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City Council Resolution 1991-26Extract of Minutes of Meeting of the City Council of the City of Monticello, Wright County, Minnesota Pursuant to due call and notice thereof a regular meeting of the City Council of the City of Monitcello, Wright County, Minnesota, was held at the City Hall in the City on Monday, July 22, 1991, commencing at 7:00 P.M. The following members of the Council were present: Shirley Anderson, Dan Blonigen, Brad Fyle, Clint Herbst and Mayor Ken Maus and the following were absent: None The following resolution was presented by Councilmember Anderson who moved its adoption: RESOLUTION NO. 91-26 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $ 515, 000 GENERAL OBLIGATION IMPROVEMENT BONDS SERIES 1991A BE IT RESOLVED By the City Council of the City of Monticello, Wright County, Minnesota (City) as follows: 1. It is hereby determined that: (a) the following assessable public improvements (the Improvements) have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); Project Designation be Description: Sanitary Sewer Water Main Storm Sewer Street Total Project Costs Costs of Issuance Subtotal No. 91-1 No. 91-3 Fallon Avenue Cardinal Hills $104,335 $ 53,039 69,700 36,375 — 23,546 — 62.375 $174,035 $175,335 3.990 4,020 $178,025 $179,355 Pius: Underwriter's Discount Less: School District Prepayment (154,610) Investment Earnings Total Bond Issue No. 91-2 Briar Oakes $ 65,999 75,173 38,059 119.952 $299,183 6.855 $306,038 Total $223,373 181,248 61,605 182.327 $648,553 14,865 $663,418 6,440 (154,610) 248 $515,000 (b) it is necessary and expedient to the sound financial management of the affairs of the City to issue $ 515,000 General Obligation Improvement Bonds Series 1991A (Bonds) pursuant to the Act to provide financing for the Improvements. 2. To provide financing for the Improvements, the City will issue and sell Bonds in the amount of $ 508,560. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $6,440. The excess of the purchase price of the Bonds over the sum of $508,560 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Official Terms of Offering: OFFICIAL TERMS OF OFFERING $515,000 CITY OF MONTICELLO, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 A Sealed bids for the Bonds will be received by the City Administrator or his designee on Monday, August 26, 1991, until 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will 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 1, 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1992. Interest will be computed on 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 the denomination of $5,000 each, or in integral multiples thereof, 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 to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1993 $751000 1996 $75,000 1998 $70,000 1994 $75,000 1997 $75,000 1999 $70,000 1995 $75,000 OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. 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 benefitted property. The proceeds will be used to finance various improvements within the City. TYPE OF BID Bids shall be for not less than $508,560 and accrued interest on the total principal amount of the Bonds. Bids shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $5,150, payable to the order of the City. If a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as Page 8 instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids -unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. 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 Holmes & Graven, Chartered 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 12:00 Noon, Central Time. 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. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly -final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information Page 9 prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated July 22, 1991 BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller Administrator Page 10 3. The Administrator is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Terms of Offering and to publish the abbreviated notice of sale attached hereto as Exhibit A in the manner required by law. The City Council will meet at 7:00 p.m. on Monday, August 26, 1991, to consider bids on the Bonds and take any other appropriate action with respect to the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember BloniFen , and upon vote being taken thereon the following members voted in favor of the motion: Shirley Anderson, Dan Blonigen, Brad Fyle, Clint Herbst and Mayor Ken A1aus and the following voted against: None whereupon the resolution was declared duly passed and adopted. NOTICE OF BOND SALE $515,000 GENERAL OBLIGATION IMPROVEMENT BONDS SERIES 1991A CITY OF MONTICELLO, WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 12:00, noon, C.T. on Monday, August 26, 1991, in the offices of Sprinted, Incorporated, 85 Ea-st Seventh Place, St. Paul, Minnesota, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:00 p.m. on the same day. The bonds are offered on the following terms. The bonds will be dated September 1, 1991, will bear interest payable semiannually on each February 1 and August 1, commencing August 1, 1992, and will mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1993 $759000 1997 $759000 1994 75,000 1998 709000 1995 759000 1999 70,000 1996 75,000 Bidders must specify a price of not less than $508,560 plus accrued interest. A legal opinion on the bonds will be furnished by Holmes be Graven, Chartered, Minneapolis, Minnesota. The proceeds of the bonds will be used to finance a portion of the costs of various assessable public improvements in the City. Bidders should be aware that the Official Statement to be distributed for the bonds may contain additional bidding terms and information relative to the bonds. In the event of a variance between statements in this Notice of Bond Sale and the Official Statement bidders must comply with the terms of the latter. BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller City Administrator Dated: July 2 2 , 19 91. STATE OF MINNESOTA ) COUNTY OF WRIGHT ) CITY OF MONTICELLO ) I, the undersigned, being the duly qualified and acting administrator of the City of Monticello, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Monday, July 22, 1991, with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes, insofar as they relate to the issuance and sale of $515, 000 General Obligation Improvement Bonds Series 1991A of the City. WITNESS My hand as City Administrator and the corporate seal of the City this 22nd day of _ .TuiX , 1991. CDfj Administrator City of Monticello, Minnesota (SEAL) 16655 West Bluemound Road Suite 290 Brookfield, WI 53005-5935 (414) 782-8222 Fax: (414) 782-2904 2739 Second Avenue S.E. Cedar Rapids, IA 52403-1434 (319) 363-2221 Fax: (319) 363-6999 July 25, 1991 SPRINGSTED PUBLIC FINANCE ADVISORS 85 East Seventh Place Suite 100 Saint Paul, MN 551 01-21 43 (612) 223-3000 Fax: (612) 223-3002 Mr. Rick Wolfsteller, Administrator City of Monticello 250 East Broadway Monticello, MN 55362 6800 College Boulevard Suite 600 Overland Park, KS 6621 1-1 533 (913) 345-8062 Fax: (913) 345-1770 222 South Ninth Street Suite 2825 Minneapolis, MN 55402-3368 (612) 333-9177 Fax: (612) 333-2363 RE: $515,000 General Obligation Improvement Bonds, Series 1991A Dear Mr. Wolf steller : Enclosed you will find a corrected resolution for the action taken on July 22nd. The resolution previously sent to you did not reflect the shortened maturity schedule and should therefore be disregarded. Please sign and seal thelast page of this resolution and retain for your record. If you have any questions, please feel free to call me. Sincerely, Carol Kraus Legal Liaison Enclosure