Loading...
HomeMy WebLinkAbout87-133 s - CERTIFICATION OF MINUTES RELATING ,TO $600,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF .INDEBTEDNESS, SERIES 1987D Issuer:` City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meetings A meeting, held on Monday, September 21, 1987, at 7:00 o'clock P.M., at the. City. Hall. Members present: Members absent: Documents Attached: Minutes of said meeting (pages).: RESOLUTION NO. 87-133 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $600,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES. OF INDEBTEDNESS, SERIES 1987D • 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 .area 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 21st day of September, 1987. Signature • Patrick McGarvey City Administrator-Clerk Councilmember Nelson .introduced the • .following resolution and moved its adoption: .RESOLUTION NO. 87-133 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $600000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1987D 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 $600,000 to finance the cost of capital .equipment, pursuant to Minnesota Statutes, Section 412.301. 2. The Certificates shall be soldinaccordance with the terms set forth in the Official Terms of Offering, which is attached hereto and hereby approved. The City Administrator- 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 Commercial West, published in Minneapolis, Minnesota, not less than. l0 days prior to the date of. sale. 3. This Council shall meet at the City Hall on • Monday, October` 19, 1987, at 7:00 o'clock P.M., for the purpose. of considering the bids .received for the purchase of said Certificates.. May r Attest City Admin strator-Clerk r OFFICIAL TERMS OF OFFERING $6~,~ CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES ! 987D Sealed bids for the Certificates will be opened by the City Administrator on Monday, October 19, 1987, at 12:00 Noon, Central Time, at the off ices of SPRINGSTED Incorporated, 85 -East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143. 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 November I, 1987, as the date of original issue, and wilt bear interest payable on February ( and August I of each year, commencing August I, 1988. 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 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 his address as it appears on the books of the Registrar as of the LSth day of the calendar month next preceding the interest: payment. The Certificates will mature February I in the amounts and years as follows: $100,000 1989. $160,000 1990 $165,000. 1991 $1..75,000 -1992 • 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 tQxes. The proceeds will be used to,acquire various capital equipment. TYPE OF BID A sealed bid for not less than $594,000 and accrued interest on the total principal amount of the Certificates shall be filed with the undersigned prior to the time set for the openinc~ of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of 56,000, 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 Certificates having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of I%. No rate for any maturity shall be more than I% lower than any prior rate. Certificates of the same maturity shall bear o single rate from the date of the Certificates to the date of maturity. No bid may be conditioned upon award of any other offering of obligations by the City. • The motion for the adoption of the foregoing • resolution was duly .seconded by Councilmember Harvey and upon vote being taken thereon, the following members voted in favor thereof: and~the following members voted against the same: whereupon said resolution was declared duly passed and adopted.. • w 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 amounf 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 CUSlP numbers such numbers. will be printed on the. Certificates, bvt 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 Purchoser 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 Purchoser.. Delivery will. be subject to receipt by the Purchaser of an approving legal opinion of Dorsey & Whitney of Minneapolis and Saint Paul, 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 I:00 P.M., 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. At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the City, to the effect that the Official Statement did not as of the date of the Official Statement,. and does not as of the date- of settlement, contain any untrue statement of a material fact or .omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 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 20 copies of the Official Statement. Dated September 21, 1987 BY ORDER OF THE CITY COUNCIL /s/ Patrick McGarvey City Administrator . NOTICE OF SALE City of Lakeville, Minnesota $600,000 General Obligation Equipment Certificates of Indebtedness, Series 1987D Bids for the purchase of $600,000 General .Obligation Equipment Certificates of Indebtedness, Series 1987D of the City of Lakeville, Minnesota will be received on Monday, October 19, 1987, until 12:00 Noon, Central Time, at the offices of Springsted Incorporated, 85 East Seventh Street, Suite-1OO, St. Paul, Minnesota. The Certificates will be originally dated November 1, 1987, and will mature on February l in the following .years and amounts: Year Amount _ 1989 $100,000 1990 160,000 1991 165,000 1992. 175,000 Minimum bid is $5.94,000. A legal opinion will be furnished by .Dorsey & Whitney, of Minneapolis and St. Paul, Minnesota. The Certificates are being issued to finance the'~acquiston of capital equipment. BY ORDER OF THE CITY COUNCIL Patrick McGarvey Administrator