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HomeMy WebLinkAbout86-077 . CERTIFICATION OF iKIn1UTES RELATIwG TO ~ - $1,700,000 GENERAL OBLIGATION PARK BONDS, SERIES 1986 Issuer: City of Lakeville, Minnesota Governing .Body: City Council regular Kind, date, time and place of meeting: A council meeting hela Monday, July 21, 1986 at 7:00 o'clock P,M., at the Gty Hall.. Members present: Zaun, Sindt, Enright, Harvey, Nelson Members absent: None Documents Attached: Minutes of said meeting (including): RESOLUTION N0. 86-77 _ RESOLUTION AUTHORIZING ISSUPuvCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,700,000 GENERAL OBLIGATION PARK BONDS, SERIES 1986 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 peen transcribed; that. said documents are a correct and complete. transcript of the minutes of a meeting of the governing nody of said Corp oration, 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 ey 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 ucn recording officer this 21st day of July, 1985. , f r~ -C.~_ Patrick McGarvey, City Clerk-Administrate. The Clerk presented to the Council affidavits showing - _ _ publication in the official newspaper and the Commercial Nest of a notice of sale of $1,700,000 General Obligation Park Bonds, Series 1986, of the City, for which sealed bids were to be received and considered at this meeting in accordance with the resolution adopted by the City Council on June ln, 1986. Said .affidavits were examined and found satisfactory and directed to be placed on file in the office of the Clerk. The Clerk then announced that 2 sealed bids had been received pursuant to said notice of call for bids, which bids had been opened, read and tabulated, and the highest and _ best bid of each bidder was found to be as follows: Bid .For Interest Total Interest Cost Name of Bidder Principal Rates - Net Average 12ate See Attached j • _2_ SPRINGSTED iNCCRPORATED Public Fararice Advisors ~ . 85 East Seventh Place, Suite 100 Saint Paul; Minnesota 55101-2143 612223.3000 $1,700,000 CITY OF LAKEViLLE, MINNESOTA GENERAL OBLIGATION PARK BONDS, SERIES-1986 AWARD: CRONIN & COMPANY, INCORPORATED MILLER SECURITIES, INCORPORATED SALE: July 2 F, 1986 ` .Rating: A Interest Net interest Bidder Rates Price Cost & Rate CRONIN & COMPANY, INC. , 5.40% 1989 $ I , 671, 950.:00 $ I , 646, 722.50 MILLER SECURITIES, INC. 5.70% 1990 (7.5485%) 6.00% 1991 6.209'0 1992 6.50% 1993 6.70% 1994 6.90% 1995 7..00% _I 996 7.10% '1997 7..2:5% 1998 7.40% 1999 7.50°l0 2000 7.60°:0 200.1-2004:. ` 7.70%0 2005-2006 THE FIRST NATIONAL BANK OF 5.500 1989 $ I , 670, 012.00 $ I , 681, 371.75 SAINT PAUL 5.80% 1990 (7,7074%) NOR WEST INVESTMENT SECURITIES, 6.10°6 1991 INCORPORATED 6.30% 1992 MERRILL LYNCH CAPITAL MARKETS 6.50% 1993 American National Bank Saint Paul 6.70% 1994 Dean: W fitter Reynolds Incorporated 6.90% 1995 E. F. Hutton & Company, Incorporated 7.10% 1996 Dougherty, Dawkins, Strand & Yost, Inc. 7.25% 1997 Miller & SchroederFihancial Inc. 7.40% 1998 Summit Investment: Corporation. 7.50% 1999 1n Association'With - 7.60% 2000 FIRST BANK MINNEAPOLIS 7.70% 2001 ALLISON-WILLIAMS COMPANY 7.75°~ 2002 DAIN BOSW©RTH INCORPORATED 7.80% 2003-2004. PIPER, JAFFRAY & HOPWOOD, INC. 7.909'0 2005-2006 PAINEWEBBER INCORPORATED Juran & :Moody, Incorporated. Robert. W. Baird & Company, Incorporated Moore, Juran and Company, Incorporated M.H. Novick & Company, Incorporated .These Bonds are being reoffered. at Par. BBi 7.45 Average Maturity: 12.$3 .Years Councilmember Harvey then introduced the _ following resolution and moved its adoption: RESOLUTION NO. 86-77 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,700,000 GENERAL OBLIGATION PARK i30NDS, SERIES 198ti BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: Section 1. Authorization and Sale. (a) This Council, by resolution adopted June 16, 1986, authorized the issuance and public sale of $1,700,000 General Obligation Park Bonds, Series 1986, of the City, to finance the cost of acquisition and betterment of parks in the City. Said Resolution is incorporated herein by reference. (b) Notice of sale of the Bonds has been duly ' published, and the Council, having examined .and considered all - bids received pursuant to the published notice, does hereby find and determine that the most favorable bid received is that of Cronin & Co., Inc. , of Minneapolis , Minnesota, and associates, to purchase the Bonds at a price of $1,671,950 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. (c) The sale of the Bonds is hereby awarded to said .bidder, and the Mayor and .Clerk-Administrator are hereby auth- orized and directed in behalf of the City to execute a contract for the sale of the Bonds in accordance with the terms of said bid.. The good faith check of the successful bidder shall be retained and deposited by the Finance Director. The good faith checks of other .bidders shall be returned to them forthwith. Section 2. Bond Terms; Registration; Execution and Delivery. 