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HomeMy WebLinkAbout86-131 ~Y. ~ ~ ~ o • CERTIFICA'PION OF MIIQUTES RELATING rO . $215,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 198tiB Issuer:... City of Lakeville, Dakota County, Minnesota Governing Body: City Council Kind, .date, time and .place of meeting: A fo„n meeting, held on Monday, October 20, 1986, at 7:00 o'clock P.M., at the City Hall. Members present: Sindt, Enright, Harvey, Nelson, and Zaun. Members absent.:...... Documents Attached: Minutes of said meeting (pages) RESOLUTION NO. 86-131 RESOLUTION AUTHORIZING THE. ISSUANCE AND SALE OF $215,000 GENERAL OBLIGATION EQUIPMENT CERTIFIC,~,TES, SERIES 19868 • OFFICIAL TERL~iS OF OFFERING NOTICE OF SALE I, the undersigned, being the auly qualified and acting recording officer of the public corporation issuing the certificates 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 ana of all docu- ments approved by the governing body at said meeting, so far as they. relate to said certificates; and that saia meeting was duly held by the. governing body at the time and .place and was attended through- out bythe members indicated above, pursuant to .call and notice of suchmeeting given as required bylaw.- WITNESS my hand. official. a uch a ordi 'fficer this 20th day of October, 1986. f Sign ure Patrick McGarvey, City Administrator-Clerk • Councilmember g~right introduced the following resolution and moved its adoption: RESOLUTION N0. 86-131.. RESOLUTION AUTHORIZSNG TiiE ISSUANCE A,~D SALE OF $215.,000 GENERAL OBLIGATION EQUIPMENT CERTIFICA'PES, SERIES 198tiB 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 in the principal .amount of $215,000 to finance the cost of acquisition and installation of items of capital equipment, all pursuant to Chapter 455, Article II, Section 8, Laws of Minnesota 1y86.- 2. The certificates shall_be sold in accordance with the terms set forth in the Official .Terms of Offering, wnich 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 inthe Commercial.West, published in Minneapolis, Minnesota, not less than 10 days prior to November 17, 15~t5. 3. This Council shall meet at the City Hall on .November 17, 1986, at 7:00 o'clock P.M., for .the purpose of considering the bids received. for the. purchase of said ' certificates. ;4 y r Attest • ~ ~Gc,.c.c-~ City Administrator-Clerk y • The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Sir~lt 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.. • _ - OFFICIAL TERMS OF OFFERING • $213'000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF iNDEBTEDNESS, SERIES t 9868 Sea{ed bids for the Certificates will be opened by the City Administrator or his designee an Monday, November. l7, -1986, at 11:30 A.M., Central .Time, at the offices 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.NI., Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated December I, 1986, as the date of original issue, and will bear interest payable on February I 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 wi I I 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 t5th day of the calendar month next preceding. the interest payment. The Certificates will mature February I in the amounts and years as follows: • $65,000 1988 $50,000 1989-1991 MANDATORY REDEMPTION In the event that pursuant to federal laws and regulations the City is required to use .'unexpended Certificateproceeds for early redemption of Certificates in order to continue exemption of the Certificates .from federal taxation, the City shall use such unexpended Certificate proceeds to redeem Certificates on any date after notice is given pursuant to law. Those Certificates remaining unpaid which have the latest maturity date will beprepaid first. If only part of the Certificates having a common maturity date are called for prepayment, the specific Certificates to be prepaid will be chosen by lot by the Registrar. All such prepayments shall be at a price of 102% plus accrued. interest. OPTIONAL PEDEMPTION 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 itsfull faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to acquire various capital equipment. TYPE OF BID A sealed bid for not less than $213,400 and accrued interest on the total principal amount of the Certificates 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 2,150, payable o the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the ~ity's Financial Advisor. No bid will be considered for which said check' has. not. been filed. The f ' `11 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 ids 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 I /8 of lam. tJo rate for any. maturity shall- be mare than I % tower than any prior rate. Certificates of the same maturity shall bear a 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. 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. amount. 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, w i I ( be control I ing. 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 applicab)e SEC regulations... The-City will pay for the services of the Registrar. CUSIP NUMBERS If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the Certificates, bvt neither the failure to print such numbers on any Certificate nor any error with ~espect thereto will constitute cause for failure or refusal by the Purchaser 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 Purchaser... 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 1:00 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 Underwri#ers 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 15 copies of the Official Statement. Dated October 20, 1986 BY ORDER OF THE CITY COUNCIL /s/ Patrick McGarvey Clerk-Administrator