HomeMy WebLinkAbout86-137 r
CERTIFLCATION OF MINUTES RELATING 'rO
$215,000 GENERAL OBLIGATION EQUIPMENT CER^1 IFICA'i'ES
OF INDEBTEDNESS, SERIES 19t36ti
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held
Monday, November 17, 1986 at 7:00 o'clock p.m., at the City
Hall.
Members present: D. Zaun, N. Enright, P. Harvey & E. Sindt
Members absent: R. Nelson
Documents Attached:
Minutes of said meeting (including):
RESOLUTION N0. 8.6-137
RESOLUTION AWARDING. SALE, AU^1HORILING ISSUANCE, PRESCRI3ING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF
$215,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF
INDEBTEDNESS, SERIES 1986B
I, the undersigned, being the duly qualified ann
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., nave
been carefully compared with the original. records oz 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 hela by
the governing body at the time and place and was attendees
throughout by the members indicated above, pursuant to call ano
notice of such meeting given as required ny law.
WITNESS my hand officially as such recording officer
this 17th day of November, 1986. i
r
Patrick McGar ey
.Its City C1erK-Admi istrator
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Councilmember Harvey introduced the
following resolution and moved its adoption:
RESOLUTION N0. 86-137
RESOLUTION AWARDING SALE,. AUTHORIZIIQG ISSUANCE, PRESC12I~3rNG
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMEN`f OF
$215,000 GENERAL OBLIGATION E~UIPMEN'I` CERTTFICA'IES OF
INDEBTEDNESS, SERIES 1986B
BE IT RESOLVED by the City Council. of the City oL
Lakeville., Minnesota, as follows:
Section 1. Authorization.
(a) This Council has heretofore determined. to
purchase various items of capital equipment and finance said
purchase by the issuance of equipment certificates pursuant to
Section 412.301 of the Minnesota Statutes.
{b) The Council has solicited bids for the purchase
of the Certificates in accordance with the Official Terms or
Offering (which bids are summarized in the Exhibit attached
hereto) and does hereby find and deterYr?ine that the ;Host
favorable bid received is that of Norwest Bank Minneapolis,
N.A. , of Minneapolis , Minnesota, to purchase the
Certificates at a price of $213,400.00 plus accrued interest
to the day of delivery and payment, on the further terms ana
conditions hereinafter set forth.
(c) The sale of the Certificates is nereay awaraea to
said bidder, and the .Mayor and City Clerk are Hereby autnorizea
and directed on behalf of the City to execute a contract for
the sale of the Certificates in accordance with the terms of
said bid. The good faith check of the successful Qiader snal.t
be retained by the Finance Director. The good faith checks of
other bidders shall be returned to them forthwith.
Section 2. Certificate Terms; Registration; Execution
and Delivery.
2.01. Maturities; Interest Rates; Denominations;
Payment. The Certificates` shall be originally dated as of
December 1, 1986, shall be in the denomination of $5,000 each,
or any integral multiple thereof, shall mature on February 1 in
the respective years and amounts stated below, and snali 4ear
interest from date of issue until paid at the respective annual
rates set forth opposite such years and amounts, as fellows:
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Year Amount Rate
1988 $ 65,000 4.00
1989 50,000 4.400
1990 50,000 4.70
1991 50,000 5:000
The Certificates shall be issuable only in iu11y
registered form. The interest thereon and, upon surrender of
each Certificate, the principal amount thereof shall be payable
by check or draft issued by the Registrar described herein.
2.02. Dates; .Interest Payment Dates. Each
Certificate shall be dated as of the last interest payment date.
.preceding the date of authentication to which interest on the
Certificate has been paid or made available for payment, unless
(i) the date of authentication is an interest payment gate to
which interest has been paid or made available for payment, in .
which case such Certificate shall be dated as of the gate of
authentication, or (ii) the date of authentication is prior to
Aug ust 1, 1987, in which case such Certificate shall be datea
as of December 1, 198.6. The interest on the Certific ates shall
be .payable on February 1 and Aug ust 1~ in each year, commencing
August 1, 1987, to the owner of record thereof as of the close
of business on the fifteenth day of the immediately preceding
month, whether or not such day is a business day.
