HomeMy WebLinkAbout80-049
t
CERTIFICATION OF MINUTES RELATING TO
$280,000 GENERAL OBLIGATION WATER REVENUE. BONDS OF 1980
.Issuer: City_of Lakeville, Minnesota
Governing.Bodyc City Council
Kind, date, time and place of meeting: A regular: meeting
held on Monday, May 19, 1980, at 7:30 o'clock P,M.`at the
City Hall.
Members present: G. Lekson, R. Nelson, E. Sindt, G. Spande
D. Zaun
Members absents None
Documents Attached:
Minutes of said meeting (pages}
RESOLUTION NO. 80-49.
.RESOLUTION AUTHORIZING ISSUANCE,
AWARDING SALE, PRESCRIBING THE FORM AND
DETAILS AND. PROVIDING FOR THE PAYMENT OF
$280,000 GENERAL OBLIGATION WATER
REVENUE BONDS OF 1980
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,
certifying 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 acorrect and complete transcript of the minutes o€ 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 r.cardi'
atf ices this 19th day of May, 1980..
Signature
Patrick McGarvey,
City Administrator
The City Administrator presented to the .Council
affidavits showing publication in the official newspaper
and. the Commercial West of notice of sale of $280,000 -
General Obligation Water Revenue Bonds of 1980 of he
City, for which sealed bids were to be received :and
considered at this meeting in accordance with the
resolution-adopted by the City Council on April 21,
.1980. Said. affidavits were examined and found
satisfactory and directed to be placed on file in the
-office of the Administrator.
The Administrator then announced that 1 sealed
bids had been received at his office prior to 7:30 P.M.
pursuant to said .notice of sale. The bids were then
opened, read and checked, and the highest_and best bide of
each bidder. was found to be as follows:
Bid For Interest Total Interest Cost
Name of Bidder Principal Rates - Net Average Rate.
See Attached
SPRINGSTED
INCORPORATED
PUBLIC FINANCE
ADVISORS
$280,000.
GENERAL OBLIGATION WATER REVENUE BONDS OF 1980
CITY OF LAKEVILLE, MINNESOTA
AWARD: FIRST NATIONAL BANK OF MINNEAPOLIS
.Minneapolis, Minnesota
And Associates
SALE: May 19, 1980 Moody's Rating: A
Net fn#erest
Bidder Price Coupons Cost & Rate
FIRST NATIONAL BANK OF 6.00% 1982-84 $274, 960.00 $ 165,.760.00
MINNEAPOLIS 6 ..10% 1985 (6.747%)
Blyth Eastman Paine Webber 6.20% 1986
Craig-Hallum, Inc. 6.25% 1987
M. H. Novick & Company, tnc. 6.30% 1988
Robert S. C. Peterson, Inca 6.40% 1989
Dain Bosworth. Incorporafied 6.50% 1990
Piper, Jaffray & Hopwood, Inc. 6.60% 1991
Moore, Juran & Company, Inc... 6.70% 1992
6.80% 1993
All Bonds are being reoffered at par.
BBI: 7.44
Average Maturity: 8.77 Years
..800 Osborn Building, Saint Paul, Minnesota 551021.612) 222-4241
Councilmember Nelson then .introduced thee"
following resolution and moved its adoption:
RESOLUTION NO. 80-49
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
SALE, PRESCRIBING THE FORM AND DETAILS
AND PROVIDING FOR THE PAYMENT OF $280,000
GENERAL OBLIGATION WATER REVENUE BONDS OF
1980
BE IT RESOLVED by the City Council of ~he City of,
Lakeville, Minnesota, as :follows.:
Section 1. Bonds Authorized and Sold.
1.01. This Council, by a resolution dated
April 21,.1980, authorized the issuance and ..sale of
general obligation bonds of he City in the amount of
$280,000 to...finance the cost of anadditional well to_the
City's water system. Said resolution is incorporated
herein and made a parthereof.
