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HomeMy WebLinkAbout93-212 ,s • CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1993D Issuer: City of Lakeville, .Minnesota Governing Body: City Council " Kind, date, time and place of meeting: A regular meeting held on October 18, 1993, at 7:00 o'clock P.M, at the City Hall. Members p resent: Ruhmann, Zaun, Sindt, Mulvihill, Harvey Members absent: N/A Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 93- 212 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $580,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1993D 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. Clerk j • i Councilmember Harvey introduced the • following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $580,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1993D BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as follows: Section 1. Authorization. The City hereby authorizes the issuance and .sale of $580,000 General Obligation Equipment Certificates of Indebtedness, Series 1993D (the Certificates), the proceeds of which shall be used to acquire certain items of capital equipment for various. City purposes. Section 2. Terms of Proy~osal. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Certificates, 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 Certificates 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 Certificates 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 Certificates, and of taking such action t ereon as may be in the best inte~~sts f the 'ty. i ~ ~ ~ Attest: Clerk ` May r 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 CI1Y HAS AUTHORIZED SPRINOSTED INCOF~ORATED TC NEGO+ftATE THIS ISSUE • ON ITS BEHALF. PROPOSALS tMLI. BE RECEIVEQ ON THE FOL1.01NING BASIS: TERMS OF PROPOSAL. ssao,aoo CITt(OR V?KEVil1-E. Iu1NNESOTA !1<ENERAL OBUt3AT14N BaUIPMENT CERTIFICATES OI' INDEBTEDNESS, SERIES 1993D Propotiais for the Certificates wql be recsnrvd by the City Administrator or designee on Monday, November 15,1993, untq 10:30 A.M., Cer~'al Time, at the oifiovs of gpringsted Incorporated, t35 East Seventh Place, Suite 100, Sain# Psui, Minnesota, oiler whcct? time they wql be opened and tabulated. Consideration for award of the Certificates will be by the City Cound) at 7:00 P.M., Central Time, of tho same day. oErAlLS OF THE C6RTfi=1CATES The Certlficatea will be dated December 1, 1983, as the date of original issue, and will bear interest payable June 1 and Deoamber 1 of each year, commencing June i, 1 Q94. Interest Wig be~ computed- ®n-the- basis- of a- 360-da+~ year- of- tw.alxs 30~layt months. Thv Certificates will be issued in the denomination of $5,000 each, or in Integral muftiples thereof, as requested aY tI'~e purch#ser, and fufiy registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Certifioaty wilt be payable by dtieck or • draft of the registrar mailed to life registered holder thereof at the holder's address as it appears on the books of the registrar as of the dose of business on the 18th day of the immediately preceding month.. The Certificates wiU mature December 1 in the years and amounts as follows: i 984 $110,000 1886 $115,000 1998 $125,000 1895 $110,000 1997 5120,000 OPTIONAL REDEMPTION The CerCrficatos wifi not be a~jeot to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The CBrti'ficattes wig be general Cert'rficates of the City f~ which the City wiU pledge its lull faith and txedR and power m levy direct general ad valorem ta~aes. The proceeds wql be used to fwd the acquisition of capital eguipmsnt. TYPE OF PROPOSALS Proposals shall tie far not less then $574,200 and accrued interest on the total principsl amount of the CertiScafies. Proposals shall by accompanied by a Good Faith t)epoait ("Deposit") in the form of a certified or casl~er's check or a Firtandal ursty Bond Tn the amount of $5,800, payable to the order of the City. ff a check is used. it must accompany each proposal. 9 a Financial Surety t3ond is used,. it must be 1 ~ b ~ ~ ,dam issue such a bend in the State of M~nesota, and preappr y ~y • _i_ • submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwnter whose Deposit is guaranteed by such Financial Surety Bond. It the Certificates are awarded to an underwriter using a Financ~si Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check er wire transfer as instructed by Springsted Incorporated nat later than 3:30 P.M., Central Time, on the next business day following the award. ff such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirernent. The City will deposit the check of the purchaser, the amount of which will he deducted at settlement and no Interest wUl accrue to the purchaser. 1n the event the purchaser fails to comply with the accepted proposal, said amount will b® retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the mQeting of the City scheduled for award of the Certificates Is adjourned, recessed, or continued to another date without award of the Certificates having been made. Rates shall be in integral mu{tiples of 5/100 or 1 /8 of t Rates must be {n ascending order. Certificates of the same maturity shall bear a single rate from the date of the Certificates to the date of maturity. Nt~ conditional proposals will be accepted. AWARD The Certificates will be awarded on the basis of the lowest interest rata to be determined on a true interest cost (T1C) basis. The Ciiy's Computation of the interest rate of each proposal, in ~ accordance with customary practice, will be controlling. The City 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 Gertificates, (ii) reject all proposals i without cause, and, (Iii) reject any proposal which the City determines to have failed to comply j • with the terms herein. 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. CUS1P NUMBERS i If the Certificates qualify for assignment of GUSIP numbers such numbers will be printed on the Certificates, but neither the failure to print such numbers on any Certificate nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Certificates. The CUS1P Service Bureau charge for the assignment of CUS1P id6ntification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Certificates 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 th® purchaser of an apprQVing legal opinion of horsey 8~ Whitney of - Minneapolis, Minnesota, which opinion will be printed on the Certificates, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Certificates shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noan, Central Time. Except as compliance with i the terms of payment for the Certificates shall have bean made impossible by action of the City, .or its agents, the purchaser shall be liable to the City for any loss suffered by the City by r©ason of the purchaser's non-compliance with said terms for payment. i i ~ ii - ~M a I~ I! OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Certificates, and said Official Statement will serve as a nearly-final . Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchang® Commission. For 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, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone I (612) .223-3000. I The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Certificates, together with any other information required by law, shall constitut®a "Final Official Statement" of the Clty with respect to the C®rtificates, as that term is defined in Rule 15c2-12. By awarding the Certificates 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 to the senior managing underwriter of the syndicate to which the Certificates are awarded 25 copies of the Official Statement and the add®ndum or addenda described above. The City designates the senor managing underwriter of the syndicate to which the Certificates are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating. Underwriter. Any underwriter delivering a proposal with respect to the Certificates agrees thereby that if its proposal is accepted by the Glty (i} it shall accept such designation and (il) It j shall enter into a contractual relationship with all Participating Underwriters of the Certificates j 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 COUNCIL ~r i /s/ Charlene Friedges Clerk i'~ l 'I i i JJi I. ii, ~I i I~ I~ . . II l -iii -