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HomeMy WebLinkAbout1985-017 Council ResolutionRESOLUTION #85 - 17 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF LINO LAKES, ANOKA COUNTY, MINNESOTA HELD: SEPTEMBER 9, 1985 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota, was duly called and held at the City Hall in said City on the 9th day of September, 1985, at 7:00 o'clock P.M. The following members were present: B. Bohjanen, D. Kulaszwicz, D. Marier, V. Reinert & Mayor B. Benson and the following were absent: None Member Kulaszwicz introduced the following resolution and moved its adoption: Resolution # 85 -17 RESOLUTION PROVIDING FOR PUBLIC SALE OF $1,850,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1985 BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: 1. It is hereby found, determined and declared that this City should issue $1,850,000 General Obligation Temporary Improvement Bonds, Series 1985 to defray the expense of various improvements within the City. 2. This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of opening and considering sealed bids for, and award- ing the sale 4c4. $1,850,000 General Obligation Temporary Improvement Borids, Series 1985 of said City. • 3. The City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Commercial West not less than ten days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto. 4. The terms and conditions of said bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit B and incorporated herein by reference. The motion for the adoption of the foregoing resolution was duly seconded by member Bohjanen and upon a vote being taken thereon, the following voted in favor thereof: All members and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. EXHIBIT A NOTICE OF BOND SALE $1,850,000 CITY OF LINO LAKES ANOKA COUNTY MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1985 Sealed bids for these bonds will be opened by the City Council at 7:00 P.M., Central Time on Tuesday, October 15, 1985, at the City Hall, in Lino Lakes, Minnesota. Consideration of the bids for award of the Bonds will immediately follow the opening of bids. The bonds will have a date of original issue of November 1, 1985 and interest will be payable May 1, 1986 and semiannually thereafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The bonds-will mature on November 1, 1988. All bonds are subject to prior payment on November 1, 1987 or May 1, 1988 at a price of par and accrued interest. Sealed bids for not less than $1,826,875 and accrued interest on the principal sum of $1,850,000 will be accepted. Neither the rate of interest nor the net effective average rate of the issue may exceed the maximum rate allowed by law at the time of sale. An acceptable approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. The proceeds will be used to finance costs of various improvements within the City. Bidders should be aware that the Official Terms of Offering to be published in the Official Statement for the Offering may contain additional bidding terms and information relative to the Issue. In the event of a variance between statements in this Notice of Bond Sale and said Official Terms of Offering the provisions of the latter shall be those to be complied with. -. Dated: September 9, 1985 BY ORDER OF THE CITY COUNCIL /sJ Randall Schumacher City Clerk Exhibit B OFFICIAL TERMS OF OFFERING $1,850,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1985 Sealed bids for the Bonds will be opened by the City Council on Tuesday, October 15, 1985, at 7:00 P.M., Central Time, at the City Hall. Consideration for award of the Bonds will immediately follow the opening of bids. DETAILS OF THE BONDS The Bonds will be dated November 1, 1985 and will bear interest payable on May 1 and November 1 of each year, commencing May I, 1986. Interest will be computed upon the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in bearer form in the denomination of $5,000 each, or in integral multiples thereof as requested by the Purchaser, without interest coupons attached but will have the amount of interest due on the interest payment date thereof stated in the text of the Bonds. Principal will be payable at the main corporate office of the Registrar and interest on each Bond will be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his address as it appears on the books of the Registrar as of the 15th of the calendar month next preceding the interest payment. The Bonds will mature November 1 , [988. `The City may elect on November 1, 1987, or May I, 1988 to prepay Bonds due on November I, 1988. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The 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 special assessments against benefited property. The proceeds will be used to finance costs of various improvements within the City. TYPE OF BID A sealed bid for not less than $1,826,875 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $18,500, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Bidders shall specify a single rate which shall not exceed, nor shall the net effective rate for the entire Issue of the Bonds exceed the maximum rate permitted by law. • AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non - substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the Registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the Registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. • SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no- litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not later than 1:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non - compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the City, to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were. made, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 15 copies of the Official Statement. Slated September 9, 1985 BY ORDER OF THE CITY COUNCIL /s/ Marilyn Anderson City Clerk • • STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES I, the undersigned, being the duly qualified and acting Clerk of the City of Lino Lakes, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council duly called and held on the date therein indicated, which are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to providing for the issuance and sale of $1,850,000 General Obligation Temporary Improvement Bonds, Series 1985. WITNESS my hand as such Clerk and the official seal 6 !t of the City this day of (1) / f, 1985. (SEAL) City Clerk