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City Council Resolution 1986-04MONTICELLO RESOLUTION NO. 86-4 .:ESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF :1,050,000 GENERAL OBLIGATION SEWER INTERCEPTOR BONDS, SERIES 1986A OF THE CITY OF MONTICELLO, MINNESOTA It is hereby resolved by the City Council of the City of Monticello (the "Issuer") as follows: 1. Findings, Authorization. 1.1 It is hereby found and determined that it is necessary and expedient to the sound financia management of the Issuer for the Issuer to issue its general obligation sewer interceptor bonds in order to provide funds for construction of improvements to the Issuer's sewer interceptor system (the "Project") ordered by the Minnesota Pollution Control Agency pursuant to Minnesota Statutes, Section 115. 1.2 The Issuer is authorized by Minnesota Statutes, Section 115.46 to (a) issue its general obligation bonds for the purpose of providing funds to meet the costs of such construction; and (b) to provide for the issuance of such bonds in the manner provided by, and subject to the limitations of, Minnesota Statutes, Chapter 475. 2. Sale of Bonds. 2.1 in order to provide funds to pay the construction costs of the Project, the Issuer shall issue its General Obligation Sewer Interceptor Bonds, Series 1986A (the "Bonds") in the principal amount of S1,OSO,OOz. Any excess of the purchase price of the Bonds over the sum of 51,034,250 shall be credited to the debt service fund for the Bonds to pay interest first due on the Bonds. 2.2 The Bonds shall be issued, sold and delivered in accordance with the Official Terms of Bond Offering, attached hereto as Appendix A. 3. Award of Bonds, Advertisement, Meeting. 3.1 The Clerk-Administrator of the Issuer is authorized and directed to cause advertisement for sealed bids for the purchase of the Bonds to be published in the manner required by Minnesota Statutes, Chapter 475, and in any additional publications as the Clerk-Administrator may determine to be suitable. Such advertisement for sealed bids shall be in substantially the following form; OFFICIAL NOTICE OF SALE $1,050,000 3ENERAL OBLIGATION SEWER INTERCEPTOR BONDS, SERIES 1986A CITY OF MONTICELLO, MINNESOTA Notice is hereby given that the City of Monticello, Minnesota (the "City") will receive sealed bids on Monday, April 14, 1986. Bids will be received by the City Administrator or his designee until 12:00 Noon, Central Time, at the offices 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 May 1, 1986, will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1987. 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 1989 $45,000 1996 $75,000 1990 50,000 1997 80,000 1991 55,000 1998 85,000 1992 55,000 1999 90,000 1993 60,000 2000 100,000 1994 65,000 2001 105,000 1995 70,000 2002 115,000 Bonds due on or after February 1, 1997 will be subject to redemption, in whole or in part at par plus accrued interest, at the City's option on February 1, 1996, 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 ~C 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 Clerk-Administrator of the City or from Springsted, Incorporated, Suite 100, 85 East Seventh Place, St. Paul, Minnesota 55101. Dated: March 10, 1986 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, April 14, 1986, 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. 2 Adopted by the City Council of the City of Monticello this 10th day of Mareh, 1986. Offered by: Maxwell Seconded by: Blonigen Roll C811: Aye: B. Fair, J. Maxwell, D. Blonigen & Mayor A. Grimsmo Nay: None Mayor Clerk-Administrator 3 Appendix A OFFICIAL TERMS OF OFFERING $1,050,000 CITY OF MONTICELLO, MINI~SOTA GENERAL OBLIGATION SEWER INTERCEPTOR BONDS, SERIES 1986A Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, April 14, 1986, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, Financial Advisor to the City, 85 East 7th Place, Saint Paul, Minnesota. 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 May I, 1986 as the date of original issue, and will bear interest payable on February I and August I of each year, commencing February I, 1987. Interest will be computed upon 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 integral multiples of $5,000 of a single maturity, 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 of the calendar month next preceding the interest payment. The Bonds will mature February I in the amounts and years as follows: $45,000 1989 $65,000 1994 $80,000 1997 $100,000 2000 $50,000 1990 $70,000 1995 $85,000 1998 $105,000 2001 $55,000 1991-1992 $75,000 1996 $90,000 1999 $!15,000 2002 $60,000 1993 MANDATORY CALL The City may elect on February I, 1996, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1997. 