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HomeMy WebLinkAbout85-060 CERTIFICATION OF MINUTES RELATING TO $1,300,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1985A Issuer:. City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A special meeting held on August 12, 1985, at 7:00 P.M. at City Hall Members present: Nancy Enright, Patrick. Harvey, Robert Nelson, Elizabeth Sindt and Mayor Duane Zaun Members absent: None Documents Attached: _ Minutes of said meeting (pages): RESOLUTION N0. 85-60 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,300,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1985A • 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 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 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 officiall as such recording fficer this day of August, 1985. ~ Signature Patrick McGarvey Clerk-Administrator (SEAL) Member introduced the following • resolution and moved its adoption: RESOLUTION NO. RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,300,000 GENERAL OBLIGATION WATER REVENUE .REFUNDING BONDS, SERIES 1985A BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the Issuer), as follows: 1. Authorization. The Issuer presently has outstanding the following issues of general obligation bonds issued pursuant to Minnesota Statutes, 'Section 444.075 and Chapter 475: Original Outstanding Date of Principal Principal Title Issue Amount Amount General Obligation July 1, 1984 $1,300,000 $1,300,000 Water Revenue Bonds, Series 1984 • The Issuer presently estimates that it can effect a substan- tial debt service savings by refunding said outstanding bonds in advance of their maturity in accordance with Minnesota Statutes, Section 475.67; and the Issuer hereby authorizes the issuance and sale of $1,30.0,000 principal amount of general obligation refunding bonds, the proceeds of which, together with other moneys of the Issuer, shall be used for this purpose, pursuant to Minnesota Statutes, Section 475..52. 2. Terms of Bonds; Sale Meeting. Springsted Incorporated, bond consultants to the Issuer, have presented to this Council forms of an Official Terms of Offering, and a notice of sale for publication, which are attached hereto, and which are hereby approved and. shall be placed on file by the Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of said bonds _and of the sale thereof; and this Council shall meet at the time and place specified: therein for the purpose of considering sealed bids for the purchase of .said bonds. 3. Publication of Notice. The .Clerk is authorized and directed to cause the notice of sale to be published once in the official newspaper, which is a legal newspaper having a general circulation within the Issuer, and once in the • • Commercial West, a financial periodical published in Minneapolis,. both publications to be at least ten days before the date of said meeting.. or r Attest: C erk-Administrator The motion for the adoption of the foregoing resolution was duly seconded by Member and upon vote being taken thereon, the following voted in favor: and the following were opposed: whereupon the resolution was declared duly passed and adopted..... • OFFICIAL TERMS OF OFFERING $1,300,000 • CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1985A Sealed bids for the Bonds will be opened by the City Finance Director or his designee on Monday, September 16, 1985, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 800 Osborn Building, Saint Paul, P~linnesota. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated October I, 1985 and will bear interest payable on February I and August I of each year, commencing August I, 1986. Interest will be computed upon the basis of a 360- day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The.Bonds will be issued in integral multiples of $5,000, 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 Bond will be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his address as it appears on the books of the Registrar as of the 15th of the calendar month next preceding the interest payment. The Bonds will mature February I in the amounts and years as follows: $ 10,000 1988 $120,000 1994 $80,000 1997 $100,000 2000 $ 85,000 1989-1990 $ 65,000 1995 $85,000 1998 $110,000 2001 $100,000 1991-1992 $ 70,000 1996 $90,000 1999 $ 85,000 2002 • $115,000 1993 The City may elect on February C, 1994,. and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1995. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, 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 by the Registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge net revenues of the City's water utility. The proceeds will be used to refund in advance of maturity all outstanding bonds of the City's $1,300,000 General Obligation Water Revenue Bonds, Series 1984, dated July I, 1984. _ TYPE OF BID A sealed bid for not less than $1,279,000 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $ 13,000, payable to the order of the City, shall have been filed with the .undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The 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 bids, unless the. meeting of the City • scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of 5/ 100 or I /8 of I °~o. No rate for any maturity shal I be more than I.5% lower than any prior rate. No rate nor the net effective rate for the entire Issue of the Bonds shall exceed • the maximum rate permitted by law. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. AWARD The Bonds 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 Bonds 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, will be controlling. 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 Bonds, (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 applicable SEC regulations. The City will pay for the services of the Registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. 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 Bonds 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 Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not later than I:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds 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 Underwriters 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 25 copies of the Official Statement. Dated August 12, 1985 BY ORDER OF THE CITY COUNCIL • /s/ Patrick McGarvey City Administrator