HomeMy WebLinkAbout91-05
EXTRACT OF MINUTES OF A MEETING or THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: February 4, 1991
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 4th day of February, 1991, at 7:30 o'clockP .M.
- -
The following members were present: Mayor Andren, Councilmembers
Fitzgerald, Larson, Scott and White.
and the following were absent:
Member John Fitz~erald introduced the following
resolution and moved lts adoption:
Resolution Humber 91-05
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $525,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
BE IT RESOLVED by the City Council of the City of Prior
Lake, Minnesota, as follows:
1. Findina: Amount and PurDose. It is hereby found,
determined and declared that this City should issue $525,000
General Obligation Improvement Bonds of 1991 (the "Bonds") to
finance the construction of various improvements in 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
Bonds.
3. Meetinq. 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 Bonds.
12983
4. Notice of Bond 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 Bond Sale. The terms and conditions
of said Bonds and the sale thereof are fully set forth in the
"Official Terms of Bond Sale" attached hereto as Exhibit Band
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 Bonds.
The motion for the adoption of the foregoing resolution was
duly seconded by member Carol Scott 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.
'2983
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 $525,000 General Obligation Improvement Bonds of 1991 of
said City.
WITNESS my hand as such Manager and the official seal of the
ci ty this ....5!IL day of February
, 1991.
C1.
( SEAL)
12983
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
12983
~-'''''''-~'''-'''._-''''''''- .'; '~""""">"--"'""''~''"'''-''''''' ._."'......_"-~.,._""_.~'-'........-."_."._---
EXHIBIT A
NOTICE OF CERTIFICATE SALE
$375,000
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991
Sealed bids on these certificates will be opened and considered
for 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.
The certificates will be dated March 1, 1991 and interest will be
payable December 1, 1991 and semiannually thereafter. The Issuer
will designate the certificates as qualified tax-exempt
obligations. The certificates will mature, without option of
prepayment, on December 1 in the years and amounts as follows:
Year
Amount
I.uI:
Amount
1992
1993
$85,000
90,000
1994
1995
$ 95,000
105,000
An approving legal opinion will be furnished by Briggs and
Morgan, Professional Association, of st. Paul and Minneapolis,
Minnesota. The proceeds will be used to provide funds to finance
the acquisition of various capital equipment for the City.
Bidders should be aware that the Official Terms of Certificate
Sale to be published in the Official statement for the sale may
contain additional bidding terms and information relative to the
Issue. In the event of a variance between statements in this
Notice of Certificate Sale and said Official Terms of Certificate
Sale the provisions of the latter shall be those to be complied
with.
12982
EXHIBIT A
NOTICE OF BOND SALE
$525,000
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
Sealed bids on these bonds will be opened and considered for
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. The
bonds will be dated March 1, 1991 and interest will be payable
December 1, 1991 and semiannually thereafter. The Issuer will
designate the bonds as qualified tax-exempt obligations. The
bonds will mature on December 1 in the years and amounts as
follows:
Year
Amount
:uw:
Amount
1992-1994
1995-2000
$50,000
45,000
2001-2005
2006-2008
$15,000
10,000
All dates are inclusive.
An approving legal opinion will be furnished by Briggs and
Morgan, Professional Association, of st. Paul and Minneapolis,
Minnesota. The proceeds will be used to finance the construction
of various improvements in the City.
Bidders should be aware that the Official Terms of Bond Sale to
be published in the Official Statement for the sale may contain
additional bidding terms and information relative to the Issue.
In the event of a variance between statements in this Notice of
Bond Sale and said Official Terms of Bond Sale the provisions of
the latter shall be those to be complied with.
12983
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$525,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
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 for these bonds will be
opened and considered for 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 BONDS:
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
DATE OF ORIGINAL
ISSUE OF BONDS:
PURPOSE:
March 1, 1991.
To finance the construction of
various improvements in the City.
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:
~
Amount
1992-1994
1995-2000
2001-2005
2006-2008
$50,000
45,000
15,000
10,000
All dates are inclusive.
12983
REDEMPTION:
At the option of the Issuer, bonds
maturing on or after December 1,
1997 shall be subject to prior
payment, on December 1, 1996 and
any interest payment date there-
after, 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
qate are called for prepayment the
specific bonds to be prepaid shall
be chosen by lot by the Registrar.
BOND REGISTRAR:
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 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 charge for the
assignment of CUSIP identification
numbers shall be paid by the
Purchaser.
12983
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
$515,550 and accrued interest on
the principal sum of $525,000 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 uncon-
ditional except as to legality. A
certified or cashier's check in the
amount of $10,500 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
bonds should be addressed to:
RATES:
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 1t.
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.
12983
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 thA bond.
pursuant to the provisions of the
Internal Revenue Code of 1986, as
amended.
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: February 4, 1991
BY ORDER OF THE CITY COUNCIL
Is/ 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
12983