), to be redeemed at the addresses shown on the registration books kept
by the Registrar.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2025.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2025.
___________________________________
MAYOR OF SAID CITY
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CERTIFICATION
I, the undersigned City Clerk of the City of Rochester, Minnesota, do hereby certify
the following:
The foregoing is true and correct and a copy of the Resolution is on file and of record
in the offices of the City, which Resolution relates to the calling for the partial redemption of
certain outstanding General Obligation Lodging Tax Revenue Bonds, Series 2015A and
said Resolution was duly adopted by the Rochester Common Council at a regular or special
meeting of the Council held and was open to the public and held at the place at which
meetings of the Council are regularly held, a quorum of the Council being present and acting
throughout. Councilmember Keane moved to adopt the Resolution, which motion was
seconded by Councilmember Doering.
Whereupon said Resolution was declared duly passed and adopted. The Resolution
is in full force and effect and no action has been taken by the Council which would in any
way alter or amend the Resolution.
WITNESS MY HAND as City Clerk of the City of Rochester, Minnesota, this _____
day of _______________, 2025.
City Clerk
City of Rochester, Minnesota
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EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION LODGING TAX REVENUE BONDS, SERIES 2015A
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
May 15, 2025
all outstanding bonds of the City designated as General Obligation Lodging Tax Revenue
Bonds, Series 2015A, dated June 16, 2015, having a stated maturity dates of February 1
in the years 2034 and 2035, totaling $5,000,000 in principal amount, and with the following
CUSIP number:
Year of Amount CUSIP Amount New
Maturity Outstanding CUSIP
2034 $ 1,755,000 771588 TE0 $1,375,000 771588
___
2035 3,245,000 771588 TF7
The bonds are being called at a price of par plus accrued interest to May 15, 2025, 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 U.S. Bank Trust Company, National Association, in St. Paul, Minnesota, on or before
May 15, 2025.
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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: April 7, 2025.
BY ORDER OF THE COMMON
COUNCIL
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