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CERTIFICATION OF MINUTES RELATING TO
$335,000 GENERAL OBLIGATION CAPITAL NOTES OF 1990
Issuer: City of Falcon Heights, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: a regular meeting held
on January 10, 1990 at 7:10o'clock, p.m., at the City Hall.
Members present: Baldwin, Ciernia, Gehrz, and Wallin
Members absent: Bush
Documents attached:
Minutes of said meeting (pages): 1 through 8
RESOLUTION NO. R-90-~8
RESOLUTION RELATING TO $335,000 GENERAL
OBLIGATION CAPITAL NOTES OF 1990; 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 carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as they
relate to said obligations; and that said 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 10th day o January, 1990.
Signature
(SEAL)
_ City Clerk
Name and Title
•
J,
Member Ciernia
resolution and moved its adoption:
introduced the following
RESOLUTION NO. R-90-2B
RESOLUTION RELATING TO $335,000 GENERAL
OBLIGATION CAPITAL NOTES OF 1990; CALLING FOR
THE PUBLIC SALE THEREOF
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BE IT RESOLVED by the City Council of the City of
Falcon Heights, Minnesota (the City), as follows:
1. Authorization. Pursuant to the provisions of
Minnesota Statutes, Section 412.301 and Chapter 475, the City
has determined that it is necessary to issue and sell its
General Obligation Capital Notes of 1990 (the Notes) in the
aggregate principal amount of $335,000, $4,185 of such amount
representing interest as provided in Minnesota Statutes,
Section 475.56, for the purpose of financing the purchase of
public safety equipment, road construction or maintenance
equipment and other capital equipment having an expected life
at least as long as the term of the Notes. The present costs
of such purchases is as follows:
Equipment Costs .. .. ............ $325,436
Cost of Issuance of Notes ......... 8,500
Note Discount ..................... 4,185
Interest Earnings ................. ( 3,121)
Total ........................ $335.000
•
This Council has previously passed a resolution determining to
issue the Notes (the Authorizing Resolution) since the
principal amount of the Notes exceeds one percent (1%) of the
net tax capacity of the City, the Notes shall not be issued
until at least ten (10) days after publication of the
Authorizing Resolution in the official newspaper of the City.
If before the end of the ten days following such publication, a
petition asking for an election on the proposition of issuing
the Notes signed by voters of the City equal to ten percent of
the number of voters at the last regular municipal election of
the City is filed with the City Clerk, the Notes shall not be
issued until the proposition of their issuance has been
approved by a majority of the votes cast on the question at a
regular or special election of the City.
• 2. Sale. This Council shall meet at the time and
place specified in the notice of sale hereinafter prescribed
for the purpose of receiving sealed bids and awarding sale of
the Notes. The City Clerk is hereby authorized and directed to
cause a 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 Northwestern Financial Review, published in Minneapolis,
Minnesota, which notice shall be in substantially the following
form:
•
•
• NOTICE OF SALE
$335,000 GENERAL OBLIGATION CAPITAL NOTES OF 1990
CITY OF FALCON HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Falcon
Heights, Minnesota (the City), will receive sealed bids for the
purchase of $335,000 General Obligation Capital Notes of 1990
of the City (the Notes), at the office of the City Clerk until
12:30o'clock p.m., on Wednesday, February 14, 1990, at which
time the bids will be opened and tabulated. The City Council
will meet in the City Hall in the City at 7:00 o'clock, p.m.,
that same date to consider such bids and award the sale of the
Notes. The Notes will be issued for the purpose of financing
the purchase by the City of public safety equipment, road
construction or maintenance equipment and other capital
equipment. The Notes will be issuable as fully registered
notes of single maturities, in denominations of $5,000 or any
integral multiple thereof, will be dated, as originally issued,
as of February 1, 1990, and will mature on February 1 in the
years and amounts set forth below:
Year Amo n
1991 $75,000
1992 85,000
• 1993 85,000
1994 90,000
Interest will be payable on each February 1 and August 1,
commencing August 1, 1990, to the registered owners of the
Notes appearing of record in the register for the Notes as of
the 15th day of the immediately preceding month. The Notes are
not subject to redemption or prepayment. A legal opinion will
be furnished by Dorsey & Whitney, of Minneapolis, Minnesota.
Copies of a statement of Terms and Conditions of Sale and
additional information may be obtained from the undersigned or
from Ehlers and Associates, 2950 Norwest Center, 90 South 7th
Street, Minneapolis, Minnesota 55402; telephone 612-339-8291,
financial consultants to the City.
Dated: January 10, 1990.
BY ORDER OF THE CITY COUNCIL
Shirley G. Chenoweth
City Clerk
City of Falcon
Heights, Minnesota
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• 3. Terms and Conditions of
statement of Terms and Conditions of
berms and conditions for the sale any
such terms and conditions are hereby
incorporated in material distributed
the Notes:
•
Sale. The following
Sale shall constitute the
3 issuance of the Notes and
authorized to be
to prospective bidders for
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TERMS AND CONDITIONS OF SALE
. $335,000 GENERAL OBLIGATION CAPITAL NOTES OF 1990
CITY OF FALCON HEIGHTS, MINNESOTA
Sealed bids for the purchase of $335,000 General
Obligation Capital Notes of 1990 (the Notes), of the City of
Falcon Heights, Minnesota (the City), will be received at the
office of the City Clerk unti112:30 o'clock, p.m., on
February 14, 1990, at which time the bids will be opened and
tabulated. The City Council will meet at the City Hall in the
City at 7:00 o'clock, p.m., on the same day to consider the
bids and award the sale of the Notes. This is a statement of
the terms and conditions upon which the bids for the purchase
of the Notes will be received, the sale thereof awarded and the
Notes issued.
