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HomeMy WebLinkAboutCC RES 03-029 A RESOLUTION RELATING TO $310,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2003C; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM Meeting Sheet IIIIII VIII VIII VIII VIII VIII IIII IIII ioasis Box: 31 Folder: RES 2003 Document: CC RES 03-029 A RESOLUTION RELATING TO $310,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 20030; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM i • CERTIFICATION OF MINUTES RELATING TO $$20,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2003C Issuer: City of St. Anthony, Minnesota Governing body: City Council Kind, date, time and place of meeting: A regular meeting held on March 25, 2003, at 7:00 o'clock P.M., at the St. Anthony City Hall. Members present: Faust, Sparks, Thuesen, Horst Members absent: Hodson Documents attached: Minutes of said meeting including (pages) 1 through 18: RESOLUTION NO. 03- 029 RESOLUTION RELATING TO $320,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF • INDEBTEDNESS, SERIES 2003C; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF I, the undersigned,being the duly qualified and acting recording officer of the public corporation issuing the obligations 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 the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the obligations; and that the 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 given as required by law. WITNESS my hand officially as such recording officer this 2-T day of March, 2003. • Connie Kroeplin, City Clerk 1 • It was reported that ( )proposals had been received prior to 11:00 A.M., Central Time today for the purchase of$320,000 General Obligation Equipment Certificates of Indebtedness, Series 2003C in accordance with the Official Statement distributed by the City to potential purchasers of the Certificates. The proposals have been read and tabulated, and the terms of each have been determined to be as follows: Name of Interest Bidder Bid for Principal Rates Net Interest Cost [See Attached] • • • Councilmember Sparks then introduced the following resolution and moved its adoption: RESOLUTION NO. 03- 029 RESOLUTION RELATING TO $320,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2003C; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council (the"Council") of the City of St. Anthony, Minnesota(the City), as follows: Section 1. Authorization and Sale. 1.01. Authorization. This Council has heretofore determined that it is necessary and expedient for the City to issue and sell its General Obligation Equipment Certificates of Indebtedness, Series 2003C in the principal amount of$320,000, $2,400 of such amount representing interest as provided in Minnesota Statutes, Section 475.56,to finance the purchase of fire and public works equipment having at least a 5-year useful life pursuant to Minnesota Statutes, Section 412.301. The obligations shall be general obligation negotiable securities denominated General Obligation Equipment Certificates of Indebtedness, Series 2003C, issued in the aggregate principal amount of$320,000 (the "Certificates"). The principal amount of the Certificates does not exceed 0.25 percent of the market value of taxable property in the City. 1.02. Sale of the Certificates. The City has retained Ehlers &Associates, Inc., an independent financial advisor, to assist the City in connection with the sale of the Certificates. The Certificates are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph(9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Tenns and Conditions of Sale for the Certificates, (__) proposals for the purchase of the Certificates were received at or before the time specified for receipt of bids. The proposals have been publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each bid have been determined. The most favorable proposal received is that of , of (the"Purchaser"), to purchase the Certificates at a price of $ , the Certificates to bear interest at the rates set forth in Section 3.01. The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Certificates with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Issuance of Certificates. All acts, conditions and things which are required • by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be I • performed precedent to and in the valid issuance of the Certificates having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Certificates, to provide security therefor and to issue the Certificates forthwith. Section 2. Form of Certificates. The Certificates shall be prepared in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. ANTHONY GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2003C R- $ Date of Rate Maturity Original Issue CUSIP February 1, April 16, 2003 • REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: DOLLARS THE CITY OF ST. ANTHONY, Hennepin and Ramsey Counties, Minnesota(the "City"), acknowledges itself to be indebted and, for value received, hereby promises to pay to the registered owner named above, the principal amount specified above, on the maturity date set forth above, without option of prior payment, with interest thereon from the date of original issue set forth above, at the annual rate set forth above computed on the basis of a 360-day year consisting of twelve 30-day months, on February 1 and August 1 in each year, commencing February 1, 2004, to the person in whose name this Certificate is registered at the close of business on the 15th day(whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof, are payable in lawful money of the United States of America by check or draft of Wells Fargo Bank Minnesota,National Association, in Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the"Bond Registrar"), or its successor designated under the Resolution described herein. This Certificate is one of an issue in the aggregate principal amount of$320,000 (the"Certificates"), issued pursuant to a resolution adopted by the City Council on March 25, 2003 (the"Resolution")to finance the purchase of equipment for installation in the City's new municipal facilities and other capital equipment by the City, and is issued pursuant to and in full • conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto -2- • enabling, including Minnesota Statutes, Section 412.301 and Chapter 475. For the full and prompt payment of the principal and interest on the Certificates as the same become due, the full faith, credit and taxing power of the City have been and are irrevocably pledged. The Certificates are issuable only as fully registered certificates, in denominations of$5,000 or any multiple thereof, of single maturities. The Certificates are payable on their respective stated maturity dates without option of prior payment. The Certificates have been designated by the City as "qualified tax-exempt obligations"pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. As provided in the Resolution and subject to certain limitations set forth therein, this Certificate is transferable upon the books of the City at the principal office of the Certificate Registrar,by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Certificate Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Certificates of other authorized denominations. Upon such transfer or exchange, the City will cause a new Certificate or Certificates to be issued in the name of the transferee or registered owner, of the same aggregate principal amount,bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Certificate Registrar may deem and treat the person in whose • name this Certificate is registered as the absolute owner hereof, whether this Certificate is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Certificate Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the issuance of this Certificate in order to make it a valid and binding general obligation of the City according to its terms have been done, do exist, have happened and have been performed in regular and due form as so required; that prior to the issuance hereof, the City has levied ad valorem taxes upon all taxable property within the City collectible in the years and amounts required to produce sums not less than five percent in excess of the principal of and interest on the Certificates as such principal and interest respectively become due, and has appropriated the same to the sinking fund in the manner specified in Minnesota Statutes, Section 475.61; that, in the event of any accumulated or anticipated deficiency in the sinking fund, additional ad valorem taxes are required by law to be levied upon all taxable property in the City without limitation as to rate or amount; and that the issuance of this Certificate does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. This Certificate shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Certificate Registrar by manual signature of one of the authorized representatives of the Certificate Registrar. • -3- • IN WITNESS WHEREOF, the City of St. Anthony, Hennepin County, State of Minnesota,by its City Council, has caused this Certificate to be executed by the Mayor and the City Manager and has caused this Certificate to be dated as of the date set forth below. CITY O ST. ANTHONY City danager Mayor �.- • • -4-