HomeMy WebLinkAbout95-84
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: August 21, 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 held at the City Hall in said City on
Monday, the 21st day of August, 1995, at 7:30 o'clock, ~.m., for
the purpose, in part, of authorizing issuance of, and awarding
the sale of, $400,000 General Obligation Equipment Certificates
of 1995 of the City.
The following members were present:
Andren, Greenfield, Kedrowski and Scott
and the following were absent:
Schenck
Member Kedrowski introduced the following resolution
and moved its adoption:
Resolution Number 95-84
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$400,000 GENERAL OBLIGATION
EQUIPMENT CERTIFICATES OF 1995
A. WHEREAS, the City Council of the City of Prior
Lake, Minnesota (the "City"), has heretofore determined and
declared that it is necessary and expedient to issue $400,000
General Obligation Equipment Certificates of 1995 (the
"Certificates") pursuant to Minnesota Statutes, Chapters 475 and
Minnesota Statutes, Section 412.301, to finance the acquisition
of various capital equipment for the City (the "Equipment"); and
B. WHEREAS, each item of Equipment to be financed by
the Certificates has an expected useful life at least as long as
the term of the Certificates; and
C. WHEREAS, the principal amount of the Certificates
does not exceed 0.25% of the market value of the City; and
D. WHEREAS, no other obligations have been sold
pursuant to a private sale within the last twelve (12) calendar
months of the date hereof which when combined with this issue
would exceed the $1,200,000 limitation on negotiated sales as
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required by Minnesota Statutes, Section 475.60, subdivision 2(2);
and
E. WHEREAS, the offers set forth on Exhibit A
attached hereto were received and opened in the presence of the
City Manager, or designee, at the City Hall, earlier this same
day; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Prior Lake, Minnesota, as follows:
1. Acceptance of Offer. The offer of Prior Lake State Bank
(the "Purchaser"), to purchase the Certificates of the City (or
individually a "Certificate"), at the rates of interest
hereinafter set forth, and to pay therefor the sum of
$ 400,000.00 , plus interest accrued to settlement, is hereby
found, determined and declared to be the most favorable offer
received and is hereby accepted, and the Bonds are hereby awarded
to the Purchaser.
2. Title: Original Issue Date: Denominations:
Maturities. The Certificates shall be titled "General Obligation
Equipment Certificates of 1995", shall be dated September 1,
1995, as the date of original issue and shall be issued forthwith
on or after such date as fully registered certificates. The
Certificates shall be numbered from R-1 upward in the denomin-
ation of $5,000 each or in any integral multiple thereof of a
single maturity. The Certificates shall mature, without option
of prepayment, on December 1 in the years and amounts as follows:
Amount
Year
Amount
Year
1996
1997
$90,000
95,000
1998
1999
$105,000
110,000
3. Pu~ose. The Certificates shall provide funds to
finance the Equipment. The total cost of the Equipment, which
shall include all costs enumerated in Minnesota Statutes, Section
475.65, is estimated to be at least equal to the amount of the
Certificates. Acquisition of the Equipment shall proceed with
due diligence to completion. The City covenants that it shall do
all things and perform all acts required of it to assure that
acquisition of the Equipment proceeds with due diligence to
completion.
4. Interest. The Certificates shall bear interest
payable semiannually on June 1 and December 1 of each year (each,
an "Interest Payment Date"), commencing June 1, 1996, calculated
on the basis of a 360-day year of twelve 30-day months, at the
respective rates per annum set forth opposite the maturity years
as follows:
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Maturity
Year
Interest
Rate
Maturity
Year
Interest
Rate
1996
1997
4.40 %
4.60
1998
1999
4.70 %
4.80
5. No Redemption. The Certificates shall not be
subject to redemption and prepayment prior to their maturity.
6. Registrar. City of Prior Lake , in Prior Lake
Minnesota , is appointed to act as registrar and transfer agent
with respect to the Certificates (the "Registrar"), and shall do
so unless and until a successor Registrar is duly appointed, all
pursuant to any contract the City and Registrar shall execute
which is consistent herewith. The Registrar shall also serve as
paying agent unless and until a successor paying agent is duly
appointed. Principal and interest on the Certificates shall be
paid to the registered holders (or record holders) of the
Certificates.
7. Headings. Headings in this resolution are
included for convenience of reference only and are not a part
hereof, and shall not limit or define the meaning of any
provision hereof.
The motion for the adoption of
was duly seconded by member Greenfield
discussion thereof and upon a vote being
following voted in favor thereof:
Andren, Greenfield, Kedrowski and Scott
the foregoing resolution
and, after a full
taken thereon, the
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
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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 compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that
the same is a full, true and complete transcript of the minutes
of a meeting of the City Council of said City, duly called and
held on the date therein indicated, insofar as such minutes
relate to authorizing issuance of, and awarding the sale of,
$400,000 General Obligation Equipment Certificates of 1995 of
said City.
WITNESS
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EXHIBIT A
OFFERS
296372.2