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HomeMy WebLinkAbout86-075 • CERTIFICATION OF MI~JUTES RELA'PING TO - _ .$2,930,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 19$bA Issuer: City of Lakeville, Minnesota .Governing Body: City Council Kind, date, time and place of meeting: A regular 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)z RESOLUTION NO. 86-75 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIi3ING THE FORid AND DETAILS AND PROVIDING FOR THE PAYMENT OF - $2,930,000 GENERAL OBLIGATION IMPROVEMENTP BONDS, SERIES 1986A 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 apove, 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 s aid corporation, and correct and complete copies o= all , resolutions and other actions taken and of all documents approved by the governing body at said meeting, so tar 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~ uch recording officer this ?1~t day of July, 1986. ~ Patrick M Garvey, Clerk-Administrator 1 • The Clerk presented to the Council affidavits showing.. publication in the official newspaper and the Commercial west of a notice of sale of $2,930,000 General Obligation Improvement Bonds, Series 1986A, of the City, for whim 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, whim 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 Attaches -2- SPRINGSTED INCORPORATED Public Finance Advisors 85 East Seventh Place Swte 1.00 Saint Paul., Minnesota 55101.2143 $2,930,000 612.2233000 CITY OF LAKEVILLE, MINNESOTA :GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A AWARD; CRONIN & :COMPANY, INCORPORATED MILLER SECURITIES, LNCORPORATED' `SALE: July 21, i 986 Rating: A interest Net Interest Bidder Rates Price Cost & Rate CRONIN & COMPANY, INC. 5.00% 1988 $2,87Z,992.'S0 $2,152,300.00 MILLER SECURITIES, INC. 5.40% ! 989 (7.4127%) 5.70% 1990 6.00% 1991 6.20%0 1992 6.50% 1993 6.70% 1994 6.90% 1995 7.00% 1996 7.10% 1997 • 7.25% 1-989 7.40% 1999 7.50% 2000 7.b0°,6 .2001-2004 7.70% 2005-2007 THE .FIRST NATIONAL BANK. OF 5.00% 1988 $2, 875:, 267'.60 $2,1.94, 226. l 5 SAINT PAUL 5.50% 1989 (7:5571%) NOR WEST INVESTMENT`SECURITIES, 5.80% 1990 INCORPORATED 6.10% 199 t MERRILL LYNCH CAPITAL MARKETS 6.30% 1992 American 'National Bank Saint Paul 6.50% 1993 Dean Witter Reynolds Incorporated 6.70% 1994 E. F Hutton & Company, Incorporated 6.90% 1.995 Dougherty, Dawkins, Strand & Yost, Inc. 7. f 0% 1996 Miller & Schroeder Financial, Inc. 7.25% 1997 Summit Investment Corporation 7.40% 1998 - In Association With - 7.50% 1999 FIRST BANK .MINNEAPOLIS 7.60% 2000 ALLISON-WILLIAMS COMPANY 7.709'0 2001 DAIN BOSWORTH INCORPORATED 7.75% 2002 PIPER, JAFFRAY & HOPWOOD, INC. 7.80% 2003-2004 PAINEWEBBER INCORPORATED 7.90% 2005-2007 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 Maturityc 9.91 Years Councilmember Sindt then introduced the _ _ following resolution and moved .its adoption: RESOLUTION N0. 86-75 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBIiQG THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $2,930,000 GENERAL OBLIGATION IidPROVEiKENT BOiQDS, SERIES 1986A 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 ~2,930,00t1 General Obligation Improvement Bonds, Series 1986A of the City, for the purpose of, undertaken pursuant to t+Iinnesota 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 neregy 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 $2,877,922.50 plus accrued interest on all Bonds to the day of delivery an~ 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 1986A, shall be originally dates as of August 1, 1986, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall mature on Fenruary 1 in .the respective years and amounts stated below, and shall bear -3- t 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 1988 $210,000 5.00% 1998 $110,000 7.25% • 1989 275,000 5.40% 1999 110,000 7.40% 1990 160,000 5.70% 2000 115,000 7.50% 1991 160,000 6.00% 2001 115,000 7.60% 1992 155,000 6.20 2002 120,000 7.60% 1993 155,000 6.50 2603 120.,000 7.60% 1994 155,000 6.70% 2004 120,000 7.60% 1995 155,000 6.90% 2005 125,000 7.70% 1996 155,000 7.00% 2006 130,000 7.70% 1997 155,000 7.10% 2007 130,000 7.70% The Bonds shall be issuable only in fully registered. form. The interest thereon and, upon surrender of each Bona, 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 wnicn 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 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 wnicn the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and .exchanges of Bonds entitled to be regsterea, 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 executea ay 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 1i1ce 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 anti 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 B onds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellatioh. 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 Bona is presented to the 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 transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to rei.~nAUrse the Registrar for -5- 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 notn 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 t3ond 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. Minneapolis, 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 sezvices 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 1988 through 1996 shall not be subject to redemption prior to maturity, but Bonds maturing in the years 1y97 through .2007 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 -6- 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 t0 days prior to the designated redemption date, shall cause notice of the call to be mailed to the registered nolclers of any Bonds to be redeemed at their addresses as they appear on the bond register described in Section 2.03. hereof. (b) ~ecial. In the event that pursuant to federal laws and regulations the City, in the opinion of Aond 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 Bonas on any date upon notice of redemption given in the manner set forth in (a) above. Those Bonds remaining unpaid wnicn 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 dy lot. Bonds shall be redeemed at a price of 1~2~ of the principal amount plus accrued interest. - 2.06. Execution, Authentication and Delivery. Tne 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, pro- vided that all signatures.-may be printed, engraved or litho- graphed facsimiles of the originals. In case any offier 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 ogligated to see to the application of the purchase price. 2.07. Form of Bonds. ~Phe Bonds shall be printed in substantially the. following forme -7-