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HomeMy WebLinkAbout86-143 CERTIFICATION OF MINUTES RELATING TO $710,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1987B Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on Monday, December 15, 1986, at 7:00 o'clock P.M. at the City Hall. Members present: Mayor Zaun, Harvey, Nelson & Sindt Members absent: Enright Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. $6-143 RESOLUTION AUTHORIZING ISSUANCE AND. SALE. OF $710,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES _ 1987B 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 15th day of December, 1986. Sign Lure Patrick McGarvey, City Clerk-Administrator Councilmember Sindt introduced the following resolution • and moved its adoption: RESOLUTION N0. 86-143 RESOLUTIONI AUTHORIZING ISSUANCE AND SALE OF $710,000 GENERAL OBLIGATION TAX INCREMENT REFUPIDING BONDS, SERIES 19878 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 Tax Increment Refunding Bonds, Series 19878, in the principal amount. of $710,000 (the Bonds), pursuant to Minnesota Statutes, Section 475.67, to be used to refund in advance of their maturity the City's General Obligation Tax Increment Bonds, dated March 1, 1981, outstanding in the principal amount of ~$710,UUU. Section 2. Terms of Bond Sale; Notice. Spring"sted 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 far.. the purchase of the Bonds will be received. Section 3. Sale Meeting. This Council shall meet at the City Hall on Monday, February 2, 1987, at 7:00 o'clock P.M. for the purpose of considering bids for the purchase of the. Bonds, and of taking such action thereon as may be in the best interests of .the City. a or Attest: leek-Administrator • • 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 present and the following voted against the same: None whereupon said resolution was declared duly passed and adopted... • • OFFICIAL TERMS OF OFFERING • $710,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1~87B Sealed bids for the Bonds will be opened by the City on Monday, February 2, 1987, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint. Paul, Minnesota 551 OI-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 BONDS The Bonds will be dated March 1, 1987, as the date of original .issue, and will bear interest payable on February (and August I of each year, commencing August I, 1987. 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 in#egral 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 wilt 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: • $35,000 1988-1990 $50,000 1995 $60,000 .1997-1998 $70,000 2000 .$40,000 1991-1992 .$55,000 1996 $65,000 1999 $75,000 2001 $45,000 1993-1994 OPTIONAL REDEMPTION The City may elect on February I, 1995, and on any interest .payment .date thereafter, to prepay fonds dve on or after February I, 1996. 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 la#est mafiurity date will be prepaid first. If only part. of the Bonds having a common maturity date are catled for prepayment. the specific Bonds to be prepaid will be chosen by lot by the Registrar. Alt 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 fu11 faith and credit and power to levy direct. general ad valorem taxes. In addition the City will pledge tax increment income from the City's Tax Increment District Number I. The proceeds will be used to refund in advance of their stated maturities ali of the City's outstanding Tax Increment Bonds, dated March I, 1981. TYPE OF BID A sealed bid for not less. than $700,000 and accrued interest on the total principal amount of -the Bonds shall be filed with the undersigned prior to the time set for the opening of .bids.. Also prior to the time set for .bid opening, a certified or cashier's check in the amount of $7,100, 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 y 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 5/100 or I/8 of I°o. 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. No bid may be conditioned upon award of any other offering of .obligations by the City. 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 cus omary 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 willbe printed on the$onds, but neither the failure to print such numbers on any Bond nor any error with. respec# thereto will constitute cause#or 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 and Saint Pauli 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 1:00 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 nan-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.?S copies of the Official Statement. •DatedDecember I5, 1986 BY OP,DER OF THE CITY COUNCIL /s/ Patrick McGarvey City Administrator