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HomeMy WebLinkAbout76-41I CERTIFICATION OF MINUTES RELATING TO $630,000 General Obligation Improvement Bonds of 1976 Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting, held on Monday, September 20, 1976, at 8:00 o'clock P.M., at the City Hall Members present: Mayor Mako, Councilmembers Emond, Curry, Zaun, and Clarkson. Members absent: Documents Attached: Minutes of said meeting (pages) : 3 and 4 76-41 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $630,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976 OFFICIAL NOTICE OF BOND SALE ABBREVIATED NOTICE OF SALE I, the undersigned, beina the duly qualified and acting recording officer of the public corporation issuing the bonds re- ferred to in the title of this certificate, certify that the docu- ments attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meet;.ng of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all docu- ments approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended through- out by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 20th day of September , 19 76 • .. Signature Patrick McGarvey, City Adm:i.nistx-aiaL Name and Title Councilmember Emond introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $630,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976 BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: 1. This Council has heretofore ordered various local improvements to be constructed in the City and has entered or will soon enter into contracts for the construction of said improvements, under and pursuant to Minnesota Statutes, Chapter 429. It is hereby determined to be necessary and expedient for the City to issue and sell its general obligation improvement bonds in the principal amount of $622,000 to finance the cost of said improve- ments; and, to obtain the best price for said bonds at public sale, to issue and sell an additional $8,000 principal amount of bonds as part of said issue, pursuant to Minnesota Statutes, Section 475.56. 2. Springsted Incorporated, bond consultants to the City, has presented to this Council a form of Official Notice of Sale for the bonds authorized in paragraph 1 to be sold and issued and a form of abbreviated notice of sale for publication, which are attached hereto, and which are hereby approved and shall be placed on file by the City Administrator. Each and all of the pro- visions of the Official Notice of Sale are hereby adopted as the terms and conditions of said bonds and of the sale thereof, and shall be made available to all prospective purchasers of the bonds. The City Administrator is authorized and directed to cause the abbreviated notice of sale to be published once in the official newspaper of the City, and once in the Commercial West, a financial periodical published in Minneapolis, at least ten days before the date of said meeting. 3. This Council will receive, open and tabulate the bids in accordance with the Official Notice of Sale at its meeting to be held on Tuesday, October 12, 1976, and will take such action thereon as is deemed in the best interest of the City. Mayor Attest: Z4_.Z City Administrator The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Zaun , and upon vote being taken thereon, the following voted in favor thereof: Mako, Emond, Clarkson, Zaun, and Curry. and the following voted against the same: whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor and attested by the City Administrator. OFFICIAL NOTICE OF BOND SALE $630,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976 CITY OF LAKEVILLE DAKOTA COUNTY, MINNESOTA These Bonds (the "Obligations") will be offered Tuesday, October 12, 1976. Bids will be opened at 7:45 P.M., Central Time, at the City Hall in Lakeville. Action upon the bids will be at 8:00 P.M., Central Time, of the same day. The offering will be upon the following terms: DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS The Obligations will be dated November 1, 1976 and will bear interest payable on each February 1 and August 1 to maturity, commencing August 1, 1977. TYPE AND PURPOSE OF THE OBLIGATIONS The Obligations will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. In addition special assessments of at least $320,000 will be pledged. The obligations will be in bearer form with interest coupons attached and will be of the denomination of $5,000 each unless other denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to construct various improvements within the City. MATURITIES AND REDEMPTION The Obligations will mature February 1 in the years and amounts as follows: $10,000 - 1978 40,000 - 1979 35,000 - 1980-87 25,000 - 1988-93 30,000 - 1994-98 All dates are inclusive. At the option of the Issuer all Obligations maturing on or after February 1, 1988 shall be subject to redemption prior to maturity in inverse order of serial numbers on February 1, 1987 and any interest payment date thereafter, at a price of par and accrued interest. PAYING AGENT The Purchaser may name the Paying Agent for whose services the Issuer will pay customary and reasonable fees. An alternate Paying Agent may also be named by the Purchaser provided that there is no additional cost to the Issuer by reason thereof. CUSIP NUMBERS If, within three working days after the award of the Obligations, the Purchaser in writing requests that CUSIP identification numbers be printed on the Obligations, and agrees to be responsible for the CUSIP Service Bureau charge for the assignment of said numbers,• they will be printed on the Obligations, but neither the failure to print such number on any Obligation nor any error with respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. DELIVERY, LEGAL OPINION, COSTS AND PAYMENT The Obligations shall be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser within 40 days following the date of their award. Delivery will be subject to receipt by the Purchaser of an unqualified approving legal opinion of Dorsey, Windhorst, Hannaford, Whitney & Halladay, of Minneapolis, Minnesota, relative to the Obligations, which opinion will be printed upon the Obligations, and receipt also of customary closing papers, including a non -litigation statement. Payment for the Obligations must be made by the Purchaser in Federal or equivalent funds on the day of settlement in a timely manner so as to be available to the Issuer on said day. TYPE OF BID Sealed bids for not less than $622,000_and accrued interest on the principal sum of $630,000 from the date of the Obligations to the date of delivery must be filed with the undersigned prior to the time of sale, together with a certified or cashier's check in the amount of $6,300, payable to the order of the Treasurer of the Issuer, to be retained as liquidated damages if the Purchaser fails to comply with the accepted bid. No bid may be altered or withdrawn after the time specified for opening. RATES All rates must be in integral multiples of 5/100 or 1/8 of 1% and may not exceed 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. The rate specified for any maturity may not exceed the rate specified for any subsequent maturity by more than 1% per annum. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. The net effective average rate of the issue may not exceed 7% per annum. AWARD Award will be made on the basis of the lowest dollar interest cost determined by the addition of any discount to or the deduction of any premium from the total interest on all Obligations from their date to their stated maturity as computed on the basis of the schedule of bond years in the Official Statement published for the Obligations. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated: September 20, 1976. BY ORDER OF THE CITY COUNCIL Patrick McGarvey City Administrator