HomeMy WebLinkAboutResolution 2529
.
.
.
MOUNDS VIEW
RESOLUTION NO. 2529
RESOLUTION PROVIDING FOR THE ISSUANCE AND PUBLIC SALE OF $930,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1989B
OF THE CITY OF MOUNDS vmw, 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 general
obligation tax increment bonds in order to provide funds to pay capital and
administrative costs of Development District No. 2 (the "Project") 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") adopted on September 22,
1986, and modified as of J un e 1 2 ,1989. 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 Issuer incurred pursuant to Minnesota
Statutes, Section 469.176, subd. 4 for certain public improvements within the
Project; and (b) to provide for the issuance of such bonds in the manner provided
by, and subject to the limitations of, Minnesota Statutes, Chapter 4'15.
2. Sale of Bonds.
2.1 In order to provide funds to pay certain capitaleosts for public
improvements within the Project in accordance with the Plan, the Issuer shall issue
its General Obligation Tax Increment Bonds, Series 1989B (the "Bonds") in the
principal amount of $930,000. Any excess of the purchase price of the Bonds over
the sum of $916,050 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, September 25, 1989 at
11:00 A.M., 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.
.
.
.
Adopted by the City Council of the City of Mounds View this 28th day of
August, 1989.
Offered by: Counci 1 member Qui ck
Seconded by: Counci 1 member Paone
Roll Call:
5
o
o
Ayes:
Nays:
Absent:
(SEAL)
4~/// ~
Mayor
.
.
.
APPENDIX A
OFFICIAL TERMS OF OFFERING
$930,000
CITY OF MOUNDS VIEW, MINNESOTA
GENERAL OBUGATlON TAX INCREMENT BONDS, SERIES 1989B
Sealed bids' for the Bonds will be received by the City or its designee on Monday,
September 25, 1989, until 11 :00 A.M., Central Time, at the offices of SPRINGSTED
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota after which time they will
be opened and tabulated. Consideration for award of the Bonds will be by the City Council at
7:00 P.M., Central Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated November 1, 1989, as the date of original iS$ue, and will bear interest
payable on February 1 and August 1 of each year, commencing August 1, 1990. Interest will
be computed on the basis of a 36O-day year of twelve 3O-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 the holder's address as it appears on the books of the registrar as of the
close of business on the 15th day of the immediately preceding month.
The Bonds will mature February 1 in the years and amounts as follows:
1994 $55,000
1995 $55,000
1996 $60,000
1997 $65,000
2002 $ 90,000
2003 $ 95,000
2004 $100,000
2005 $105,000
1998 $70,000
1999 $75,000
2000 $80,000
2001 $80,000
OPTIONAL REDEMPTION
The City may elect on February 1, 1998, and on any day thereafter, to prepay Bonds due on or
after February 1, 1999. Redemption may be in whole or in part and if in part, in inverse order of
maturity and within a maturity by lot as selected 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 from the City's Tax Increment Development District No.2. The proceeds will
be used to finance the public costs associated with Development District NO.2.
TYPE OF BID
Bids shall be for not less than $916,050 and accrued interest on the total principal amount of
the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $9,300,
payable to the order of the City. No bid will be considered for which said check has not been
received. The City will deposit the check of the purchaser, the amount of which will be
deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted bid, said amount will be retained by the City. No bid can be
- i -
.
withdrawn after the time set for receiving bids unless the meeting of the City scheduled for
award of the bids is adjoumed, recessed, or continued to another date without award of the
Bonds having -been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates
must be in ascending order. Bonds of the same maturity shall bear a single rate from the date
of the Bonds to the date of maturity. No conditional bid will be accepted.
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.
R!:GISTRAR
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 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 12:00 Noon, 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 reasons of the purchaser's non-compliance with said terms for payment.
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 50 copies of the Official
Statement.
Dated August 28, 1989
BY ORDER OF THE CITY COUNCIL
.
Isl Donald F. Pauley
Clerk-Administrator
- ii -
.
. .
APPENDIX B
OPFICIAL NOTICE OP SALE
$930,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIBS 1989B
CITY OP 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, September 25, 1989 at 11:00 A.M., Central
Time, for the purchase of its $930,000 General Obligation Tax Increment Bonds,
Series 1989B (the "Bonds"). The bids will then be opened and reoorded. 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 November 1, 1989, will bear interest payable on
February 1 and August 1 of each year, commencing August 1, 1990. The Bonds will
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
-
. 1994 $ 55,000 2000 $ 80,000
1995 55,000 2001 80,000
1996 60,000 2002 90,000
1997 65,000 2003 95,000
1998 70,000 2004 100,000
1999 75,000 2005 105,000
.
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, Saint Paul,
Minnesota 55101-2143.
Dated: (Date Published)
BY ORDER OF THE CITY COUNCIL