HomeMy WebLinkAboutResolution No. 90-04 EDAExtract of Minutes of Meeting
of the Board of Commissioners of the
Lino Lakes Economic Development Authority
Anoka County, Minnesota
Pursuant to due call and notice thereof, a regular
meeting of the Board
of Commissioners of the Lino Lakes Economic Development Authority, Minnesota,
was duly held in the City Hall in the City of Lino Lakes on Monday, August 13,
1990, commencing at 6:42 P.M.
The following members were present: H. Bisel, W. Bohjanen, S. Kuether,
W. Neal & V. Reinert
and the following were absent: None
* * *
The President announced that the next order of business was consideration
of the bids which had been received for the purchase of the Authority's $1,115,000
Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment
Contract Obligations), as advertised for sale. The Executive Director presented
affidavits showing publication of the notice of sale in a newspaper of general
circulation in the City and in Finance & Commerce , a financial paper
published in Minneapolis , Minnesota, which affidavits were examined and found
satisfactory and ordered placed on file.
The Executive Director presented a tabulation of the bids which had been
received in the manner specified in the Official Terms of Offering of the Bonds.
The bids were as follows:
4 SPRINGSTED
APUBLIC FINANCE ADVISORS
85 East Seventh Place, Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: 612-223-3002
$1,115,000
UNO LAKES ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA
PUBUC PROJECT REVENUE BONDS, SERIES 1990A
AWARD: CRONIN & COMPANY, INCORPORATED
And Associate
SALE:
August 13, 1990 Moody's Rating: Baa
Bidder
Interest
Rates
Price
n
CRONIN & COMPANY, INCORPORATED
Marquette Bank Minneapolis, N.A.
6.30% 1995
6.40% 1996
6.45% 1997
6.50% 1998
6.60% 1999
6.70% 2000
6.75% 2001
6.80% 2002
6.90% 2003
7.00% 2004-2005
7.10% 2006-2007
7.15% 2008-2010
FBS INVESTMENT SERVICES, INC. 6.30% 1995
NORWEST INVESTMENT SERVICES, 6.40% 1996
INCORPORATED 6.50% 1997
6.60% 1998
6.70% 1999
6.75% 2000
6.80% 2001
6.90% 2002
7.00% 2003-2004
7.10% 2005-2007
7.20% 2008-2010
Indiana Office:
135 North Pennsylvania Street
Suite 2015
Indianapolis, IN 46204-2498
(317) 684-6000
Fax: 317-684-6004
Kansas Office.
6800 College Boulevard
Suite 600
Overland Park, KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
$1,097,160.00
$1,098,275.00
Net Interest
Cost & Rate
$1,090,037.92
(7.11532%)
$1,096,338.33
(7.1564%)
Wisconsin Office:
500 Elm Grove Road
Suite 101
Elm Grove, WI 53122-0037
(414) 782-8222
Fax: 414-782-2904
Bidder
Interest
Rates
Price
Net Interest
Cost & Rate
PIPER, JAFFRAY & HOPWOOD 6.40% 1995
INCORPORATED 6.50% 1996
American National Bank Saint Paul 6.6096 1997
Moore, Juran and Company, 6.7096 1998
Incorporated 6.7596 1999
6.80% 2000
6.90% 2001
7.0096 2002-2003
7.10% 2004
7.2096 2005-2006
7.25% 2007-2008
7.3096 2009-2010
$1,097,160.00
$1,111,345.E
(7.25449'
These Bonds are being reoffered at par.
BBI: 7.22
Average Maturity: 13.74 Years
After due consideration of the bids, Member Reinert then
introduced the following written resolution and moved its adoption the reading of
which had been dispensed with by unanimous consent:
RESOLUTION NO. 04-90
A RESOLUTION AWARDING THE SALE OF $1,115,000
PUBLIC PROJECT REVENUE BONDS, SERIES 1990A
(CITY OF LINO LAKES INSTALLMENT CONTRACT
OBLIGATIONS); DIRECTING THEIR EXECUTION AND
DELIVERY; AND PROVIDING FOR EXECUTION OF
AN INDENTURE OF TRUST
BE IT RESOLVED By the Board of Commissioners of the Lino Lakes
Economic Development Authority, Anoka County, Minnesota (the "Authority") as
follows:
Section 1. Sale of Bonds.
1.01. The bid of Cronin & Company. Incorporated (the
"Purchaser") to purchase $1,115,000 Public Project Revenue Bonds, Series 1990A
(City of Lino Lakes Installment Contract Obligations) (the "Bonds") of the
Authority described in the Official Terms of Offering thereof is found and
determined to be the highest and best bid received pursuant to duly advertised
notice of sale and is accepted, the bid being to purchase the Bonds at a price of
$ 1,097,160.00plus accrued interest to date of delivery, for Bonds bearing interest
at the rates per annum hereinafter set forth. Net effective interest rate:
7.11532%.
1.02. The Executive Director is directed to retain the good faith check of
the Purchaser, pending completion of the sale of the Bonds, and to return the good
faith checks of the unsuccessful bidders forthwith. The President and Executive
Director are directed to execute a contract with the Purchaser on behalf of the
Authority.
