HomeMy WebLinkAbout1990.12.17 RESO 1990-0042EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
HUGO, MINNESOTA
HELD: December 17, 1990
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Hugo, Washington
County, Minnesota, was duly called and held at the City Hall in
said City on the 17th day of December, 1990, at 7 o'clock
P M.
The following members were present:
Tom Jesinski, Mike McAllister, Bob Olson, Deane Vail, and George Atkinson
and the following were absent: NONE
Member Mike McAllister introduced the following
resolution and moved its adoption:
1990-42
RESOLUTION PROVIDING FOR THE PUBLIC SALE
OF $1,2101000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, as follows:
1. Finding: Amount and Pur2ose. It is hereby found,
determined and declared that this City should issue $1,210,000
General Obligation Improvement Bonds of 1991 (the "Bonds") to
defray the expense of various street improvements in the City.
2. Meeting: Bid Opening. This City Council shall meet
at the time and place specified in the form of Notice of Bond
Sale attached hereto as Exhibit A for the purpose of considering
bids for, and awarding the sale of, the Bonds. The Administrator
shall open sealed bids at the time and place specified in such
Notice of Bond Sale.
3. Notice of Bond Sale. The Clerk -Treasurer is hereby
authorized and directed to cause notice of the time, place and
purpose of said meeting to be published in the official newspaper
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of the City and in Finance and Commerce not less than ten (10)
days in advance of the date of sale, as provided by law, which
notice shall be in substantially the form set forth in Exhibit A
attached hereto and hereby made a part hereof.
4. Official Notice of Sale. The terms and conditions
of the Bonds and the sale thereof are fully set forth in the
"Official Notice of Sale" attached hereto as Exhibit B and hereby
made a part hereof.
5. Official Statement. The Administrator, Clerk -
Treasurer, Finance Director and other officers or employees of
the City are hereby authorized to participate in the preparation
of an official statement for the Bonds with Ehlers and
Associates, Inc.
The motion for the adoption of the foregoing resolution
was duly seconded by member Tom Jesinski and, after full
discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof:
Jesinski, McAllister, Olson, Vail, Atkinson
and the following voted against the same: NONE
Whereupon said resolution was declared
adopted this 17th day of December, 1990. �
ATTEST:
Mary An reager, City Cler
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passed and
, Mayor
STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF HUGO
I, the undersigned, being the duly qualified and acting
Clerk -Treasurer of the City of Hugo, Minnesota, DO HEREBY CERTIFY
that I have carefully compared the attached and foregoing extract
of minutes with the original minutes of a meeting of the City
Council of said City duly called and held on the date therein
indicated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom insofar as
the same relates to said City's $1,210,000 General Obligation
Improvement Bonds of 1991.
WITNESS my hand as such Clerk -Treasurer and the
official seal of said City this /"?day of I/C.11 , 199_.
(SEA.L)
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6/Clerk-Treasur�/
EXHIBIT A
NOTICE OF BOND SALE
$1,210,000
CITY OF HUGO
WASHINGTON COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1991
(Global Book Entry System)
These Bonds will be offered January 7, 1991. Sealed bids will be
opened at 3:00 o'clock P.M., Central Time, at the City Hall in
Hugo, Minnesota 55038. Consideration of the bids and award of
the sale of the Bonds follow the opening of the bids at 7:30
o'clock P.M. The Bonds will be dated January 16, 1991, as the
date of original issue. Interest will be payable on August 1,
1991, and semiannually thereafter. The Bonds will be general
obligations of the Issuer for which its unlimited taxing powers
will be pledged. The Issuer will designate the Bonds as
qualified tax-exempt obligations. The Bonds will be issued in
global book entry form only. The Bonds will mature on February 1
in the years and amounts as follows:
Year
Amount
Year
Amount
1993
$50,000
2001
$ 85,000
1994
50,000
2002
90,000
1995
550.000
2003
95,000
1996
60,000
2004
100,000
1997
65,000
2005
110,000
1998
70,000
2006
110,000
1999
75,000
2007
115,000
2000
80,000
All Bonds maturing on or after February 1, 1999, are subject to
prior payment on February 1, 1998, and any interest payment date
thereafter at a price of par plus accrued interest. Sealed bids
for not less than $1,192,600 and accrued interest on the
principal sum of $1,210,000 will be accepted. An approving legal
opinion will be furnished by Briggs and Morgan, Professional
Association, of St. Paul and Minneapolis, Minnesota. The
proceeds will be used to finance various street improvements in
the City.
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Bidders should be aware that the Official Notice of Sale to be
Published in the Official Statement for the Bonds may contain
additional bidding terms and information relative to the Bonds.
In the event of a variance between statements in this Notice of
Bond Sale and said Official Notice of Sale, the provisions of the
latter shall be those to be complied with.
Dated:
Additional information may
be obtained from:
BY ORDER OF THE CITY COUNCIL
Ls/ Mary Ann Creager
City Clerk -Treasurer
EHLERS AND ASSOCIATES, INC.
2950 Norwest Center
90 South Seventh Street
Minneapolis MN 55402-4100
Telephone.No.: (612) 339-8291
Fax: (612) 339-0854
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EXHIBIT B
OFFICIAL NOTICE OF
SALE
$1,210,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1991
CITY OF HUGO
MINNESOTA
(Book Entry Only)
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TIME AND PLACE: Sealed bids will be opened by the
City Administrator or his designee
on Monday, January 7, 1991, at 3:00
P.M., Central Time, at the Hugo
City Hall, 5524 Upper 146 St., Hugo
MN 55038. Consideration of the
bids for award of the sale will be
by the City Council at its meeting
in the Hugo City Hall beginning at
7:30 P.M., Central Time, on the
same day.
