HomeMy WebLinkAboutResolution 2444
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RESOLUTION NO. 2444
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION ESTABLISHING THE REIMBURSEMENT RATE FOR
EMPLOYEE'S USE OF PERSONAL VEHICLES
DURING THE CONDUCT OF CITY BUSINESS
WHEREAS, at times it may be necessary for employees of
the City of Mounds View to use their personal vehicles in the
conduct of City business,
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Mounds View that employees be reimbursed for use
of their personal vehicles in the conduct of City business at
the rate of $0.24 per mile effective January 1, 1989.
Adopted this 13th day of February 1989.
ATTEST:
(SEAL)
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MOUNDS VIEW
RESOLUTION NO. 2444
RESOLUTION PROVIDING FOR THE ISSUANCE AND PUBUC SALE OF $1,760,000
TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES'1989A
OF THE CITY OF MOUNDS VIEW , MINNESOTA
It is hereby resolved by the City Council of the City of Mounds View (the
"Issuer") as follows:
1. Findings, Authorization.
1.1 It is hereby found and determined that it is necessary and expedient
to the sound financial management of the Issuer for the Issuer to issue its taxable
general obligation tax increment bonds in order to provide funds to pay capital and
administrative costs of Development Project Number 3 (the TtProject") established
pursuant to Minnesota Statutes, Sections 469.124 to 469.134.
1.2 The Issuer, pursuant to Minnesota Statutes, Sections 469.174 through
469.179 has established a tax increment financing district within the Project
pursuant to a tax increment financing plan (the "Plan") dated as of February 22,
1988. The Issuer is authorized by Minnesota Statutes, Section 469.178 to (a) issue
its general obligation bonds for the purpose of financing expenditures of the
Authority incurred pursuant to Minnesota Statutes, Section 469.176, subd. 4; and (b)
to provide for the issuance of such bonds in the manner provided by, and subject to
the limitations of, Minnesota Statutes, Chapter 475.
2. Sale of Bonds.
2.1 In order to provide funds to pay the capital and administrative costs
of the Project in accordance with the Plan, the Issuer shall issue its Taxable
General Obligation Tax Increment Bonds, Series 1989A (the "Bonds") in the
principal amount of $1,760,000. Any excess of the purchase price of the Bonds
over the sum of $1,733,600 shall be credited to the debt service fund for the Bonds
to pay interest first due on the Bonds.
2.2 The Bonds shall be issued, sold and delivered in accordance with the
Official Terms of Bond Offering, attached hereto as Appendix A.
3. Award of Bonds, Advertisement, Meeting.
3.1 The City Clerk-Administrator of the Issuer is authorized and directed
to cause advertisement for sealed bids for the purchase of the Bonds to be
published in the manner required by Minnesota Statutes, Chapter 475, and in any
additional publications as the City Clerk-Administrator may determine to be
suitable. Such advertisement for sealed bids shall be in substantially form attached
hereto as Appendix B.
3.2. Sealed bids for the Bonds will be opened by the City at the offices of
the City's fiscal consultant, SPRINGSTED Incorporated, 85 east Seventh Place,
Suite 100, Saint Paul, Minnesota 55101-2143, on Monday, February 27, 1989 at
12:00 Noon, Central Time. Consideration for award of the Bonds will be by the
City Council at 7:00 p.m., Central Time, of the same day.
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Adopted by the City Council of the City of Mounds View this 23rd day of
January, 1989.
Offered by: Council member Blanchard
Seconded by: Mayor Hankner
Roll Call:
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Ayes:
Nays:
Absent:
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Mayor
APPENDIX A
OFFICIAL TERMS OF OFFERING
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$1,760,000
CITY OF MOUNDS VIEW, MINJ\ESOT A
T AXABLEGEIERAL OBLIGATION TAX INrnEMENT BONDS, SERIES 1989A
Sealed bids for the Bonds will be opened by the City on Monday, February 27, 1989, at 12:00 Noon,
Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint
Paul, Minnesota 55101-2143. Consideration for award of the Bonds will be by the City Council at
7:00 P.M., Central Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated April I, 1989, as the date of original issue, and will bear interest payable on
February I and August 1 of each year, commencing February I, 1990. 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 the denomination of $5,000 each, or in integral multiples thereof
as requested by the Purchaser, and fully registered as to principal and interest. 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 to the registered holder thereof at his address as it appears on
the books of the Registrar as of the 15th day of the calendar month next preceding the interest
payment.