1.02. 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
hereby. find and determine that the most favorable bid
received is .that.. of First National Bank_of Minneapolis of
Minneapolis, Min,~esota and associates, to
purchase the bonds at a price of $274,960.00 plus accrued
interest on all bonds to the day of delivery and payment,
on the. further terms and conditions. hereinafter set forth.
1.03. Thee sale of-the-bonds is hereby ,awarded to
said bidder, and the Mayor and.City Administrator are
hereby authorized and directed on behalf of the City. to
execute a contract for the sale of the bonds in accordance
with the terms o~ said bid. The good faith cheek of the
'successful. bidder shall be retained by the .City
Administrator until the bonds have been. delivered and the
purchase price paid. The good faith checks of :other
'bidders shall be returned to them forthwith.
2. Bond Terms. The bonds shall.. be designated
General Obligation Water Revenue Bands of 1980, shall be
dated June 1, 1980, shall be 56 in number and .numbered
from 1 to 56, inclusive, each. in the denomination of
$5,000, shall mature serially on February l in .thee years
and amounts set forth elow, and shall bear. interest from
date of issue until pa'd or duly called far redemption at
the rates per annum se forth opposite said maturity years
and amounts, as follow
Year Amount Rat Year Amount Rate
1982 $10,000. 6.0 % 1988 20,000 6:30
.19.$3 10,000 6.0 % :1989 30,000 6.400
19$4 15, 000 6.0 0 1990- 30, OQ0 b. 50%
.1985. 15,000 6.1 % 1991 40,000 6....600
1986 15,000 `6.2 0 1992 40,000' 6.?Oo
1987 15,000. 6.2 ~ 1993 40,000 6.80%
Interest at the rate a plicable to each. bond from date of
.issue to maturity shall be represented by appropriate`
interest coupons. Interest shall be payable semiannually
on February 1 and August 1 of each .year, commencing
February'1, .1981. Bands maturing in the years 1982
through 1990, inclusi e,: shall not be subject to
redemption before maturity,. but those maturing in the
years 1991 through 1993,. inclusive, shall each be .subject
to redemption and pre ayment at the option of the City on
February 1~~1990 and ny interest payment date: thereafter,
in inverse order. of t eir maturity dates, at a price. of
.parr plus accrued inte est. ..The Bonds shall be subject to
redemption .and prepay. ent in inverse order of maturity and
by lot within a maturity, as selected by the paying agent
specified in this Sec ion 2 on behalf. of the City. Not
less than thirty days before the date` specified for such
redemption the City w'11 cause notice of the call of any
bond to be published 'n a financial .newspaper published in
a Minnesota city of t e first class or its metropolitan
area, and to be maile to :the holder of each bond,. if
known to the Cty.Adm'nistratar, but. published .notice
shall be effective wi hout mailing.. Any holder..desiring
to receive such notic may record his name and address. and
the 'serial number of is bond with the City Administrator
at the City Hall. Bo hprincipal and interest sha11'be
.payable at First Nati nal Bank of Minneapolis-
, in Minn'apolis ,Minnesota , and the
City hereby agrees to pay the reasonable and customary
charges of such payin agent .for the receipt ,and
disbursement thereof.