2.03. Registration. The City shall appoint, and
shall maintain, a bond registrar, transfer agent and paying
agent (the Registrar). The effect of registration and the
rights and duties of the City and the Registrar with respec t
thereto shall be as follows:
(a) .Register. The Registrar shall keep at its
principal corporate trust office a bond .register in which
the Registrar shall provide for the registration o=
ownership of Certificates and the registration of transfers
and exchanges of Certificates entitlea to be reyisterea,
transferred or exchanged.
(b) Transfer of Certificates. Upon surrender for
transfer of any Certificate duly endorsed by the registered
owner thereof or accompanied by a written instrument of
transfer, in form satisfactory to the Registrar, duly
executed by the registered owner thereof or by an attorney
duly authorized. by the registered owner in writing, the
Registrar shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new
Certificates of a like aggregate principal amount ana
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maturity, as requested by the transferor. The Registrar
may, however, close the books for registration of any
transfer after the fifteenth day of the month preceding
each interest payment date and until such interest payment
date .
(c) Exchange of Certificates. Whenever any
Certificates are surrendere~ by the registered owner for
exchange the Registrar shall authenticate and deliver one
or more new Certificates of a like aggregate principal
amount and maturity, as requested by the registered owner
or the owner's attorney in writing.
(d) Cancellation. .All Certificates surrendered upon
any transfer or exchange shall be promptly cancelled by the
Registrar and thereafter disposed of as directed ny the
City.
(e) Improper or Unauthorized Transfer. When any
Certificate is presented to the Registrar for transfer, the
Registrar may refuse to .transfer the same until it is
satisfied that the endorsement on such Certificate or
separate instrument of transfer is valid and genuine ana
that the requested transfer is legally authorized. The
Registrar shall incur no liability ror the refusal, in good
faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
(f ) Persons Deemed Owners . The City and the
Registrar may treat the person in whose name anY
Certificate is at any time registered in the bond register
as the absolute owner of such Certificate, whether such
Certificate shall be overdue or not, for the purpose of
receiving payment of, or on account of, the principal of
and interest on such Certificate and £or all other
purposes, and all such payments so made to any such
registered owner or upon the owner's order shall be v alid
and effectual to satisfy and discharge the liak~ility upon-
such Certificate to the extent of the sum or sums so paid.
(g) Taxes,. Fees and Cnar eg_s. For every transrer or
exchange of Certificates, the Registrar may impose a charge
upon the owner thereof sufficient to reimnurse the
Registrar for any tax, fee or other governmental charge
required to be paid with respect to such transrer or
exchange.
(h) Mutilated, Lost, Stolen or DestXoyed
Certificates. In case any Certificate shall become
mutilated or be destroyed, stolen or lost, the Registrar
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shall deliver a new Certificate of like amount, numger,
maturity date and tenor in exchange and substitution for
and upon cancellation of .any such mutilated Certificate or
in lieu of and in substitution for any such Certificate
destroyed, stolen or lost, upon the payment of the
reasonable expenses and charges of the Registrar in
.connection therewith; and, in the case of a C ertificate
destroyed, stolen or lost, upon filing with the Registrar
of evidence satisfactory to it that such Certificate was
destroyed, stolen or lost, and of the ownership thereot,
and upon furnishing to the Registrar of an appropriate bond
or indemnity in form, substance and a,nount satisfactory to
it, in which both the City and the Registrar shall be named
as obligees. All Certificates so surrendered to the
Registrar shall be cancelled by it and evidence of such
cancellation shall be given_to the City. If the n~utilatea,
destroyed, stolen or lost Certificate has already matured
or been called for redemption in accordance with its terms
it shall not be necessary to issue a new Certificate prior
to payment.
2.04. Appointment of Initial Registrar. Tne City
hereby appoints No~west Ban}~,Minneapolis. N.A.
Minneapolis ? Minnesota , as the initial Registrar. Tne
Mayor and the City Clerk are authorized to execute and deliver,
on behalf of the City, a contract with said Registrar. U pon
merger or consolidation of the Registrar with another
corporation, if the resulting corporation is a bank or trust
company authorized by law to cond uct such business, such
corporation shall be authorized to act as successor Registrar.
The City agrees to pay the reasonable and customary charges of
the Registrar for the services perfor;ned. Tne City reserves
the right to remove the Registrar upon thirty (30) days notice
and upon the appointment of a successor Registrar, in which
event the predecessor Registrar shall deliver all cash and
Certificates in its possession to the successor Registrar aha
shall. deliver the bond register to the successor Reyistrar.
