HomeMy WebLinkAbout96-184 Resolution # 36=184
CERTIFICATION OF MINUTES RELATING TO
$13,400,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 1996A
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held October 21, 1996, at
7:00 o'clock P.M., at the City Hall, Lakeville, Minnesota.
Members present: Mayor Zaun, Holberg, Johnson, Mulvihill and Sindt
Members absent: None
Documents attached:
Minutes of said meeting (including):
SUPPLEMENTAL RESOLUTION RELATING TO $13,400,000 GENERAL
OBLIGATION WATER REVENUE BONDS, SERIES 1996A
I, the undersigned, being the duly qualified and acting -City Clerk of the
City of Lakeville, Minnesota (the "City"), and in my capacity as such officer having
custody of the minutes of meetings of the City Council of the City, hereby certify that
attached hereto is a full, true and correct copy of an extract of the minutes of the
meeting of the City Council of the City which was duly called and held on October
21, 1996, insofar as such minutes relate to $13,400,000 General Obligation Water
Revenue Bonds, Series 1996A, of the City, and that the Resolution included therein
is a full, true, and correct copy of a Resolution duly adopted by the City Council at
such meeting, at which meeting a quorum of the City Council was present and
acting throughout, and that such Resolution has not since been amended or
repealed.
WITNESS my hand this ~ day of October, 1996.
~
City Clerk
Cou.ncilmember Johnson introdu ed the following resolution and moved
its adoption, which motion was seconde, by Councilmember Mulvihill
SUPPLEMENTAL RESOLUTION RE~.ATING TO $13,400,000 GENERAL
OBLIGATION WATER REVENUE BONDS, SERIES 1996A
I~
BE IT RESOLVED by the City ICouncil of the City of Lakeville,
Minnesota (the "City"), as follows:
Section 1. By resolution duly ~ dopted on October 21, 1996, entitled
"RESOLUTION RELATING TO $13,400,00 GENERAL OBLIGATION WATER
REVENUE BONDS, SERIES 1996A, OF CITY; AUTHORIZIlVG THE
ISSUANCE, AWARDING THE SALE, PRE CRIBING THE FORM AND DETAILS
AND PROVIDING FOR THE PAYMENT F SUCH BONDS" (the "Awarding
Resolution") this Council awarded the sale of $13,400,000 General Obligation Water
Revenue Bonds, Series 1996A (the "Bonds") to the Purchaser, as described in the
Awarding Resolution. In accordance with e Official Notice of Sale, the Purchaser
was allowed the option of designating a m turity schedule consisting of serial
and/or term bonds subject to mandatory r demption. The Purchaser offered to
purchase the Bonds based on a maturity s edule including term bonds, the Council
accepted such bid and Mayor and City Cler have executed a contract on behalf of the
• City for the sale of the Bonds to the Purcha er.
Section 2. The following mo ifications to the Awarding Resolution
are necessary:
(A) The maturity schedule se forth in Section 2.2 shall be revised to
read as follows:
Year Amount Rate Year Amount Rate
1998 $450,000 4.80% 2006 $ 625,000 5.00%
1999 475,000 4.80 I 2007 675,000 5.05
2000 .475,000 4.80 2008 700,000 5.15
2001 500,000 4.80 2009 750,000 5.25
2002 525,000 4.80 2010 775,000 5.35
2003 550,000 4.80 2011 825,000 5.45
2004 575,000 4.80 2012 875,000 5.50
2005 600,000 5.00 2016 4,025,000 5.50
(B) Anew paragraph shall be dded to Section 2.4, reading as follows:
Bonds maturing on February 2016 (the "Term Bonds") shall be
subject to mandatory redemption at ~ price equal to the principal amount
• thereof plus interest accrued thereon) to the redemption date, on February 1
(each such date, a "Sinking Fund Payment Date") in the following years and
amounts:
•
Year Principal Amount
2013 $ 925,000
2014 975,000
2015 1,025,000
2016 (maturity) 1,100,000
or, if less than such amount of Term Bonds is outstanding on any such
Sinking Fund Payment Date, an amount equal to the aggregate principal
amount of all Term Bonds then Outstanding. If Term Bonds are redeemed at
the option of the City pursuant to this Section, the Term Bonds so optionally
redeemed may, at the option of the City, be applied as a credit against any
subsequent mandatory sinking fund payment with respect to Term Bonds
otherwise to be redeemed thereby, such credit to be equal to the principal
amount of such Term Bonds redeemed pursuant to this Section, provided
that the City shall have delivered to the Registrar not less than forty-five (45)
days before such Sinking Fund Payment Date a written statement of its
election to apply such Term Bonds as such a credit. In such case, the Registrar
• shall reduce the amount of Term Bonds to be redeemed on the Sinking Fund
Payment Date specified in such written statement by the principal amount of
Term Bonds so redeemed pursuant to this Section.
(C) Section 2.9 is modified by adding the following paragraph to the
Form of Bonds following the paragraph beginning with the words "Bonds having
stated maturity dates in the years 2007..." and ending with the words and interest
accrued to the date of redemption.":
Bonds maturing in 2016 shall be subject to mandatory redemption prior
to maturity by lot pursuant to the mandatory sinking fund requirements of
the Resolution on February 1 in the years 2013 through 2015 at a
redemption price equal to the stated principal amount thereof to be redeemed
plus interest accrued thereon to the redemption date, without premium.
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.
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, .
Upon vote being taken thereon, the following voted in favor thereof:
Mayor Zaun, Holberg, Johnson, Mulvihill and Sindt _
and the following voted against the same:
None
whereupon the resolution was declared duly passed and adopted.
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