2.01. Maturities; Interest Rates; Denominations; Payment. The Bonds shall be designated General Obligation Park Bonds, Series 1986, shall be originally dated as of August 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 shall bear interest ,from date of issue until paid or duly called for redemption at the respective annual. rates set forth opposite such years and amounts, as follows: -3- Year Amount Rate - 1989 $ 50,000 5.40% 1990 55,000 5.70% 1991 55,000 6.00% 1992 60,000 6.20% 1993 65,000 6.50% 1994 70,000 6.70% 1995 75,000 6.90% 199b 80,000 7.00% 1997 85,000 7.10% 1998 90,000 7.25% 1999 95,000 7.40% 2000 105,000 7.50% 2001 110,000 7.60% 2002 120,000 7.60% -2003 130,000 7.60% 2004 140,000 7.60% 2005 150,000 7.70% 2006 165,000 7.70% The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of 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 snall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has oeen 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 which 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 which case such Bond shall be dated as of August 1, 1986. The interest on the Bonds shall be payable on February 1 and August 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 respect 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 of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. -4- • (b) Transfer of Bonds. Upon surrender for. transfer _ _ of any Bond 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 atfthenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and 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 Bonds. Whenever any Bonds are surrendered by the registered owner for exchange the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation.. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed. by the City. (e) Improper or Unauthorized Transfer. .When any Bond is presented to the Registrar for transfer., the Registrar may refuse to transfer the same .until it is satisfied tnat the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for 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 Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Band 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 made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse. the Registrar for any tax, fee or other governmental charge required'to be paid with respect to such transfer or exchange. _5_ • (h) Mutilated, Lost, Stolen or Destroyed 3onds. In case any Bond shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of 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 any such Bond 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 Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be cancelled ny it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption 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 City hereby appoints Norwest Bank Minneapolis, N.A. N~inneapolis , Minnesota , as the initial Registrar. Tne Mayor and the Clerk-Administrator are authorized to execute and deliver, on behalf of the City, a contract with said Registrar. Upon merger or consolidation of the Registrar 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 City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The 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 Bonds in its possession to the successor Registrar and shall deliver -the bond register to the successor Registrar. 2.05. Redemption. (a) Optional. Bonds maturing in the years 1989 through 199b shall not be subject to redemption prior to maturity, but Bonds maturing in the years 1997 through 2006 shall be subject to redemption and prepayment at the option of the City, in whole or in part, in inverse order of 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 crate set for redemption of any Bond prior to its stated maturity date, the Clerk shall cause. notice of the call for redemption. _6_ • thereof to be published as required by law and, at least 20 days prior to the designated redemption date, shall cause notice of the call to be mailed to the registered holders of any Bonds to be redeemed at their addresses as they appear on the bond register described in Section 2.03 hereof.. (b) Special. In the event that pursuant to federal 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 Sonds on any date upon notice of redemption given in the manner set forth in (a) above. Those Bonds remaining unpaid which nave 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 will be cnosen by lot. Bonds shall be redeemed at a price of 102 of the principal amount plus accrued interest. 2.06. Execution, Authentication and Delivery. The Bonds shall be .prepared under the direction of the 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 shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, sucn signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he nad remained in office until delivery. Notwithstanding such execution, no Bond .shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on such Bond has been duly executed by the manual signature of an authorized representa- tive of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on eacn Bond snail be conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds nave peen so prepared,. executed and authenticated, the Finance Director shall deliver the same to the purchaser tnereof upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and said purchaser shall not ae obligated to see to the application of the purchase price. 2.07. Form of Bonds. The .Bonds shall be printed in substantially the following form: -7-