Loading...
City Council Resolution 1986-1714IOIvTICELi,O R.ESULUTION NO. 86-17 RESOLUTION PROVIDING FOR THE LSSUAivCE AND SALE UF' X385,000 GENERAL OBLIGATION INiPkUVENlENT bUIVDS, SERIES 1986A OF THE CITY OF I4IUNTICELLO, iViINNESOTA 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 financial management of the Issuer for the Issuer to issue its general obligation improvement bonds for the purpose of providing funds to pay the costs of certain street and sewer improvements (the Improvements") undertaken by the Issuer pursuant to Minnesota Statutes, Chapter 42 y. 1.2 The Issuer is authorized by Minnesota Statutes, Section 429.091 to (a) issue its general obligation bonds for the purpose of providing funds to meet the costs of the Improvements; 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. Improvements,nthe Issue shall lissueu ds Gene ay the construction costs of the Series 1986A (the "Bonds") in the principal amou t of 1$385 OUO mAny excess of the purchase price of the Bonds over the sum of $379,225 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 Meetin . 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 ;385,000 GENERAL OBLIGATION IMPROYEMEIrT 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, July 28, 1986. Bids will be received by the City Administrator or his designee until 1:30 P.1V1., Central 'l'ime, at the offices of SPkIIv GST~;D 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 August 1, 1986, will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1987. The Bonds will be issued in integral multiples of X5,000 of a single maturity, as requested by the Purchaser, and will be fully registered as to principal and interest. The lsonds will mature February 1 in the amounts and years as follows: Year Amount Year Amount 1589 X20,000 1996 $25,000 1990 20,000 1997 30,000 1591 20,000 1998 30,000 1992 20,000 1999 35,000 1993 25,000 2000 35,000 1994 25,000 2001 35,000 1595 25,000 2002 40,000 In the event that pursuant to federal laws and regulations the City 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 redeerri Bonds on any date after notice is given pursuant to law. If less than all the Bonds are redeemed, t3onds will be redeemed in reverse order of maturity and by lot within a single maturity. 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 & 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: June 23, 1986 BY OHDEk OF THE CITY COUNCIL 2 3.2. Sealed bids for the Bonds will be opened by the City Administrator or his designee on Ylonday, July 28, 1586, at 1:30 I?.NI., Central Time, at the offices of S1~RIivGSTEL Incorporated. Consideration for award of the Bonds will be by the City Council at 7:30 I?.iYI., Central Time, of the same day. Adopted by the City Council of the City of Monticello this 23rd day of June, 1986. Offered by: F. Fair Seconded by: W, Fair Roll Call: F. Fair, W. Fair & Mayor Grimsmo Clerk-A inistrator ~_-~ --~- iYlayor 3 Exhibit A OFFICIAL TERMS OF OFFERING $385,000 CITY OF MONTICELLO, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, July 28, 1986, at 1:30 P. M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, 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 August I, 1986, as the date of original issue, and will bear interest payable on February I and August I of each year, commencing August 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: $20,000 1989-1992 $30,000 1997-1998 $35,000 1999-2001 $40,000 2002 $25,000 1993-1996 MANDATORY REDEMPTION In the event that pursuant to federal laws and regulations the City 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. OPTIONAL REDEMPTION 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 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. In addition the City will pledge special assessments against benefited property. The proceeds will be used to finance various improvements in the City. TYPE OF BID A sealed bid for not less than $379,225 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 $3,850, 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.0%. No rate for any maturity shall be more than I.5°'o 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. A single typewritten Bond for each maturity may be provided at settlement, which Bonds will be exchanged for printed Bonds within said 40-day period. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Holmes 8~ 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. ettlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the ity, 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 Ci.ty's Financial Advisor prior to the bid opening. The Purchaser will be provided with 20 copies of the Official Statement. Dated June 23, 1986 BY ORDER OF THE CITY COUNCIL /s/ Thomas A. Eidem City Administrator CERTIFICATION OF IriINUTES Municipality: City of Nionticello, Minnesota Governing body: City Council Meeting: A meeting of the City Council of the City of Nionticello, Minnesota held on the 23rd day of June, 1986, at 7:30 p.m. at the City Nlunicipal Building in the City of Nionticello, Nlinnesota. Members present: F. Fair, W. Fair & Mayor Grimsmo Members absent: Blonigen & Maxwell Documents: A copy of a resolution adopted by the City Council of the City of Monticello at said meeting. Certification: 1, Thomas A Eidem , Citv Administrator of the City of Nionticello 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 Nionticello, which resolution was adopted by the City Council, at the meeting referred to above. Said meeting was a re¢ular 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. NIember F. Fair 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 present and the following voted against the resolution: None 1 4Ghereupon 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 Gity of Monticello which would in any way alter or amend the attached resolution. Witness my hand officially as the Clerk-Administrator of the City of Monticello, Minnesota, this 23rd day of June, 158 . / w Clerk-A ministrator 2