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HomeMy WebLinkAbout86-136 c CERTIFICATION OF MINUTES .RELATING `1'0 $820,000 GENERAL OBLIGATION FIRE STATION BONDS, SERIES 1586 Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting nela Monday, November 17, 1986 at 7:00. o'clock P.M., at the City Hall in Lakeville, Minnesota. Members present: D. Zaun, N. Enright, P. Harvey & E. Sindt Members absent: R. Nelson Documents Attached: - Minutes of said meeting (including): RESOLUTION N0. 86-136 RESOLUTION AUTHORIZING ISSUANCE, AWARDIi1G SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $820,000 GENERAL OBLIGATION FIRE STATION BONDS, SERIES 1y86 • I, the undersig ned, 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 aUOVe, nav e been caref ully compared with the original records of said corporation in my legal custody, from whicn they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the govern-ing body of said corporation, and correct and complete copies of all resolutions and other actions. taken ano oz all documents approved by the governing body at said meeting, so far as they relate .to said bonds; and that said meeting was duly neia ny the governing body at the time and place and was attended throughout. by the members indicated agove, pursuant to call and notice of such meeting given as .required by law. . WITNESS my hand officially as cn recorain nicer this 17th day of .November, 1986. r Pa rick McGarvey, City Clerk-Administra or • 4~ • The Administrator presented to the Council affidavits showing publication in the official newspaper and .the Commercial West of a notice of sale of $820,000 General Obligation Fire Station Bonds, Series 1986, of the Issuer,. for which sealed bids were to be received and consiaered at tnis meeting in accordance with the resolution adopted by the City Council on October 20, 1986. Said affidavits were exa,ninen and found satisfactory and. directed to be placed on file in the office of the Administrator. The Administrator then announced that 5 sealea bids had been received pursuant to said notice of. call for bids, which bids had been opened, read ana tabulates, and the hig hest and best bid of each bidder was found to pe as follows: • Bid For Interest Total Interest Cost Name of Bidder Principal Rates - Net Average Rate See Attached • -2- SPRINGSTED INCORPORATED - Public Finance Advisors 85,East Seventh Place, Swte 100 Saint. Paul, Minnesota 55101.2143 612•.223.3000 $820,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION FIRE STATION BONDS, SERIES' 1.986 AWARD: NORWEST INVESTMENT SERVICES, .INCORPORATED And Associates SALE: November: t7, 1,986 Moody's Rating: A Interest. Netlnterest Bidder Rates Price Cost & Rate' NORWEST INVESTMENT SERVICES, 4.009'0 1988 $807,700.00 $538,765.83 INCORPORATED 4.40% 1989 ` (6.34099'0} :American National Bank Saint Paul 4.7D% 1990 Dougherty, Dawkins, Strand & Yost, 5.D0% 1991 Incorporated 5.20% 1992' Moore, Juran and Company, Incorporated 5.40% 1993 5.60% 1994 . 5.80% 1995 6.00% 1996 6.I0% 1997 6.20%' 1998 b.30% 1999 6.40% 2000 6.50% 2001-2004 THE FIRST NATIONAL BAt>{K OF' 4.25% 1988 $806,470.00 $548,340:.00 SAINT PAUL 4.50% 1989 (6.4535%) 4,75% 1990 5.00% 1991 5.20% 1992 5.#0% 1993 5.6046 1994 5.80% 1995 b.00% 1996 6.15% 1997 6.309'0 F998 6.40% 1999 6.50%- 2000 6.60% - 2001-2002 6.7©% 2003-2004 (continued) MILLER & SCHROEDER FINANCIAL, 5.00% 1988-1991 $805,822..20 $555,596.97 , INCORPORATED 5.20% 1992 (6.5389%) 5.40% 1993 5.6096 1994 5.80% 1995 6.00% 1996 6.20% 1997 6..30% 1998.... 6.45% 1999 b.60% 2000 6.70% 2001,. 6.:75% 2002 6.80% 2003=2004 CRONIN & COMPANY, INCORPORATED 4.40% 1988 $806,:51 1.00 $557,766.92 MILLER SECURITIES, INCORPORATED 4.70% 1989 (6.5645%) DAIN BOSWOR,TH INCORPORATED 4.90% - 1990 5.10% 1991 5.30% 1992 5.50% 1993' 5.70% 1994 5.85% 1995 6.00% 1996 6: 5% 1997. 6.30% i 998- " 6.45% 1999 6.60% 2000 6.70% 2001 6.80% 2002 6.90°l'0 2003-2004 ALLISON-WILLFAMS COMPANY 4.25% 1988 $805,650.00 $559,081.25 Piper, Jaffray & Hopwood Incorporated 4.50% 1989 - (6.5800°!0} 4:75% ' 1990 5.00% 1991' 5.30% ° 1992. 5:50% 1993.:.: 5.75%> 1994 5.90% 1995 6.00% 1996 6.20°b 1997" 6..30% 1998 6.50% f999 6.b0% 2000 6.J0% 2001 6$0% 2002 6.90% 2003-2004 These Bonds are being reoffered at par. BBI: 6.92 Average Maturity: 10.36 Years . Member Enright then introduced the following resolution and moved its adoption: RESOLUTION NO. 86-136 RESOLUTION AUTHORIZING ISSUAidCE, AWARDING SALE, Pt2F,SCRIbIIJG THE FORM AND DETAILS AND PROVIDING FOR TEiE PAYMENT OF $820,000 GENERAL OBLIGATION FIRE Si'A`i'ION BOi~i35, SEtcIES lytiri BE IT Rr;SOLVED by the City Council of the City of Lakeville, Minnesota, as follows: Section 1. Authorization and Sale. (a) This Council, by resolution adopted Octoc~er 2t], 1986, authorized the issuance and public sale of $820,000 