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Home My WebLink About91-04 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: February 4, 1991 Pursuant to due call and notice thereof, a reqular 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 4th day of February, 1991, at ~ o'clock ~.M. The following members were present: Mayor Andren, Councilmembers Fitzgerald, Larson, Scott and White. and the following were absent: None Member Gene White introduced the following resolution and moved its adoption: Resolution Humber 91-04 RESOLUTION PROVIDING FOR PUBLIC SALE OF $375,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991 BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. Findinas: Amount and PurDose. It is hereby found that the amount of the certificates to be issued, together with the General Obligation Equipment Certificates of 1990, dated April 1, 1990, does not exceed one quarter of one percent (0.25\> of the market value of the taxable property in the City, and it is hereby further found, determined and declared that this City should issue $375,000 General Obligation Equipment Certificates of 1991 (the "Certificates") to provide funds to finance the acquisition of various capital equipment for the City. 2. ADDointment of Financial Advisor. The City Council does hereby appoint Juran & Moody, Inc., in st. Paul, Minnesota, to act as its financial advisor to the City for the sale of the Certificates. 12982 ----'----[.-.-...-.-... 3. Meeting. This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of, the certificates. 4. Notice of Certificate Sale. The City Manager is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Northwestern Financial Review not less than ten (10) days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto. 5. Official Terms of Certificate Sale. The terms and conditions of said Certificates and the sale thereof are fully set forth in the "Official Terms of Certificate Sale" attached hereto as Exhibit B and incorporated herein by reference. 6. Official Statement. The City Manager and Finance Director and other officers or employees of the City are hereby authorized to participate in the preparation of an official statement for the Certificates. The motion for the adoption of the foregoing resolution was duly seconded by member Doub Larson and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Mayor Andren, Councilmembers Fitzgerald, Larson, Scott and White. and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. 12982 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 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 the proposed sale of $375,000 General Obligation Equipment Certificates of 1991 of said City. WITNESS my hand as such Manager and the official seal of the ci ty this 4th day of February , 1991. ( SEAL) 12982 3 .~.~.. Dated: February 4, 1991 BY ORDER OF THE CITY COUNCIL Isl David Unmacht 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 12982 '--"~""""'~_""'~_"""'''"___-~'''''~'-''_~_~__''_',,__,_ _",_..._....N_.".w..""._.........~~.~__...._'"'"..__.~___.~.....-_.._.._______.~.._k_...,...a._,...~...~_._,..."..._~_....__"_._..__..___..._~....,..__._..~"._.._..~~,...~_~._.~..~_.__~~,__._~~~__........~".~..,~...__"_.._.,.__,._,..~........_~__.._.,;,_.~,~.............__ -r--~-"- EXHIBIT B OFFICIAL TERMS OF CERTIFICATE SALE $375,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that these certificates will be offered for sale according to the following terms: TIME AND PLACE: Sealed bids for these certificates will be opened and considered tor award on Monday, March 4, 1991, at 7:00 P.M., Central Time, by the City Council at the City Hall in Prior Lake, Minnesota. TYPE OF CERTIFICATES: Fully registered general obligation certificates, $5,000 or larger denominations at the option of the bidder. DATE OF ORIGINAL ISSUE OF CERTIFICATES: March 1, 1991. To provide funds to finance the acquisition of various capital equipment for the City. PURPOSE: INTEREST PAYMENTS: December 1, 1991, and semiannually thereafter on June 1 and December 1. MATURITIES: December 1 in each of the years and amounts as follows: 12982 ~--~~-~-".........,....".......,"..._.,..-".,_.,.,.......,-,~.<~,.;.~.-".....,"""-'"-"~....,--.......',."--"".'-",.".-----....,--..,~.~_._...."'~"..- _'__'"'~'~'_'~e."'"'_'_'_"'_,"~'"_,,,,<,,__~"""'__~,~,,,..----..-.""*'__'_"_...._.".."..>..,_._._"'~_'_~,._.._._~_____~.~~.____............_._"__.....~_..-. :au: Amount 1992 $ 85,000 1993 90,000 1994 95,000 1995 105,000 NO REDEMPTION: The certificates are not subject to redemption and prepayment prior to their maturity. The successful bidder will name the Registrar and paying agent which shall be subject to applicable SEC regulations and to the approval of the Issuer. Principal will be payable at the main corporate office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of the certificate 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. If the certificates qualify for assignment of CUSIP numbers such numbers will be printed on the certificates, but neither the failure to print such numbers on any certificate 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 certificates 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. Forty days after award subject to approving legal opinion of Briggs and Morgan, Professional Association, of st. Paul and Minneapolis, Minnesota. CERTIFICATE REGISTRAR: CUSIP NUMBERS: DELIVERY: 12982 certificate 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 certificates at the request of the successful bidder. TYPE OF BID: Sealed bids of not less than $369,375 and accrued interest on the principal sum of $375,000 from date of original issue of the certificates 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 in the amount of $7,500, payable to the order of the Finance Director of the Issuer must accompany each bid, to be forfeited as liquidated damages if bidder fails to comply with accepted bid. Bids for the certificates should be addressed to: INFORMATION FROM PURCHASER: Ralph Teschner Finance Director City Hall 4629 Dakota street Southeast Prior Lake, MN 55372 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 certificates 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 certificates of any preceding maturities. The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial offering RATES: 12982 ~"--------.......,.-----'-"" price of the certificates necessary to compute the yield on the certificates pursuant to the provisions of the Internal Revenue Code of 1986, as amended. QUALIFIED TAX EXEMPT OBLIGATIONS: The Issuer will designate the certificates 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 certificates 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: February 4, 1991 BY ORDER OF THE CITY COUNCIL Isl David Unmacht 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 12982 """"............-.- ... .._~. " ............-.,.-..........-............---........-------..-....-.......,.-......