Loading...
HomeMy WebLinkAbout94-207 n • CERTIFICATION OF MINUTES RELATING TO $5,505,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1994A Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on September 19, 1994, at ~ = 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. 94-207 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,505,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1994A 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 law. WITNESS my hand officially as such recording officer this 19 day of September, 1994. P a ~ ~ ~ c • City Clerk _ r• . Councilmember Johnson introduced the following resolution and moved • its adoption, which motion was seconded by Councilmember Mulvihill RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,505,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1994A BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as follows: Section 1. Purpose. It is hereby determined to be in the best interests of the City to issue its $5,505,000 General Obligation Temporary Improvement Bonds, Series 1994A (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance various public improvement projects pursuant to Minnesota Statutes, Chapters 429 and 475. 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 adopted 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 may be 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 iiAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL $6,505,000 CITY OF IAKEVILLE, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1994A Proposals far the Bonds will be received by the City Finance Director or designee on Monday, October 1i, 1994, until 12:00 Noan, Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P_M., Central Time, of the same day. DETAILS OF THE 130NDS The Bonds will tae dated November 1, 1994, as the date of original issue, and will bear interest payable on May 1 and November 1 of each year, commencing May 1, 1995. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination. of $5,000 each, or in integral multiples thereof, as requested by the. purchaser, :end 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 check or 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 Bands will mature November 1, 1997. OPTIONAL REDEMPTION The City may elect on November 1, 1996, and on any day thereafter to prepay Bonds due on November 1, 199'7. Redemption may be in whole or in part and if in part by lot as selected by tf•?e registrar, All prepayments shalt be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds wilt be general obligations of the City for which the City will pledge its full faith and credit and power io levy direct general. ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds will be used to construct various improvernents within the City. TYPE OF PROPOSALS Proposals shall be for not less than $5,477,475 and accrued interest on the total principal amount of thA Bonds. Proposals shall be accompanied by a Good f=aith Deposit ("Deposit") in the farm of a ceri:ified or cashier's check or a Financial Surety Bond in the amount of $55,050., • payable to the o~'der of the Ci#y. If a check is used, it must accompany each proposal- if a Financial Surety IBond 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 IncorF~orated prior to the opening of the propasa(s. The Financial Surety Bond mus# i- identi each unc~erw ' fY rttcr whose Deposit 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 tc~ submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, an tt;e next business day following the award. If such Deposit is not received by that time, thc3 Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will rye deducted at settlement anrj 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 for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. A single rata of in#erest shall be specified_ The rate shall be in an integral multiple of 5/100 or 118 of 1 Bonds of the same maturity shall bear a single rate; from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds wi!! bE; awarded on the basis of the lowest interest rate to be determined on a true interest cast {TIC) basis. 'The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City wul reserve the right to' (i} waive non-substantive informalities of any proposal or of chatters relating to the receipt of proposals and award of the Bonds. (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to carnply with the terms herein, BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify tar issuance of any policy of municipal bond insurance or commitment therefor at the option of the underwriter, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bands. Any increased costs of issuance of the Bonds resulting from such purchase of insurance she(! be~ paid by the purchaser, except that, if the City has requested and received a rating on the Bonds 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 bond insurer to issue the policy after Bonds have been awarded to the purchaser steal! not constitute cause far failure or refusal by the purchaser to accept delivery on the Bonds. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds ctualify for assignment of CUSIP numbers such numbers wil( be printed on the Bands, 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 Bonds. The CUSIf~ Service Bureau charge for the assignment of CUSIP identification numbers • shall be paid by the; purchaser_ . -ii- r • SETTLEMENT Within 40 days fallowing the data of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery wilt be subject to receipt by the purchaser of an approving legal opinion of Dorsey & Whitney of Minneapolis, Minnesota, which opinion will be printed on the Boras, and of customary closing papers, including a na-litigation certificate. Can the date of settlement payment for the Ronds sha(1 be made in federal, or equivalent, funds which shal# be received at the offices of the City or its designee not later than 12:00 Noon, Central Time, Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be lial~te to the City for any less suffered by the City by reason of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Qfl'icial Statement containing pertinent Information relative to the i3onds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. Far copies of the Official Statement or for any additional information prior to sale, any prospective purchaser iS referred to the Financial Advisor to the City, Springsted incorporated, $5 East Seventh Place, .Suite 100, Saint Paul, Minnesota 55101, telephone (612} 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by taw, shall constitute a "Final Qfficial Statement" of the City with respect . to the 8~r~jss, a.. that term is defined in Rule 1 Sc2-12, By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost #o the senior managing underwriter pf the syndicate to which the Bonds are awarded 200 copies of the ©fficial Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Ronds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participsting Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its propose( is accepted by the City (i} it shelf accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bands for purposes of assuring the receipt 1.iy each such Participating Underwriter of the Final Official Statement. Dated SeptEmber 19, 1994 BY ORDER OF THE CITY COUNCIL Is/ Charlene Fnedges City Clerk - iii -