PURPOSE AND SECURITY
The Notes will be issued for the purpose of financing
the purchase of public safety equipment, road construction or
maintenance equipment and other capital equipment, in
accordance with the provisions of Minnesota Statutes, Section
412.301 and Chapter 475. The Notes will be general obligations
of the City for which the City will pledge its full faith,
credit and taxing powers.
• DATE, TYPE, DENOMINATION AND MATURITIES
The Notes will be dated, as originally issued, as of
February 1, 1990, will be in fully registered form and in
denominations of $5,000 or any integral multiples thereof, of
single maturities, and will mature on February 1 in the years
and amounts set forth below:
Year Am un
1991 $75,000
1992 85,000
1993 85,000
1994 90,000
The Notes will not be subject to redemption or prepayment.
C7
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• REGISTRAR. TRANSFER AGENT
AND PAYING AGENT FOR THE NOTES
American National Bank and Trust Company in St. Paul,
Minnesota will act as Registrar, Transfer Agent and Paying
Agent for the Notes (the Registrar). The Register for the
Notes will be kept, principal and interest will be paid to the
registered owner of each Note and transfers of ownership will
be effected by the Registrar. The City will pay the charges of
the Registrar for such services. The City reserves the right
to remove the Registrar and appoint a successor.
INTEREST PAYMENT DATES RATES
Interest will be payable each February 1 and August 1,
commencing August 1, 1990, to the registered owners of the
Notes appearing of record in the register for the Notes as of
the close of business on the 15th day (whether or not a
business day) of the immediately preceding month. All Notes of
the same maturity must bear interest from date of issue until
paid at a single, uniform rate, not exceeding the rate
specified for Notes of any subsequent maturity. Each rate must
be expressed in an integral multiple of 5/100ths or 1/8th of 1%.
DELIVERY
• Within 40 days after the sale, the City will deliver
to the Registrar the printed Notes ready for completion and
authentication. The original purchaser of the Notes must
notify the Registrar, at least 5 business days before delivery
of the Notes, of the persons in whose names the Notes will be
initially registered and the authorized denominations of the
Notes to be originally issued. If notification is not received
by that date, the Notes will be registered in the name of the
original purchaser and will be issued in denominations
corresponding to the principal maturities of the Notes. 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 Notes is then
pending or, to the best knowledge of officers of the City,
threatened. Payment for the Notes must be received by the City
at its designated depositary on the date of closing in
immediately available funds.
LEGAL OPINION
An opinion as to the validity of the Notes and as to
the exemption from taxation of the interest thereon will be
•
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• furnished by Dorsey & Whitney, of Minneapolis, Minnesota. The
legal opinion will be printed on the Notes at the request of
the purchaser. The legal opinion will state that the Notes are
valid and binding general obligations of the City enforceable
in accordance with their terms, except to the extent
enforceability may be limited by State of Minnesota or United
States laws relating to bankruptcy, reorganization, moratorium
or creditors' rights generally.
QUALIFIED TAX-EXEMPT OBLIGATIONS
The Notes will be designated by the City as "Qualified
Taz-Exempt Obligation" for purposes of Section 265(b) of the
Internal Revenue Code of 1986, as amended, relating to the
disallowance of interest expense for financial institutions.
TYPE OF BID AND AWARD
Sealed bids must be mailed or delivered to the
undersigned 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 $6,700 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: Nancy Allen. 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 Notes. The bid authorizing the lowest net
interest cost (total interest from date of Notes to stated
maturities less any cash premium or plus any discount) will be
deemed the most favorable. No oral bid and no bid of less than
$330,815 plus accrued interest on all of the Notes will be
considered and the City reserve the right to reject any and all
bids and to waive any informality in any bid.
CUSIP NUMBERS
The City will assume no obligation for the assignment
or printing of CUSIP numbers on the Notes 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 extension of the time of
delivery caused thereby.
•
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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: 612-339-8291, financial consultants
to the City.
Dated: January 10, 1990.
BY ORDER OF THE CITY COUNCIL
Shirley G. Chenoweth
City Clerk
Falcon Heights, Minnesota
•
•
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4. Official Statement. The City Clerk, in
cooperation with Ehlers and Associates, Inc., financial
consultants to the City, is hereby authorized and directed to
prepare on behalf of the City an official statement to be
distributed to potential purchasers of the Notes. 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
adequately describe the City and the security for, and terms
and conditions of the Notes.
Adopted by the City Council on January 10, 1990.
Mayor
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Attest: ~ ~
City Clerk
The motion for the adoption of the foregoing resolution
was duly seconded by Member
and on vote being
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taken thereon, the following Council Members voted in favor:
Baldwin, Ciernia, Gehrz and Wallin (Bush-absent)
and the following voted against the same: None
whereupon said resolution was declared passed and adopted and
was signed by the Mayor and his signature attested by the City
Clerk.
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