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HomeMy WebLinkAbout93-213 • CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993E Lssuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on October 18, 1993, at o'clock P.M. at the City Hall. Members present: Ruhmann, Zaun, Sindt, Mulvihill, Harvey Members absent: N/A Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 213 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $640,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993E 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 18th .day of October, 1993. City Clerk • • Councilmember Harvey introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $640,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993E 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 General Obligation Improvement Refunding Bonds, Series 1993E, in the approximate aggregate principal amount of $640,000 (subject to adjustment as provided in the Terms of Proposal) (the Bonds), pursuant to Minnesota Statutes, Chapter 475, to refund the 1997 through 2007 maturities of the $2,930,000 General Obligation Improvement Bonds, Series 1986A, dated August 1, 1986. Section 2. T rm 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 specified in the Terms of Proposal for the purpose of considering sealed bids for the purchase of the Bonds and of tang such action thereon as may in the best interests of the Ci, y r ~ i Attest : ~ ~ c~ Clerk Ma or t The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Ruhmann and upon vote being taken thereon, the following voted in favor thereof: Harvey, Ruhmann, Zaun, Sindt, Mulvihill and the following voted against the same: N/A whereupon the resolution was declared duly passed and adopted. THE CITY HAS AUTHORIZED $PRINGSTED {NCORIiORATEp Ta NEGOTIATE THI$ ISSUE • ON ITS BEHAi.f. PI~QPO$ALS WILL BE DECEIVED ON THE FOLLOWING BASIS: TERNS OF PROPOSAL i640.~ CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION IMPROVEMENT <REFIJNDING BONpS, SERIE$1993E Proposals for the Bands viii be received by the City Administrator or designee on Mondry, Novarnber 15,1993, urrtif 10:30 A.M., Central Time, at the ottlces of Springated Incorporated. tI6 East Ssv+er?th Plaoe, Suite 100, Sarnt Paul. Minnesota, after which time they will bs opened std tabulated. Oonsid~ation for award of the Bonds wai be by the City c.«,r~dl at 7:00 P.NL, Central Time, of the same day. DETA1t_S OF THE BONDS The Bonds wiU be dated December 1, 1993, as the data of original ies~, and rrdll bear lt~srest payable February t and August 1 of each year, cremrnendng Aiugust 1. 19t~1, interest wiU bs cornputsd on the basis of a 360-day year of twelve 30-day months. The Bonds wpt bs issued to the denomination of $5,000 each, or in integral mukiples thereof, as requested by the purchaser. and iu{ly registered as to principal end interest. Principal will be Payable at the main carporaie office of the registrar and interest on each Bond wilt be payable by check or draft of • the registrar mailed to the regi~ered 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 will mature February 1 in the years and amounts as faNows: t 997 $60,OQ0 2001 $6Q,000 22~ ~ Ooo 1998 $80,000 2002 $60,000 2007 $55,000 1999 $60.000 2003 $60,000 2000 $60,000 2004 ta55.000 The City resawes the afior proposals an opened armt Prior to award, ro incroasa or redcace the prrrrclpel amount of ~ 8onats oMered for sale. Any such increaas or roductian wrll tae in a tt~l amount not to exceed i20.o00 ~d wfq be made /n mulOiples d SAOUD U arty of ale rnadrrlalee. M ~s event the principal arrrorrnt ai the Bonds is increased ar roduced, any prom1~?+ otfer~ed a?~Y discour# taker? wry be a~+eeted or tedur.~ed by a egaal to tl~e P~ by ~ Principal amount of the l3anats >s irrcreased or reduced. OPTIONAL REDEMPTION The City may elect on February 1, 2001, and on any day thereafter, to prepay Bonds due on a after February i, 2002 Redemption may be to whole or in part and if in part, at the option of the ~Y and in suds order as the City shall determine and within a maturity by lot as aelec2sc! by the registrar. Ap prepayment9 shell be at a price of par plus accrued interest. ~ ITY AND PURPOSE SECUR The Bonds will be general Bonds of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds wilt be used to refund in advance of maturity the 1997 through 2007 maturities of the City's $2,830,000 General obligation improvement Bonds, Series 1986A dot®d August 1, 1986. TYPE OF PROPOSALS Proposals shall be far not less than $632,960 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit"} in ?he form of a certified or cashier's check or a Financial Surety Bond in the amount of $6,400, payable to the order of the City. If a check is used, it must accompany each proposal. 1f a Financial Sur©ty Band {s 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 underwater whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds arfl awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the corm of a certified or cashier's check ar wire transfer as Instructed by Springst®d Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial .Surely 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 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 far receiving proposals unless the meeting of the City scheduled for sward of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1 /8 of 196. Rates must be In ascending order. Bonds of the same ~ maturity shall bear a single rate from the date of the Bonds to the date of maturity. Na conditional proposals will be accepted. AWARD The Bonds wit! 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 proposal, in accordance with customary practice, will be controlling. i The Clty will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (it) reject all proposals without taus®, and, (iii) reject any proposal which the City determines to have failed to .comply ' ~ with the terms herein. i REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City ' will pay far the services of the registrar. i j CUSIP NUM6ERS ~ .If the Bonds qualify for assignment of CUSIP 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 constitut8 cause for failur® or refusal by the purchaser to accept delivery of the Bonds. Th® CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. 1~ -t? SETTLEMENT Within 40 days following the date 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 will be subject to receipt by the purchaser of an approving legal opinion of Dorsey S Whitney of ttJtinneapalis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, ar equivalent, funds which shall be received at the offices of the .City ar its designee not later than 12:00 Noon, Central lime. Except as compliance with the terms >f payment for the Bonds shall have been made impossible by action of the City, or its agents, i ~l the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. ~ OFFICIAL STATEMENT { i The Cify has authorized the preparatipn Of an Official Statement containing pertinent ~ ! information relative to the Bonds, and said Official Statement wiN serve as a nearly-final Official i ' Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any Qrospectlve purchaser Is referred to the Financial Advisor to the City, Springsted Incorporated, 85 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 law, shall constitute a "Final Official Statement" of the City with respect • to the Bonds, as that t®rm is defined in Rule 15c2-12. By awarding the Bonds to any and®rwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no more than coven business days after the date of such award, it shall provide without cost to the j senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purpos®s of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter 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 for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated October 18, 1993 BY ORDER OF THE CITY COUNCIt_ /s! Charlene Friadges j Clerk I' ~j i1 i i -iii- ~I i~