HomeMy WebLinkAbout98-079 CERTIFICATION OF MINUTES RELATING TO
• $2,495,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1998A
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held Monday, April 20, 1998, at 7:00
o'clock P.M., at the City Hall, Lakeville, Minnesota.
Members present: Mary Liz Holberg, Thomas Ryan, Lynette Mulvihill, Elizabeth Sindt
and Mayor Duane Zaun
Members absent: None
Documents Attached:
Minutes of said meeting (including):
RESOLUTION N0.98- 79
SUPPLEMENTAL RESOLUTION RELATING TO $2,495,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 1998A
• I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the bonds referred to in the title of this certificate, certify that the documents
attached hereto, as described above, have been carefully compazed 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 meeting of the governing body of said
corporation, and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so faz 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
throughout 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 on April 20, 1998.
Clerk
•
• Councilmember Mulvihill introduced the following resolution and moved its adoption,
which motion was seconded by Councilmember Sindt
SUPPLEMENTAL RESOLUTION RELATING TO $2,495,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 1998A
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the Issuer),
as follows:
SECTION 1. By resolution duly adopted on Apri120, 1998, entitled "RESOLUTION
AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND
DETAILS AND PROVIDING FOR THE PAYMENT OF $2,495,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 1998A" (the Awarding Resolution) the
City Council awarded the sale of $2,495,000 General Obligation Tax Increment Bonds, Series
1998A (the Bonds) to the Purchaser, as described in the Awarding Resolution. In accordance
with the Terms of Proposal, the Purchaser was allowed the option of designating a maturity
schedule consisting of serial and/or term bonds subject to mandatory redemption. The Purchaser
offered to purchase the Bonds based on a maturity schedule including term bonds, the City
Council accepted such bid and Mayor and City Clerk have executed a contract on behalf of the
Issuer for the sale of the Bonds to the Purchaser.
SECTION 2. The following modifications to the Awarding Resolution are necessary:
•
(A) The maturity schedule set forth in Section 2.2 shall. be revised to read as
follows:
Year Amount Rate Year Amount Rate
2003 $35,000 4.800 2010 $ 60,000 4.800
2004 35,000 4.80 2011 60,000 4.80
2005 40,000 4.80 2012 60,000 4.85
2006 50,000 4.80 2014 100,000 4.90
2007 55,000 4.80 2016 405,000 5.00
2008 60,000 4.80 2018 445,000 5.00
2009 60,000 4.80 2022 1,030,000 5.10
(B) Anew paragraph shall be added to Section 2.4, reading as follows:
Bonds maturing on February 1, 2014, 2016, 2018 and 2022, shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this
Section 2.4 at a redemption price equal to the stated principal amount thereof plus interest
accrued thereon to the redemption date, without premium. The Registrar shall select for
O redemption, by lot or other manner deemed fair, on February 1 in each of the following
years the following stated principal amounts of such Bonds:
• Term Bonds maturing in 2014
Year Principal Amount
2013 $40,000
The remaining $60,000 stated principal amount of such Bonds shall be paid at maturity
on February 1, 2014.
Term Bonds maturing; in 2016
Year Principal Amount
2015 $195,000
The remaining $210,000 stated principal amount of such Bonds shall be paid at maturity
on February 1, 2016.
Term Bonds maturing in 2018
Year Principal Amount
• 2017 $215,000
The remaining $230,000 stated principal amount of such Bonds shall be paid at maturity
on February 1, 2018.
Term Bonds maturing in 2022
Year Principal Amount
2019 $240,000
2020 250,000
.2021 265,000
The remaining $275,000 stated principal amount of such Bonds shall be paid at maturity
on February 1, 2022.
(C) Section 2.9 is modified by adding the following paragraph to the Form of
Bonds following the paragraph beginning with the words "Bonds maturing in 2009..." and
ending with the words "...representing the remaining principal amount outstanding.":
Bonds maturing on February 1, 2014, February 1, 2016, February 1, 2018 and
February 1, 2022, are subject to mandatory redemption, at a redemption price equal to
their principal amount plus interest accrued thereon to the redemption date, without
. premium, on February 1 in each of the years shown below, in an amount equal to the
following principal amounts:
Term Bonds Maturing in 2014 Term Bonds Maturing in 2016
Sinking Fund Aggregate Sinking Fund Aggregate
Payment Date Principal Amount Payment Date Principal Amount
2013 $40,000 2015 $195,000
2014 (maturity) 60,000 2016 (maturity) 210,000
Term Bonds Maturing in 2018 Term Bonds Maturing_in 2022
Sinking Fund Aggregate Sinking Fund Aggregate
Payment Date Principal Amount Payment Date Principal Amount
2017 $215,000 2019 $240,000
2018 (maturity) 230,000 2020 250,000
2021 265,000
2022 (maturity) 275,000
SECTION 3. Such modifications to the Awarding Resolution are hereby approved. Except as
expressly modified hereby, the Awarding Resolution shall remain in full force and effect.
Upon vote being taken thereon, the following voted in favor thereof:
Holberg, Ryan., Mulvihill, Sindt and Mayor Zaun
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.