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HomeMy WebLinkAboutResolution 4064~ f EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MOUNDS VIEW, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Mounds View, Minnesota, was duly called and held at the Mounds View City Hall on the 25th day of March, 1991, commencing at 7:00 P.M., C.T. The following Counciimembers were present: Councilmembers Quick, Wuori, 3lanchard and Rickaby and P~ayor Linke and the following were absent: None Councilmember ,Qi,irk introduced the following resolution and moved its adoption: RESOLUTION NO. 4064 RESOLUTION PROVIDING FOR PUBLIC SALE OF $2,875,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 1991A BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota, as follows: 1. It is hereby determined: (a) That the City has duly ordered or will order the making of, and has undertaken or will undertake, the following public improvements listed in the attached Exhibit C (the "Improvements") to the City's municipal water system, pursuant to and in full conformity with Minnesota Statutes, Section 444.075. (b) That it is necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, to provide financing for the Improvements. 2. It is hereby found, determined and declared that the City should issue $2,875,000 General Obligation Water Revenue Bonds, Series 1991A (the "Bonds"), to finance the costs of the Improvements, and $37,375 of such amount shall represent additional bonds issued pursuant to Minnesota Statutes, Section 475.56, as additional interest required to market the Bonds at this time. 15140 • 3. This Council shall meet at the time and place specified in the attached notice of the sale of the Bonds for the purpose of considering the bids for the purchase, and awarding the sale, of the Bonds. 4. The City Clerk-Administrator is hereby authorized and directed to cause the notice of the sale of the Bonds to be published in the official newspaper of the City and in Northwestern Financial Review (and/or such other financial publication as may be recommended by the City's financial advisor for the Bonds, Springsted Incorporated) 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. 5. The terms and conditions of the Bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit B. Adopted this 25th day of March, 1991, by the Mounds View City Council. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember l1 u n r i and upon a vote being taken thereon, the following voted in favor thereof: . and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. • 15140 • EXHIBIT A NOTICE OF BOND SALE $2,875,000 CITY OF MOUNDS VIEW RAMSEY COUNTY MINNESOTA GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 1991A Sealed bids for these Bonds will be received by the City Finance Director or his designee at the offices of SPRINGSTED INCORPORATED, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143, on Monday, April 22, 1991, until 11:30 A.M., Central Time, after which time they will be opened and tabulated. Consideration for award of the Bonds by the City Council will occur at a meeting of the Council beginning at 7:00 P.M., Central Time, on the same day. The Bonds will have a date of original issue of May 1, 1991, and interest will be payable February 1, 1992, and semiannually thereafter. The Bonds will be general obligations of the City for which its unlimited taxing powers will be pledged. The Bonds will mature on February 1 in the amounts and years as follows: • Years Amou t Y A t s n ears moun s 1993 $ 35,000 2004 $135,000 1994 55,000 2005 145,000 1995 80,000 2006 155,000 1996 85,000 2007 165,000 1997 90,000 2008 175,000 1998 95,000 2009 190,000 1999 100,000 2010 205,000 2000 105,000 2011 215,000 2001 115,000 2012 230,000 2002 120,000 2013 250,000 2003 130,000 All Bonds maturing after February 1, 2000, are subject to prior payment on said date and on any date thereafter at a price of par and accrued interest. Sealed bids for not less than $2,837,625 and accrued interest on the principal sum of $2,875,000 will be accepted. An 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 the costs of public improvements to the City's municipal water system. i 15140 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 Bonds. 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: March 25, 1991. BY ORDER OF THE CITY COUNCIL City Cler -Admini rator Further information may be -- obtained.from the Issuer's Financial Advisor, SPRINGSTED INCORPORATED 85 East Seventh Place Suite 100 St. Paul, Minnesota 55101 • (612) 223-3000 15140 EXHIBIT B • OFFICIAL TERMS OF OFFERINC3 ;2,875,000 CITY OF MOUNDS VIEW, MINNESOTA GENERAL OBUGATtON WATER REVENUE BONDS, SERIES 1891A Seated bids for the Bonds will be received by the City Finance Director or hts designee on Monday, April 22, 1991, until 11;30 A,M., Central Time, at the offices of SPRlNC~STED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they wilt be opened and tabulated. Consideration for award of the Bonds wUl be by the City Council at 7;00 P,M., Central Tima, of the same day. DETAILS OF THE BONDS The Bonds will be dated May 1, 1991, as the date of original issue, and wilt bear interest payable on February 1 and August 1 of each year, commencing February 1, 1992. Interest wAl be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The l3onds 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 ba payable at the main corporate office of the registrar and interest on each Bond wi11 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 wi11 mature February 1 in the years and amounts as follows: 1993 $35,000 1999 $100,000 2004 $135,000 2009 $190,000 1994 $55,000 2000 $105,000 2005 $145,000 2010 $205,000 i 995 $50,000 2001 $115,000 2006 $i 55,000 2011 $215,000 1996 $85,000 2002 $120,000 2007 $165,000 2012 $230,000 1997 $90,000 2003 $130,000 2008 $175,000 2013 $250,000 1998 $95,000 OPTIONAL Rl»DEMPTION The City may elect on February 1,2000, and on any day theraafter, to prepay Bonds due on or after February 1, 2001. Redemption may be in whole or in part and if in part, at th® optbn of the City and in such manner as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall ba at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be genera! 