General Obligation Fire Station Bonds, Series 1y86, of the Issuer, to finance the cost of constructing and equipping a new fire station in the Issuer. Said Resolution is incorporated herein by reference. (b) Notice of sale of the Bonds nas been duly published, and the Council, having examined and considered all bids received pursuant to the published notice, does heresy find and determine that the most favorable bid received is th«t of Norwest Investment Services of Minneapolis , • Minnesota, and associates, to purchase the Bonds at a price of $807,700.00. plus accrued interest on all Bones to the say o= delivery and payment, on the further terms and conditions hereinafter set forth, (c) The sale of the Bonds is hereby awaxaed to saa bidder, and the Mayor and Administrator are hereby authorized and directed on behalf of the Issuer to execute a contract for the sale of the Bonds in accordance with the terms or said bid. The good. faith check of the successful bidder mall ae retained and deposited by the Treasurer. The good faith checks of other bidders shall be returned to themrortnwitn. Section 2. Bond Terms; Registration;. Execution and Delivery. 2.01. Maturities; Interest t2ates; Denominations; Payment . The Bonds shall be desig Hated General Onl g atioh Fir e Station Bonds, Series 1986, shall be originally dates as of December 1, 1986, shall be in the denomination of $5,000 each, or any integral multiple thereof, snail mature on Fenruary i in the respective years and amounts stated below,. and shall bear interest from date of issue until paid or duly called for • _3_ • redemption at the respective annual rates set forth opposite such years and amounts, as follows: Year Amount Rate 1988 $ 15,000 4.00% 1989 35,000 4.40% 1990 35,000 4..70% 1991 40,000 5.00% 1992 40,000 5.20% 1993 40,000 5.40% 1994 45,000 5.60% 1995 45,000 5.80% 1996 50,000 6.00% 1997 50,000 6.10% 1998 55,000 6.20% 1999 60,000 6.30% 2000 60,000 6.40% 2001 65,000 6.50% 2002 70,000 6.50% 2003 75,000 6.50% 2004 40 , 000 6.50% The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender or each Bond, • the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates.. Each Bond shall be dated as of the~last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in whicn case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to August 1, 1987, in wnicn case such Bond shall be dated as of December 1, 1986. I'he interest on the Bonds shall be payable on Fet~ruary 1 and August l in each year, commencing August 1, 1987, to the owner of record thereof as of the close of business on the fifteentn day of.the immediately preceding month, whether or not such day is a business day. 2...03. Registration. The Issuer 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 Issuer .and the Registrar witn respect thereto shall be as follows: • -4- • (a) Register. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration. of transfers ana exchanges of Bonds entitled to be registered, transferrea or exchanged. (b) Transfer of Bonds. Upon surrenaer for transter of any Bond duly endorsed by the registereu owner thereof or accompanied by a written instrument of transfer, in for,zi satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly autnori~eca by the registered owner in .writing, the Registrar shall authenticate and deliver, in the name of the desiy nateu transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as reyuestea oy the transferor. The Registrar may, however, close the books for registration of any transter after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchange of 8 onds. Whenever any Bonds are sur- rendered by the registered owner for exchange the Registrar shall authenticate and deliver one or more new aonds of a like aggregate principal amount and maturity, as reyuestea by the registered owner or the owner's attorney in writing. • (d) C ancellation. All Bonds surrendereu upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposea of as airectea by the Issuer. (e) Improper or Unauthorized Transfer. When any Bona is presented to the Registrar for transf er, the Registrar may refuse to transfer the same until it is satistiea that. the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the reyuestea transfer is legally authorized. The Registrar shall incur no liability for the refusal, in goon faith, to maKe transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The .Issuer and the Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and, interest on such Bond and for all other purposes, and all such payments so matte to any such registered owner or upon the owner's order shall be valia -5- • and effectual to satisfy and discharge. the liability upon such Bond to the extent of the sum or sums so paia. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may i.