HomeMy WebLinkAbout79-022�cS oluC or� � as
EXTRACT OF MINUTES OF MEETING, OF THE
CI'T'Y COUNCIL OF ,THP "CITY OF
PRIOR LhKE, MINNESOTA
HELD: MAY 14, ° 1979 a
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Pursuant to due call and notice thereof, a P
meeting,of 'the City Council of the City of Prior Lake,
Minnesota, was duly held at the City Hall in said City on the
14th day of May, 1979, at '1:30 o'clock Q
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The following members were present:N�G, 3L
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avc�. �L.c.eV►''C�ee�.�v�N swc� , �.�.. �s,SOai�4��
. -and '
Member 1. SSE J L introduced ' the '
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following `rescilution and moved its adapts on : s
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A
RESOLUTION PROVIDING FOR PUBLIC SALE .•
OF $1,425;000 GENERAL OBLIGATIO& IMPROVEMENT' "
BONDS OF 1979. .
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� t FTE IT RESOLVED by the City Council of the City of
Prior Lake, Minnesota, es follows:
1.., It is hereby found, ` determined and declared that
this ' City should issue $1 425,000. Genera. ijbYig'ati on' s , 19 {
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Improvement Bonds �f`1979 to defray'the "
mprovements in 'the City.
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This Council shal meet at'> r the time andlac '
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specified in the four of notice hereinafter contained for the W
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purpose of opening and,considering sealed bids for', and award-
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iN the sale of $1,42,,000 General Obligation Improvement B
of 1979 of said =Ci.ty.
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3. The City Manager is hereby autliiieixed 'and dir -,
ectecl, do cause notice of the��L t� me, pa ,and puzpgse of said -,
meet t t c to be published i the nf£ic `al. `newspaper of '
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and ' -in West., nots\ less than_ to z- days jn 'advance of
and ,?' rr
NOTICE OF
°
BOND SALE
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$l, 42 000 c � u�
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GENERAL OBLIGATION IMPROVEM T
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BONDS OF 1979 °
CITY OF PRIOR LAKE= 1 ?,
SCOTT COUNTY
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MINNESOTA
NOTICE IS HEREBY
GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE:
Bids will be opened Monday, June 11
1979 at= 4 :00 o- 'clock P.„ City
Manager's "Office, Prior Lake, = „
Minnesota, Award will be at 73:45
P.M. Central Time of the same day
= at the City Hall.
TYPE OF BONDS:
Negotiable coupon general obligation
bonds, in the denomination of
$5,000.
DATE OF 13ONDS:
July 1, 1979.
PURPOSE ;`"
To defray the expense of various
improvements in the City,.
INTEREST 'PAYMENTS: „July 1, 1980, and semi -
' -
nually thereafter ion January 1
t,
and July 1.
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MATURITIES-.
Jul y l -in each of the= years
and amounts as follows:
1981; -1985 $,125, 000
1986- 1995 $ 55, OOJ A'
1996 -20.00 $ 50,000. "
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a All dates -are inclusiv
r REDEMPTION':`
At the option of the ;issuer, bonds
tna`turing on or after July 1, 1990
°
shall be subject to prior payment,`
in inverse order of serial.numbers,
on July 1, 19 8.9 and any interest
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J payment date thereafter, at - a price
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of par and accrued interest.
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PAYING AGENT:
t Bidder's discretion.
CUSVR- � MBERS:,
It is anticipated that :CUSIP
numbers wi11 be° printed on said
bonds, but neither the failure to
print such numbers on any bond nor
anyerror,,,with respect thereto
°
shall constitute cause for - a
'
failure refusal by the purchaser
thereof to accept delivery of and
pay_ fort said bonds in accordance
with t'�s of the purchase.
contract%
DELIVBRY:
Forty days after award subject to
,.
approving legal opinion of Briggs
° and Morgan, Professional`
;?' a
Association, of St. Paul,
Minnes = Bond printing and legal
^;
.opinion will be paid by issu,6r and
delivery willobe anywhere in the,
continental UnitedStates 'without
cost 'to the purchaser. Legal
opinion will be'printed'on the
.�,.
bonds at the request caf the
successfula binder: °
TYPE UF, 13IDil
Sealed bid's of r riot less than
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- $1,397,000 and accrued interest>o'n
,,;
the principal sum of $1;425000
from date. of bonds to date of
delivery; must: be filed with the
„
undersigned prior to the time of
sale. Bids must lie unconditional -
excepts to legality. A certified
or'cashier's check in the amount of�
$28,'500, payable Ito `the' order of
the Treasurer of the issuer must
accompany each bid, ,,to,, be forfeited s
damages if bidd'ei�
as .liquidated o
fails to comply with accepted bid.
bids for 'the bon *s° should be
°
addressed to
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Mr,,. Michael McGuire,,
'
City Manager
City Hall
{ 4629 Lmkota Street East o
Prior Lak hli.nn 55372
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All rates must be in integral mul-
OWN
tiples of 1 /20th or 1 /8th of 1$ and
may not exceed 7% per annum:
Additional .interest coupons may not
be used. All bonds of the.same
-
maturity must bear a single uniform
rate from date of issue to maturity
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and no rate of any maturity may be
lower
than the highest rate appli-
cable, to bonds of any preceding,
.
maturities. No limitation `is
Placed upon the number of rates
which
maybe used.`
H�lARD:
Award will be made solely on the
basis'of lowest dollar interest
cost, determined by addition of any
discount to the
total interest on
all bonds - frora their" date to
,their
stated maturity. The net effective
average rate of the issue may not
exceed 7% per annum.
The Issuer reserves the right to `reject any and all bids, to
waive informalities and to
adjourn the sale.
Dated: May 14, 1979
BY ORDER OF THE CITY;COUNCIL
/s/ !Michael McGuire
i
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City Manager
Additional information
may be obtained from:
7
A
JURAO & MOOLY, INC.
114 East Seventh Street
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1 s
St:. Paul, Minnesota 55101
Telephone No. 612 -298 -1524
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STATE OF MINNESOTA o
COUNTY OF - SCOTT
CITY OF PRIOR LAKE
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1, the undersigned, being the duly qualified and`
acting .rjanager cif the City of Prior Lakes., Minnesota, DO HERE$y
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
It
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full true and, complete transcript therefrom insofar as the
same relates to the proposed sale of $1,425,000 General
Obl gation Improvement Bonds of 1979 of said «City.
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WITNESS my hand as such Manager and the official seal
of the City this S day of �'�.,� 1979.
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' City nanalge
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