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HomeMy WebLinkAbout91-144 Councilmember xarvey introduced the following resolution and moved its ado tion: p 91-144 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $675,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991D AND $445,000 GENERAL OBLIGATION EQUII'MENT CERTIFICATES, SERIES 1991E BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as follows: Section 1. Purpose. (a) It is hereby determined to be in the best interests of the City to issue its General Obligation Improvement Bonds, Series 1991 D, in the principal amount of $675,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the following public improvement projects: Project Estimated Cost See attached Appendix I (b) It is also hereby determined to be in the best interests of the City to • issue its General Obligation Equipment Certificates, Series 1991E, in the principal amount of $445,000 (the Certificates), pursuant to Minnesota Statutes, Section 412.301 and Chapter 475 to finance the costs of acquiring certain items of capital equipment as described in Appendix II attached hereto. Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the City, has presented. to this Council forms of Terms of Proposal for the Bonds and the Certificates which are 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 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 Bonds and the Certificates on behalf of the City on a negotiated basis. Section 3. Sale Meeting.. This Council shall meet at the City Hall on Monday, November 18, 1991, at 7:30 o'clock p.m., for the purpose of considering sealed bids for the purchase of the Bonds and Certificates, and of taking such action thereon as may be in the best interests of the City. j, ~ M yor Attest:. ,'~t~C Clerk The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Mulvihill and upon vote being taken thereon, the following voted in favor thereof: Ruhmann, Zaun, Sindt, Mulvihill, Harvey and the following voted against the same: N/A whereupon the resolution was declared duly passed and adopted. • -2- THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON THEIR BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: • TERMS OF PROPOSAL $675,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 D Proposals for the Bonds will be received by the City Finance Director or his designee on Monday, November 18, 1991, until 12:00 Noon, 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 BONDS The Bonds wil! be dated December 1, 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1992. 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, and 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 Bonds will mature February 1 in the years and amounts as follows: 1993 $30,000 1997 $65,000 2001 $65,000 1994 $70,000 1998 $65,000 2002 $60,000 1995 $65,000 1999 $65,000 2003 $60,000 1996 $65,000: .2000 $65,000 OPTIONAL REDEMPTION The City may elect on February 1, 2000, and on any day thereafter, to prepay Bonds due on or after February 1, 2001. Redemption may be in whole or 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 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 will be used to finance the construction of various improvements in the City. TYPE OF PROPOSALS Proposals shall be for not less than $668,250 and accrued interest on the total principal amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit -i- ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount • of $6,750, payable to the order of the City. If a check is used., it must accompany each proposal. If 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 mustbe submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety .Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. ff 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 wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received bythat time, the 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 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 for award 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 1 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. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest dollar interest cost to be determined by the deduction of the premium,. if any, from, or the addition of any amount less than par, to the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each proposal, in accordance with customary . practice, will be controlling. 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 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 constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers sha1F be paid by the purchaser. SETTLEMENT Within 40 days foAowing 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 & Whitney of Minneapolis, 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, or equivalent, funds which shall 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 liable to the City for any .loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. -ii- OFFICIAL STATEMENT • The City has authorized the preparation of an Official Statement containing pertinent information. relative to the Bonds, 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. 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 t00, 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 term is defined in Rule 15c2-12. 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 to the senior managing underwriter of the syndicate to which the Bonds are awarded 30 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 purposes 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 21,1991 BY ORDER OF THE CITY COUNCIL • /s/ Charlene Friedges Clerk • - iii - THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE • ON THEIR BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL 6445,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 1991 E Proposals for the Bonds will be received by the City Finance Director or his designee on Monday, November 18, 1991, until 12:00 Noon, 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 CERTIFICATES The Cert~cates will be dated December 1, 1991, as the date of original issue, and will bear interest payable on June 1 and December 1 of each year, commencing June 1, 1992. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate of1'tce of the registrar and interest on each Certificate 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 Certificates will mature December 1 in the years and amounts as follows: 1992 $135,000 1994 $80,000 1996 $75,000 1993 $ 80,000 1995 $75,000 OPTIONAL REDEMPTION The Certificates will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Certificates will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to acquire certain capital equipment. TYPE OF PROPOSALS Proposals shall be for not less than $440,550 and accrued interest on the total principal amount of the Certificates. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $4,450, .payable to the order of the City. If a check is used, it must accompany each • proposal. ff 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 -i- Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial . Surety Bond. If the Certificates 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 wire. transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. !f such Deposit is not received by that time, the 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 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 for award of the Certificates is adjourned., recessed, or continued to another date withou# award of the Certificates .having been made. Rates shall be in integral multiples of 5/100 or 1 /8 of 1 Rates must be in ascending order. Certificates of the same maturity shall .bear a single rate from the date. of the Certificates to the date of maturity. No conditional proposals will be accepted. AWARD The Certificates will be awarded on the basis of the lowest dollar interest cost to be determined by the deduction of the .premium, if any, from, or the addition. of any amount less than par, to the total dollar interest on the Certificates from their date to their final scheduled maturity. The City's computation of the total ne# dollar interest. cost of each proposal, in accordance with customary practice, will be controlling. 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 ff the Certificates qualify for assignment of CUSIP 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 Certifica#es. The CUSIP Service Bureau charge for the assignment of CUSIP identification 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 the purchaser of an approving legal opinion of Dorsey & 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 Noon, Central Time. Except as compliance with the terms of payment for the Certificates shall have been 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 reason of the purchaser's non-compliance with said terms for payment. 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 anearly-final. Official 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, -ii- 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 • (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 Certificates, together with. any other information required by .law, shall constitute a "Final Official Statement" of the City with respect to the Certificates, 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 20 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 Certificates are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any undervvriter delivering a proposal with respect to the Certificates 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 Certificates for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated October 21, 1991 BY ORDER OF THE CITY COUNCIL /s/ Charlene Friedges Clerk - iii - ~er~~~C ~ Project 90-5 Project 90-9 Holyoke Ave. Iceland Tr. and 210th St. to Highview Ave. Total Assessable Costs $ 19,800 $367,400 $ 387,200 Utility Trunk Fund 159,800 92,200 252,000 Storm Sewer Trunk Fund 104,600 104,600 Trails Fund 17,600 17,600 State-Aid Fund 364.500 364.500 To#al Costs $179,600 $946,300 $1,125,900 Less: Utility Trunk (84,600) (84,600) MSA (364,500) (364,500) Investment Earnings 1 800 {1,8001 Net Financing $ 95,000 $580,000 $ 675,000 • • T H E C I T Y O F L A K E V I L L E . C E R T I F I C A T E S O F I N D E B T E D N E S S C A P I T A L O U T L A Y fiG~ 1992 BUDGET REQUEST POLICE DEPARTMENT 88,790 FIRE DEPARTMENT 148,600 STREET DEPARTMENT .84,500 PARK DEPARTMENT 78,552 AMBULANCE 26,055 TOTAL ALL DEPARTMENTS 426,497 POLICE DEPARTMENT Replacement squads 60,000 1 Radar unit 1,900 1 Pair field glasses 150 SL-20X Flashlights 400 Portable radios reserves 2,440 Equipment for new squads 7,155 Portable radios patrols 1,760 Squad car striping (6) 1,575 Glock model 17 firearms .1,400 35MM point and shoot cameras 150 Replacement tapes 30 2,000 Computer 486/33 Mh2 2,500 Novell software upgrade 1,420 600MB hard disk 2,500 Installation Labor 1,440 Power cells for Alco sensors replacement 1,000 Physical evidence collection equipment 1,000 Total Police Department 88,790 FIRE DEPARTMENT Nomex coveralls 8,000 Personal protective clothing 10,500 Refurbish engine 48185 40,000 S10 2 wheel drive, extend cab 15,000 Mini van 15,000 2 Opticom emitters 3,000 MSA breathing apparatus 6,500 Fire hose (new & replacement) 3,750 Grass firefighting truck (replacement) 25,000 Twin cylinder fire pump (grass rig) 3,000 Hand held scanner radios (2) 2,.750 Equipment for engine 48282 2,000 Hurst cutters 2,900 • Hurst rams 7,200 Maxi-force air bags 4,000 Total Fire Department 148,600 T H E C I T Y O F L A K E V I L L E ~ C E R T I F I C A T E S O F I N D E B T E D N E S S C A P I T A L O U T L A Y 1992 BUDGET REQUEST STREET DEPARTMENT Pick up 1/2 ton (replacement) 12,500 Case side mount mower 7,000 Sidewalk maintainer 35,000 Bobcat (replacement) w/sweeper 11,000 Steel roller 2-1/2 ton (replacement) .17,700 Gas detector 1,300 Total Street Department 84,500 PARK DEPARTMENT Toro groundsmaster 322D 10,352 Hustler front mounted rotary mower 10,900 Tractor 60HP 28,500 Pickup truck (replacement) 12,500 Pickup truck (replacement) 12,500 Power ice sweeping broom 3,800 Total Park Department 78,552 • AMBULANCE 1992 Ambulance equipment 26,055 •