10-24-2016 Council Packet - Laserfiche WebLink

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- xiii - Leases and Rents (the “Mortgage”) from the YMCA of Greater Saint Paul, a Minnesota nonprofit corporation, for the benefit of Patriot Bank Minnesota, provided in conjunction with the issuance of the City’s Revenue Note (YMCA Project), Series 2006A and Revenue Note (YMCA Project), Series 2006B. The debt secured by the Mortgage matures June 1, 2021. SECURITY AND PURPOSE The Series 2016C Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge tax abatement revenue derived by the City from specified properties. The proceeds will be used to refund the February 1, 2018 through February 1, 2023 maturities of the City’s General Obligation Tax Abatement Bonds, Series 2006C, dated August 15, 2006. BIDDING PARAMETERS Proposals shall be for not less than $1,590,400 plus accrued interest, if any, on the total principal amount of the Series 2016C Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Series 2016C Bonds is adjourned, recessed, or continued to another date without award of the Series 2016C Bonds having been made. Rates shall be in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for each maturity must be 98.0% or greater. Series 2016C Bonds of the same maturity shall bear a single rate from the date of the Series 2016C Bonds to the date of maturity. No conditional proposals will be accepted. GOOD FAITH DEPOSIT To have its proposal considered for award, the lowest bidder is required to submit a good faith deposit to the City in the amount of $16,000 (the “Deposit”) no later than 2:00 P.M., Central Time on the day of sale. The Deposit may be delivered as described herein in the form of either (i) a certified or cashier’s check payable to the City; or (ii) a wire transfer. The lowest bidder shall be solely responsible for the timely delivery of their Deposit whether by check or wire transfer. Neither the City nor Springsted Incorporated have any liability for delays in the receipt of the Deposit. If the Deposit is not received by the specified time, the City may, at its sole discretion, reject the proposal of the lowest bidder, direct the second lowest bidder to submit a Deposit, and thereafter award the sale to such bidder. Certified or Cashier’s Check. A Deposit made by certified or cashier’s check will be considered timely delivered to the City if it is made payable to the City and delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101 by the specified time. Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon submission of a federal wire reference number by the specified time. Wire transfer instructions will be available from Springsted Incorporated following the receipt and tabulation of proposals. The successful bidder must send an e-mail including the following information: (i) the federal reference number and time released; (ii) the amount of the wire transfer; and (iii) the issue to which it applies. Once an award has been made, the Deposit received from the lowest bidder (the “purchaser”) will be retained by the City and no interest will accrue to the purchaser. The amount of the Deposit will be deducted at settlement from the purchase price. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. AWARD The Series 2016C Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling.