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Home My WebLink About1998.04.13 RESO 1998-0012EW Resolution No. 1998-12 Council Member Goiffon introduced the following resolution and moved its adoption: Resolution Providing for the Sale of $985,000 General Obligation Temporary Improvement Bonds, Series 1998B $1,825,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C WHEREAS, the City Council of the City of Hugo, Minnesota, has determined that it is necessary and expedient to issue the City's $985,000 General Obligation Temporary Improvement Bonds, Series 1998B and the $1,825,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C (the "Bonds") to finance the costs of acquiring land and constructing improvements for the Bald Eagle Industrial Park; and WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Hugo, Minnesota, as follows: 1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting: Proposal Opening. The City Council shall meet at the time and place specified in the Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of the Bonds. The City Clerk, or designee, shall open proposals at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the Terms of Proposal. 4. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Leroux and, after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof: Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron and the following voted against the same: NONE Whereupon said resolution was declared duly passed and adopted. Dated this 13th day of April, 1998. (SEAL) SALE DETAILS DATE: April 13, 1998 ISSUER: City of Hugo, Minnesota BOND NAME: $985,000 General Obligation Temporary Improvement Bonds, Series 1998B BOND ATTORNEY: Briggs & Morgan (Mary Ippel) PURPOSE: Finance the costs of public improvements related to the development of the Bald Eagle Industrial Park Sale Date: May 4, 1998. Est. Closing Date: May_, 1998 Proposal Opening: 1:00 p.m., office of Ehlers & Associates, Inc. Proposal Award: 7:00 p.m., municipal offices. Type of Sale: Independent Financial Advisory Provision. Bonds Dated: May _, 1998 (date of closing). Maturity: February 1, 2001 First Interest: February 1, 1999. Interest will 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. Call Feature: Bonds will be subject to redemption prior to final maturity on August 1, 1999 and on any date thereafter. Minimum Proposal: $978,100. Good Faith: $19,700, payable to the Issuer (Cashiers or Certified Good Faith Check or wire transfer of funds to Ehlers Good Faith Escrow or financial surety bond. Record Date: Close of business on the 15th day (whether or not a business day) of the immediately preceding month. CUSIP Numbers: The Issuer will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Paying Agent: To be named by the City. Registration/ Book Entry Only: This offering will be issued as fully registered Bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Financial Advisor: Ehlers & Associates, Inc. (Rusty Fifield) # O/S to Purchaser: 75 copies. Rating Requested: Not rated Qualified Tax -Exempt Obligations: These Bonds WILL be designated as qualified tax-exempt obligations. Continuing Disclosure: This issue will be subject to Limited Disclosure requirements. Limited Continuous Disclosure Undertaking: The Issuer will file the Annual Financial Information and Audited Financial Statements with the State Information Depository ("SID") within 365 days after the end of their next fiscal year. The Issuer will update the following sections of the Official Statement as requested or in their annual updates to the SID: Current Property Valuations Larger Taxpayers Direct Debt Overlapping Debt Debt Ratios Tax Levies & Collections Tax Capacity Rates Larger Employers Population Trend Employment/Unemployment SALE DETAILS DATE: April 13, 1998 ISSUER: City of Hugo, Minnesota BOND NAME: $1,825,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C BOND ATTORNEY: Briggs & Morgan (Mary Ippel) PURPOSE: Finance the costs of land acquisition and site improvements related to the development of the Bald Eagle Industrial Park Sale Date: May 4, 1998. Est. Closing Date: May _, 1998 Proposal Opening: 1:00 p.m., office of Ehlers & Associates, Inc. Proposal Award: 7:00 p.m., municipal offices. Type of Sale: Independent Financial Advisory Provision. Bonds Dated: May _, 1998 (date of closing). Maturity: February 1, 2001 First Interest: February 1, 1999. Interest will 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. Call Feature: Bonds will be subject to redemption prior to final maturity on August 1, 1999 and on any date thereafter. Minimum Proposal: $1,804,000. Good Faith: $36,500, payable to the Issuer (Cashiers or Certified Good Faith Check or wire transfer of funds to Ehlers Good Faith Escrow or financial surety bond. Record Date: Close of business on the 15th day (whether or not a business day) of the immediately preceding month. CUSIP Numbers: The Issuer will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Paying Agent: To be named by the City. Book Entry Only: This offering will be issued as fully registered Bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Financial Advisor: Ehlers & Associates, Inc. (Rusty Fifield) # O/S to Purchaser: 75 copies. Rating Requested: Not rated Qualified Tax -Exempt Obligations: These Bonds WILL NOT be designated as qualified tax-exempt obligations. Continuing Disclosure: This issue will be subject to Limited Disclosure requirements. Limited Continuous Disclosure Undertaking: The Issuer will file the Annual Financial Information and Audited Financial Statements with the State Information Depository ("SID") within 365 days after the end of their next fiscal year. The Issuer will update the following sections of the Official Statement as requested or in their annual updates to the SID: Current Property Valuations Larger Taxpayers Direct Debt Overlapping Debt Debt Ratios Tax Levies & Collections Tax Capacity Rates Larger Employers Population Trend Employment/Unemployment N:VNINNSOTAViUGO\TEMPMTERMS. W PD