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HomeMy WebLinkAboutCCRes_90-03 CERTIFICATION OF MINUTES RELATING TO $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS 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, 1989, at ~=10 o'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-90-3 RESOLUTION RELATING TO $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1990; AUTHORIZING THE ISSUANCE AND 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 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 thisl0th ay of January, 1990. City Clerk (SEAL) r • Member Wallin introduced the following resolution and moved its adoption: RESOLUTION NO. R-90-3 RESOLUTION RELATING TO $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1990; AUTHORIZING THE ISSUANCE AND 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 of 1990 in the principal amount of $115,000 (the Bonds) to finance the cost of various improvements in the City being undertaken by the City pursuant to Minnesota Statutes, Chapter 429. $1,725 of the principal amount of the Bonds represents interest as provided in Minnesota Statutes, Section 475.56. It is hereby determined that the City Clerk shall receive and open sealed bids for the purchase of the Bonds on February 14, 1990, at 12:30o'clock P.M., and this Council shall meet at 7:00 o'clock P.M. that same date to award the sale. 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 Bonds. 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 Northwestern Financial Review, published in Minneapolis, Minnesota, which notice shall be in substantially the following form: • NOTICE OF BOND SALE • $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS 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 $115,000 General Obligation Improvement Bonds of 1990, of the City (the Bonds), at the office of the City Clerk until 12:30p.m. on Wednesday, February 14, 1990, at which time the bids will be opened and tabulated.- The City Council will meet at 7:00 p.m. the same day to consider such bids and award the sale of the Bonds. The Bonds will k?e issued for the purpose of financing local improvement projects 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 February 1, 1990, and will mature on February 1 in the years and amounts set forth below: Year Am n Year Am n 1992 $10,000 1997 $10,000 1993 10,000 1998 10,000 1994 10,000 1999 15,000 1995 10,000 2000 15,000 1996 10,000 2001 15,000 . Interest wi ll be payable on each Fe bruary 1 and August 1, commencing August 1, 1990, to the registered owners of the Bonds appearing of record in the Bond Re gister as of the 15th day of the immediately preceding month. Bond s maturing in 1997 and later years are each subject to redemption, at the optio n of the City and in whole or in part, and if in part, in inverse order of maturities, and by lot assigned in proportion to their principal amount 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 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: January 10, 1990. BY ORDER OF THE CITY COUNCIL Shirley G. Chenoweth, City Clerk City of Falcon Heights, Minnesota • _2_ • 3. Terms and Conditions of statement of Terms and Conditions of terms and conditions for the sale any such terms and conditions are hereby incorporated in material distributed the Bonds: • • Sale. The following Sale shall constitute the 3 issuance of the Bonds and authorized to be to prospective bidders for -3- • TERMS AND CONDITIONS OF SALE $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1990 CITY OF FALCON HEIGHTS, MINNESOTA Sealed bids for the purchase of $115,000 General Obligation Improvement Bonds of 1990 (the Bonds) of the City of Falcon Heights, Minnesota (the City) will be received at the office of the City Clerk unti112:30 p.m., on Wednesday, February 14, 1990, when they will be opened, read and tabulated. The bids will be presented to the City Council for consideration at a meeting to be held at the City Hall at 7:00 P.M. on the same date. This is a statement of the terms and conditions upon which the bids for the Bonds will be received, the sale thereof awarded and the Bonds issued. PURPOSE AND SECURITY 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. The Bonds will be general obligations of the City for which the City will pledge its full faith, credit and tazing powers. DATE. TYPE. DENOMINATION MATURITIES AND REDEMPTION • The Bonds 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 multiple thereof, of single maturities, and will mature on February 1 in the years and amounts set forth below: Year Amount Year Amount 1992 $10,000 1997 $10,000 1993 10,000 1998 10,000 1994 10,000 1999 15,000 1995 10,000 2000 15,000 1996 10,000 2001 15,000 The Bonds maturing on and after February 1, 1997 shall each be subject to redemption and prepayment, at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount 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. • -4- • BOND REGISTRAR, TRANSFER AGENT AND PAYING AGENT American National Bank and Trust Company, in St. Paul, Minnesota, will act as Bond Registrar, Transfer Agent and Paying Agent (the Registrar). The Bond Register will be kept, principal and interest will be paid to the registered owner of each Bond and transfers of ownership will be effected by the Registrar. The City will pay the reasonable and customary charges of the Registrar for such services. The City reserves the right to remove the Registrar and appoint a successor. INTEREST PAYMENT DATES AND RATES Interest will be payable on August 1, 1990 and semiannually thereafter on each February 1 and August 1, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. 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 City will deliver to the Registrar the printed Bonds ready for completion and authentication. The original purchaser of the Bonds must notify the Registrar, at least 5 business days before delivery of the Bonds, of the persons in whose names the Bonds will be initially registered an Bonds to be originally by that date, the Bonds original purchaser and corresponding to the pr day of closing, the Cit opinion of bond counsel certification and a cer i the authorized .denominations of the Lssued. If notification is not received will be registered in the name of the gill be issued in denominations Lncipal maturities of the Bonds. On the i will furnish to the purchaser the hereinafter described, an arbitrage :ificate 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. • -5- . LEGAL OPINION 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 generally. QUALIFIED TAX-EXEMPT OBLIGATIONS The Bonds will be designated by the City as "Qualified Taa-Exempt Obligations" for purposes of Section 265(b) of the Internal Revenue Code of 1986, as amended, relating to the disallowance of interest expenses for financial institutions. TYPE OF BID AND AWARD Sealed bids must be mailed or delivered to the under- signed 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 $2,300 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 Bonds. The bid authorizing the lowest net interest cost (total interest from date of Bonds 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 $113,275 plus accrued interest on all of the Bonds 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 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. • -6- 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 City of Falcon Heights, Minnesota • L -7- . 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. Adopted by the City Council on January 10, 1990. ,~ Mayor Attest : r- , City Clerk U The motion for the adoption of the foregoing resolution was duly seconded by Member and upon vote being taken thereon, the following voted in favor thereof: Baldwin, Ciernia, Gehrz and Wallin (Bush-absent) and the following voted against the same: None whereupon said resolution was declared passed and adopted, signed by the Mayor and his signature attested by the City Clerk. • -8-