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 {ot by the Registrar. All prepayments shall be at a price of par and accrued interest. MANDATORY REDEMPTION In the event that pursuant to federal laws and regulations, the City, upon advice of bond counsel, is required to use unexpended Bond proceeds for early redemption of Bonds in order to continue exemption of the Bonds from federal taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date after notice is .given pursuant to law. 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 such prepayments shall be at a price of 102% plus 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 improvements to the City's interceptor sewer system. TYPE OF BID A sealed bid for not less than $1,034,250 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 $10,500, 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 19'0. No rate for any maturity shall be more than 1.5°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 of the day of settlement. 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. settlement the Purchaser will be furnished with a certificate, signed by appropriate officers f the City, to the effect that the Official Statement 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 to make the statements therein, in light of the circumstances under which they were made, not misleading. 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 March 10, 1986 BY ORDER OF THE CITY COUNCIL /s/ Thomas A. Eidem City Administrator SPRINGSTED INCORF'012ATFD Public Finance Ads 85 East Sevonth Plt~, ~ ~ IOi? Saint Pahl.,tiginn~;~.~~' S5101~21.13 61222.`' aCd1n March 12, 1986 Mr. Thomas A. Eidem, Administrator City Hall 250 E. Broadway Monticello, MN 55362 RE: $1,050,000 G.O. Sewer Interceptor Bonds, Series 1986A Dear Mr. Eidem: Enclosed you will find a completed copy of the resolution providing for the sale of these bonds. This is for your files. If you have any questions, please feel free to call me. Sincerely, ~OVwL,vj ~M~i1 Nancy Langlness ~~~~~ Assistant Vice President Enclosures /cep RESOLUTION 86-5 RESOLUTION SUPPORTING LOCAL OUTDOOR RECREATION FUNDING A resolution supporting the Presidents Commission on Americans Outdoors (PCAO), the Commission on Minnesotans Outdoors (COMO), and the revitalization of Minnesota's local and regional recreation grant programs. WHEREAS, PCAO and COMO will study public and private outdoor recreation patterns; and WHEREAS, PCAO and COMO will prepare findings and recommendations to the President and Congress and the Governor and Legislature; and WHEREAS, PCAO and COMO are requesting input from traditional recreation providers; and WHEREAS, the City of Monticello has a history dedicated to acquiring and developing parks and open space facilities in the public interest, and WHEREAS, without the assistance of the federal Land and Water Conservation Fund (LAWCON), the State Legislative Commission on Minnesota Resources Fund (LCMR) and the Regional Recreation Open Space Capital Grants Program, many of the existing recreation amenities would not have been possible; and WHEREAS, there is a continuing need to expand and improve outdoor recreation opportunities in the City of Monticello and to plan for the recreation opportunities of generations to come; and WHEREAS, the LAWCON, LCMR, and the Regional Recreation Open Space Capital grants programs provide additional benefits to local communities by strengthening the statewide tourism market, by creating local jobs, by promoting volunteerism, and by conserving our natural heritage. NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF MONTICELLO hereby recommends that the recently created Presidents Commission on Americans Outdoors and the state's Commission on Minnesotans Outdoors strongly consider, in their findings, the present and future need to expand local and regional outdoor recreation opportunities in Minnesota and throughout the Nation. BE IT FURTHER RESOLVED THAT the City of Monticello recommends a strengthening and revitalized commitment by the United States and State of Minnesota to financially assist local governments in their efforts to continue developing the recreation estate by creating a dedicated trust fund for that purpose. Adopted this 10th day of March, 1986. Thomas A Eidem City Administrator Arve A. Grimsmo, Mayor