HomeMy WebLinkAbout91-45
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: December 16, 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 16th day of December, 1991, at 7:10 o'clock p.M.
The following members were present:
Andren, Fitzgerald, Larson, Scott and White
and the following were absent: None
Member Larson introduced the following
resolution and moved its adoption:
Resolution Number 91-45
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $4,230,000
GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1992
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 $4,230,000
General Obligation Advance Refunding Bonds of 1992 (the "Bonds")
to defray the expense of refunding in advance of maturity the
outstanding bonds of the following issues: (a) General
Obligation Im~rovement Bonds of 1986, dated February 1, 1986; and
(b) General Obligation Water Revenue Bonds of 1987, dated October
1, 1987.
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.
26023
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: December 16, 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
26023
3. Meetina: Bid ODenina. This Council shall meet at the
time and place specified in the form of notice 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 Notice of
Bond Sale.
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 the 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, 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 White and, after full
discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: Andren, Fitzgerald, Larson, Scott
and White
and the following voted against the same: None
Whereupon said resolution was declared duly passed and
adopted.
26023
2
STATE OF MINNESOTA
SCOTT COUNTY
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 $4,230,000 General Obligation Advance Refunding Bonds of
1992 of said city.
WITNESS my hand as such Manager and the official seal of the
City this -11- day of December, 1991.
(SEAL)
26023
3
EXHIBIT A
NOTICE OF BOND SALE
$4,230,000
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1992
Sealed bids on these bonds will be opened by the City Manager, or
designee, on Monday, January 13, 1992, at 1:00 P.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 and the award of sale will be by the
City Council at the City Hall in Prior Lake, Minnesota, at 5:00
P.M. the same day. The bonds will be dated February 1, 1992, and
interest will be payable June 1, 1992, and semiannually there-
after. The bonds will mature on December 1, in the years and
amounts as follows:
Year Amount Year Amount
1992-1994 $305,000 2002 $280,000
1995 310,000 2003 285,000
1996-1997 305,000 2004 295,000
1998 260,000 2005 205,000
1999-2000 265,000 2006 140,000
2001 270,000 2007 130,000
All dates are inclusive.
An approving legal opinion will be furnished by Briggs and
Morgan, Professional Association, of st. Paul and Minneapolis,
Minnesota.
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.
26023
Dated: December 16, 1991
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
26023
BY ORDER OF THE CITY COUNCIL
Isl David Unmacht
City Manager
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$4,230,1>00
GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1992
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TYPE OF BONDS:
Sealed bids for these bonds will be
opened by the City Manager, or
designee, on Monday, January 13,
1992, at 1:00 P.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 and the award of sale will be
by the City Council at the City
Hall in Prior Lake, Minnesota, at
5:00 P.M. the same day.
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
TIME AND PLACE:
DATE OF ORIGINAL
ISSUE OF BONDS:
February 1, 1992.
To defray the expense of refunding
in advance of maturity the
outstanding bonds of the following
issues: (a) General Obligation
Improvement Bonds of 1986, dated
February 1, 1986; and (b) General
Obligation Water Revenue Bonds of
1987, dated October 1, 1987.
PURPOSE:
26023
INTEREST PAYMENTS:
June 1, 1992, and semiannually
thereafter on June 1 and
December 1.
MATURITIES:
December 1, in each of the years
and amounts as follows:
Year
1992-1994
1995
1996-1997
1998
1999-2000
2001
2002
2003
2004
2005
2006
2007
Amount
$305,000
310,000
305,000
260,000
265,000
270,000
280,000
285,000
295,000
205,000
140,000
130,000
REDEMPTION:
All dates are inclusive.
At the option of the Issuer, bonds
maturing on or after December 1,
1996 shall be subject to prior
payment on December 1, 1995, 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 redemp-
tion 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.
The successful bidder will name the
Registrar and paying agent, which
shall be subject to applicable SEe
regulations and to the approval of
the Issuer. Principal will be
payable at the main corporate
office of the Registrar and
BOND REGISTRAR:
26023
"'__H.........,...,.._,,_'...... ~ .__, ...,."'_......'_"""-~__'~'..".m'._'."........_"".._'____'".__~.,__.-;-__'..........'_...~,__
interest will be payable by check
or draft of the Registrar mailed to
the registered holder of the bond
at the 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.
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
$4,187,700 and accrued interest on
the principal sum of $4,230,000
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 in the amount of $84,600
payable to the order of the Finance
26023
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
delivered to Juran & Moody, Inc.,
and addressed to:
Ralph Teschner
City Finance Director
Prior Lake City Hall
4629 Dakota S.E.
Prior Lake, MN 55372
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 necessary to
compute the yield on the bonds
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.
26023