HomeMy WebLinkAbout92-04
The council then proceeded to consider and discuss the
bids, after which member FitZ\lerald//..introduced., t.h.,e~...,;_.'-
following resolution and moved its adoption: ' .:k ,./
, " j..\-
Resolution Numb~r 92-'04 ;J ~~
RESOLUTION ACCEPTING BI~ON;; SALE OF ""~c1 '
$4,265,000 GENERAL OBLIGATION ADVANCE
REFUNDING BONDS OF 1992,
PROVIDING FOR THEIR ISSUANCE, LEVYING
A TAX FOR THE PAYMENT THEREOF AND
DETERMINING THE FORM AND DETAILS THEREOF
A. WHEREAS, the city of prior Lake, Minnesota (the
"City"), owns and operates a municipal water system (the
"system") as a revenue producing public utility and there are
outstanding: (i) General Obligation Water Revenue Bonds of 1975,
dated April 1, 1975 (the "1975 prior Bonds"): and (ii) General
Obligation Water Revenue Bonds of 1987, dated october 1, 1987
(the "Water Revenue Bonds") (collectively, the "prior BondS"), a
portion of the interest and principal of which constitute prior
liens upon the net revenues of the system: and
B. WHEREAS, the city council of the city has
heretofore determined and declared that it is necessary and
expedient to issue $4,265,000 General Obligation Advance
Refunding Bonds of 1992 of the city, pursuant to Minnesota
statutes, Chapter 475, to provide money, together with other
available funds, to refund in advance of maturity the outstanding
bonds of the following issues: (i) General Obligation Improvement
Bonds of 1986, dated February 1, 1986 (the "Improvement Bonds"):
and (ii) water Revenue Bonds (COllectively, the "Refunded Bonds")
in order to reduce interest costs to the city: and
NOW, THEREFORE, BE IT RESOLVED by the council of the
city of Prior Lake, Minnesota, as followS:
1. ~pceDtance ot B1d. The bid of Dain Bosworth, Inc.
(the "Purchaser"), to purchase $4,265,000 General Obligation
Advance Refunding Bonds of 1992 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 $4,222,350, 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.
26969
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 compared the attached and foreqoinq
extract of minutes with the oriqinal thereof on file in my
office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council of
said City, duly called and held on the date therein indicated,
insofar as such minutes relate to considering bids for, and
awarding the sale of, $4,265,000 General Obligation Advance
Refunding Bonds of 1992 of said City.
WITNESS my hand and the seal of said City this 13th
day of January, 1992.
( SEAL)
26969
28
STATE OF MINNESOTA
COUNTY AUDITOR'S CERTIFICATE
COUNTY OF SCOTT
AS TO TAX LEVY, REGISTRATION
AND CANCELLATION
I, the undersigned, being the duly qualified and acting
County Auditor of Scott County, Minnesota, DO HEREBY CERTIFY that
~/}
on the ~ day Of~~Y, 1992, there was filed in my office a
certified copy of a resolution adopted on January 13, 1992 by the
City Council of the City of Prior Lake of said County,
authorizing the issuance of $4,265,000 General Obligation Advance
Refunding Bonds of 1992 of said City, and levying a tax for the
payment thereof, together with full information regarding the
obligations for which the tax was levied; and said obligations
have been entered in my Bond Register and the tax levy required
by law has been made.
I further certify that the tax levy made for the bonds
to be refunded by the Bonds shall be cancelled to the extent and
in the manner provided in the resolution.
WITNESS my hand and the seal of the County Auditor this
~ day O~ry, 1992.
~~
County Auditor
--
( SEAL)
27073
HERITAGE
1891
COMMUNITY
1991
WJ!X!JK
2Q91
January 30, 1992
Tom Hennen
Scott County Auditor
Courthouse 102
428 s. Holmes street
Shakopee, MN 55379-1379
Dear Mr. Hennen:
Enclosed is one copy of Resolution 92-04 accepting bid on the
sale of $4,265,000 General Obligation Advance Refunding Bonds of
1992, along with five copies of the County Auditor's Certificate
as to tax levy, registration and cancellation. Please sign and
seal all five pages of the County Auditor's Certificate, retain
the copy of the Resolution and one cop~ of the Auditor's
Certificate for your file and return four coples of the Auditor's
Certificate immediately in the enclosed self addressed envelope.
If you have any questions please contact either me or Ralph
Teschner at: 447-4230.
Thank you for your prompt attention to this matter.
Sincerely,
fi<- ~~A.
Dee Birch
Executive Secretary
/db
cc: Ralph Teschner
Enclosure: As stated above
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245