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HomeMy WebLinkAbout82-054 a.aa~a is i~.a'f11V1\ Vi l'111\V 1LJ itL Ll1111\V 1V $865,000 GENERAL OBLIGATION .IMPROVEMENT BONDS OF 1982 Issuer:. City of Lakeville, Minnesota Governing Bady: City .Council Kind, date, time and place of meeting: A council meeting .held on Monday, August. 2,1982, at 7:0o dock P.Ai., at the City Hall Members preSerit : Zaun, Sindt, Enright, Nelson Members absent : Jensen Documents Attached: Minutes of said meeting (pages}: RESOLUTION NO. 82-54 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $.865,Q00 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982. OFFICIAL TERMS OF OFFERING NOTICE OF SALE T, 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 com- plete 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 2nd day of August , 1982. - ~ ~ u ignature Patrick McGarvey,.City Clerk-Administrate i~am~ and Title Councilmember Nelson introduced the following resolution and moved its adoptiohc RESOLUTION NO. s2-54 RESOLUTION PROVIDING FOR THE ISSUAAICE AND SALE OF $865,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 BE IT RESOI:vED by the.Councl of the City of Lakeville, Minnesota, as follows: 1. Bond Authorization. This Council has heretofore ordered the loco improvements designated below to be constructed in or acquired by the City, and has contracted or will contract for the construction or acquisition of each said improvements, pursuant to Minnesota Statutes., Chapter 429. The designation and estimated total cost of such improvements is as follows: Project Designation Estimated Cost 81-I2 $508,200 82-3 296,000 ~82-4 44,300 84 ,500 Add discount 16,5.00 TaTAL ooo In order to finance the. above improvements, it is hereby found and determined that it is necessary and expedient for the City to issue and-sell its General Obligation Ir~prove:~ent_ Bonds of 1982 in the principal amount of $865,000 pursuant to Minnesota Statutes, Chapter 429. 2. Terms of Sale; Notice. Springsted Incorporated, bond consultant to the City, has presented to this Council a form of Official Terms of Offering and a form of Notice of Sale for publication, which are attached hereto 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 said 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 Notice of Sale to be published once in the official newspaper of the City, and once in the Commercial E~1est, a financial periodical published in Minneapolis, at least ten days before the date of sale specified in the Notice of Sale. 3. Sale Date. This Council shall meet on Monday August 30, 1982, at I:30 P. M., to consider .sealed bids for the purchase of the bonds, and to take such action thereon as is deemed in the .best interests of the City. ~ ' Duane Zaun, Ac ]rng Mayor ~ Attest: ~ ~ . ~ ~-L-tip.-~ City Clerk-Ad~nstra r The motion for the adoption of the foregoing resolution was duly seconded by Cbuncilmember sindt and upon vote being taken thereon, the following members voted in favor thereof : zaun, sindt, Enright, Nelson and the following members voted against the same; tvone whereupon said resolution was declared duly passed and adopted. OFFICIAL TERMRS OF OiF~'E-RING $865;000 CITY OF LAKEV~LE, M1Nt~FSOTA GENERAL OBLIGATION tMPROVEhAENT BONDS OF 1182 Seated bids for the Obligations will be opened by the City Council on Monday, August 30, 1982, at 7:30 P.M., Centro) lime, at the Lakeville City Council Chambers. Consideration of the bids for award of the Obligations wilC immediately follow-the opening of bids. DETAILS OF THE OBLIGATIONS The Obligations will be doted September 1, 1982 and will bear interest payable on August t ~d February I of each year, commencing August I, 1983. The Obligations wi!! be general abligetions of the Issuer for. whid~? the Issuer will pledge its full faith and credit and power to levy direct general od valorem taxes.. In addition the Issuer will pledge special assessments to be levied ogairtst benefiting properties. The Obligations will be in the denomination of $5,000, in coupon form, and non-registrable.. The proceeds will be used to construct various utility projects within the communi#y. The Obligations will mature Febn,ary I, in the amounts and years as follows: $20, 000 1984 $50,000 1985-.2000 5,00fl 2t?01 The issuer may elect on February I, 1993, and on any interest payment date thereafter, to prepay Obligations due on or after February I, f 994. Redemption may be. in whole or in