Extract of City Council Mtg Minutes re Bonds - 10/15/91
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EXTRACT OF MINUTES OF MEETING OF THE
CI'l'Y COUNCIL OF THE CI'l'Y OF SBOREWOOD,
HENNEPIN COON'l'Y, MINNESOTA
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Pursuant to due call and notice thereof, a (special) k~<<~<<x<<~)
meeting of the City Council of the City of Shorewood, Hennepin County,
Minnesota, was duly held at the City Hall in said City on Monday, the 15th
day of October, 1991, at 7:00 p.m.
The following members were present: Robert Daugherty,
Robert Gagne, Daniel Lewis and Mayor Barbara Brancel
and the following were absent:
Kristi stover
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The Mayor announced that the next order of business would be the
consideration of bids for the purchase of $960,000 General Obligation
Improvement Bonds, Series 1991A, as advertised for sale.
The City Administrator-Clerk then presented the bids which had
been delivered to him prior to the time specified in the notice of sale, and
said bids had been opened, examined and found to be as follows:
~ ~ SPRINGSTED
~ PUBLIC FINANCE ADVISORS
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16655 West Bluemound Road
Suite 290
Brookfield. WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
2739 Second Avenue S.E.
Cedar Rapids. IA 52403-1434
(319) 363-2221
Fax: (319) 363-6999
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
6800 College Boulevard
Suite 600
Overland Park. KS 66211 -1 533
(913) 345-8062
Fax: (913) 345-1770
222 South Ninth Street
Suite 2825
Minneapolis, MN 55402-3368
(612) 333-9177
Fax: (612) 333-2363
$960,000*
CITY OF SHOREWOOD, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991A
AWARD:
DAIN BOSWORTH INCORPORATED
And Associate
SALE: October 15, 1991
Interest
Bidder Rates
DAIN BOSWORTH INCORPORATED 4.50% 1993
.uran & Moody, Incorporated 4.70% 1994
4.90% 1995
5.10% 1996
5.20% 1997
5.40% 1998
5.50% 1999
5.60% 2000
5.75% 2001
5.85% 2002
NORWEST INVESTMENT SERVICES, 4.60% 1993
INCORPORATED 4.75% 1994
American National Bank Saint Paul 4.90% 1995
Moore, Juran and Company, Incorporated 5.10% 1996
Peterson Financial Corporation 5.20% 1997
5.35% 1998
5.50% 1999
5.65% 2000
5.75% 2001
5.90% 2002
PARK INVESTMENT CORPORATION 4.60% 1993
4.80% 1994
5.00% 1995
5.10% 1996
. 5.25% 1997
5.40% 1998
5.60% 1999
5.70% 2000-2002
Price
Moody's Rating: A
Net Interest
Cost & Rate
$951,600.00
$309,661.25
(5.6098%)
$951,360.00
$310,701.25
(5.6286%)
$950,524.60
$311,236.03
(5.6383%)
(Continued)
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Bidder
Interest
Rates
Price
Net Interest
Cost & Rate
_ILLER, JOHNSON & KUEHN, INC.
4.75% 1993
4.90% 1994
5.00% 1995
5.20% 1996
5.40% 1997
5.60% 1998
5.75% 1999
5.90% 2000
6.00% 2001
6.10% 2002
These Bonds are being reoffered at par.
* The size of this Issue was not changed subsequent to bid opening.
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$949,440.00
$324,199.38
(5.8731 %)
BBI: 6.66
Average Maturity: 5.75 Years
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Afte{ due consideration of said bids, Counci1member Gagne
introduced the following resolution and moved its adoption:
RESOLU'l'ION NO. 107 - 91
RESOLUTION AWARDING THE SALE OF $960,000 GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1991A,
FIXING 'J.'BEIR FORM AND SPECIFICATIONS, DIRECTING
THEIR EXECUTION AND DELIVERY, AND PROVIDING FOR
THEIR PAYMENT.
