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HomeMy WebLinkAbout89-145 =r ~ 4 • Councilmember Sindt introduced the following resolution and moved its adoption: RESOLUTION NO. 89-145 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,575,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A 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 interests of the City to issue its General Obligation Improvement Bonds, Series 1989A, in the principal amount of $1,575,000 (the Bonds), pursuant to Minnesota Statutes, Chapter 429,. to finance the following public improvement projects: .Project Estimated Cost • 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. 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 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 10 days prior to the date on which bids for the purchase of the Bonds will be received. Section 3. Award of Sale. 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 and taking such action thereon as may be deemed appropriate.. Ma • Attest: Clerk ! • ! S The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Harvey and upon vote being taken thereon, the following voted in favor thereof: Nelson, Zaun, Enright, Sindt, Harvey and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. • ~ CERTIFICATION OF MINUTES RELATING TO $1,575,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A 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. Membe~cs present : Nelson, Zaun, Enright, Sindt, Harvey Members absent: None Documents Attached: Minutes of said meeting (pages): RESOLUTION N0. 89-145 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,575,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A 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 as such recording officer this 16th day of October, 1989. • Signature Charlene Friedges City Clerk Councilmember Sindt introduced the following resolution and moved its adoption: RESOLUTION NO. 89-145 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,575,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A 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 interests of the City to-issue its General Obligation Improvement Bonds, Series 1989A, in the principal amount of $1,575,000 (the Bonds)., pursuant to Minnesota Statutes, Chapter 429, to finance the following public improvement projects: Project Estimated Cost i 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. 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 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 10 days prior to the date on which bids for the purchase of the Bonds will be received. Section 3. Award of Sale. This Council shall meet at the City Hall on Monday, November 20, 19$9, at 7:00 o'clock P.M. for the purpose of considering the bids and taking such action thereon as may be deemed appropria or Attest: Clerk • The motion .for the ado tion of the foregoing resolution p was duly seconded by Councilmember Harvey and upon vote being. taken thereon, the following voted in favor thereof: Nelson, Zaun, Enright, Sindt, Harvey and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. • OFFICIAL TERMS OF OFFERING 61,575,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1989A Sealed bids for the Bonds 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 Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated December 1, 1989, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 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 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: 1992 $180,000 1996 $155,000 1999 $155,000 1993 $160,000 1997 $155,000 2000 $155,000 1994 $155,000 1998 $155,000 2001 $150,000 1995 $155,000 OPTIONAL REDEMPTION The City may elect on February 1, 1996, and on any day thereafter, to prepay Bonds due on or after February 1, 1997. Redemption may be in whole or in part and if in part, in inverse order of maturity and within a maturity by lot as selected by the registrar. All prepayments shall 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 will be used to finance the construction of various improvements within the City. TYPE OF BID Bids shall be for not less than $1,552,950 and accrued interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $15,750, 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 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. No conditional bid will be accepted. 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 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 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