part of the Obligations subject to prepayment.. If redemption is in part, those Obligations remaining unpaid which hove the .latest maturity date will be .prepaid first and if only part ofi the Obligations having o common maturity date are called for prepayment the specific Obligations to be prepaid wilt be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accrued interest. TYPE OF BID A seated bid for not less than $$48,500 and accrued interest on the total principal amount of the Obligations shalt 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 $8,650, payable to the order of the issuer, shalt have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial Advisor; no bid wilt be considered .for which said cfieck has not been filed, Said check of fine Purchaser wilt be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. NQ bid shall be withdrawn after the time set for opening bids, unless the meeting ofi the issuer scheduled for consideration of the bids is adjourned, recessed, or continued to ono#her date without award of the Obligations having been mode. Rates offered by Bidders shall be in integral multiples of 5/100 or I/$ of l°~. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than 1.59,. No rate nor the. net effec#ive rate for the entire issue of the Obligations shot) exceed the maximum rote permitted by law on the day of sale. Obligations of the same maturity shot) bear a single rote from the date of the Obligations to the date of maturity and additional coupons shaft not be used. AWARD The Obligations will be awarded to the Bidder ofiferng the lowest dollar interest cost to be determined ~y the deduction of the premium, if any, from, or the oddition of my,omount less than par, to, the total dollar interest on the Obligations from their date to their final scheduled maturity. The Issuer's computation of the total net dollar interest cost of each bid,- in .accordance with customary practice, will be controlling. The Issuer will reserve the right to: waive non-substantive informalities of any bid or of matters relating to the .receipt of bids and award of the Obligotiorts, (ii) reject olt bids without cause, and, (iii) reject any bid which the Issuer. determined to have failed to comply with the terms herein. PAYING AGENT The Purchaser may name the Paying Agent -but shall do so by 2:t30 P.M. an the day after the award of the Obligations. In the even# of failure by the Purchaser to name the Paying Agent within said time the Issuer wilt do so. The Issuer wilt pay reasonable and customary charges far the services of the Paying Agent. An alternate Paying Agent may be named by the Purch€~ser in the some manner as the pr'rncpa! Paying Agent is n©med, provided that tfiere shall be no additional cost to the Issuer. CUStP NUMBERS If the Obligations qualify for assignment of CUSiP numbers such numbers will be printett on the Obligations, but neither tf~e failure to print such numbers on any 4btigation nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. The CUStP 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 Obligations will be delivered without cost fo the Purchaser at a place. mutually satisfactory io the Issuer and the Purchaser,. Delivery wilt be subject to receipt by the Purchaser of m approving Legal opinion of Dorsey 8~ Whitney: of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Obligations, and of customary .closing papers, including a no-Litigation certificate. On tfie date of settlement payment far the Obligations shall be made in federal, or equivalent, €unds which shall be received at the offices of the Issuer or its designee not later than l:Ot7 P.M., Central Time of the day of setttem-eat.. Except as compliance with the terms of payment for the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any lass suffered by the Issuer by reason of the Purchaser's non-compliance with said terms. for payment . At settlement the Purchaser wil( be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the issuer 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 #o make the statements therein, in light of the circumstances under which they were mode, not misleading. OFFICIAL STATEMENT Upon request to the Issuer's Financial Advisor prior to the bid opening underwrit~ersmay obtain a .copy of the. Official Statement. The Purchaser will be provided with tS copies. Dated August 2, 1982 BY QRDER OF THE CITY COUNCIL Is/ Patrick McGarvey Clerk-Admi nistra#or