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HomeMy WebLinkAbout95-98 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: September 18, 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 18th day of September, 1995, at 7:30 P.M. for the purpose in part of providing for the sale of the $2,200,000 General Obligation Water and Sewer Revenue Bonds of 1995 of said City. The following members were present: Mayor Andren, Councilmembers Kedrowski, Schenck and Scott; and the following were absent: Councilmember Greenfield. Member Kedrowski introduced the following resolution and moved its adoption: Resolution Number 95-98 RESOLUTION PROVIDING FOR THE SALE OF $2,200,000 GENERAL OBLIGATION WATER AND SEWER REVENUE 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 $2,200,000 General Obligation Water and Sewer Revenue Bonds of 1995 (the "Bonds"), to finance the construction of various improvements to the water and sewer system of 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): 300142.1 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. Authorization: Findings. 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 foregoing resolution was duly seconded by member Schenck and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: All members present; and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted. 300142.1 - 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 $2,200,000 General Obligation Water and Sewer Revenue Bonds of 1995. WITNESS my hand as such Manager this 18th day of September, L 1995. 300142.1 - 3 EXHIBIT A OFFICIAL TERMS OF BOND SALE $2,200,000 GENERAL OBLIGATION WATER AND SEWER REVENUE 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, October 23, 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 5:30 P.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: November 1, 1995. PURPOSE: For the purpose of providing money to finance the construction of various improvements to the water and sewer system of the Issuer. 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: 300142.1 A-1 ,.. Year Amount 1996 $ 55,000 1997 60,000 1998 75,000 1999-2000 80,000 2001-2002 90,000 2003 95,000 2004 105,000 2005 110,000 2006 115,000 2007 120,000 2008 130,000 2009 140,000 2010 150,000 2011 160,000 2012 170,000 2013 180,000 2014 195,000 All dates are inclusive. BOND REGISTRAR: At the option of the Issuer, bonds maturing on or after December 1, 2001 shall be subject to prior payment, on December 1, 2000 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. 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. REDEMPTION: 300142.1 - A-2 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 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 $2,167,000 and accrued interest on the principal sum of $2,200,000 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 $44,000 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 16200 Eagle Creek Avenue Southeast Prior Lake, Minnesota 55372-1714 300142.1 - A-3 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 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 300142.1 A-4 QUALIFIED TAX EXEMPT OBLIGATIONS: CONTINUING DIS- CLOSURE UNDERTAKING AWARD: necessary to compute the yield on the bonds pursuant to the provisions of the Internal Revenue Code of 1986, as amended. 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. The Issuer will covenant in the resolution awarding the sale of the bonds and in a Continuing Disclosure Undertaking to provide, or cause to be provided, annual financial information, including audited financial statements of the Issuer, and notices of certain material events, as required by SEC Rule 15c2-12. 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: September 18, 1995. Additional information may be obtained from: BY ORDER OF THE CITY COUNCIL /s/ Frank Boyles City Manager JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert Street Suite 800 St. Paul, Minnesota 55101-2091 Telephone No.: (612) 224-1500 300142.1 - A-S