1.03. The Authority will forthwith issue and sell the Bonds in the total
principal amount of $1,115,000 originally dated September 1, 1990, in the
denomination of $5,000 each or any integral multiple thereof, numbered No. R-1,
upward, bearing interest at the rates and maturing on February 1 of the years as
follows:
2
Year Principal Interest
(February 1) Amount Rate
1995 $ 25,000 6.3096
1996 25,000 6.40
1997 25,000 6.45
1998 40,000 6.50
1999 50,000 6.60
2000 50,000 6.70
2001 75,000 6.75
2002 75,000 6.80
2003 75,000 6.90
2004 75,000 7.00
2005 100,000 7.00
2006 100,000 7.10
2007 100,000 7.10
2008 100,000 7.15
2009 100,000 7.15
2010 100,000 7.15
1.04. The Authority ratifies the adjustments to the maturity schedule as
set forth above as compared to the maturity schedule set forth in the sale
resolution.
Section 2. Concerning the Trustee and the Indenture.
2.01. Appointment of Trustee. The Authority appoints
First Trust National Association , St. u1 , Minnesota, as the
initial Trustee, to perform the functions o fthe Trustee as set forth in the
Indenture of Trust.
2.02. Execution of Indenture. The President and Executive Director are
authorized to execute and deliver the Indenture of Trust, dated as of September 1,
1990 (the "Indenture") substantially in the form on file with the Authority with such
necessary and appropriate variations, omissions and insertions as the President, in
her discretion, shall determine, and the execution thereof by the President shall be
conclusive evidence of such determination.
2.03. Execution, Authentication and Delivery. The Bonds will be prepared
under the direction of the Executive Director and executed on behalf of the
Authority by the signatures of the President and the Executive Director, provided
that all signatures may be printed, engraved or lithographed facsimiles of the
originals. The Bonds shall be in the form and subject to the terms provided in the
Indenture.
2.04. Certification of Legal Opinion. The Executive Director is directed to
obtain a copy of the proposed approving legal opinion of Holmes &c Graven,
Chartered, Minneapolis, Minnesota, which is to be complete except as to dating
thereof and to cause the opinion to be printed on each Bond, together with a
certificate to be signed by the facsimile signature of the Executive Director in
substantially the form set forth below. The Executive Director is authorized and
directed to execute the certificate in the name of the Authority upon receipt of
the opinion and to file the opinion in the Authority offices.
3
I certify that the above is a full, true and correct copy of the legal opinion
rendered by bond counsel on the issue of Bonds of the Lino Lakes Economic
Development Authority, Minnesota, which includes the within Bond, dated as of the
date of delivery of and payment for the Bonds.
(Facsimile Signature)
Executive Director
Section 4. Tax Covenants.
4.01. (a) The Authority will comply with requirements necessary under the
Code to establish and maintain the exclusion from gross income of the interest on
the Bonds under Section 103 of the Code, including without limitation requirements
relating to temporary periods for investments, limitations on amounts invested at a
yield greater than the yield on the Bonds, and the rebate of excess investment
earnings to the United States if the Bonds (together with other obligations
reasonably expected to be issued in calendar year 1990) exceed the small -issuer
exception amount of $5,000,000.
(b) For purposes of qualifying for the small issuer exception to the
federal arbitrage rebate requirements, the Authority hereby finds, determines and
declares that the aggregate face amount of all tax-exempt bonds (other than
private activity bonds) issued by the City (and all subordinate entities of the City)
during the calendar year in which the Bonds are issued and outstanding at one time
is not reasonably expected to exceed $5,000,000, all within the meaning of Section
148(f)(4XC) of the Code.
4.02. The Authority further covenants not to use the proceeds of the Bonds
or to cause or permit them or any of them to be used, in such a manner as to cause
the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141
through 150 of the Code.
4.03. In order to qualify the Bonds as "qualified tax-exempt obligations"
within the meaning of Section 265(bX3) of the Code, the Authority makes the
following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section 141
of the Code;
(b) the Authority hereby designates the Bonds as "qualified tax-exempt
obligations" for purposes of Section 265(bX3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations (other
than private activity bonds, treating qualified 501(cX3) bonds as not being private
activity bonds) which will be issued by the City (and all subordinate entities of the
City) during calendar year 1990 will not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City (or
entities subordinate to the City) during calendar year 1990 have been designated
for purposes of Section 265(b)(3) of the Code.
4
4.04. The Authority will use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate the designations
made by this section.
The motion for the adoption of the foregoing resolution was duly seconded
by Member
Bohla_nen , and upon vote being taken thereon, the
following voted in favor thereof: Bisel, Bohjanen, Kuether, Neal & Reinert
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
5
STATE OF MINNESOTA )
COUNTY OF ANOKA ) SS.
LINO LAKES ECONOMIC )
DEVELOPMENT AUTHORITY )
I, the undersigned, being the duly qualified and acting Executive Director of
the Lino Lakes Economic Development Authority, Anoka County, Minnesota, do
hereby certify that I have carefully compared the attached and foregoing extract
of minutes of a regular meeting of the Board of Commissioners of the
Authority held on August 13, 1990 with the original minutes on file in my office
and the extract is a full, true and correct copy of the minutes insofar as they
relate to the issuance and sale of $1,115,000 Public Project Revenue Bonds, Series
1990A (City of Lino Lakes Installment Contract Obligations) of the Authority.
WITNESS My hand officially as such Executive Director this 13th day of
August, 1990.
Executive Director
Lino Lakes Economic
Development Authority
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