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HomeMy WebLinkAbout89-146 y • • • Councilmember Enright introduced the following resolution and moved its adoption: RESOLUTION NO. 89-146 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $1,475,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1989B BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: 1. It is hereby found and determined that it is necessary and expedient for the City to issue and sell its general obligation equipment certificates of indebtedness in the principal amount of $1,475,000 to finance the cost of capital equipment, pursuant to Minnesota Statutes, Section 412.301. 2. The Certificates shall be sold in accordance with the terms set forth in the Official Terms of Offering, which is attached hereto and hereby approved. The City Clerk is hereby authorized and directed to cause the abbreviated Notice of Sale of the Certificates attached hereto to be published once in the • official newspaper of the City and in the Northwestern Financial Review, published in Minneapolis, Minnesota, not less than 10 days prior to the date of sale. 3. This Council shall meet at the City Hall on Monday, November 20, 1989,. at 7:00 o'clock P.M., for the purpose of considering the bids received for the purchase of said Certificates. May Attest: City Clerk • r • The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Nelson and upon vote being taken thereon, the following members voted in favor thereof: Zaun, Enright, Sindt,'Harvey, Nelson and the following members voted against the same: None whereupon said resolution was declared duly passed and adopted. • -3- ~ . CERTIFICATION OF MINUTES RELATING TO $1,475,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES. OF INDEBTEDNESS, SERIES 1989B Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting, held on Monday, October 16, 1989, at 7:00 o'clock P.M., at the City Hall. Members present : Nelson, Zaun, Enright, Sindt, Harvey Members absent : None Documents Attached: Minutes of said meeting (pages): RESOLUTION N0. 89-.146 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF • $1,475,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1989B 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 docu- ments 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 through- out 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 16th day of October, 1989. • Signatu e Charlene F ~edge~ City Clerk • Counci lmember Enright introduced the following resolution and moved its adoption: RESOLUTION NO. 89-146 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $1,475,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 19898 BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: 1. It is hereby found and determined that it is necessary and expedient for the City to issue and sell its general obligation equipment certificates of indebtedness in the principal amount of $1,475,000 to finance the cost of capital equipment, pursuant to Minnesota Statutes, Section 412.301. 2. The Certificates. shall be sold in accordance with the terms set forth in the Official Terms of Offering, which is attached hereto and hereby approved. The City Clerk is hereby authorized and directed to cause the abbreviated Notice of Sale of the Certificates attached hereto to be published once in the • official newspaper of the City and in the Northwestern Financial Review, published in Minneapolis, Minnesota, not less than 10 days prior to the date of sale. 3. This Council shall meet at the City Hall on Monday, November 20, 1989, at 7:0.0 o'clock P.M., for the purpose of considering the bids received for the purchase of said Certificates. May r Attest:_ City Clerk The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Nelson and upon vote being taken thereon, the following members voted in favor thereof : Zaun, Enright, Sndt, Harvey, Nelson and the following members voted against the same: None whereupon said resolution was declared duly passed and adopted. • • -3- . OFFICIAL TERMS OF OFFERING • ;1,475,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 19898 Sealed bids for the Certificates will be received by the -City Administrator or his Designee on Monday, November 20, 1989, until 11:00 A.M., 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 Certificates will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated December 1, 1989, as the date. of original issue, and will bear interest payable on June 1 and December 1 of each year, commencing June 1, 1990. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. 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 office 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: 1990 $240,000 1992 _ $300,000 1994 $340,000 1991 $280,000 1993 $315,000 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 various capital equipment for the City. TYPE OF BID Bids shall be for not. less than $1,460,250 and accrued interest on the total principal amount of the Certificates, and shall be accompanied by a certified or cashier's check in the amount of $14,750, payable to the order of the City. No bid will be considered for which said check has not been received. 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 bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the bids is adjourned, recessed, or continued to another date without award of the Certificates having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 ~o. Rates must be in ascending order. Certificates of the same maturity shall bear a single rate from. the. date of the Cert~cates to the date of maturity. No conditional bid will be accepted. AWARD The Certificates 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 Certificates 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 Certificates, (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 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 Certii'icate nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Certificates. 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 reasons 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 50 copies of the Official Statement. Dated October 16, 1989 BY ORDER OF THE CITY COUNCIL /s/ Robert A. Erickson Administrator