HomeMy WebLinkAbout87-132 s ~ ~ a
• CERTIFICATION OF MINUTES RELATING TO
$5,800,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 1987C
Issuer: City of Lakeville, Minnesota
Governing Body: .City Council
Kind, date, time and place of meeting: A meeting held
on Monday, September 21, 1987, at 7:OOo'clock P.M., at the City.
-Hall, in Lakeville, Minnesota
Members present:
Members .absent:
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 87-132
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,800,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1987C
• 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 21st day of September, 1987.
Signature
Patrick McGarvey
City Administrator
•
Member Harvey introduced the following •
resolution and moved. its adoption:.
RESOLUTION N0. 87-132
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,800,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1987C
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
1. Bond Authorization. It is hereby found and
determined that it is necessary and expedient for the City to
issue and sell its General Obligation Improvement Bonds, Series
1987C, in the.. principal amount of $5,800.,000, pursuant to
Minnesota Statutes, Chapter 429, to finance the following
.improvement projects:
.Project Estimated Cost
See Exhibit I
•
2. Sale Terms. Springsted Incorporated, bond
consultants to the City, has presented to this Council a form.
of Official Terms of Offering of the sale of the bonds, and a
form of Notice of Sale for publication, which forms are
attached heretoand shall be placed on file in the office of
the Administrator. Each and all of the provisions of the
Official Terms of Offering are hereby adopted as the terms and
conditions of said bonds and of the sale thereof, and shall be
made available to all prospective purchasers of the bonds. The
Administrator is authorized and directed to cause the Notice of
Sale to be published once in the official newspaper of the
City, and once in the. Commercial West, a financial periodical
published in Minneapolis, at least ten days before the date of
sale.
•
.v
• 3. Sale Meeting. This Council shall meet on Monday,
October 19, 1987, at 7:-00 P.M., to consider the bids received
for the purchase of the bonds, and to take such actions thereon
as-is deemed in the best interests of the City..
or
Attest•
Administrator
•
•
- ,
` it ,
The motion for the adoption of the foregoing •
resolution was duly seconded by Member ,
and upon vote being taken thereon, the following voted in favor
thereof
and the following voted against the same:
whereupon said resolution was declared passed and :adopted.
•
•
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OFFICIAL TERMS OF OFFERING
$S'8~'~
CITY OF LAKEVILLE, MINNESOTA
GENERAL,OBLIGATION IMPROVEMENT BONDS, SERIES 1987C
Sealed bids for the Bonds will be opened by the City Administrator on Monday, October 19, (987, at
12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite
100, Saint Paul, Minnesota 55101-2143. 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 BDNDS
The Bonds wilt be dated November 1987, as the date of original issue, and wi l bear interest
payable on February t and August I of each year, commencing August 1, 1.988. Interest will be
computed upon the basis of a 360-day :year of twelve 30-doy 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 15th .day of the calendar month next preceding the
interest payment.
The Bonds will mature February I in the amounts and years as follows:
165,000 1989 $330,000 1999 $85,000 2009 _
460,000 1990-1998 $120,000 2000-2008 •
'OPTIONAL REDEMPTION
The City may elect on February I, 1996, and on any. interest payment date thereafter, to prepay
Bonds due on or after February I, 1997. Redemption may be in whole or in part of the Bonds subject
to .prepayment. If redemption is irr 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 wil{ be chosen by lot 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 various improvements
within the City.
TYPE OF BID
A sealed bid for not less than $5,689,800 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 58,000, 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 wilt be retained by the City as liquidated damages. in tfie event the Purchaser faits to
comply with the accepted bid. The City will deposit the check of the Purchaser,. the amount of whi~
will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids unles.
the meeting df the City scheduled for consideration of the bids is adjourned, recessed; or continued to
another date wi#hout award.. of the Bonds having been made. Rates offered by Bidders shall be in
integral multiples of S/IOO or I/8 of I%. No rate for any maturity shall be more than J% lower than
any priorrate. Bonds ofthesame maturity shall bear a single rate from the date of the. Bonds to the
date of maturity. No bid moy be conditioned upon award of .any other offering ofobligations by the
City.
AWARD
The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determir?ed 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 f inol scheduled maturi y. 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 prinf 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 Minneopotis and. Saint
Paul, Minnesota, which opinion wilt 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.
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 30 copies of the Official Statement.
Dated September 21, 1987 BY ORDER OF THE CITY COUNCIL
• /s/ Patrick ~'vlcGarvey
City Administrator
. .
NOTICE OF SALE
CITY OF LAKEVILLE, MINNESOTA
$5,800,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 1987C
Sealed bids .for the purchase of these Bonds will be opened by
the City Administrator at the offices of Springsted
Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota, at 12:00 Noon, Central Time, on Monday, October 19,
1987. The Bonds will be dated November 1, 1987, will bear
interest payable semiannually commencing on August 1, 1988, and
will mature on February 1, in the following years and amounts:
Year Amount
1989 $165,000
1990-98 460,000
1999 330,000
2000-08 120,000
2009 85,000
.Bonds maturing on or after February 1, 1997, will be subject to
redemption prior to maturity on February 1, 1996 and any
interest payment date thereafter, at par plus accrued interest.
Bidders must specify a price of not less than $5,689,800 plus
accrued interest. A legal opinion will be furnished by Dorsey
& Whitney, of Minneapolis and St. Paul,. Minnesota. The
proceeds will be used to pay the cost of public improvements in
the City..
BY ORDER OF THE CITY COUNCIL
Patrick McGarvey
Administrator