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Home My WebLink About93-49 ( The Council then proceeded to consider and discuss the .bids, after which member Kedrowski introduced the following resolution and moved its adoption: Resolution Number 93- 49 RESOLUTION ACCEPTING BID ON SALE OF $3,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1993, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF 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 $3,000,000 General Obligation Improvement Bonds of 1993 of the City, pursuant to Minnesota statutes, Chapters 429 and 475, to finance the construction of various improvements in the City (the "Improvements"); and B. WHEREAS, the Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Improvements or all their components by general nature, estimated cost, and area to be assessed; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Prior Lake, Minnesota, as follows: 1. Acceotance of Bid. The bid of Clayton Brown and Associates, Inc. (the "Purchaser"), to purchase $3,000,000 General Obligation Improvement Bonds of 1993 of the City (the "Bonds", or individually a "Bond"), in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 2,941,222.1Q plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable bid received and is hereby accepted, and the Bonds are hereby awarded to said bidder. The Manager is directed to retain the deposit of said bidder and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Title: Oriainal Issue Date: Denominations: Maturities. The Bonds shall be titled "General Obligation Improvement Bonds of 1993", shall be dated July 1, 1993, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-l upward in the denomination of $5,000 each or in any 241363 2 ( integral multiple thereof of a single maturity. The Bonds shall mature on December 1 in the years and amounts as follows: Year Amount Year Amount 1994 $210,000 2000 $295,000 1995 220,000 2001 310,000 1996 230,000 2002 335,000 1997 245,000 2003 370,000 1998 260,000 2004-2008 50,000 1999 275,000 All dates are inclusive. 3. Puroose. The Bonds shall provide funds to finance the Improvements. The total cost of the Improvements, which shall include all costs enumerated in Minnesota statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Improvements 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 work on the Improvements proceeds with due diligence to completion and that any and all permits and studies required under law for the Improvements are obtained. 4. Interest. The Bonds shall bear interest payable semiannually on June 1 and December 1 of each year (each, an "Interest Payment Date"), commencing December 1, 1993, 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: Maturity Interest Maturity Interest Year Rate Year Rate 1994 4.25 % . 2002 4.30 % 1995 4.30 2003 4.30 1996 4.30 2004 4.375 1997 4.30 2005 4.375 1998 4.30 2006 4.375 1999 4.30 2007 4.375 2000 4.30 2008 4.375 2001 4.30 5. RedemDtion. All Bonds maturing in the years 1999 to 2008, both inclusive, shall be subject to redemption and prepayment at the option of the city on December 1, 1998, and on any Interest Payment Date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the 241363 3 Bonds sUbject to prepayment. If redemption is in part, those 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 b~ chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretiort, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the holder thereof or his, her or its attorney duly authorized in writing) and the city shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. 6. Bond Registrar. Firstar Trust Company, in Milwaukee, Wisconsin, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12 of this resolution. 241363 4 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: June 21, 1993 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 June, 1993, at 7:30 P.M., for the purpose, in part, of considering bids for, and awarding the sale of, $3,000,000 General Obligation Improvement Bonds of 1993 of the city. White, Kedro~~~ aRJ-~iftfg members were present: Mayor Andren, Councilmembers and the following were absent: Fitzgerald The Manager presented affidavits showing pUblication of notice of call for bids on $3,000,000 General Obligation Improvement Bonds of 1993 of the City, for which bids were to be received this same day, in accordance with the resolution adopted by the City council on May 17, 1993. The affidavits were examined, were found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. The following bids were received, opened and recorded at 11:00 A.M., Central Time, at the offices of Juran & Moody, Inc., in the presence of the Manager, or designee, on this same day: Bidder Interest Rate Net Interest Cost see next page. 241363 7. Form of Bond. The Bonds, together with the Bond Registrar's certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the following form: 241363 5