HomeMy WebLinkAbout94-208
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CERTIFICATION OF MINUTES RELATING TO
• $3,675,000 GENERAL OBLIGATION PARK BONDS, SERIES 1994B
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A council meeting held on September 19,
1994, at ~ ~ o0 o'clock P. M. at the City Hall.
Members present: Johnson, Zaun, Sindt, Mulvihill
Members absent: Harvey
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 94-208
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $3,675,000
GENERAL OBLIGATION PARK BONDS, SERIES 1994B
. TERMS OF PROPOSAL
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
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 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 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 throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by iaw.
WITNESS my hand officially as such recording officer this 19 day of
September, 1994.
F
/
I
`Clerk
Councilmember Mulvihill introduced the following resolution and moved
• its adoption, which motion was seconded by Councilmember sindt
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $3,675,000
GENERAL OBLIGATION PARK BONDS, SERIES 1994B
BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota (the Authority), as follows:
Section 1. Purpose. It is hereby determined to be in the best interests of
the City to issue its $3,675,000 General Obligation Park Bonds, Series 1994B (the
Bonds), pursuant to Minnesota Statutes, Chapter 475, to finance various park. and
trail improvements in the City.
Section 2. Terms of Proposal. Springsted Incorporated, financial
consultant to the City, has presented to this Council a form of Terms of Proposal for
the Bonds which is attached hereto and hereby approved and shall be placed on file
by the Clerk. Each and all of the provisions of the Terms of Proposal are hereby
adapted as the terms and conditions of the Bonds and of the sale thereof. Springsted
Incorporated, as independent financial advisers, pursuant to Minnesota Statutes,
Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for
the Bonds on behalf of the City on a negotiated basis.
Section 3. Sale Meeting. This Council shall meet at the time and place
shown in the Terms of Proposal, for .the purpose of considering sealed bids for the
purchase of the Bonds and of taking such action thereon as maybe in the best
interests of the City.
Upon vote being taken thereon, the following voted in favor thereof:
Johnson, Zaun, Sindt, Mulvihill
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted.
• THE CITY HA'~ AUTHORIZED SpR1NGSTEfi) INC
ISSUE ON ITS E6EHALF. PROPOSALS WILL BE RE E V DON THE ALLOW NIGT
A ISIS
TERMS OF PROPOSAL
$3,675,000
CITY OF LAKEV(LLE, MINNESOTA
GENERAL OBLIGATION PARK BONDS, SERIES 19948
Proposals for they Bonds wilt be received by the City Finance pirector or designee on Monday,
October 17, 1994., until 12:00 Noon, Central Tirr7e, at the offices of Springsted Incorporated, 85
Cast Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration tar award of the Bonds will be by tha City Gouncil at 7:30 P.M.,
Central Lime, of the same dav.
DETAILS OF 1'HE BONDS
The Bands will bE; dated November 1, 1994, as the date of griginal issue, and will bear interest
payable an rebruary 1 and August 1 of eaoh year, commencing August 1, 1.995. Interest will
.be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be
issued ire the denomination of $5,000 each, or in integral multiples thereof, es requested by the
. purchaser, grid fully registered as to principal and interest. Principal will be payable at the main
corporate office of the registrar and interest on each Bond will be payable by cheok ar draft of
the registrar mailed to the registered holder thereof at the holder's address as it appears on the
books of the registrar as of the close of business on the 15th day of the immediately preceding
month.
The Bonds ervifl mature February 1 ~in the years and amounts as follows:
199? $55,000 2002 $7Q,000 2007 $260,000 2012 $350,000
1998 $55,000 2003 $70,000 2008 $275,000 2013 $370,000
1399 $60,000 2004 $75,000 2009 $295,000 2014 $395,000
2000 $60,OC0 2005 $80,000 2010 $$10,000 201$ $420,000
2001 $65, O~Q 2006 $80, 000 2011 $330,000
OPTIONAL REDEMPTION
The City may elect on rebruary 1, 2006, and on any day thereafter, to prepay Bonds due on or
after February 1, ?_007. Redemption may be in whole pr in part and if in part, at the option of
the City and in such order as the City shall determine and within a maturity by lot as selected by
the registrar. All prepayments shall be at a price of par plus accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of thQ City for which the City will pledge its full faith anti
Credit and power to levy dire~a den®ral ad valorem. taxes. The proceeds will be used to finance
various park improvements in the City.
