HomeMy WebLinkAbout87-007FM MARION RS 87 -07
EXTRACT OF MINUTES OF A MEETING- OF THE
CITY COUNCI4 - OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: FEBRUARY 9, 1987
Pursuant. to due call and notice thereof, a regular mer
of the City Council of the City of Prior Lake, Scott County,
Minnesota, was duly held at the City Hall in said City on the
9th day of February, 1987,` at 7:30 o'clock P.M.
The following members Were present:
Mayor Andren,'Councilmembers Larson, Fitzgerald, Scott
and White;
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and the following were absent:
None.
Member White introduced the following resolution and moved
its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $2,700,000 GENERAL OBLIGATION
ADVANCE REFUNDING BONDS OF 1987
BE IT RESOLVED by the City Council of the City of Prior-
Like, Minnesota,'�\�as follows:
1. It is her�iby found,_ determined and declared that this
City should issue $2,700,000 General Obligation Advance Refund-
ing Bonds of 1987 /i:•o defray the expense of refunding- in advance
Of maturity the outstanding bonds of the following` issues: (a)
General Obligation Improvement Bonds of 1981, dated August 1,
1981; (b) General Obligation Improvement Bonds of 1982, dated -'
July 1, 1982; (c) General Obligation Improvement Bonds of 1983,
dated September 1, 1983; (d) General ,Obligation Improvement
Bonds of 1984, dated - Septe�ber 1, 1984; and (e) General
Obligation Improvement Bonds of 1985, dated April 1, 1985.
2. This Council'shall meet at the time and place
specified in the fo►:a of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $2,700,000 General Obligation. Advance Refunding
Bonds of 1987 of said City. r"
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3. The City Manager i,�r hereby authorised 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
Commercial West not :less than. ton in. advance of date of
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sale, as provided by law, which notice, shall be in
aubatantially the form set forth in Exhibit A attached heret=o.
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4: The terms �,Aknd - onditioaa; of fs id bonds and
the sale thereof axe �ul,ly set forth %in the "Uf;fici.al Terms
of Bond Sale" attached hereto as ;Exhibit '8° and nt:orporated
h*rein by, reference.
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The motion for the adoption of th.e °foregoing resolution
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vas du=ly seconded by, member Scott and ,upon a vote being taken
thereon., the following ' voted in "'favor theroof:
Mayor Andren,_ "Councilm*mbers Laraon, Fitzgerald, Scott and
White;
°and ,th :'"following voted against the sea *:
None.
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Whereupon said resolution was declared duly passed and:
adop ted .
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EXHIBIT A
NOTICE.OF.BOND BALE
$2,700,000
CITY OF PRIOR LAKE'
SCOTT COUNTY
MINNESOTA
GENERAL OBLIGATION ADVANCE REFUNDING
BONDS OF 1987
Sealed bids on these bonds will be opened, on Monday, March 9,
198.7, at 11:00 A.M., Central Time, at the offices of Juran and
Moody, Inc., 400 North Robert Street, Suite 800, in Saint Paul,
Minnesota. The sale of the Bonds will be awarded by the City
Council at the City Hall in Prior Lake, Minnesota at 7 P.M.
of the same day. The bonds will be dated April 1, 1987 and
interest will be payable June 1, 1987 and semiannually
thereafter. The bonds Will be general obligations of the
Issuer for which its unlimited taxing powers will be pledged.
The bonds will mature on December l in the years and amounts as
follows•
Years Amoun.tzz
1987 $ 300,000
1988 300,000
1989' j60,000
1990 325,000
1991 325,000
1992 325,000
199`3 325,000
1994 250,000
1995 250,00.0
-The Issuer .reserves the right to increase or decrease; the
principal amount maturing in any year. Any increase or
decrease in the principal amount of the issue will not exceed
$50.000. In the event the size of the issue is' increased' or
decreased, the premium or discount will- be calculated on -a pro
rata basis.
All bonds maturing on or ;after December 1, 1991 are subject to
prior payment,on`December 1, 1990 and on any interest payment
date thereafter at a price of par and accrued interest.. Sealed
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bids for not less than $2,666c250 and accrued interest, on the
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principal sus of $2;700,000 will be accepted:. An acceptable
approving legal opinion will be furnioh.ed by-- Briggs and Morgan,
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Professional Association, of St. Paul and Minneapolis,
Minnesota. The proceeds Will be used to defray the expense of
refunding in advance of maturity the outstanding bonds, of the
following issues:; (a) General Obligation In�grovea►ant Bonds ' of
1981, dated August 1 198'1; (.b) General. Obl'.igation Improvement
Bond's of 1982, dated` July 1, 1982; (c) General Obligation
Improvement Bonds of 1983, dated Sept b p 1, 1983; (d) General
Obligation Improvement Bonds of 1984, dared September 1, 1984;
and ('e) General Obligatiom Improvement Bcnds of 1985, dated
April 1, 1985.
Bidders ahouldIr 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 hatter shall be those to be complied with.
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Dated: February 9, 1987 SY,,ORDER OF THE CITY COUNCIL
/a/ Michael McGuire
Manager
Additional information
may be obtained from:
JURAN i MOODY, INC.
