HomeMy WebLinkAbout86-076 CERTIFICATION OF MINUTES RELATING TO
X1,200,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 1986E
Issuer: City of Lakeville, Minnesota
Governing Body: City Council
regular
Kind, date, time and place of meeting: A council meeting held
Monday, July 21, 1986 at 7:00 o'clock P.M., at the City Hall.
Members present: Zaun, Sindt, Enright, Harvey, Nelson
Members absent: None
Documents Attached:
Minutes of said meeting (including):
• RESOLUTION NO. 86-76
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF
X1,200,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES
1986B
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 alI 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 21st day of July, 1986.
-e~c..~
Patrick McGar y,
Clerk-Administrator
•
• The Clerk presented to the Council affidavits showing - _
publication in the official newspaper and the Commercial West
of a notice of sale of $1,200,000 General Obligation
Improvement Bonds, Series 1986B, 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 16, 1986.- Said affidavits were examined and found
satisfactory and directed to be placed on file in the office of
the City Clerk.
The Clerk then announced that 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 Rate
See Attached
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SPRlMGSTED INCORPORATEC
Public Finance Advisors -
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101.2143
612223.3000 ~ I ,200,000
CITY OF CAKEVILLE, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 19868
AWARD: CRONIN & .COMPANY, .INCORPORATED
MILLER SECURITIES, INCORPORATED'
SALE: July 21, 1:986 Rating: A
Interest Net interest..
Bidder Rates Price Cost & Rate
CRONIN & COMPANY, INC. 5.40% 1989 $ I ,178, 700.00 $ t , t 16, 086.25
MILLER SECURITIES, INC. 5.70% 1990 (7.:5309%)
6.00% 199
.6.20% 1992
6.50% t 993
6.70% 1994
6.9090 1995
7.00% 1996
7.10% 1997
7.25% 1998
.7.40% 1999
7.50% 2000
7.60% 2001-2004
7.70% 2005-2:008
THE FIRST NATIONAL BANK OF 5.50% 19$.9 $1,177, 200`.00 $1,139, 873.75
SAINT PAUL 5.80% 1990 (7.6914%)
NORWEST INVESTMENT SECURITIES, ' 6.10% 1991
1NCORPORATEO 6.30% 1992
MERRILL LYNCH,CAPiTAL MARKETS 6.54% .1993
American National Bank Saint Paul 6.70% (994
Dean 1Nitter Reynolds Incorporated 6.90% 1995
E. F. Hutton & Company, Incorporated 7.I 090 1996
..Dougherty,-Dawkins, Strand & Yost, Inc. 7.25% 1997
Miller & Schroeder`Financial, Inc. 7.40% 1998
Summit Investment Corporation 7.50% 1999
In Association With - 7.60% 2000
FIRST BANK MLNNEAPOLIS 7.70% 2001
ALLISON-WILLIAMS COMPANY 7.75% 2002
DAINBOSWORTH INCORPORATED 7.80%0 2003-2004
PIPER, JAFFRAY & HOPWOOD, INC. 7.90% 2005-2008
`PAINEWEBBER INCORPORATED
Duran & Moody, Incorporated
Robert W. Baird & Company, Incorporated
Moore, Duran and Company, Incorporated
M.H. Novick & Company, Incorporated
These Bands are'. being reoffered at Par.
BBI: 7.45
Average-Maturity: 12.35 Years
Councilmember Enright then introduced the _
following resolution and moved its adoption:
RESOLUTION NO. 86-76
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING
THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF
$1,200,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES
1986B
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 $1,200,000
General Obligation Improvement Bonds, Series 1986B, of the
City, for the purpose of, undertaken pursuant to Minnesota
Statutes, Chapter 429,. financing the improvements described in
Exhibit A attached hereto. 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 C,rOrii & CO _ R Tnc _ ~ Of Mi nnP ~ nl i c i
]_sota. and associates, to purchase the Bonds at a price of
$ l,l~g~~p~ 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 on 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
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
Improvement Bonds, Series 1986B, shall be originall dated as
of August 1, 1986, shall be in the denomination of 5,000 each,.
or any integral multiple thereof, shall mature on February l in
the. respective years and amounts stated below, and shall bear
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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:
Year Amount Rate Year Amount Rate
1989 $70,000 5.40 ~ 1999 $55,000 .7.40.$
1990 55,000 5.70 ~ 2000 60,000 7.50
1991 55,000 6.00 ~ 2001. 60,000 7.60
1992 55,000 6.20 ~ 2002 60,000 7.60$.
1993 55,000 6.50 ~ 2003 60,000 7.60$
1994 55,000 6.70 2004 65,000 7.60
1995 55,000 6.9-0 ~ 2005 65,000 7.70$
.1996. 55,000 7.00 2006 70,000 7.70
1997 55,000 7.10$ 2007 70,000 7.70$
1998 55,000 7.25 2008 70,000 7.70
The Bonds shall be issuable only in fully registered
form a The interest thereon and, upon surrender of each donct,
the principal amount thereof shall be payable by check or craft _
issued by the Registrar described herein. -
2.02. Dates; Interest Payment Dates. Each Bond snail. -
be dated as of the last interest payment date preceding the
date of authentication to which interest on the Bond has peen
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, 158Ei. 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 bay
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 registerea, transterrea
or exchanged.
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(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
authenticate 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 he Registrar for transfer, the Registrar
.may refuse to transfer the same until it is satisfied that
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-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 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 transferor
exchange of Bonds, the Registrar may impose a charge upon
the owner thereof sufficient to reimburse the Registrar for
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• any tax, fee or other governmental charge required to be - _
paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. 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 by
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. A ointment of Initial Re istrar. The City
• hereby appoints Norwest Bank Minneapo is, N.A. ,
Minneapolis , Minnesota as the initial Registrar. The
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 1996 shall not be .subject to redemption
prior to maturity, but Bonds maturing in the years 1997 through
2008 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 us 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
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accrued interest to the date of redemption.. .Prior to the. date.
set for redemption of any Bond prior to its stated maturity
date, the Clerk shall cause notice of the call for redemption
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 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. If only part
of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid will be chosen 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-
Administrator and shall be executed on behalf. of the City by
the signatures of the Mayor and the 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, such
signature or facsimile shall nevertheless be valid and sufficient
for all purposes, the same as if he had 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 representative of the
Registrar. Certificates of authentication on different Bonds
need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive
evidence that it has been authenticated and delivered under
this Resolution. When the Bonds 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 heretofore made
and executed, and said purchaser shall not be 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:
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