Loading...
HomeMy WebLinkAbout84-162 CERTIFICATION OF MINUTES RELATING TO $62,000 GENERAL OBLIGATION BONDS Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A council meeting, held on Monday, November 19, 1984, at 7:00 o'clock P.M., at the City Hall. Members present : Tlelson, Zaun, Sindt, Enright, Harvey Members absent : None Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 84-162 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE. OF $625,000 GENERAL OBLIGATION BONDS OFFICIAL TERMS OF OFFERING NOTICE 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 decribed 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 such recording officer this 19th day of November, 1984. Signature Patrick McGarvey City Clerk-Administrator Councilmember Enright introduced the following. resolution .and moved its adoption: RESOLUTION NO. 84-162 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $625,000 GENERAL OBLIGATION BONDS BE IT RESOLVED. by the City Council of the City of Lakeville, Minnesota (the City), as follows: 1. Bond Authorization. It is hereby found and. determined that it is necessary and expedient for the City to issue and sell its General Obligation Bonds in the aggregate principal amount of $625,000 to finance the projects described in the Official Terms of Offering attached hereto. 2. Terms of Sale; Notice. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Official Terms of Offering for the sale of said bonds, and Dorsey & Whitney, bond .counsel, has presented to this Council a short form of Notice of Sale for publication, both of which are attached hereto and are hereby approved and shall be placed on file in the office of the City Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of the bonds and of the sale thereof and shall be made available to all prospective purchasers of the bonds. The City .Clerk is authorized and directed to cause the short form of Notice of Sale to be published once in the official newspaper of the City, which is a legal .newspaper having a general circulation within the City, and once in the Commercial West at least ten days before the date of sale specified in the Notice of Sale. 3. Sale Date. This Council shall meet at 7:00 P.M. on Tuesday, December 4, 1984, to consider the bids and to take such other action thereon as is deemed in the best interest of the City. Adopted by the City Council o November 19, 1984. Y r P r Attest: , City Cle k-A mi is rator 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: Sindt, Enright, Harvey, Nelson, 2aun and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. OFFICIAL TERMS OF OFFERING , $625,000. CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION BONDS Sealed bids for the Bonds will be opened by the City Council on Tuesday, December 4, 1984, at 7:00 P.M., Central Time, at the Lakeville City Hall. Consideration. for award of the Bonds will immediately follow the opening of bids. DETAILS OF THE BONDS The Bonds wi l) be dated December I , 1984 and will bear interest payable on August I and February I of each year, commencing August I, 1985. 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 I in the amounts and years as follows: Series 1984 .Series 1984A Series 19848 Certificates of Combined Tax Increment Tax Increment Indebtedness Issues 1986 $ $ $20,000 $20,000 1987 25,000 45,000 70,000 1988 5,000 25,000 50,000 80,000 1989 5,000 30,000 55,000 90,000 1990 5,000 30,000 35,000 1991 5,000 35,000 40,000 1992 5,000 35,000 40,000 1993 10,000 40,000 50,000 1994 10,000 40,000 50,000 1995 10,000 10,000 1996 10,000 10,000 1997 10,000 10,000 1998 10,000 10,000 1999 15,000. 15,000 2000 15,000 15,000 2001. I5, 000 15,000_ 2002 20,000 20,000 2003 20,000 20,000 2004 25,000 ~ 25,000 The City may elect on February I, 1992, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1993. 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"~donds shall be general obligations of the Cit com rised of $195,000 General Obli ation Tax Y P 9 Increment Bonds, Series 1984A, $260,000 General Obligation Tax Increment Bonds, Series 19848, and $170,000 General Obligation Certificates of Indebtedness, Series 1984, for which the City shall pledge its full faith and credit and powers to levy direct general ad valorem taxes. In addition the City shall pledge tax. increments received to the payment of the Tax Increment Bonds. The Tax Increment Bond proceeds will be used for the payment of public development costs of the two tax increment projects and the Certificates of Indebtedness proceeds will be used to acquire public safety and public work equipment. TYPE OF BID A sealed bid for not less than $614,950 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 $6,250, 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 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 No rate for any maturity shall be more than I % 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 Paying Agent. CUSIP NUMBERS If the Bands 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, 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 Official Statement. Dated November I9, I984 BY ORDER OF THE CITY COUNCIL /s/ Patrick McGarvey City Administrator