HomeMy WebLinkAboutResolution 14-1991 RESOLUTION NO. 14-91
RESOLUTION OF REDEMPTION
WHEREAS, on December 30, 1983, the City issued its Economic
Development Revenue Bonds (the "1983 Bonds") , Series December 1, 1983
(Prest Equipment Company Project) ; and
WHEREAS, pursuant to Resolution No. 8-89 of the City adopted on
February 7, 1989, the obligation of the Company under the 1983 Bonds
was assumed by The Brinkley Company; and
WHEREAS, the City has received from The Brinkley Company a
request for redemption and payment in full of the 1983 Bonds as of
March 1, 1991; and
WHEREAS, pursuant to Section 302 (c) of the First Supplemental
Mortgage and Indenture of Trust dated as of December 1, 1983 (the
"Indenture") in connection with the issuance of the 1983 Bonds
provides from the City to issue a Notice of Redemption upon request by
the Company; and
WHEREAS, the Indenture contains certain requirements of notice to
the trustee and to the holder of the 1983 Bonds, all of which notices
have been waived by the trustee and the bondholders, a copy of which
waivers are on file in the office of the City Finance Officer;
NOW, THEREFORE, the City Commission acknowledges the redemption
of the 1983 Bonds as of March 1, 1991, and hereby directs the City
Finance Officer of the City of Brookings to issue a Notice of
Redemption in substantially the form of Exhibit A attached hereto, and
file a copy thereof in the City records and to take such other steps
as are required on the part of the City to effectuate the redemption
of the 1983 Bonds.
Passed and approved this 5th day of March, 1991.
ATT �`�t Or �st���
�pit�i�+ �.y �
���, T�O:� ,
MAR, g Mayor
�38
Fina ���;�i`� �
.
.
NOTICE OF REDEMPTION
City of Brookings, South Dakota
Economic Development Revenue Bonds
Series December 1, 1983
(Prest Equipment Company Project)
The City of Brookings, South Dakota (the "City") , by and through
the First National Bank in Brookings, South Dakota, as trustee,
hereby notifies the holders of the City of Brookings, South Dakota,
Economic Development Revenue Bonds, Series December 1, 1983 (Prest
Equipment Company Project) issued December 30, 1983 (the "Bonds") ,
that all of the Bonds outstanding on March 1, 1991, will be called
for redemption and payable on March 1, 1991, and that all Bonds
will no longer bear interest after March 1, 1991.
The Bonds will be redeemed as follows:
Redemption Date: March 1, 1991
Place of Redemption: The First National Bank
in Brookings
P.O. Box 57
Brookings, SD 57006
ATTN: Trust Department
(605) 692-6294
Bonds to be Redeemed: All of the Bonds outstanding on March 1,
1991, will be redeemed.
Interest: Al1 of the Bonds called for redemption will no longer
bear interest after March 1, 1991.
Redemption Price: The Bonds will be redeemed at a redemption price
equal to 100% of the principal amount redeemed, plus accrued
interest through the redemption date, without premium.
ANY QUESTIONS CONCERNING THIS NOTICE SHOULD BE DIRECTED TO THE
TRUSTEE AT THE ADDRESS AND TELEPHONE NUMBER SET FORTH ABOVE.
Dated this �w� day of March, 1991.
CITY OF BROOKINGS, SOUTH DAKOTA
BY
FIN FF