3. Bond and Coin on Forms. The bands or this
issue and the coupons to be appurtenant thereto shall be
in .substantially the ollowing form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF LAKEVILLE
GENERAL OBLIGATION WATER REVENUE .BOND OF 19$0
No. $5,.000
KNOW ALL. MEN BY THESE PRESENTS thatthe City of
Lakeville, a duly organized municipal corpoxatian of
Dakota County, Minnesota, hereby acknowledges itself to be
indebted and for value received promises to pay. to bearer
the sum of FIVE THOUSAND DOLLARS on the-lst day of
February, 19 or if-this bond. is subject to redemption
before maturity, on any date prior thereto on which it
.shall have been duly called for redemption, and..to_pay-
interest thereon at the rate of
- percent ( g) per annum from the date hereof
until said principal sum be paid,-or if this bond is
redeemable until it has been duly called for redemption,
payable semiannually on February. l and August 1, in .each
year, commencing on February 1, 1981, in accordance with
and upon presentation and surrender of the interest
coupons appurtenant hereto. Both principal and interest
are payable at ,
im , in any coin or currency of the
United States of America which on the respective dates of
payment is legal tender for public and private debts.' For
the prompt and toll payment of such principal and interest
as the same become due, the full-faith andcredit and
taxing .powers of the .City .are .hereby irrevocably pledged.
Bands of~thisissue maturing in the years 1982
through.1990 are payable on their respective maturity
dates without option of prior payment. Bonds having
' stated maturity dates in the years 1991 through 1993 are
each subject to redemption and prepayment at the option of
the City on February 1, 1990 and any interest payment date
thereafter at a price of par-plus accrued. interest. Bands
having the latest maturity date shall be calledffirst and
if only a portion of the Bonds of a maturity are called
the Bonds to be redeemed shall be chosen by lot by the
paying agent on behalf of .the City. Not less than thirty"
days before the date specified far such redemption the
City will cause notice of the call of any bond to be
published in a financial newspaper published in a
..Minnesota City of the first class or its metropolitan
area, and to be mailed to the holder of .this bond, if
known to the City Administrator, but published notice
shall. be effective without mailing. Any holder desiring
to receive such notice may record his name and address and
the serial number of his bond with the City.Administrator
at the City Hall.
This bond is one of a series in the total
principal. amount of $280,000,.a11 of like date and aenor
except as to serial number, interest rate,-maturity..date
and redemption privilege, all issued for the .purpose of
providing moneys to (finance the construction of an
additional well to the City's water system; .and said bonds
.are issued pursuant to resolutions duly .adopted b_y the
:City Council,. and .pursuant to and in complete conformity
with the provisions of the.Constitution and laws of the
.State of Minnesota thereunto enabling, including Minnesota
Statutes, Section 444.075.-
IT IS HEREBY CERTIFIED AND RECITED. hat all acts,
conditions and things required. by the Constitution and
Taws of the State or Minnesota to be done, to exist, to
happen and to be performed precedent to and in the
issuance of this :bond. in order to .make it a valid and
.binding general obligation according to its terms, have
been done, do exist, have happened and have been performed
in regular and due form, time and manner-as so required;
that in and by the resolution authorizingthis issue of
bonds, the City has covenanted-and agreed with 'the holders
of .any of the. bonds that it will impose and collect
charges for the .service, use and -availability of `its
municipal water system at .the times and in_the amounts
required to produce net revenues adequate to pay. all
principal and interest when due on the bonds of this issue
and on all other obligations secured by such pledge,_and
has appropriated so much of said net revenues as is
necessary for this purpose, but the full faith anal. credit
and taxing powers of the City have been pledged to the
payment of such principal .and interest .when due, and if
necessary .for such purpose, ad valorem taxes will be
levied upon all taxable property inthe City, without
limitation as to rate or amount; and that this bond,
together with all other indebtedness of the City -
outstanding on the date hereof and on the date of its
.actual issuance and delivery,. does not .exceed any
constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF the City of Lakeville, ,Dakota
County, Minnesota, by its City Council, has caused this
bond and the interest coupons appurtenant hereto and .the..
certificate appearing on the reverse side hereof to be
executed in its behalf by the printed facsimile signatures
of the Mayor.. and .the City Administrator, and by a printed
facsimile of the. official seal of the City, has caused
this bond also to be executed by the manual signature of
one of .said officers, and has caused this bond to be-dated
as of June 1, 1980..
(Facsimile signature) (Facsimile signature)
City Administrator Mayor
(Facsimile Seal) (Manual}