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HomeMy WebLinkAbout88-140 CERTIFICATION OF MINUTES RELATING 'TO $2,400,000 GENERAL OBLIGATION IMPROVEMENT BONDS.,.SERIES 1988A Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place-of meeting: A regular meeting held on Monday,.October 17, 1988, at 7:00 o'clock P.M.- at the City Hall. ...Members present :.Mayor Duane Zuan, Patrick Harvey, Robert Nelson and Betty Sindt Members absent: Nancy Enright Documents Attached: Minutes of saidmeeting (pages): CONSENT AGENDA RESOLUTION NO. 88-140 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $2,400,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A OFFICIAL TERMS OF OFFERING NOTICE OF SALE 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 su ~i re :.ding fficer this 17th day of October, 1988. r ig ature Patrick McGarvey City Clerk-Administrator Councilmember Harvey introducedthe following resolution and moved its adoption: CONSENT AGENDA RESOLUTION N0. 88-140 RESOLUTION AUTHORIZING ISSUANCE. AND SALE. OF $2,400,000 GENERAL OBLIGATION INIPROVEMENT BONDS, SERIES 1988A BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: Section 1. Purpose. It is hereby determined to be in the best interes s,of th~ e City to issue its General Obligation Improvement Bonds, Series 1988A, in the principal amount of $2,400,000 .(the Bonds), pursuant to Minnesota Statutes, Chapter 429, to finance the following public improvement projects: Project Estimated Cost 87.04 165th: .Ipava/Highview $ 31 1, 694 87.14 185th: Hwy 50-I-35 1, 118,71 87.25 175th: Ipava 460,336 88.01 172nd: Highview/Cherrywood 374,394 • 88.05 Sealcoot 193,922 88.09 Lakeville Commercial Center 31 1,824 87.10 Trotters Ridge 202,581 88. IS 199th Wy 263,926 Section 2. Terms of Bond Sale; Notice. Springsted Incorporated, financial consultants to the City has presented to this Council a .form of Official Terms of Offering for the Bonds, and abbreviated notice. for publication, which shall be placed on file by the Clerk-Administrator. Each and all of the provisions of the Official Terms. of Offering are hereby adopted as the terms and conditions of ..the Bonds and of the sale thereof. The Clerk-Administrator is authorized and directed to .cause the abbreviated notice to be published once in the official newspaper and once in a bond trade publication at least l0 days prior to the date on which bids for the purchase of the Bonds will be received. Section 3. Award of Sale. As set forth in the Official Terms of Offering, the Finance Director is empowered to open bids for .the Bonds on Wednesday, November 16, 1988 and to award the sale of the Bonds subject to confirmation by the City Council.. This Council shall meet at the City Hall on Monday, November 21, 198$, at 7:00. o'clock P.M. for the purpose of confirming said award . t ayor t Attest: Jerk-A ministrator • The motion for the adoption of the foregoing resolution was duly.. seconded by Councilmember Nelson and upon vote being .taken thereon, the following voted in favor thereof: All Members and the following votedagainst the same: None whereupon said resolution was declared duly passed and adopted. • OFFICIAL TERMS OF OFFERING • 2 400 000 > CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES I988A Sealed bids for the Bonds will be opened by the Finance Director, or his designee, on Wednesday, November 16, 1988, at 12:00 Noon, Central Time, at the office of SPRINGSTED Incorporated, 85 East. Seventh Place, Suite 100, Saint Paul, Minnesota 551 OI -2143. The Finance Director will be empowered to award the Bonds following the opening of bids, subject to confirmation by the City Council on Monday, November 21, 1988 at 7:00 P.M., Central Time. DETAILS OF THE BONDS The Bonds will be dated December I, 1988, as the date of original issue, and will bear interest payable on February I and August I of each year, commencing August I, 1989. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. 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 his address as it appears on the books of the Registrar as of the ISth day of the calendar month next preceding the interest payment. • The Bonds will mature February I in the amounts and years as follows: $ 80,000 1990 $110,000 2000-2001 130,000 2007 $140,000 1991 $115,000 2002-2003 140,000 2008 $100,000 1992-1998 $120,000 2004-2005 $145,000 2009-2010 $105,000 1999 $125,000 2006 OPTIONAL REDEMPTION The City may elect on February I, 1997, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1998. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments steal! be at a price of par and 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 wi(I be used to finance the costs of various improvements within the City. TYPE OF BID A sealed bid for not less than $2,364,000 and accrued interest on the total principal amount of the • Bonds shall be filed with the undersigned prior to the time set for the openin of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of 24,000, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's - Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of S/100 or I/8 of No rate for any maturity shall be more than I% lower than any prior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. AWARD The Bonds will be awarded to the Bidder offering 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 bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply 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. 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 shall 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 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 I:00 P.M., 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. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with SO copies of the Official Statement. Dated October 17, 1988 BY ORDER OF THE CITY COUNCIL /s/ Patrick McGarvey Clerk-Administrator