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HomeMy WebLinkAboutRES 87-018 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $690,000 LIQUOR STORE REVENUE BONDS, SERIES 1987 Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 102339 Box: 23 Folder: RES 1987 Document: RES 87-018 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $690,000 LIQUOR STORE REVENUE BONDS, SERIE51987 • CERTIFICATION OF MINUTES RELATING TO $690,000 LIQUOR STORE REVENUE BONDS, SERIES 1987 Issuer: City of St. Anthony, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A special meeting held on Wednesday, April 29, 1987, at 4 : 30 o 'clock P .M. , at the City Hall. Members present: J. Makowske, C. Ranallo, G. Marks, R. Enrooth & Mayor R. Sundland Members absent: None Documents Attached: Minutes of said meeting (pages ) : RESOLUTION NO. 87-018 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $690,000 LIQUOR STORE REVENUE BONDS, SERIES 1987 • 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 29th day of April, . 1987 . S ignatur Carol Lou Johnson, City Clerk ` 1 Councilmember Ramallo introduced the following resolution and moved its adoption: RESOLUTION ao. 87-018 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $690 ,000 LIQUOR STORE REVENUE BONDS, SERIES 1987 BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota, as follows: 1 . Bond Authorization. For the purpose of financing the construction, remodeling and equipping of liquor store facilities , this Council determines that it is necessary to sell and issue liquor store revenue bonds of the City in the amount of $6.90 , 000. 2 . Sale Terms. Springsted Incorporated, bond. consultants to the City, has presented to this Council a form of Official Terms of Offering of the sale of the bonds, and a form of Notice of Sale for publication, which forms are attached hereto 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 said 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 Notice of Sale to be published once in the official newspaper of the City, and once in the Commercial West, a financial periodical published in Minneapolis, at least ten days before the date of sale. 3 . Sale Meeting. This Council shall meet on Tuesday, May 26, 1987, at 7 :00 P.M. , to consider the bids received for the purchase of the bonds, and to take such actions thereon as is deemed in the best interests of ity. / LN l0 Mayor Attest: City Clerk " t • 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: All members and the following voted against the same: None whereupon said resolution was declared passed and adopted. OFFICIAL TERMS OF OFFERING • $690,000 CITY OF SAINT ANTHONY, MINNESOTA LIQUOR STORE REVENUE BONDS, SERIES 1987 Sealed bids for the Bonds will be opened by the City Manager or his designee on Tuesday, May 26, 1987, at 11 :00 A.M., 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 some day. DETAILS OF THE BONDS The Bonds will be dated July I, 1987, as the date of original issue, and will bear interest payable on January I and July I of each year, commencing January I, 1988. 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 will mature January I in the amounts and years as follows: 45,000 1989 *50,000 1990 ,000 1992 75,000 1995 90,000 1997 $65,000 1993 85,000 1996 95,000 1998 $55,000 1991 $70,000 1994 OPTIONAL REDEMPTION The City may elect on January I, 1993, and on any interest payment date thereafter,-to prepay Bonds due on or after January I, 1994. 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 special obligations of the City payable solely from the net operating profits of the City's municipal liquor stores and shall not constitute a debt for which the faith and credit or taxing powers of the City will be pledged. The proceeds will be used to finance construction, remodeling and equipping of liquor store facilities. TYPE OF BID A sealed bid for not less than $676,890 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 $6,900 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 I%. No rate for any maturity shall be more than I% 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: (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 t` 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. 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 25 copies of the Official Statement. •Dated April 29, 1987 BY THE ORDER OF THE CITY COUNCIL /s/ Carol Johnson City Clerk • NOTICE OF SALE CITY OF ST. ANTHONY , MINNESOTA $690 ,000, LIQUOR STORE REVENUE BONDS, SERIES 1987 Sealed bids for the purchase of these Bonds will be received by the City Manager or his designee until 11 :00 A.M. , Central Time, on Tuesday, May 26, 1987, at the offices of Springsted Incorporated, 85 East Seventh Place, St. Paul, Minnesota. The Bonds will be dated July 1 , 1987, will bear interest payable semiannually commencing on January 1, 1988, and will mature on January 1 , in the following years and amounts: Year Amount Year Amount 1989 $45 , 000 1994 $70, 000 1990 $50, 000 1995 $75, 000 1991 $55, 000 1996 $85, 000 1992 $60, 000 1997 $9010.00- 1993 $65, 000 1998 $95, 000 Bidders must specify a price of not less than $676,890 plus accrued interest, and interest rates for each maturity and a net average interest rate for the issue not exceeding the maximum permitted by law. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis and St. Paul, Minnesota.. The proceeds will be used to construct, remodel and equip liquor store facilities. Dated: April 29, 1987 . BY ORDER OF THE CITY COUNCIL Carol Lou Johnson, City Clerk 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 . •