22-2 EDA resolution 10-24-22 EDA MtgEXTRACT OF MINUTES OF A MEETING OF THE
ECONOMIC DEVELOPMENT AUTHORITY OF THE
CITY OF SHOREWOOD, MINNESOTA
HELD: OCTOBER 24, 2022
Pursuant to due call and notice thereof, a regular meeting of the Economic Development
Authority of the City of Shorewood, Hennepin County, Minnesota, was duly held at the City
Hall on October 24, 2022, at 6:15 p.m., for the purpose, in part, of authorizing the call for
redemption and prepayment of the Shorewood Economic Development Authority Public Project
Lease Revenue Refunding Bonds, Series 2017A (City of Shorewood, Minnesota Lease
Obligation).
The following members were present: President Labadie, Councilmember Callies,
Councilmember Gorham
and the following were absent: Councilmember Siakel and Councilmember Johnson
Member Callies introduced the following resolution and moved its adoption:
RESOLUTION # 22-2
RESOLUTION PROVIDING FOR THE
REDEMPTION AND PREPAYMENT OF THE
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
PUBLIC PROJECT LEASE REVENUE REFUNDING BONDS,
SERIES 2017A
A. WHEREAS, the Economic Development Authority of the City of Shorewood (the
"Authority") hereby determines and declares that it is necessary and expedient to call for
redemption and prepayment all outstanding principal of the Authority's $950,000 original
principal amount Shorewood Economic Development Authority Public Project Lease Revenue
Refunding Bonds, Series 2017A, dated May 2, 2017, which mature after December 1, 2022; and
B. WHEREAS, Bonds are callable, in whole only, on December 1, 2022, and any
day thereafter, at a price of par plus accrued interest, as provided in the resolution of the
Authority duly adopted on April 24, 2017, authorizing the issuance of the Bonds; and
C. WHEREAS, the redemption on December 1, 2022, of all outstanding principal
amount of Bonds maturing after December 1, 2022, is consistent with covenants made with the
holders thereof; and is necessary and desirable for the reduction of debt service cost to the City;
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NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Shorewood, Minnesota, as follows:
1. Redemption of Bonds. The Bonds shall be redeemed and prepaid on December 1,
2022, in accordance with the terms and conditions set forth in the Notice of Call for Redemption
attached hereto as Exhibit A, which terms and conditions are hereby approved and incorporated
herein by reference.
The motion for the adoption of the foregoing Resolution was duly seconded by Member
Labadie and, after a full discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof. President Labadie, Councilmember Callies and Councilmember Gorham.
and the following voted against the same: N/A
Whereupon the Resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD
I, the undersigned, being the duly qualified and acting Executive Director of the
Economic Development Authority of the City of Shorewood, Minnesota, DO HEREBY
CERTIFY that I have compared the attached and foregoing extract of minutes with the original
thereof on file in my office, and that the same is a full, true and complete transcript of the
minutes of a meeting of the Authority duly called and held on the date therein indicated, insofar
as such minutes relate to providing for the call for redemption and prepayment of all outstanding
principal of the Authority's Public Project Lease Revenue Refunding Bonds, Series 2017A.
WITNESS my hand on October 24, 2022.
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10:4Mo IIH IW.1\
NOTICE OF CALL FOR REDEMPTION
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
PUBLIC PROJECT LEASE REVENUE REFUNDING BONDS,
SERIES 2017A
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the Economic Development Authority of the City
of Shorewood, Hennepin County, Minnesota, there have been called for redemption and
prepayment on
December 1, 2022
those outstanding bonds of the Authority designated as Public Project Lease Revenue Refunding
Bonds, Series 2017A, and totaling $515,000 in principal amount, maturing in the year listed
below:
Maturity
2028*
* denotes Term Bond
The bonds are being called at a price of par plus accrued interest on December 1, 2022, on which
date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at City Hall, City of Shorewood,
5755 Country Club Road, Shorewood, Minnesota, 55331.
Dated: October 24, 2022
BY ORDER OF THE EC Ib DEVELOPMENT AUTHORITY
/s/ Executive Director
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