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HomeMy WebLinkAboutCCRes_91-23CERTIFICATION OF MINUTES RELATING TO $585,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 Issuer: City of Falcon Heights, Minnesota Governing body: City Council Kind, date, time and place of meeting: A regular meeting held on Apri124, 1991, at 7:00 o'clock, p.m., at the City Hall. Members present: Baldwin, Ciernia, Gehrz, Jacobs, Wallin Members absent: None Documents attached: Minutes of said meeting (pages): 1 through 10 RESOLUTION NO.R-91-23 RESOLUTION RELATING TO $585,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991; • CALLING FOR THE PUBLIC SALE THEREOF I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the obligations referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been cazefully compazed with the original records of the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the obligations; and that the meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer and the seal of the City this 25th day of April, 1991. (SEAL) ~~~~.. Shirley G. Chenoweth City Clerk Member Ci erni a introduced the following resolution • and moved its adoption: RESOLUTION NO. R-91-23 RESOLUTION RELATING TO $585,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991; CALLING FOR THE PUBLIC SALE THEREOF BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota (the City), as follows: 1. Authorization. It is hereby determined that it is necessary for the City to issue and sell its General Obligation Improvement Bonds, Series 1990 in the principal amount of $585,000 (the Bonds) to finance local improvement projects being undertaken by the City pursuant to Minnesota Statutes, Chapter 429. $8,190 of the principal amount of the Bonds represents interest as provided in Minnesota Statutes, Section 475.56. It is hereby determined that the City shall receive and open sealed bids for the purchase of the Bonds at the office of Ehlers and Associates, Inc., in • Minneapolis, Minnesota in the presence of an officer of the City, on May 22, 1991, at 11:30 o'clock a.m., and this Council shall meet at 7:00 o'clock p.m. that same date to consider the bids and award the sale. 2. Sale. The City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said sale to be published at least ten days in advance of the bid opening in a legal newspaper having general circulation in the City, and in a periodical published in Minneapolis, Minnesota, giving financial news and of general circulation throughout the State of Minnesota, which notice shall be in substantially the following form: r: NOTICE OF BOND SALE • $585,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 CITY OF FALCON HEIGHTS, MINNESOTA NOTICE IS HEREBY GIVEN that the City of Falcon Heights, Minnesota, will receive sealed bids for the purchase of $585,000 General Obligation Improvement Bonds, Series 1991, of the City (the Bonds), at the office of Ehlers and Associates, Inc. in Minneapolis, Minnesota until 11:30 a.m. on Wednesday, May 22, 1991, at which time the bids will be opened and tabulated in the presence of an officer of the City. The City Council will meet in the City Hall at 7:00 p.m. that same date to consider the bids and award the sale of the Bonds. The Bonds will be issued for the purpose of financing local improvements within the City. The Bonds will be issuable as fully registered bonds of single maturities, in denominations of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of June 16, 1991, and will mature on February 1 in the following years and amounts: Year Amount 1993 $70,000 1994 55,000 1995 55,000 1996 55,000 • 1997 55,000 1998 55,000 1999 60,000 2000 60,000 2001 60,000 2002 60,000 The Bonds will be issued only in fully registered form and when issued, will be issued in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York, which will act as securities depository for the Bonds. Interest will be payable on each February 1 and August 1, commencing February 1, 1992. Bonds having stated maturities in 1997 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in inverse order of maturities, and in $5,000 principal amounts selected by lot within a maturity, on February 1, 1996, and on any interest payment date thereafter at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota. Copies of a statement of Terms and Conditions of Sale • -2- . and additional information may be obtained from the undersigned or from Ehlers and Associates, Inc., 2950 Norwest Center, 90 South 7th Street, Minneapolis, Minnesota 55402; telephone 612-339-8291, financial consultants to the City. Dated: April 24,1991. BY ORDER OF THE CITY COUNCIL Shirley G. Chenoweth City Clerk City of Falcon Heights, Minnesota • • -3- • 3. Terms and Conditions of Sale. The following statement of Terms and Conditions of Sale shall constitute the terms and conditions for the sale and issuance of the Bonds and such terms and conditions are hereby authorized to be incorporated in material distributed to prospective bidders for the Bonds: • -4- TERMS AND CONDITIONS OF SALE • $585,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 CITY OF FALCON HEIGHTS, MINNESOTA Sealed bids for the purchase of $585,000 General Obligation Improvement Bonds, Series 1991 (the Bonds) of the City of Falcon Heights, Minnesota (the City) will be received at the office of Ehlers and Associates, Inc. in Minneapolis, Minnesota until 11:30 a.m., on Wednesday, May 22, 1991, at which time they will be opened, read and tabulated in the presence of an officer of the City. The City Council will meet in the City Hall at 7:00 p.m. on the same date to consider the bids and award the sale of the Bonds. This is a statement of the terms and conditions upon which the bids for the purchase of the Bonds will be received, the sale thereof awarded and the Bonds issued. PURPOSE The Bonds will be issued for the purpose of financing the cost of construction of local improvements within the City, in accordance with the provisions of Minnesota Statutes, Chapters 