HomeMy WebLinkAbout84-020!• i
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EXTRACT OF MINL7TEM OF MEETING OF THE
CITY COUNCIL' OF THE CITY OF
1, Y. PRIOR LAKA!�- MINNESOTA
Q HELD: AUGUST 13, 1984
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Pursuant to due call and notice thereof, ,a Regiklar
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meeting of the City Council of the City of Prior Lak ,
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Minnesota,, was duly held. at the City Hall 'in said City on the
13th day o.f August, 1984, at 7: clock P.M. v'
The following members were present:'
Mayor Johnson, Councilmembers Busse, Schweich, Scott and Thorkelson
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and the following were absent:°
Member Thorkelson introduced the following
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resolution and moved its ado
RESOLUTION 84 -2.0
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,090,000 GENERAL OBLIGATION
IMPROVEMENT BONDS' OF '1984
BE IT RESOLVED by i City Council of the City of Prior
Make, Minnesota, as fol S;
1. It,is found, determined ana declared that this
City should issue $1,090,000 General Obligation Improvement '
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.�Bonds of 1984 defray the expense of tie construction of
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variqus i mpxovements in the 'r-ty.
2. This Council shall meet at the time and place
specified in the form of noti6o% hereinafter contained for the
purpose of opening and considering °sealed bids'for, and-
award- the sale of $1 Gene,'� Obligation Improvement Bonds
of 1984 of said City.
3 -he City Manager i s hereUy authorized and directed to
cause.. notice of the time, 'place anti purpose of said meeting to
be published •in the official newspaper of the City and in
Commerciai West not less than ten days in advance of date of
sale, 14i provided by law, which notice shall be in
substantially the form set forth in i. xhibi't A attached hereto..
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-.f The 'terms and conditions of said bonds and
the sale thereof are fully set forth in "Official "
the Terms =.
of Bond Sale" aUached hereto as Bxhibit B and incorporated
herein by reference. -
The motion for the adoption of the foregoing resolution' sv
was duly seconded
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by, member Busse d an u pon a vote
?e�trig ' °tal
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ten, thereon, the fo�.lowing voted in favor thereof:
Mayor Johnson, Councilmembers Busse, Schweich, Scott and Thorkelson
yaind .the following `voted against the 'same:
Whereupon said resolution was declared duly passed and e,
adapted.
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STATE OF MINNESOTA'
COUNTY OF" SCOTT
dXTY' OF ' PRIOR LAKE
h; the undersigned, being the duly qualified and acting
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Gity Manager of the City of Prior Lake, Minnesota, DO
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G`ERTYFY that: I have 'carefully 'compared the attached
., "foregoing extract of minutes with the original minutes of
a
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meeting of'th n ed,
e City Council held on the date therei indicst��r',
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which ""are on file and of record in office '�
mY • and tRie° same is a
full, true -ar}d co.Vlete transcript!) therefrom insofar as the
'sine relates tothe propose�j sale of $1,090,000 Oeneial
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Obiig #tion Improvement Bonds,,of 1984 of said City,
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14TNESS my hand as such Clerk and the official seal of the
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City this 14th day of Aixgust , 19.
„84:
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City Clerk
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EXIiIBIT A
NOTICE OF !BOND SALE
$1,090,000
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CITY OF !_'R COR LAKE
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SCOTT COUNTY
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MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1984
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These bonds willQbe offered Wednesday, August 29, 19$4, at
12:00 o;clock, noon,
Central Time, at the City Hall in Prior
Lake, Minnesota. - bonds will be `dated September 1, 1984,,
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and' interet �Wi1`1 be payable ;June 1, 1985 and semiannually
thereafter. The bonds will,b general Obligations `of the"
In Issuer for which its unlimited
powers will ;be pld�3d
The bonds will mature on be., l in
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tle amounts, and years; as
follows. _
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1.986 90', 000 ' 1 1!
19$7, -1991 $100,000'' r ,
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1992-1995 $125,000
A -1 dates are inclusive { .
All bond a maturing,—oh or after ,Deceit►�er" 1, 1941 are subject to,
print. payment orix,Deeesnber 1, any interest'pay
1990 aid ment date
thereafter apt �a price' o£ 'par and ac��r�ied i nterest., Sealed �b ds �.
for hot leee tZ�a $1,06$,636 and, accirued interest on the '
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grineipal ' sum Of 0, 090, 000 V&l be � accepted. No
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.rate of
interest nor the Tjet� :effective :aver ge rate Of the, issue may,
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;. excei3` the maximum -. rate allowed_ by law at the ;time o£ sale. Aix
a _ aceptabie; approving legal: opinion w.il b e furnished by `Briggsi
'rafessio
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anc l�iorgctn�, P nal Asdociatioi
nl Of St Paul and
Minn�iapolis" . �Minfio$ot�a The proceedl3 will be
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used; to construct
various i►rowements the City.
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The Official Term of Bond Sale included in the ' Official
Statement foie these bonds contains additional terms and
information
for these Bonds. Tn the case of any variance
between this Notice of Bond Sale and the Official
Terms of Bond
Sale the provisions of the latter shall be those which
go ern:
Dated ;' August 13, 1984 BY ORDER Off' THE CITY COUNCIL
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ls/ Michael McGuire
City Manager
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Additional infoation
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may be obtained ;Fr
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JURAN & b DX, INC. y'
Minnesota Mlifival` Life Beilding
x 400 North Robert,Street
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to 55101
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Telephone'Tp%'612 -224- 1500,
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EXHIBIT B
Not
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TERM OFFICIAL S OF
BOND SALE 0
$1,090,000
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GENERAL, OBLIGATION IMPROVEMENT
BONDS OF 1984,1
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
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NOTICE IS HEREBY GIVE that these bonds will be offered f or
sale according to the following terms:'
TIHE AND PLACE i
Wednesday, August 29, 1984, at
12:00 0' clock noon, :Central Time at
the City Hall in Prior lake,
Milnesota.