2.05. Execution, Au then ication aha Delivery. The
Certificates shall be prepared under the direction of the City
Clerk and shall be executed on behalf of the City by the
signatures of the Mayor and the City Clerk-Administrator,
provided that all signatures may be printed, engraved or
lithographed facsimiles of the originals. In case any officer
whose signature or a facsimile of whose signature snarl appear
on the Certificates shall cease to be such officer before the
delivery. of any Certificate, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes, the same.
as if he had remained in office until delivery. Notwitristana--
ing such execution, no Certificate shall be valid or obligatory'
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• for any purpose or entitled to any Security or benefit unaer
this Resolution unless and until a certificate of authentica-
tion on such Certificate has been duly executed by the manual
signature of an authorized representative of the Registrar.
Certificates of authentication on different (:ertiticates need
not be signed by the same representative. The executed
certificate of authentication on each Certificate snail ae
conclusive evidence that it has been authenticates and
delivered under this Resolution. When the Certificates have
been so prepared, executed and authenticated, the Finance
Director shall deliver the same to the purchaser thereof upon
payment of the purchase price in accordance with the contract
of sale here tofore made and executed, and said purchaser shall
not be obligated to see to the application of the purchase
price.
2.06. Redemption. In the event that pursuant to
federal laws and regulations the City, in the opinion of bona
counsel is required to use unexpended Certificate proceeds for
early redemption of Certificates in orser to assure the
exemption of interest payable on the Certificates from rederal
income taxation, the City shall use such unexpended Certificate
proceeds to redeem Certificates on any date. Those
Certificates remaining unpaid which have the latest maturity
date will be prepaid first. Lf only part of the Certificates
having a common maturity date are called for prepayment,,tne
specific Certificates to be prepaid will oe chosen by lot.
Certificates shall be redeemed at a price of 102 oz the
principal amount plus accrued interest. Prior to the date set
for redemption of any Certificate prior to its states maturity
date, the Clerk shall cause notice of the call for redemption
thereof to be published as requires by law ans, at least 20
days prior to the designated redemption date, snarl cause
novice of the call to be mailed to the registered Holders of
any Certificates to be redeemed at their assresses as they
appear on the bond register described in Section 2.U3 hereof.
2:.07. Form of Certificates. Tne Certificates shall
be printed in substantially the following form:
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SPRINGSTED INCORPORATED
Public Finance Advisors
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101.2143
612.223.3000
$215,000
CITY OF LAKEVILLE, MINNESOTA
GENERAL OBLIGATION EQUIPMENT`CERTIFICATES OF WDEBTEDNES5, SERIES 19866
AWARD: NORWEST INVESTMENT SERVICES, INCORPORATED
And .Associates
SALES November U,1' 986 Moody's Rating: A
Interest Net Interest
Rates Price Cost & Rate
NORWEST INVESTMENT SERVICES, 4.00% 1988 - $213,400.00 $27,258.33
INCORPORATED 4.40% 1989 {4.9488%)
American National Bank Saint Paul 4.70% 1990
Dougherty, Dawkins, Strand & Yost, 5.0090 1991
Incorporated
Moore, Juran and Company, Incorporated
THE FIRST NATIONAL BANK OF 4.25% 1988 $213,602..50 $27,432.92
SAINT PAUL. 4.50° 1989 (4..9802%)
4.7590 1990
...5.00% 1991
PIPER; JAFFRAY & HOPWOOD 4.25% 1988 $213,400.40 $27,635.02
INCORPORATED 4.50% 1989 (5.0169%)
4.75% 1990
5.00% 1991
CRONIN & COMPANY, NCORPORATED 4.40% 1988 $213,400.40 $28,411.27
MILLER SECURITIES, INCORPORATED 4,70% 1989 {5.1578%)
DAIN BOSWORTHJNCORPORATED 4.90% 1990
5.10% 1991
MILLER &SCHROEDER FINANCIAL, 5.00% 1988-199L $213,400.00 $29,141.66
INCORPORATED ~ (5.2904°,6)
These Certificates are being reoffered at par.
BBIc 6.92
Average' Maturity:- 2.56 Years