The Bonds wi II mature February I in the amounts and years as follows:
'5'~ 1992 $ 95,000 1996 $135,000 2000 $175,000 2003
0,000 1993 $100,000 1997 $145,000 2001 $195,000 2004
75 , 000 1994 $110,000 1998 $160,000 2002 $230,000 2005
85, 000 1995 $120,000 1999
OPTIONAL REDEMPTION
The City may elect on February I, 1998, and on any interest payment date thereafter, to prepay
Bonds due on or after February I, 1999. Redemption may be in whole or in part of the Bonds subject
to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity
date will be prepaid first. If only part of the Bonds having a common maturity date are called for
prepayment 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 tax
increment income to be derived from the City's Tax Increment Financial District No.3. The
proceeds will be used to finance eligible public costs within Development District No.3.
TAXABILITY OF INTEREST
The interest to be paid on the Bonds is includable in gross income of the recipient for the United
States and State of Minnesota income tax purposes, and is subject to Minnesota Corporate and bank
.cise taxes measured by net income.
TYPE OF BID
aA sealed bid for not less than $1,733,600 and accrued interest on the total principal amount of the
~onds shall be filed with the undersigned prior to the time set for the openin~ of bids. Also prior to
the time set for bid opening, a certified or cashier's check in the amount of ~17,600, 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. Rates offered by Bidders shall be in
integral multiples of 5/100 or 1/8 of 1%. No rate for any maturity shall be more than 1% lower than
any prior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the
date of maturity.
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: (j) waive non-substantive informalities of any bid or of matters
relating to the receipt of bids and award of the Bonds, (ij) reject all. bids withc;>ut cause, and, (iii)
reject any bid which the City determines to have failed to comply with the terms herein.
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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 wi II be subject to
receipt by the Purchaser of an approving legal opinion of Holmes & Graven, Chartered of
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 I :00 P.M., Central Time. 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.
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OFFICIAL STATEMENT
anderwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor
"'rior to the bid opening. The Purchaser will be provided with 50 copies of the Official Statement.
Dated January 23, 1989
BY ORDER OF THE CITY COUNCIL
/s/ Donald F. Pauley
Clerk-Adm i ni strator
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APPENDIX B
OFFICIAL NOTICE OF SALE
$1,780,000 .
TAXABLE GBHERAL OBLIGATION TAX IlfCREMENT BONDS, SERIES 1989A
CITY OF MOUNDS VIEW, MINNESOTA
Notice is hereby given that the City of Mounds View, Minnesota (the "City")
will will open sealed bids at the offices of the City's fiscal consultant,
SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
Minnesota 55101-2143, on Monday, February 27, 1989 at 12:00 Noon, Central Time,
for the purchase of its $1,760,000 Taxable General Obligation Tax Increment
Bonds, Series 1989A (the "Bonds"). The bids will then be opened and recorded. The
City Council will consider the award of the Bonds at 7:00 p.m., Central Time, of
the same day.
The Bonds will be dated April 1, 1989, will bear interest payable on February
1 and August 1 of each year, commencing February 1, 1990. The Bonds wnl be
issued in integral multiples of $5,000 as requested by the Purchaser, and will be
fully registered as to principal and interest.
The Bonds will mature February 1 in the amounts and years as follows:
Year Amount Year Amount
. 1992 $ 65,000 1999 $120,000
1993 70,000 2000 135,000
1994 75,000 2001 145,000
1995 85,000 2002 160,000
1996 95,000 2003 175,000
1997 100,000 2004 195,000
1998 110,000 2005 230,000
Bonds due on or after February 1, 1999 will be subject to redemption, in
whole or in part at par plus accrued interest, at the City's option on February 1,
1998, and on any interest payment date thereafter. If less than all of the Bonds are
redeemed, Bonds will be redeemed in inverse order of maturity and by lot within a
single maturity.
The City will furnish the approving legal opinion of Holmes & Graven,
Chartered, of Minneapolis, Minnesota. A copy of the legal opinion will be
reproduced on the printed Bonds. Copies of the detailed Official Terms of Offering
and additional information may be obtained from the City Clerk-Administrator or
from SPRINGSTED, Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota 55101-2143.
Dated: (Date Published)
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BY ORDER OF THE CITY COUNCIL