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TYPE OF BONUS:
Full, re istered general obligation
bonds, $5,000 or larger denomina-
°tions at the option of the bidder.
DATE OF ORIGINAL
a
UOUR OF SO DSs
September 1,
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To defray the expense of ° the
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construction of.various
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improvement: in the Cit .
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T PAYMENTSr
June 1, 1985 and semiannuall
thereafter on D0e�19nber 1 'and June
,MTURITIESs
December in each, of the yearai.,And
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amounts as.follawss
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1986 $ 90,000
1987 -1991 ' $100,000
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1992 -1995 $125.000
All �dart ere inclusive.
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REDEMPTION: At the option of the issuer, bonds'
maturing on or :after December 1,"
1991 shall be subject to prior
P on December 1, 1990 and
any interest payment date
thereafter, -at a price of par and
accrued interest- Redemption may
be in whole or in part of the bonds
subject to prepayment. If redemp-
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tion "is in part, the bonds
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remaining unpaid which have the
latest maturity date shall'{ be
Prepaid first and if only `part °of
the bonds having a common iiaturity '
'are
date called for prepayment the
specific bonds to be prepaid shall`
be - chosen by lot by the Registrar.; :
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BOND REGISTRAR: The successful bidder will name the
Registrar and paykiig agent which.
shall be subject to applicable SEC`
'and,
_ regulations tothe approval of
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the issuer. Principal will be.
payable at the=>main corporate
office of the Registrar and
0 interest will be payable by check_
or draft of the , Registrar mailed to
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the registered holder of this bond
r. at his address as- itappears on the,,
books of the Registrar. The issuer,
will pay reasonable and customary
charges for the services of the.,
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Registrar.
CUSZP LJUMBERS: If the bonds qualify ,for assignment
of CUSIP numbers such numbers will
be printed on the bonds, but
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neither the failure to print such
numbers on any bond nor any error
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with respect thereto shall-
constitute cause for a failur4'or°
refusal by the Purchaser thereof to
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accept delivery of and pay for the
' «u bonds in accordance with terms of
the"purchase contract. The CUSIP
Service Bureau' charge for the
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assignment of. , CUSIP identification
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numbers shall be paid `by the
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v Purchaser.
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AWARD;
Award will be made
solely on the
basis of lowest dollar interest
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cost, determined by addition of any
discount to and deduction of any
Pre.,u,um . from the total interest on
all bonds from their date to their
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stated maturity. The net effective
average rate of the issue may not
exceed :the maximum rate allowed by
law at the time of sale.
The_,ssuer reserves the right to reject any and all bids,
to
trr►iwi� in, #ormalitiss
and to
adjourn the sale
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DAted: August 13, 1984
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BY ORDER OF THE CITY COUNCIL
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/s Michael McGuire
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C1 t� NA qer
��1d;�tionak
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n #ormetion
►Y be ,bb toined front
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JUR is `1 OODY, INC.
It nnesota 'Mutu4L Ufe'.building
OQ Drtarth Robert Street
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Suite 8o0 -
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St.'PauI4 Minnesota 551o1
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T ]ephone� Not 612 224 - 1500
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EXTRACT OF MINUTES OF A MEETING OF THEr`
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: AUGUST 29, 61984
Pursuant to due call and notice thereof, a. special meeting
of the City Council of the City of Prior Lake, Scott
County,
'Minnesota, was duly called•and held at the 'City Hall i said:
City on the 29th day of�)August, 1984, at 12 :00 o'clock noon for_
the purpose of opening,' considering bids for, and awarding the'.
sale 0f.$1,090,000 General Obligation Improvement'Bonds of 1984
of the City
ollowin mem
The f g members were present:,
Mayor Johnson, Councilmembers Schweich, Scott and Thorkelson
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and the following were absent:
Councilmmber Busse was absent
The Manager presented affidavits showing publication, `
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o4 notice of call ` for bids on $�1, 090,.000 General -Obl igationto'.
Improvement
Bonds of 1984 of`' thle City, for, ,which bids were
be received at this meeting,:in�llaccordance with the resolution
adopted by the City Council on 4 gust l 3, 1984. The affidavits
. examined, found to comply with the provisions of Minnesota
Statutes; 'Chapter 475,
,and were approved and ordered. placed.,. on
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The:• Council •proceeded to receive and open bids for
the sale of ih0,;3onds, The fallowing bids were received:
Big Interest Rate Net znterest Cost
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No7rwest Bank, Purchase'Price: $l 068,636,00 '
Total Interest: 714,207.75
Net Interest Rate: '9`.2724`
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Cronin & Marccte Purchase Price: $1,069,290.00
Total Interest; - 689,906.88
Net Interest Rate:. 9,0867
Piper Jaffary Purchase Price: $1,068;760:40
.Total Interest: 701,425:85
Net Interest Rate: 9.106
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1st Bank ofrSt Paul Purchase Price: $1,070,380.,00
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Total Interest: 693 ;207.50
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Net Interest Rate: 8.9997
'pain Bosworth ,Purchase Price: $1,068,636.88
Total interests 709,410.88'
Net Interest Rate: 9.220