429 and 475. TYPE, DENOMINATION, MATURITIES AND REDEMPTION • The Bonds will be dated, as originally issued, as of June 16, 1991, will be issued as negotiable investment securities in registered form as to both principal and interest and will be issued in denominations of $5,000 or any integral multiple thereof, of single maturities. The Bonds will mature on February 1 in the following years and amounts: Year Amount 1993 $70,000 1994 55,000 1995 55,000 1996 55,000 1997 55,000 1998 55,000 1999 60,000 2000 60,000 2001 60,000 2002 60,000 • s • The Bonds having stated maturity dates in 1997 and later years shall each be subject to redemption and prepayment, at the option of the City in whole or in part, and if in part, in inverse order of maturities and in $5,000 principal amounts selected by lot within a maturity, on February 1, 1996, and on any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. BOOK ENTRY FORMAT The Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds. INTEREST PAYMENT DATES AND RATES • Interest will be payable each February 1 and August 1, commencing February 1, 1992. All Bonds of the same maturity must bear interest from date of original issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. Each rate must be expressed in an integral multiple of 5 / 100 or 1 / 8 of 1 %. DELIVERY Within 40 days after the sale, the Bonds will be delivered without cost to the original purchaser at DTC. On the day of closing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depositary on the date of closing in immediately available funds. LEGAL OPIlVION An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota and will be printed on the Bonds. The legal opinion will state that the Bonds are valid and binding general obligations of the City enforceable • ~ • in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. QUALIFIED TAX-EXEMPT OBLIGATIONS The Bonds will be designated by the City as "Qualified Tax-Exempt Obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. TYPE OF BID AND AWARD Sealed bids for the Bonds in an amount not less than $576,810 and accrued interest on the principal sum of $585,000 must be mailed or delivered to Ehlers and Associates, Inc. at its office in Minneapolis, Minnesota and must be received prior to the time established above for the opening of bids. Each bid must be unconditional. A good faith deposit in the amount of $11,700 must be submitted with each bid. The good faith deposit must be in the form of a certified or cashiers check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, ABA #09-19-0550-6 for further credit to Ehlers and Associates, Inc. Bond Issue Escrow Account #850-788-1, Attention: Molly Majerle. The good faith deposit will be retained by the City as liquidated damages if the bid is accepted and the bidder fails • to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. The bid authorizing the lowest net interest cost (total interest on all Bonds from June 16, 1991 to their stated maturities less any cash premium or plus any discount) will be deemed the most favorable. In the event two or more bids state the lowest net interest cost, the sale of the Bonds will be awarded by lot. No oral bid and no bid of less than $576,810 plus accrued interest on all of the Bonds will be considered and the City reserves the right to reject any and all bids and to waive any informalities in any bid, and to adjourn the sale. CUSIP NUMBERS The City will assume no obligation for the assignment or printing of CUSII' numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. • -7- • The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. No more than seven business days after the date of the sale, it shall provide without cost to the successful bidder 50 copies of the Official Statement and the addendum or addenda described above. If the sale of the Bonds is awarded to a syndicate, the City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each participating underwriter. Any underwriter executing and delivering a bid form with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall accept such designation; (ii) it shall enter into a contractual relationship with all participating underwriters of the Bonds for purposes of assuring the receipt by each such participating underwriter of the Final Official Statement; and (iii) it shall provide the City within two days after the date of sale, all necessary pricing information and underwriter identification needed to complete the Final Official Statement. Information for bidders and bidding forms may be obtained from the undersigned or from Ehlers and Associates, Inc., 2950 Norwest Center, 90 South 7th Street, Minneapolis, Minnesota 55402, telephone: b12-339-8291, Financial • Consultants to the City. Dated: Apri124, 1991. BY ORDER OF THE CITY COUNCIL Shirley G. Chenoweth City Clerk City of Falcon Heights, Minnesota • -8- 4. Official Statement. The City Clerk and other officers of the City, in cooperation with Ehlers and Associates, Inc., financial consultants to the City, are hereby authorized and directed to prepare on behalf of the City an official statement to be distributed to potential purchasers of the Bonds. Such official statement shall contain the statement of Terms and Conditions of Sale set forth in paragraph 3 hereof and such other information as shall be deemed advisable and necessary to describe accurately the City and the security for, and terms and conditions of, the Bonds. The City Clerk is authorized on behalf of the City to deem the Official Statement near "final" as of its date, in accordance with Rule 15c2-12(b)(1) under the Securities Exchange Act of 1934. Mayor Attest: City Clerk • -9- • The motion for the adoption of the foregoing resolution was duly seconded by Member Wallin following voted in favor thereof: and upon vote being taken thereon, the Baldwin, Ciernia, Gehrz, Jacobs, Wallin • • and the following voted against the same: None whereupon said resolution was declared passed and adopted. -10-