Minnesota Mutual Life Building
400 North Robert Street
Suite 800
St. Paul, Minnesota 55101,
Telephone No: 612= 224- 1500
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EXHIBIT :B
OFFI.CI'AL TERMS OF
BOND SALE
$ 2.700.000
GENERAL OBLIGATION A,DV,ANCE- REFUNDING'
BONDS` OF 1987
CITY OF PRIOR LAKE
SCJOTT COUNTY
MINNESOTA
NOTICE "IS HEREBY
GIVEN that th ese bonds will be. offered for
sale according to
the following terms:
TIME AND PLACE:
Sealed bids for these. Bonds will be
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received on !.larch 9, 1987, at 11:00
A.M., Central Time., at the offices
of Juran i Moody, Inc., 400 North
Robert Stre*tj Suite 800, in Saint'
Paul, Minnesota. The sale of the
'Bonds Will be awarded by the City
Council at ^the City 'Hall in Prier
° Lake, Minnesota at 7 :35 P.M. of the
same day.
TYPE OF' BONDS:
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option o' f the bidd
,
DATE OF ORIGINAL
ISSUE OF BONDS:
April 1, 1987.
PURPOSE.:
To defray the expense. of refunding
in advance of{ °maturity the outatand-
ing bonds Of the following issues:_
t ° a
( General Obligation: Improvement-
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$oe�ds . of 1981, dated .; Xvgust 1,
1981 ; M G **oral' Ob1 Bat on
Improvement., Boddr of 1982,, dated
July 1 1982.: Gen*taI
Ob :l gation:.Iwprov *qent. Bonds vof
1983., dated Septesber'1. 1983;`
(,d) , General OblI ,ation. I
g mproveaent.
Y .3 `.
Bonds. of x 1984', dated. September' �.
19s4r :ands (e;) Gral `Obligation
�x .
Improveaentt '9006.; of 198 dated
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7lprl 1,; 1985:..
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INTEREST PAYMENTS:
June 1, 1987, and semiannually
thereafter on December 1 and
June 1
MATURITIES:
, December 1 in each of the years and
amounts as fallow&;
Year Amount
1987 :S 300,000
1988 300,000 ,
1989 300,P,0
1990 325,000
1991 325,000
1992 35,000
1993 325,000
199:' 250,000
,.
1995 250,000
Th* reserves the right to
increase or decrease the principal
amount maturing in any yoar. Any
increase or decrease in the
principal amount of the issue will
not exceed $50,000. In the- event
the sixe oa the issue is increased
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or decreased, , premium or
discount will be calculated on a
pro rata basis.
REDEMPTION:
Ai the option of the Issuer, bonds
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maturing on or after December 1,
1991 shall be subject ' prior
payment, on December 1, 1990 and
any interest- payment date
thereafter, at a price of par and
;
accrued interest Redemption may
be, ,in or ir part of the Sands
,whole
Subject to prepayment. If.redemp-
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tion is in part, the .bonds
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remaining unpaid whic'o'have the
latest maturity date. shall ue r
prepaid first and if only part of !;
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the bonds having a common maturity fit'
date are called for prepayment the
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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 paying agent which
shall aye subject to.applicabl.e SEC
regulations and `to the approval of
the Issuer. Principal will be
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payable at the main corporate
Office of the'Registrar and
;interest will be payabl* by check
or draft of the Registrar mailed to
the registered holder of,the bond
at his address as it appea on the
books of the Registrar. The Issuer
will pay reasonable and customary
.charges fo the ser vice s of the
Registrar,
OCUSIP 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
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bonds in accordance With tars of�
n
the purchase contrast.. The CUSIP
,
S *: vice Bureau cha for the
assignment of CU'SIP 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
painting and legal opinion will be
paid bv. Issuer and d*11very will be
anywhere in the continental United
States without cost to the
Purchaser. Legal op inion w ill ta °
printed on t:he bonds at the request
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of, the suc essful bidder.
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TIVU Ur ISLE)
Sealed bids of not less than
$2,666450 and accrued interest on
the principal ,hum of $2,700,000
from date of original issue of the
bonds to data 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 $27,0.001
payable to the order of the M anager
of the Lssuar must accompany each
bid, to be forfeited as liquidated
damages if bidden fails to comply
with accepted bid. Bids for the
bonds should be addressed to:
Michael McGuire, Manager
.city Hall
P. 0. Box 359
?5629 Dakota S.E.
Prior` Lake► Minnesota 55372
RATES:
All rates must begin integral
multiples of 1 /20th or 1 /8th of 1%
a nd may not "exceed the maximum rate
allowed by 'law at the time of sale.
All.,bonds of the same maturity coast
bean 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.
AWARD;
Award will be ma de solely our the
basis of lowest dollar interest
coat, determined by addition of any
discount titb -and dedutaion of any
premium from the,,tota►l interest on
all bonds ��from their date to their
stated maturity.
The Issuer reserves the
right to reject any and #,ll bids, to E.
waive informalities and
"to' adjourn the sale.
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Dated; February 9, 1987.
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BY ORDER OF THE CITY COUNCIL
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/a/ Michael McGuire
Manager
Additional information
may be obtained from:
JURAN & MOODY, INC.
Minnesota Mutual Life Building
460 'N Robert Street
Suite 800
St. Paul, Minnesota 55101
Telephone No • 612 -224 -1500
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STATE OF _MINNESOTA
COUNTY OF 3COTT
CITY OF PRIOR LAKE
I, the undersigned', being the duly qualified and adting
a
:
Mana of the Ci ty'of Prior Lake, Minn esota; DO HEREBY CERTIFY
that I have 'careftally compar *d the attached and foregoing
extract of mfOutee with the original minutes of a meting of
the City Coundil held on the date therein indicated, which are
on file and of ' record in my office, and the same is a full,
true and compleiAe transcript therefrom insofar as the same
relates to the pr,oposed sale of $2,700,000 General. Obligation
- •,,
Advance Refunding Bonds of 1987 of said City.
WITNESS my,� hand
as such Manager and the official seal of
„.the City
y this
L. ; day of Fabruary, 1987.
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Manager
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