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HomeMy WebLinkAbout85-054 y t • CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION BONDS Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on Monday, July 15, 1985, at '7;pp o'clock P.M., at the City Hall. Members present: N. Enright, P. Harvey, R. .Nelson, B. Sindt & Mayor D. Zaun Members absent: None Documents Attached: Minutes of said meeting (pages):. RESOLUTION NO. 85-54 RESOLUTION. AUTHORIZING ISSUANCE AND SALE OF .VARIOUS GENERAL OBLIGATION BONDS • OFFICIAL TERMS OF OFFERING NOTICES OF SALE 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 officially as ~uch recordi.'g officer this day of -July, 1985 . ~F, r Signature Patrick McGarvey City Clerk-Administrator • Councilmember Enright introduced the following resolution and moved its adoption: RESOLUTION N0. 85-54 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF VARIOUS GENERAL.. OBLIGATION BONDS BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: 1. Bond. Authorization. It is hereby found and determined to be in the best interests of the City. to sell and issue the following obligations: a) $1,435,000 General Obligation Improvement Bonds, Series 1985A, to"finance various improve- ment projects to be undertaken. pursuant to Minnesota Statutes, Chapter 429; b) $465,000 General Obligation Equipment Certificates of Indebtedness, Series 1985A, to finance the. purchase of public safety and public works equipment pursuant to Section 412.301, • Minnesota Statutes; and c) $125,000 General Obligation Tax Increment Bonds, Series 1985A, to finance the public costs associated with the City's Tax Increment Financing District No. 5 pursuant to Minnesota Statutes, Section 273.77. 2. Sale Terms. Springsted Incorporated, bond consultants to the City, has presented to this Council a form of Official Terms of Offering of the sale of each series of obligations, and a form of Notice of .Sale for publication for each series, which forms are attached hereto and shall be placed on file in the office of the City Clerk. Each and all of the provisions of the respective Official. Terms of Offering are hereby .adopted as the terms and conditions of the obligations therein described and of .the sale thereof, and. shall be made available to all prospective purchasers of the obligations. The. City Clerk is authorized and directed to cause each Notice of Sale to be published once in the official newspaper of the City, and once in the Commercial West, a financial periodical published in Minneapolis, at least ten days before the date of sale. • 3. Sale Meeting. This Council shall .meet on Monday, August 12, 1985, at 7:00 P.M., to consider the bids received for the purchase of each series of obligations, and to take such actions thereon as i deemed in .the .best interests of the. City. ~ ../t~~/d~/ Gz.~~L Ma r ` ~ Attest : ~ ,.~~-ti.--.=- City Clerk-Admi i trator The .motion for the adoption of the foregoing .'resolution was duly seconded by Councilmember Sindt , and upon vote being taken thereon, the following voted in favor thereof: All members • and the following voted against the same: None whereupon said resolution. was declared passed and adopted. OFFICIAL TERMS OF OFFERING $1,435,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985A Sealed .bids for. the Bonds will be opened by the City Finance Director, or his designee, on Monday, August 12, 1985, at 12x00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 800 Osborn Building, Saint Paul, Minnesota. Consideration for award of the Bonds will be by the City Council at 7:00 P,M., Central Time, of the same day. bETAILS OF THE BONDS -The. Bonds will be dated September I, (985 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: $90,000 1988 $75,000 1989-1999 $65,000 2000-2007 The City may elect on February 1, 1995, -and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1996. Redemption. may be in whole or in .part of .the Bonds subject to prepayment. tf redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. Jf 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 special assessments against benefited property. The proceeds wilt be used to finance various improve ments in the City. TYPE OF BID A sealed bid for not less than $1,407,735 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 buds. Also prior to the time set for. bid opening, a certified or cashier's check in the amount of $14,350, payable to the order of the City, shall have been filed with .the undersigned or SPR(NGSTED .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 ~een made. Rates. offered by $idders shall be in integral multiples of 5/100 or I /8 of I No rate for any maturity shall be more than f .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. No bid may be conditioned upon award of any other offering of obligations by the • City. 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 IS copies of the-0fficial Statement. - • Dated July I S, 1985 BY ORDER OF THE .CITY COUNCIL /s/ Patrick McGarvey City Administrator OFFICIAL TERMS OF .OFFERING • $ 125,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES I985A Sealed bids for the Bonds will be opened by the City Finance Director, or his designee, on Monday, August I2, 1985, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 800 Osborn Building, Saint Paul, Minnesota. Consideration for award of the f3onds wild 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 September 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. (5th of the calendar month next preceding the interest payment. The Bonds will mature February l in the amounts and years as follows: $10,000 1990-1994. $15,000 1995-1999 The City may elect on February I, 1995, and on any interest payment date thereafter, to prepay i Bonds due on or after February I, 1996. 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 increment income expected from the City's Tax Increment Financing District No. 5. The proceeds will be used to fund the public costs associated .with the Meadows North project within the City's Tax Increment District No. 5. TYPE OF BID A sealed bid for not less than $122,825 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 forbid opening, a certified or cashier's check in the amount of $1,250, 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 they 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%. No rate for any maturity shall be more than 1.5% lower than any: prior rate. No rate nor the net effective ~r 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. No bid may be conditioned upon award of any other offering of obligations by the City. 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 shalt 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 15 copies of the Official • Statement. Dated July I S, 1985 BY ORDER OF THE CITY COUNCIL /s/ Patrick McGarvey City Administrator OFFICIAL TERMS OF OFFERING • $465,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION. EQUIPMENT CERTIFICATES OF 1NDEBTEDt~SS, SERIES 1985A Sealed bids. for the Certificates wild be opened by the City Finance Director, or his designee, on Monday, August I2, .1985, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 800 Osborn Building, Saint Paul, Minnesota Consideration for :award of the Certificates will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE CERTIFICATES _ The. Certificates will be dated September I, 1985 and will bear interest payable on February I and August I of each year, commencing February I, 19$6. 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 Certificates 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 Certificate 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 Certificates will mature February I in the amounts and years as follows: $I I5, 000 1986 $90,000 1989 $ 80,000 1987 $95,000 1990 • $ 85,000 1988. The Certificates will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE .The Certificates wil(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. The proceeds will be used to purchase Public Safety and`Public Works equipment. TYPE OF BID A sealed bid for not less than $460,350 and accrued interest on the total principal amount of the Certificates 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 $4,650, 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 Certificates having been made. Rates offered by Bidders shall be in integral. multiples of 5/100 or I/8 of I%. No rate for any maturity shall be more than I.5% lower than any prior rate. No rate nor the net effective rate for the .entire Issue of the Certificates shall exceed the maximum rate permitted by law. 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, 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 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 applicable 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, but neither the failure to print such numbers on any Certificate nor any error with .respect 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 I:00 P.M., Central Time of the day of settlement. 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 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 15 copies of the Official Statement. Dated July 15, 1985 BY ORDER OF THE CITY COUNCIL • /s/ Patrick McGarvey City Administrator