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HomeMy WebLinkAboutRES 85-020 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $545,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985A Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 102434. Box: 23 Folder: RES 1985 Document: RES 85-020 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $545,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985A CERTIFICATION OF MINUTES RELATING TO $545, 000 GENERAL- OBLIGATION TAX -INCREMENT BONDS, SERIES 1985A Issuer: City of Saint Anthony, Minnesota - Governing Body: City Council. Kind, date, time and place of meeting: A special meeting, held on Tuesday, April 2 , 1985, at 7:00 o'clock P.M. , at the City Hall in Saint Anthony. Members present : Mayor Sundland, Councilmembers Ranallo, Enrooth, and Marks Members absent : Councilmember Makowske Documents Attached: Minutes of said meeting (pages) : RESOLUTION NO. 85-020 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $545, 000 GENERAL OBLIGATION TAX INCREMENT BONDS,- SERIES 1985A OFFICIAL TERMS OF OFFERING NOTICE OF SALE I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation- in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds ; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 3rd day of April, 1985 . Sign re Carol Lou Johnson, City Clerk • Councilmember Ranallo introduced the following resolution and moved its adoption: RESOLUTION NO. 85020 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $545, 000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985A BE IT RESOLVED by the City Council of the City of _ Saint Anthony, Minnesota. (the City) , as follows: 1 . Bond Authorization. It is -hereby found and determined that it is necessary and expedient for the City to issue and sell its General Obligation Tax Increment Bonds, Series 1985A, in the aggregate principal amount of $545, 000 to finance certain public costs incurred in Tax Increment Financing Districts #1 and #2 in the City, in accordance with the tax increment financing plans heretofore approved. 2 . Terms of Sale; Notice. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Official Terms of Offering for the sale of said bonds, and . Dorsey & Whitney, bond counsel, has presented to this Council a short form of Notice of Sale for • publication, both of which are attached hereto and are hereby approved and shall be placed on file in the office of the City Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of the bonds and of the sale thereof and shall be made available to all prospective. purchasers of the bonds. The City Clerk is authorized and directed to cause the short form of Notice of Sale to be published once in the official newspaper of the City, which is a legal newspaper having a general circulation within the City, and once in the Commercial West at least ten days before the date of sale specified in the Notice of Sale. 3 . Sale Date. , This Council shall meet at 4 :30 P.M. . on Tuesday, May 7, 1985, 'to consider the bids and to take such other action thereon as is deemed in e best interest of the City. Mayor Attest : A.Z.4,01,, 0,,�),"i City C rk Reviewed for administration: • 1, �i City Manager • The motion for the adoption of the foregoing resolution 'was duly seconded by Councilmember Marks and, upon vote being taken thereon, the following voted in favor thereof : Sundland, Ranallo, Enrooth, Marks . and the following voted against the same: None. whereupon said resolution was declared duly passed and adopted. OFFICIAL TERMS OF OFFERING • $545,000 CITY OF SAINT ANTHONY, MINNESOTA GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985A Sealed bids for the Bonds will be opened by the City Council on Tuesday, May 7, 1985,-at 4:30 P.M., Central Time, at the City Hall in Saint Anthony. Consideration for award of the Bonds will immediately follow the opening of bids. DETAILS OF THE BONDS The Bonds will be dated June I, 1985 and will bear interest payable on February I and August I of each year, commencing February 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 integral multiples of $5,000, 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 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 February I in the amounts and years as follows: $ 40,000 1986-1988 $15,000 1990-1992 $25,000 1995-1996 $35,000 2000 $125,000 1989 $20,000 1993-1994 $30,000 1997-1999 $40,000 2001 The City may elect on February I, 1.994, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1995. 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 revenue to the City's Tax Increment Districts Numbers One and Two. The proceeds will be used to fund the public costs of development within the City's Tax Increment Districts Numbers One and Two. TYPE OF BID A sealed bid for not less than $534,580 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 $5,450, 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. No rate nor the net effective rate for the entire Issue of the Bonds shall exceed the maximum rate permitted by law. Bonds of the some 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: (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 Dorsey & Whitney, of Minneapolis and Saint Paul, 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. Dated April 2, 1985 BY ORDER OF THE CITY COUNCIL /s/ David M. Childs City Manager NOTICE OF SALE City of Saint Anthony Hennepin and Ramsey Counties, Minnesota $545, 000 General Obligation Tax Increment Bonds, Series 1985A Sealed bids for the purchase of these Bonds will be opened by the- City Council at the City Hall in Saint Anthony, Minnesota, at 4 : 30 P.M. , Central Time, on Tuesday, May 7 , 1985 . The Bonds will be originally dated June 1, 1985, and be in denominations of $5, 000 each or any integral multiple and in registered form. The Bonds will bear interest payable semiannually on February 1 and August 1 of each year, commencing February 1, 1986, and will mature on February 1 in the following years and amounts : Year Amount 1986 $ 40, 000 1987 40, 000 1988 40, 000 1989 125, 000 1990 15, 000 1991 15, 000 1992 15, 000 1993 20, 000 1994 20, 000 1995 25, 000 1996 25, 000 1997 30, 000 1998 30, 000 1999 30, 000 2000 35, 000- 2001 5, 0002001 40, 000 Bonds maturing on or after February 1, 1995, will be subject to redemption and prepayment, at the option of the City and in whole or in part, on February 1, 1994, and on any interest payment date thereafter, at a price equal to the principal amount thereof plus accrued interest. - Bidders must specify a price of not less than $534 , 580 plus accrued interest and interest rates not exceeding' the maximum lawful rate pre- scribed by law. A legal opinion will be furnished by Dorsey & Whitney, Minneapolis and St . Paul, Minnesota. The proceeds will be used to finance public costs within certain tax increment districts in 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 Sale and said Official Terms of Offering, the provisions of the latter shall control . Dated: April 2 , 1985 . BY ORDER OF THE CITY COUNCIL David M. Childs City Manager • •