TYPE OF PROPOSALS _
Proposals shall be; for not less than $3,619,875 and accrued interest on the total pr(ncipal
amount of the Bonds. Proposals shall be accompanied by a Good Faith i~eposit ("Deposit") in
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• the form of a crrr-tified ar cashier's -
check or a Financial Surety Bond in the amount of $36,75Q,
payable to the order of the City. If a check is used, it must accpmpany each proposal. (f a
Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must
identify each underwriter whose peppsit is guaranteed by .such Financial Surety Bond. if the
Bonds .are awarded to an underwriter using a Financial Surety Bond, then that purchaser is
required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's
check or inure transfer as instructed by Springsted Incorporated not later than 3'3p R.M_, Central
Time, an the next business day following the award. If such Deposit is not received by that
time, .the Financial Surety Bond may bs drawn 6y-the City to satisfy the Deposit requirement.
The City wilt deposit the check of the purchaser, the amount of which will be deducted at
settlement and no interest will accrue to the purchaser. In the event the purchaser fails to
comply with the accepted proposal, said amount will be retained by the City. No proposal can
be withdrawn- or ;amended after the time set for receiving proposals unless the meeting of the
City scheduled fe?r award of the Bonds is adjourned, recessed, or continued to another date
without award of the Bonds having begirt rrta~ie. Rates shall be in integral multiples of 5/10Q or
1/8 of 1 Rates must be in ascending order. Bonds of the same maturity shalt bear a single
rate from the date of the Bonds to the date of maturity. No conditional proposals will be
accepted.
AWARD
The Bonds wiU bE: awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC:} basis. The City's computation of the interest rate of each praposal, in
• accordance with customary practice, will be controlling.
The City will reserve the rigi~t to: (i) waive non-substantive informalities of any proposal or of
matters relating to the receipt of proposals. and award of the Bonds, (ii} reject al) proposals
without cause, and, (iii) reject any proposal which the City determines to have failed to comply
with the terms t;erein_
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of the underwriter, the purchase of any $ueh insurance policy or the
issuance of zany such commitment shall be at the sole option and expense of the purchaser of
the Bands. Any increased costs of issuance of the Bands resulting from such purchase of
insurance shall be paid by the purchaser, except that, if the City has requested and received a
rating on the E3onds from a rating agency, the, City will pay that rating fee. Any other rating
agency fees shall be the responsibility of the purchaser.
Failure of the municipal bona insurer to issue the policy after 6pnds have been awarded to the
purchaser shall npt constitute cause far failure or refusal by the purchaser to accept delivery an
the Bonds.
REGISTRAR
The City will Hume the registrar which shall be subject to applicable SEA r,agulations. The City
will pay for the services of the registrar.
• CUSIP NUMBERS
If the Bonds qualify for assignment of CUS1P numbers such numbers will be printed on the
Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
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• Bands. The CU171P Service Bureau char a for the assi nment of
9 g CUSIP identrficatron numbers
shat( be paid by the purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser at a ;dace mutually satisfactory to the City and the purchaser. Delivery will be
subject tc~ racei~>t by the purchaser of an approving legal opinion of porsey 8~ Whitney of
Minneapolis, 1'~innzsota, which opinion wil! be printed on the Bands, and of Customary closing
papers, includingl a no-litigation certificate. pn the date of settlement payment #or the Bonds
shall be made in federal, or equivalent, funds which Shall be received at the offices of the City
ar its designee nqt later than 12:00 Noon, Central 'P'ima. Except as compliance with the terms
of payment far the Bonds shall have been made impossible by action of the City, or i#s agents,.
the purchaser shall. be liable to the City for any loss suffered by the City by reason of the
purchaser'; , ron-compliance with said terms for payment.
OFFICIAL STATEMENT
The City has c,uthorized the preparation of an Official Statement containing pertinent
informa#ion relati~re to the Bonds, and said Official Statement will serve as a Hearty-final Official
Statement witF~in the meaning of Rule 15c2-i2 of the Securities and Exchange Commission.
For copies of tl',z Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated,
.85 East Seventh (place, Suite 100, Saint Paul, Minnesota 55141, telephone (612) 223-30Q0.
• The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates pf the ~on~is, together with any other
information +'equired by law, shall constitute a "Final Official Statement" of the City with respect
to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bands to any
underwriter or underwriting syndicate submitting a propose( therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Bonds are awarded iSa copies of
the Official Staterent and the addendum or addenda described above. The {city designates
the senior managing underwriter of the syndicate to which the Bands are awarded as its agent
for purposes of distributing copies of the f=inal Officla( Statement to each Participating
Underwriter- Any underwater delivering a proposal with respect to the Bonds agrees thereby
that if its proposal is accepted by the City (i) it shall accept such designation and {ii} it shall
enter into a contractual relationship with all Participating Underwriters of the Bonds far purposes
crf assuring the receipt by each such Participating Underwriter of the Final Official Statement-
Dated September 19, 1994 BY ORDER O!= THE CITY COUNCIL
/s/ Charlene Friedges
City Clerk
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