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HomeMy WebLinkAbout95-57 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: July 3, 1995 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior Lake, Scott County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 3rd day of July, 1995, at 7: 30 0' clock P . M. for the purpose in part of providing for the sale of the $950,000 General Obligation Improvement Bonds of 1995 of said City. The following members were present: Andren, Greenfi el d, Kedrowski, Schenck and Scott and the following were absent: All members present Member Greenfield resolution and moved its adoption: introduced the following Resolution Number 95-57 RESOLUTION PROVIDING FOR THE SALE OF $950,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1995 A. WHEREAS, the City Council of the City of Prior Lake, Minnesota (the "City"), has heretofore determined that it is necessary and expedient to issue the City'S $950,000 General Obligation Improvement Bonds of 1995 (the "Bonds"), to finance the construction of various improvements in the City; and B. WHEREAS, the City has retained Juran & Moody, Inc., in St. Paul, Minnesota ("Juran"), as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9): 294416.1 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. Authorization: Findinas. The Council hereby authorizes Juran to solicit bids for the sale of the Bonds. 2. Meeting: Bid Opening. This Council shall meet at the time and place specified in the Official Terms of Bond Sale attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding the sale of, the Bonds. The City Manager, or designee, shall open bids at the time and place specified in such Official Terms of Bond Sale. 3. Official Terms of Bond Sale. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the "Official Terms of Bond Sale" attached hereto as Exhibit A and hereby made a part hereof. 4. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Juran and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the duly seconded by member Kedrowski discussion thereof and upon a vote following voted in favor thereof: Schenck and Scott foregoing resolution was and, after full being taken thereon, the Andren, f,reenfield, Kedrowski and the following voted against the same: ~on~ Whereupon said resolution was declared duly passed and adopted. 294416.1 2 STATE OF MINNESOTA COUNTY OF SCOTT CITY OF PRIOR LAKE I, the undersigned, being the duly qualified and acting Manager of the City of Prior Lake, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, which are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to said City's $950,000 General Obligation Improvement Bonds of 1995. City day of July, 1995. WITNESS my hand as such 294416.1 3 EXHIBIT A OFFICIAL TERMS OF BOND SALE $950,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1995 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that these bonds will be offered for sale according to the following terms: TIME AND PLACE: Sealed bids will be opened by the City Manager, or designee, on Monday, July 31, 1995, at 11:30 A.M., Central Time, at the offices of Juran & Moody, Inc., 400 North Robert Street, Suite 800, in Saint Paul, Minnesota 55101- 2091. Consideration of the bids for award of the sale will be by the City Council at its meeting in the Prior Lake City Hall beginning at __ __ _.M., on the same day. TYPE OF BONDS: Fully registered general obligation bonds, $5,000 or larger denominations at the option of the bidder. DATE OF ORIGINAL ISSUE OF BONDS: August 1, 1995. PURPOSE: For the purpose of providing money to finance the construction of various improvements in the City. INTEREST PAYMENTS: June 1, 1996, and semiannually thereafter on June 1 and December 1. MATURITIES: December 1 in each of the years and amounts as follows: 294416.1 A-I Year Amount 1996-1997 1998-1999 2000 2001 2002 2003 2004 2005 $ 80/000 85/000 90/000 95/000 100/000 105/000 110/000 120/000 All dates are inclusive. REDEMPTION: At the option of the Issuer, bonds maturing on or after December 1/ 2000 shall be subject to prior payment, on December 1/ 1999 and any interest payment date thereafter, at a price of par and accrued interest. Redemption may be in whole or in part of the bonds subject to prepayment. If redemption is in part, the bonds remaining unpaid which have the latest maturity date shall be prepaid first and if only part of the bonds having a common maturity date are called for prepayment the specific bonds to be prepaid shall be chosen by lot by the Registrar. BOND REGISTRAR: Principal will be payable at the main corporate office of First Trust National Association, in St. Paul, Minnesota (the "Registrar"). Interest will be payable by check or draft of the Registrar mailed to the registered holder of the bond at his address as it appears on the books of the Registrar. The Issuer will pay reasonable and customary charges 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 shall constitute cause for a failure or refusal by the Purchaser thereof to accept delivery of and pay for the bonds in accordance with terms of the purchase contract. The CUSIP Service Bureau 294416.1 A-2 charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. DELIVERY: Forty days after award subject to approving legal opinion of Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. Bond printing and legal opinion will be paid by the Issuer and delivery will be anywhere in the continental United States without cost to the Purchaser. Legal opinion will be printed on the bonds at the request of the successful bidder. TYPE OF BID: Sealed bids of not less than $931,950 and accrued interest on the principal sum of $950,000 from date of original issue of the bonds to date of delivery must be filed with the undersigned prior to the time of sale. Bids must be unconditional except as to legality. A certified or cashier's check (the "Deposit") in the amount of $19,000 payable to the order of the Finance Director of the Issuer, or a Financial Surety Bond complying with the provisions below, must accompany each bid, to be forfeited as liquidated damages if bidder fails to comply with accepted bid. Bids for the bonds should be delivered to Juran & Moody, Inc., and addressed to: Ralph Teschner Finance Director Prior Lake City Hall 4629 Dakota Street Southeast Prior Lake, Minnesota 55372-1714 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 Issuer. Such bond must be submitted to Juran & Moody, Inc. prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such 294416.1 A-3 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 Juran & Moody, Inc. in the form of a certified or cashier's check or wire transfer as instructed by Juran & Moody, Inc. 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 Issuer to satisfy the Deposit requirement. The Issuer 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 Issuer. No bid can be withdrawn after the time set for receiving bids unless the meeting of the Issuer scheduled for award of the bonds is adjourned, recessed, or continued to another date without award of the bonds having been made. RATES: All rates must be in integral multiples of 1/20th or 1/8th of 1%. No limitation is placed upon the number of rates which may be used. All bonds of the same maturity must bear a single uniform rate from date of issue to maturity and no rate of any maturity may be lower than the highest rate applicable to bonds of any preceding maturities. INFORMATION FROM PURCHASER: The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial offering price of the bonds necessary to compute the yield on the bonds pursuant to the provisions of the Internal Revenue Code of 1986, as amended. 294416.1 A-4 QUALIFIED TAX EXEMPT OBLIGATIONS: The Issuer will designate the bonds as qualified tax exempt obligations for purposes of Section 265(b) (3) of the Internal Revenue Code of 1986, as amended. AWARD: Award will be made solely on the basis of lowest dollar interest cost, determined by addition of any discount to and deduction of any premium from the total interest on all bonds from their date to their stated maturity. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated: July 3, 1995. BY ORDER OF THE CITY COUNCIL /s/ Frank Boyles City Manager Additional information may be obtained from: JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert Street Suite 800 St. Paul, Minnesota 55101-2091 Telephone No. : (612) 224-1500 294416.1 A-5