~npose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to ue paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyea Bonds. In case any Bohd shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bona or like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such .mutilated Bond or in lieu of and in substitution for ahy such Bond destroyed, stolen or lost, upon the payment or the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bona destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was destroyea, stolen or lost, and of .the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or inaezinity in form, substance and amount satisfactory to it, in which both the Issuer and the Registrar shall be na;ned ~s obligees. .All Bonds so surrendered to the Registrar shall be cancelled by it :and evidence of such cancellation shall be given to the • I ssuer . If .the mutilated, destroyed, stolen or lost t3ond has already .matured or been called for reae,nption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. 2.04. Appointment of Initial Registrar. The Issuer hereby appoints Norwest Bank Minneapolis, N.A. ~ Minneapolis , Minnesota , as the initial Registrar. The Mayor and. the Administrator are authorized co execute and deliver, on behalf of the Issuer, a contract with said Registrar. Upon merger or consoliaation of the neyistrdr with another corporation, if the resulting corporation is a banK or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The Issuer agrees to pay the reasonable and customary cciaryes of the.Registrar for the services performed. The Issuer . 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 aeliver. ail cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Keyistrar. 2.05. Redemption. (a) Optional. Bonds maturing in the years 1988 through 1996 shall not be subject to rede~n~tion • . -6- . prior to maturity, but Bonds maturing in the years 1997 tnrouyn 2004 shall be subject to redemption and prepayment at the option of the Issuer, in whole or in part,. in inverse order or maturity dates and by lot as to Bonds maturing on the same date, on February 1, 1996, and any interest payment date thereafter at a price equal to the principal amount thereof and accrued interest to the date of redemption. Prior to the gate set for redemption of any Bond prior to its stated maturity date, the Administrator shall cause notice or the call =or redemption thereof to be published as required by law an a, at least 20 days prior to the designates redemption sate, snarl cause notice of the call to be mailed to the registered holders of any Bonds to be redeemed at their adaresses as they appear on the bond register described in Section. 2.03. hereof. (b) Special. In the event that puxsuant to ceder al laws and regulations the City, in the opinion of bond counsel, is required to use unexpended Bond proceeds for early redemption of Bonds in order to assure the exemption of interest payable on the Bonds from federal income taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date upon notice of redemption given in the manner set .forth in (a) above. Those Bonds remaining unpaid. which have the latest maturity date will be prepaid first. It only part of the Bonds having a common maturity date are .called for prepayment, the specific Bogus to be prepaid will be chosen Ay lot. Bonds shall be redeemed at a price of 102 of the principal amount plus accrued interest. 2.06. Execution, Authentication and Delivery. Z'he Bonds shall be prepared under the airection or the Administrator and shall be executed on behalf of the Issuer by the signatures of the i~iayor and the Administrator, proviaea that all signatures may be printed, engraved or lithograpnea facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of -any Bond, such signature or facsimile shall nevertheless be valia and sufficient for all purposes, the same as it he had re~nainea in office until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory-for any purpose or entitles to any security or benefit under this Resolution unless and until a certificate of authentication on such Bond has peen duly executed by the manual signature of an authorized repre- sentative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each ,3ond snarl be conclusive evidence that it has been authenticated and. delivered under this Resolution. When the Bonas nave peen so prepared, executed and authenticated, the rinance Director shall • -7- . deliver the same to the purchaser .thereof upon payment. of the purchase price in accordance with the contract of sale heretofore made and executed, and said purchaser shall not be obligated to see to the application of the purcnase price. 2.07. Form of Bonds. The Bonds shall be printed in substantially the following form: • -8-