HomeMy WebLinkAbout16-029CITY OF LAKEVILLE
RESOLUTION
Date: March 7, 2016 Resolution No. 16-29
Motion By Anderson Seconded By Swecker
RESOLUTION AMENDING RESOLUTION 16-20, ADOPTED FEBRUARY 1,
2016.
BE IT RESOLVED by the City Council, City of Lakeville, Minnesota (the "City"), as
follows:
SECTION 1. AUTHORIZATION AND SALE.
1.01. Authorization. This City Council, by Resolution 16-20, duly adopted on
February 1, 2016 (the "Bond Resolution"), authorized the issuance, awarded the sale and
prescribed the form and details and provided for the payment of its $8,280,000 General
Obligation Water Utility Revenue Bonds, Series 2016A (the "Bonds"), pursuant to Minnesota
Statutes, Section 444.075 and Chapter 475, to finance various improvements to the water utility
of the City (the "Project").
1.02. It has come to the attention of this City Council that the record date for ownership
of the Bonds was incorrectly provided to be the "close of business on the first day of the calendar
month in which such Interest Payment Date occurs, whether or not such day is a business day."
Such record date should have been the "close of business on the fifteenth day of the calendar
month preceding that in which such Interest Payment Date occurs, whether or not such day is a
business day."
SECTION 2. CORRECTIONS TO BOND RESOLUTION.
2.01. Corrections to the Bond Resolution. Sections 2.03 and 2.06(b) are hereby replaced
in their entirety with the following:
2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds
pursuant to Section 2.07 and upon any subsequent transfer or exchange pursuant to
Section 2.06, the date of authentication shall be noted on each Bond so delivered,
exchanged or transferred. Interest on the Bonds shall be payable on February 1 and
August 1 in each year, commencing August 1, 2016, each such date being referred to
herein as an Interest Payment Date, to the persons in whose names the Bonds are
registered on the Bond Register, as hereinafter defined, at the Registrar's close of
business on the fifteenth day of the calendar month preceding that in which such Interest
Payment Date occurs, whether or not such day is a business day. Interest shall be
computed on the basis of a 360 -day year composed of twelve 30 -day months.
Section 2.06 (b) Transfer of Bonds. Upon surrender for transfer of any Bond
duly endorsed by the Holder thereof or accompanied by a written instrument of transfer,
in form satisfactory to the Registrar, duly executed by the Holder thereof or by an
attorney duly authorized by the Holder in writing, the Registrar shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Bonds
of a like aggregate principal amount and maturity, as requested by the transferor. The
Registrar may, however, close the books for registration of any transfer after the fifteenth
day of the month preceding that in which the interest payment date occurs and until such
interest payment date.
2.02. Correction to the Form of Bonds. The Form of the Bonds as attached to the Bond
Resolution is hereby replaced in its entirety by Exhibit A to this resolution. This City Council
ratifies the preparation and delivery of the Bonds as corrected.
APPROVED AND ADOPTED this 7th day of March, 2016.
ATTEST:
Charlene Friedges, City
CITY OF LAKEVILLE,
By:
Matt LittV, Mayor
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EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION WATER UTILITY REVENUE BONDS,
SERIES 2016A
R -
Interest Rate
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Maturity Date
February 1, 20
CEDE & CO.
Date of Original Issue
February _, 2016
THOUSAND DOLLARS
CUSIP No.
CITY OF LAKEVILLE, State of Minnesota (the "City") acknowledges itself to be indebted and
for value received hereby promises to pay to the registered owner specified above, or registered assigns,
the principal amount specified above on the maturity date specified above and promises to pay interest
thereon from the date of original issue specified above or from the most recent Interest Payment Date (as
hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate
specified above, payable on February 1 and August 1 in each year, commencing August 1, 2016 (each
such date, an "Interest Payment Date"), all subject to the provisions referred to herein with respect to the
redemption of the principal of this Bond before maturity. The interest so payable on any Interest Payment
Date shall be paid to the person in whose name this Bond is registered at the close of business on the
fifteenth day (whether or not a business day) of the calendar month preceding that in which such Interest
Payment Date occurs. Interest hereon shall be computed on the basis of a 360 -day year composed of
twelve 30 -day months. The interest hereon and, upon presentation and surrender hereof at the principal
office of the agent of the Registrar described below, the principal hereof are payable in lawful money of
the United States of America by check or draft drawn on U.S. Bank National Association, Saint Paul,
Minnesota, as Bond registrar, transfer agent and paying agent, or its successor designated under the
Resolution described herein (the "Registrar") or other agreed-upon means of payment by the Registrar or
its designated successor. For the prompt and full payment of such principal and interest as the same
respectively come due, the full faith and credit and taxing powers of the City have been and are hereby
irrevocably pledged.
