HomeMy WebLinkAbout01-224
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CITY OF LAKEVILLE
RESOLUTION
Date December 3, 200. Resolution No. 01-224
Motion By David Luick Seconded By Laurie Rieb
SUPPLEMENTAL RESOLUTION RELATING TO $1,080,000 GENERAL
OBLIGATION STATE-AID STREET BONDS, SERIES 2001C
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. AWARDING RESOLUTION. By resolution duly adopted on December. 3, 2001,
entitled "Resolution Authorizing Issuance, Awarding Sale, Prescribing the Form and Details and
Providing for the Payment of $1,080,000 General Obligation State-Aid. Street Bonds, Series
2001C" (the Awarding Resolution) the City Council awarded the sale of $1,080,000 General
Obligation State-Aid Street Bonds, Series 2001C (the Bonds) to the Purchaser, as described in
the Awarding Resolution.
SECTION 2. DESIGNATION OF TERM BONDS BY PURCHASER. In accordance with the
• Terms of Proposal, the Purchaser was allowed the option of designating. a maturity schedule
consisting of serial and/or term bonds subject to mandatory redemption. The Purchaser offered ;
to purchase the Bonds based on a maturity schedule including term bonds, the City Council
accepted such bid and Mayor and Clerk have executed a contract on behalf of the City for the
sale of the Bonds to the Purchaser. The following modifications to the Awarding Resolution are
necessary:
(A) The maturity schedule set forth in Section 3.02 shall be revised to read as follows:
Year. Amount Rate Year Amount Rate
2002 $45,000 3.00% 2008 $130,000 4.05%
2003 40,000. 3.00 2011 145,000 4.35
2004 40,000 3.00 2016. 280,000 4.70
2005 40,000 3.40. 2021 360,000 4.95
(B) Anew paragraph shall be added to Section 3.04, reading as follows:
Bonds maturing on April 1, 2008, (the Term Bonds) shall be subject to mandatory
redemption prior to maturity. pursuant to the sinking fund requirements of this Section
2.04 at a redemption price equal to the stated principal amount thereof plus interest
accrued thereon to the redemption date, without premium. The Registrar shall select for
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• redemption, by lot or other manner deemed fair, on April 1 in each of the following years
the following stated principal amounts of such Bonds:
Year Princ~al Amount
2006 $40,000
2007 45,000
The remaining $45,000 stated principal amount of such Bonds shall be paid at maturity
on April 1, 2008. Notice of redemption shall be given as provided in the preceding
paragraph.
Bonds maturing on April 1,.2011, (the Term Bonds) shall be subject to mandatory.
redemption prior to maturity pursuant to the sinking :fund requirements of this Section
2.04 at a redemption price equal to .the stated principal amount thereof plus interest
accrued thereon to the redemption date, without premium. The Registrar shall select. for
redemption, by lot or other manner deemed fair, on April 1 in each of the following years
the following stated principal amounts of such Bonds:
Year Principal Amount
2009 $45,000
2010 50,000
• The mainin 50000 stated rinci al amount of such Bonds shall be aid at maturity
re g $ P P P
on April 1, 2011. Notice of redemption shall be given as provided in the preceding
paragraph.
Bonds maturing on April 1, 2016, (the Term Bonds) shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this
Section 2.04 at a redemption price equal to the stated principal. amount thereof plus.
interest accrued thereon to the redemption date, without premium.. The Registrar shall
select for redemption, by lot or other manner deemed fair, on April 1 in each of the
following years the following stated principal amounts of such. Bonds:
Year. Principal Amount
2012 $50,000
2013 55,000
2014 55,000
2015 60,000
The remaining $60,000 stated principal amount of such Bonds shall be paid at maturity
on April 1, 2016. Notice of redemption shall be given as provided in the preceding
paragraph.
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Bonds maturing on April 1, 2021, {the Term Bonds) shall be subject to
mandatory redemption prior to maturity pursuant to the sinking fund requirements of this
Section 2.04 at a redemption price equal to the stated principal amount thereof plus
interest accrued thereon to the redemption date, without premium. The Registrar shall
select for redemption, by lot or other manner deemed fair, on April 1 in each of the
following years. the. following- stated principal amounts of such Bonds:
Year Principal Amount
2017 $65,000
2018 70,000
2019 70,000
2020 75,000
The remaining $80,000 stated principal amount of such Bonds shall be paid at maturity
on April 1, 2021, Notice of redemption shall be given as provided in the preceding
P~~'aPh•
(C) Section 2.09 is modified by adding the following paragraph to the Form of Bonds
.following the paragraph beginning with the words "Bonds maturing. in 2012..." and ending with
the words "...representing the remaining principal amount outstanding:':
Bonds maturing in the year 2008 shall be subject to mandatory redemption prior to
maturity by lot pursuant to the mandatory sinking fund requirements of the Resolution on
April 1 in the years and in the principal amounts specified in the Resolution at a
redemption price equal to the stated principal amount thereof to be redeemed plus interest
accrued thereon to the redemption date, without premium. Notice of redemption shall be
given as provided in the preceding paragraph.
Bonds maturing in the year 201.1 shall be subject to mandatory redemption prior to
maturity by lot pursuant to the mandatory sinking fund requirements of the Resolution on
April 1 in the years and in the principal amounts specified in the Resolution at a
redemption price equal to the stated principal amount thereof to be redeemed plus interest
accrued thereon to the redemption date, without premium. Notice of redemption shall. be
given: as provided in the preceding paragraph.
Bonds maturing in the year 2016 shall be subject to mandatory redemption prior to
maturity by lot pursuant to the mandatory sinking fund requirements of the Resolution on
April 1 in the years and in the principal amounts specified in the Resolution at a
redemption price equal to the stated principal amount thereof to be redeemed plus interest
accrued thereon to the redemption date, without premium. Notice of redemption shall be
given as provided in the- preceding paragraph.
Bonds maturing in the year 2021 shall be subject to mandatory redemption prior to
maturity by lot pursuant to the mandatory sinking fund requirements of the Resolution on
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April 1 in the years and in the principal amounts specified in the Resolution. at a
redemption price equal to the stated principal amount thereof to be redeemed plusinterest
accrued thereon to the redemption date, without premium. Notice of redemption shall be
given as provided in the preceding paragraph.
SECTION 3. APPROVAL OF MODIFICATION OF AWARDING RESOLUTION;_NO
FURTHER ACTION OF CITY COUNCII. REQUIRED.. Such modifications to the Awarding
Resolution are hereby approved. Except as expressly modified hereby, the Awarding Resolution
shall remain in full force and effect.
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APPROVED AND ADOPTED this 3~ day of December , 20Q1:
CITY OF LAKEVII,LE
sy:
Robert D. Johns ,Mayor.
TEST•
C arlene Friedges, City C k
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