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HomeMy WebLinkAboutCC RES 92-038 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $405,000 LIQUOR STORE REFUNDING BONDS, SERIES 1992A Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 103574 Box: 26 Folder: RES 1992 Document: CC RES 92-038 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $405,000 LIQUOR STORE REFUNDING BONDS, SERIES 1992A • CERTIFICATION OF MINUTES RELATING TO LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992A Issuer: City of St. Anthony, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on Tuesday, July 28, 1992, at 7:30 o'clock P.M. at the City Hall. Members present: Ranallo, Enrooth, Wagner, Fleming Members absent: Marks Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 9 2-0 3 8 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $405,000 LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992A • TERMS OF PROPOSAL ' 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 d& day of July, 1992. Ci Manager • Councilmember Enrooth introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $405,000 LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992A BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the City), as follows: Section 1. Purpose. It is hereby determined to be in the best interests of the City to issue its $405,000 aggregate principal amount of Liquor Store Revenue Refunding Bonds, Series 1992A (the Bonds), pursuant to Minnesota Statutes, Chapter 475, to refund the 1994 through 1998 maturities of the $690,000 Liquor Store Revenue Bonds, Series 1987, dated as of July 1, 1987. Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Bonds, which is attached hereto and hereby approved and shall be placed on file with the Manager. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds on behalf of the City on a negotiated basis. Section 3. Sale Meeting. This Council shall meet at the City Hall on Tuesday, August 25, 1992, at 7:30 o'clock P.M, for the purpose of considering sealed bids for the purchase of the Bonds, and of taking such action thereon as may be in the best interests of the City. Attest: Jerk Mayor The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Ranallo and upon vote being taken thereon, the following voted in favor thereof: Ranallo, Enrooth, Wagner, Fleming and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: • TERMS OF PROPOSAL $405,000 CITY OF ST. ANTHONY, MINNESOTA LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992A Proposals for the Bonds will be received by Springsted Incorporated on behalf of the City on Tuesday, August 25, 1992, 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 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated October 1, 1992, as the date of original issue, and will bear interest payable on January 1 and July 1 of each year, commencing July 1, 1993. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 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 January 1 in the years and amounts as follows: 1994 $70,000 1996 $80,000 1998 $90,000 1995 $80,000 1997 $85,000 OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Bonds will be special obligations of the City payable solely from 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 refund all the outstanding Bonds maturing in the years 1994-1998 of the City's Liquor Store Revenue Bonds, Series 1987. TYPE OF PROPOSALS Proposals shall be for not less than $400,140 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit') in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $4,500, is payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a - i - bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter 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 received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. 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 proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, 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 proposals will be accepted. AWARD The Bonds will be awarded on the basis of 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 proposal, in accordance with customary practice, will be controlling. 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, 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 reason of the purchaser's non-compliance with said terms 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 - ii - Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. • For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement' of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal therefor, the City 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 50 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 for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it shall 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 July 28, 1992 BY ORDER OF THE CITY COUNCIL /s/Thomas Burt City Manage; •