BOOK ENTRY SYSTEM: The Bonds will be issued by means
of a book entry system with no
physical distribution of Bond
Certificates made to the public.
The Bonds will be issued in fully
registered form and one Bond
Certificate, representing the
aggregate principal amount of the
Bonds maturing in each year, will
be registered in the name of Cede &
Co. as nominee of Depository Trust
Company ("DTC"), New York, New
York, which will act as securities
depository of the Bonds.
Individual purchases of the Bonds
may be made in the principal amount
of $5,000 or any multiple thereof
of a single maturity through book
entries made on the books and
records of DTC and its
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DATE OF ORIGINAL
ISSUE OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
MATURITIES:
participants. Principal and
interest are payable by the City to
DTC or its nominee as registered
owner of the Bonds. Transfer of
principal and interest payments to
participants of DTC will be the
responsibility of DTC; transfer of
principal and interest payments to
beneficial owners by participants
will be the responsibility of such
participants and other nominees of
beneficial owners. The successful
bidder, as a condition of delivery
of the bonds, will be required to
deposit the Bond Certificates with
DTC.
January 16, 1991.
To finance various street
improvements in the City.
August'l, 1991, and semiannually
thereafter on February 1 and
August 1.
February 1 in each of the years and
amounts as follows:
Year Amount
1993
$ 50,000
1994
50,000
1995
55,000
1996
60,000
1997
65,000
1998
70,000
1999
75,000
2000
80,000
2001
85,000
2002
90,000
2003
95,000
2004
100,000
2005
110,000
2006
110,000
2007
115,000
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REDEMPTION: At the option of the City, bonds
maturing after February 1, 1998,
shall be subject to prior payment
on said date, and any interest
payment date thereafter, at a price
of par and accrued interest.
Redemption may be in whole or in
part of the bonds subject to
prepayment. If redemption is in
part, the bonds remaining unpaid
which have the latest maturity date
shall be prepaid first. If only
part of the bonds having a common
maturity date are called for
prepayment, the City will notify
DTC of the particular amount of
such maturity to be prepaid. DTC
will determine by lot the amount of
each participant's interest in such
maturity to be redeemed and each
participant will then select by lot
the beneficial ownership interests
in such maturity to be redeemed.
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 shall
constitute cause for a failure or
refusal by the Purchaser thereof to
accept delivery of and pay for the
bonds in accordance with terms of
the purchase contract. The CUSIP
Service Bureau charge for the
assignment of CUSIP identification
numbers shall be paid by the
Purchaser.
DELIVERY: Forty days after award, subject to
approving legal opinion of Briggs
and Morgan, Professional
Association, of St. Paul and
Minneapolis, Minnesota. Bond
printing and legal opinion will be
paid by the City and delivery will
be anywhere in the continental
United States without cost to the
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Purchaser. Legal opinion will be
printed on the bonds at the request
of the successful bidder.
TYPE OF BID: Sealed bids of not less than
$1,192,600 plus accrued interest on
the principal sum of $1,210,000
from date of original issue of the
bonds to date of delivery must be
filed with the undersigned prior to
the time of sale. Bids must be
unconditional except as to
legality. A good faith deposit in
the amount of $24,200 must be
submitted with each bid. The good
faith deposit must be in the form
of a certified or cashier's check
or bank draft or a wire transfer of
funds to Resource Bank & Trust
Company, of Minneapolis, Minnesota,
ABA #09-10-0550-6 for further
credit to Ehlers and Associates,
Inc., Bond Issue Escrow Account
#850-788-1, Attention: Molly
Majerle. The good faith deposit
will be retained by the City as
liquidated damages if the bid is
accepted and the bidder fails to
comply therewith. Bids for the
bonds should be addressed to:
Ken Huber,
City Administrator
Hugo City Hall
5524 Upper 146 Street
Hugo MN 55038
RATES: All rates must be in integral
multiples of 1/20th or 1/8th of 1%.
No limitation is placed upon the
number of rates which may be used.
All bonds of the same maturity must
bear a single uniform rate from
date of issue to maturity, and no
rate of any maturity may be lower
than the highest rate applicable to
bonds of any preceding maturities.
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AWARD: Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of any
discount to and deduction of any
premium from the total interest on
all bonds from their date to their
stated maturity.
INFORMATION FROM The successful purchaser will be
PURCHASER: required to provide, in a timely
manner, certain information .
relating to the initial offering
price of the bonds necessary to
compute the yield on the bonds
pursuant to the provisions of the
Internal Revenue Code of 1986, as
amended.
QUALIFIED TAX The City will designate the
EXEMPT OBLIGATIONS: bonds as qualified tax exempt
obligations for purposes of Section
265(b)(3) of the Internal Revenue
Code of 1986, as amended.
The City reserves the right to reject any and all bids, to waive
informalities and to adjourn the sale.
Dated: December 17, 1990
BY ORDER OF THE CITY COUNCIL
�sl Mary Ann Creager
City Clerk -Treasurer
Additional information
may be obtained from:
EHLERS AND ASSOCIATES, INC.
2950 Norwest Center
90 South 7th Street
Minneapolis MN 55402-4100
Telephone No.: (612) 339-8291
Fax: (612) 339-0854
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