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 net revenues of the City's water utility. The proceeds will be used to finance the expansion and improvement of the City's water system. TYPE OF BID Bids shall be for not Jess than $2,837,625 and accrued interest vn the total principal amount of . the Bonds. Bids shall be accompanied by a Good Faith Deposit (Deposit") in the form of a certified or cashier's check or a Financial Surety Bond to the amount of $28,750, payable to the order of the City. ff a check fa used, k must accompany each bid, ff a Financial Surely Band is . used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening o1 the bids. The Financial Surety Bond must Identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. n the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit Its Deposit to Springsted incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not recehred by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City wiN deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest wi11 accrue to file purchaser. to the event the purchaser falls to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the Bonds Is adjourned, recessed, or continued to another dais without award of the Bonds having been made. Rates shall be in Integral multiples of 5/100 or 1/S of 19b. There is no limit on the interest rate spread if bid in ascending order; however, no rate for any maturity shall be more than 1.096 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. 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 frnal scheduled maturity. The City's computation of the Iota( net dollar interest cost of each bid, in accordance with customary practice, will be controlling. T'he 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, (it) reject ail bids without Cause, and, (iii) reject any bid which the City determines to have felled to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION ff the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, thv purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expanse of the purchaser of the Bonds. Any increased costa of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, axcopt that, if ihs City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have bean awarded b the purchaser shall not consti#ute cause for failure or refusal by the purchaser to accept delivery on thta Bonds. REGISTRAR The City will name the registrar which shah be subject to applicabie SEC requlaUons. The City will pay for the services of the registrar, CUSIP NUMBERS if the Bonds quality 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 assl9nment of CUSIP Identification numb®ro shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will Lie dedvered without cost to th® 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 opinton of Briggs and Morgan, Professlonat Association, of Saint Paul and Minneapolis, Minnesota, whioh opinion will be printed on the Bonds, and of customary closing papers, including a no-tittgation certtflcato. 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 Clty or its designee not later than 12;00 Noon, Central Time. F~ccept as compliance with the terms of payment for the Bonds shalt have been made impossible by action of the City, or its agents, the purchaser shall be Liable to the City for any loss suffer®d by the City by reason of the purchaser's non-compliance with said farms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement within the meaning of Ruie 15c2-12 of the Securities and Exc~anga Commission. For copies of the Official Statement and the Official Bid Form or for any additional Information prior to sale, any prospective purchaser Is referred !o the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minn®sota 55101, • telephone (fii 2) 223-3000. The Official Statement, when further supplemented by an addendum or addenda spediying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Offlcial Statement" of the City with respect to the Bonds, as that term is defined in Rule 1.5c2-12. gY awarding the Bonds to any underwriter or undervvriting syndicate submitting an Offidai Bid Form therefor, the Clty agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 115 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent fvr purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Otfidai Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the. City (n it shalt accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated March 25,1991 BY ORDER OF THE CRY COUNCIL. /s/ Samantha Orduno Clerk/Administrator -ui- ~! 1- ~ ~ ~ EXHIBIT C Project Number Froiect 91-4 Long Lake Road - TH 10 Crossing $ 69,000 91.2 Bronson Water Main 51,755? 91-2 HilMiew/Oakwood Loop 41,900 91-3 City Hail Sewer Service 17,250 90-3 Treatment Plant #1 1,414,000 91-5 Treatment Plants #2 ~ 3 500,000 90-10 Generator at Booster Station 80,E 91-8 Well #4 Rehabilitation 161,000 91-6 Well #4 Transmission Line 143,750 90-1 Tower #2 DemolitioNPainting 345.000 Subtotal $2,823,650 Add: Costs of Issuance 25,000 Underwriter's Discount 37,375 Less: Investment Earnings 11 025 Net Bond Issue $2,875,000