Loading...
City Council Resolution 1988-43l CITY OF MONTICELLO, MINNESOTA RESOLUTION NO. 8 g- 4 3 RESOLUTION PROVID 0 GENERAL OBL GATION ND SALE OF 51,100,00 WATER SYSTEM BONDS, SERIES 1988B OF THE CITY OF MONTICELLO, MINNESOTA BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (the "City") as follows: 1, Findin sg~, Authorization. 1.1. It is hereby found, determinant of t e City for the City to issues is expedient to the sound financial managem general obligation water system bonstemo fac litues (the "Pr jeC ~~g funds to finance the construction of certain water sy 1.2. The City is authorized tocostseof t eeProjectband to provide fort e purpose of providing funds to meet the issuance of such bonds in the manner provided by, and subject to the limitations of, Minn_ esota Statutes, Chapter 475. 1.3. Pursuant to Minim a SSettember 13, 19 875n5regard to the nss ante eligible voters of the City was held on P roved by a vote of 177 in of such bonds. Issuance of bonds for the Project was app favor and 26 against. 2, Sale of Bonds. 2.1. In order to provide funds to pay a portion of to construction costs of the Project, the City shall issue its Genael a uOb oga~l 1 0 OOO.SyAny excess of the 1988B (the 'Bonds") in the principal 083 500 shall be credited to the purchase price of the Bonds over the i terest f rst due on the Bonds. debt service fund for the Bonds to pay 2.2. The Bonds shall be issued etolas Exhibet A red in accordance with the Official Terms of Offering attached he 3, Award of Bonds Advertisement, Meetin . 3.1. The Administrator of the City is authorized and directed to cause advertisement for sealed bids for thetuteshaChaptere 475,dsand bin panys additional manner required by Minnesota Sta Such publications as the Admis shall be in substanteally the following formle. advertisement for sealed bid 1 OFFICIAL NOTICE OF SALE $1,100,000 GENERAL OBLIGATION WATER SYSTEM BONDS, SERIES 1988B CITY OF MONTICELLO, MINNESOTA Notice is hereby given that the City of Monticello, Minnesota (the "City") will receive sealed bids on Monday, November 14, 1988. Bids will be received by the City Administrator or his designee until 12:00 Noon, Central Time, at the officies of SPRINGSTED Incorporated, at which time they will be opened and tabulated for consideration and award by the City Council at a regular meeting of the Council at 7:30 p.m., Central Time, on that date. The Bonds will be dated December 1, 1988, will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1989. The Bonds will be issued in integral multiples of $5,000 of a single maturity, as requested by the Purchaser, and will be fully registered as to principal and interest. The Bonds will mature February 1 in the amounts and years as follows: Year Amount Year Amount 1990 $ 30,000 1998 $ 75,000 1991 50,000 1999 80,000 1992 50,000 2000 85,000 1993 55,000 2001 95,000 1994 60,000 2002 100,000 1995 65,000 2003 105,000 1996 65,000 2004 115,000 1997 70,000 Bonds due on or after February 1, 2000 will be subject to redemption, in whole or in part at par plus accrued interest, at the City's option on February 1, 1999, and on any interest payment date thereafter. If less than all of the Bonds are redeemed, Bonds will be redeemed in reverse order of maturity and by lot within a single maturity. The City will furnish the approving legal opinion of Holmes do Graven, Chartered, of Minneapolis, Minnesota. A copy of the legal opinion will be reproduced on the printed Bonds. Copies of the detailed Official Terms of Offering and additional information may be obtained from the Administrator of the City or from Springsted Incorporated, Suite 100, 85 East Seventh Place, St. Paul, Minnesota 55101. Dated: October 11, 1988 BY ORDER OF THE CITY COUNCIL 3.2. Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, November 14, 1988 at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated. Consideration for award of the Bonds will be by the City Council at 7:30 p.m., Central Time, of the same day. Adopted by the City Council of the City of Monticello this 11th day of October, 1988. Mayor Attest: I w J~'~`~ Admi trator 3 BXHIBIT A ' OFFICIAL TERMS OF OFFERING $ 1,100,000 CITY OF MONTICELLO, MINNESOTA GENERAL OBLIGATION WATER SYSTEM BONDS, SERIES t 9888 Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, November 14, 1988 at 12:00 Noon, Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated December I, 1988, as the date of original issue, and will bear interest payable on February I and August I of each year, commencing August 1, 1989. Interest will be computed upon the basis of a 360~iay 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 his address as it appears on the books of the Registrar as of the 15th day of the calendar month next preceding the interest payment. The Bonds will mature February I in the amounts and years as follows: $30,000 1990 $65,000 1995-1996 $80,000 1999 $100,000 2002 $50,000 1991-1992 $70,000 1997 $85,000 2000 $105,000 2003 $55,000 1993 $75,000 1998 $95,000 2001 $115,000 2004 $60,000 1994 OPTIONAL REDEMPTION The City may elect on February I, 1999, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 2000. 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 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. The proceeds will be used to finance the construction of a water storage facility and other improvements to the City's water utility system. TYPE OF BID A sealed bid for not less than $1,083,500 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 $I 1,000. 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 S/100 or I/8 of I%. No rate for any maturity shall be more than I.0% 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. 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 I:00 P. M., 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 noncompliance with said terms for payment. 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 25 copies of the Official Statement. Dated October I I, 1988 BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller Administrator CERTIFICATION OF NIINUTES Municipality: City of Monticello, Minnesota Governing body: City Council Meeting: A meeting of the City Council of the City of Monticello, Minnesota held on the 11th day of October, 1988, at 7:30 p.m. at the City Hall in the City of Monticello, Minnesota. Members Mayor Arve Grimsmo, Dan Blonigan, William Fair and V1~arren present: Smith Members absent: Frances Fair Documents: A copy of a resolution adopted by the City Council of the City of Monticello at said meeting. Certification: I, Rick Wolfsteller, City Administrator of the City of Monticello do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Monticello, which resolution was adopted by the City Council, at the meeting referred to above. Said meeting was a regular meeting of the City Council, was open to the public, and was held at the time and place at which meetings of the City Council are regularly held. Member Blonigan moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Member W. Fair. A vote being taken on the motion, the following voted in favor of the resolution: All members and the following voted against the resolution: None 1 • ~. Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Monticello which would in any way alter or amend the attached resolution. Witness my hand officially as the City Administrator of the City of Monticello, Minnesota, this ~ day of October, 1988. City Ad~rf inistrator 2