This Bond is one of an issue (the "Bonds") in the aggregate principal amount of $8,280,000
issued pursuant to a resolution adopted by the City Council on February 1, 2016 (the "Resolution"), to
finance improvements to the City's water system and to fund the costs of issuance of the Bonds. This
Bond issued by authority of and in strict accordance with the provisions of the Constitution and laws of
the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 444.075 and Chapter
475. For the full and prompt payment of the principal of and interest on the Bonds as the same become
due, the full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The
Bonds are issuable only in fully registered form, in the denomination of $5,000 or any integral multiple
thereof, of single maturities.
Bonds maturing on February 1, 2025 and later years shall be subject to redemption and
prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may
select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository
in accordance with its customary procedures) in multiples of $5,000, on February 1, 2024 and on any date
thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption.
The City shall cause notice of the call for redemption thereof to be published if and to the extent required
by law, and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date,
shall cause notice of call for redemption to be mailed, by first class mail (or, if applicable, provided in
accordance with the operational arrangements of the securities depository), to the registered holders of
any Bonds, at the holders' addresses as they appear on the Bond register maintained by the Bond
Registrar, but no defect in or failure to give such mailed notice of redemption shall affect the validity of
proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of
redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on
the redemption date, become due and payable at the redemption price therein specified and from and after
such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of
Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be
delivered to the owner without charge, representing the remaining principal amount outstanding.
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Registrar, by the registered owner
hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together
with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner
or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized
denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in
the name of the designated transferee or registered owner, of the same aggregate principal amount,
bearing interest at the same rate and maturing on the same date; subject to reimbursement for any tax, fee
or governmental charge required to be paid with respect to any such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond is registered
as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment
as herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by
any notice to the contrary.
Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of
The Depository Trust Company or other securities depository, the Registrar shall pay all principal of and
interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other
nominee in accordance with the operational arrangements of The Depository Trust Company or other
securities depository as agreed to by the City.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist,
to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid
and binding general obligation of the City in accordance with its terms, have been done, do exist, have
happened and have been performed as so required; that, prior to the issuance hereof, the City Council has
by the Resolution covenanted and agreed to collect and apply to payment of the bonds certain net
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revenues of its municipal water system, which revenues are estimated to be collectible in years and
amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on the
Bonds when due, and has appropriated such revenues to its General Obligation Water Utility Revenue
Bonds, Series 2016A Bond Fund for the payment of such principal and interest; that if necessary for the
payment of such principal and interest, ad valorem taxes are required to be levied upon all taxable
property in the City, without limitation as to rate or amount; that all proceedings relative to the projects
financed by this Bond have been or will be taken according to law and that the issuance of this Bond,
together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual
issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or
statutory limitation of indebtedness.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any security
or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by
the Registrar by manual signature of one of its authorized representatives.
IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the
facsimile signatures of its Mayor and City Clerk and has caused this Bond to be dated as of the date set
forth below.
CITY OF LAKEVILLE, MINNESOTA
(facsimile signature — City Clerk) (facsimile signature — Mayor)
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
Date of Authentication:
U.S. BANK NATIONAL ASSOCIATION
as Registrar
Lo
El
Authorized Representative
The following abbreviations, when used in the inscription on the face of this Bond, shall be
construed as though they were written out in full according to the applicable laws or regulations:
TEN COM --as tenants in common UTMA ............. as Custodian for ..............
(Cust) (Minor)
TEN ENT --as tenants by the entireties under Uniform Transfers to Minors Act ............
(State)
JT TEN --as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond
and all rights thereunder, and does hereby irrevocably constitute and appoint
attorney to
transfer the said Bond on the books kept for registration of the within Bond, with full power of
substitution in the premises.
Dated:
NOTICE: The assignor's signature to this assignment must
correspond with the name as it appears upon the face of the
within Bond in every particular, without alteration or
enlargement or any change whatsoever.
Signature Guaranteed:
Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the
Registrar, which requirements include membership or participation in STAMP or such other "signature
guaranty program" as may be determined by the Registrar in addition to or in substitution for STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE:
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