WHEREAS, the Ci ty Council adopted Resolution 99-91 on September 9,
1991, providing for the issuance and sale of $950,000 of general obligation
bonds, and
WHEREAS, subsequent to said meeting the City's Finance Director
discovered the need for $10,000 of capitalized interest because certain
payments are being deferred and the Council was contacted and approved
increasing the bond sale from $950,000 to $960,000 to cover said
capitalized ipterest and this resolution explains and confirms the sale of
the increased amount,
NOW, THEREFORE, BE IT RESOLVED, By the City Council of the City of
Shorewood, Minnesota, as follows:
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1. The bid of Dain Bosworth Incorporated
to purchase $960,000 General Obligation Improvement Bonds, Ser ies 1991A of
the City described in the notice of sale thereof is hereby found and
determined to be the highest and best bid received and shall be and is hereby
accepted, such bid being to purchase such bonds at a price of
$ 951.600 plus accrued interest to date of deli very, such bonds to
bear interest as follows:
Year
Interest
Rate
Year
Interest
Rate
1993 4.50% 1998 5.40%
1994 4.70 1999 5.50
1995 4.90 2000 5.60
1996 5.10 2001 5.75
1997 5.20 2002 5.85
The sum of $ 2,160 , being the amount bid in excess of $949,440
shall be credited to the bond sinking fund hereinafter created. The City
Administrator-Clerk is directed to retain the good faith check of the
successful bidder pending completion of the sale and deli very of the bonds.
The City Administrator-Clerk is directed to return the checks of the
unsuccessful bidders forthwith.
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2. The City of Shorewood shall forthwith issue and sell its
General Obligation Improvement Bonds, Series 1991A (the wBondsW) in the
pr incipal amount of $960,000, dated November 1, 1991. The pr inted, fully
registered bonds shall be in the denomination of $5,000 each or higher
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multiples thereof for any single maturity, bearing interest as apove set
forth, all interest payable August 1, 1992, and semiannually thereafter on
February 1 and August 1 in each year, and which bonds mature serially on
February 1 in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1993 $ 80,000 1998 $95,000
1994 105,000 1999 95,000
1995 105,000 2000 95,000
1996 100,000 2001 95,000
1997 95,000 2002 95,000
The Ci ty may elect on February 1, 1999, and on any day thereafter, to prepay
Bonds due on or after February 1, 2000. Redemption may be in whole or in
part, at the option of the City and in such manner as the City shall
determine and within a maturity by lot as selected by the registrar. All
prepayments shall be at a price of par and accrued interest.
3. Both principal of and interest on the Bonds shall be payable at
American National Bank and Trust Company
and the City of Shorewood shall pay the reasonable charges of said bank for
its services as paying agent.
4. The Bonds shall be in substantially the following form:
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(Face of the Bonds)
UNITED S'l'ATES OF AMERICA
STATE OF MINNESOTA
HENNEPIN COONTY
CITY OF SHOREWOOD
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1991A
Rate
Maturity
Date of Original Issue
November 1, 1991
CUSIP
KNOW ALL MEN BY THESE PRESENTS that the Ci ty of Shorewood, Hennepin
County, Minnesota, a municipal corporation, (the City), acknowledges
itself to be indebted and, for value received, hereby promises to pay to
or registered assigns, the pr incipal sum of THOUSAND DOLLARS, on
the maturity date specified above, with interest thereon from the date
hereof at tpe annual rate specif ied above, payable on August 1 and February
1 in each year, commencing August 1, 1992, to the person in whose name this
Bond 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 at the principal office of the
Bond Registrar hereinafter designated, the pr incipal hereof are payable in
lawful money of the United States of America by check or draft of the
, in , Minnesota, as Bond Registrar,
Transfer Agent and Paying Agent (the Bond Registrar), or its successor
designated under the Resolution described herein.
Additional provisions of this Bond are contained on the reverse
hereof and such provisions shall for all purposes have the same effect as
though fully set forth hereon.
This Bond 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 Bond
Registrar by manual signature of one of its authorized representatives.
IN WITNESS WHEREOF, the City of Shorewood, Hennepin County,
Minnesota, by its City Council, has caused this Bond to be executed by the
facsimile signatures of the Mayor and the City Administrator-Clerk, and has
caused this Bond to be dated as of the date set forth below.
Dated:
(Facsimile Signature)
City Administrator-Clerk
(Facsimile Signature)
Mayor
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CERTIFICATE OF AUTHENTICATION
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This is one of the Bonds delivered pursuant to the Resolution
mentioned within.
as Bond Registrar and Paying Agent
Dated:
By
Authorized Representative
(Reverse of the Bonds)
This Bond is one of an issue in the aggregate principal amount of
$960,000 (the Bonds), all of like date and tenor except as to serial number,
denomination, interest rate, redemption privilege, and maturity date,
issued pursuant to a resolution adopted by the City Council on October 15,
1991, (the Resolution), to finance public improvements constructed or to be
constructed pursuant to Minnesota Statutes, Chapter 429, and Js issued
pursuant to and in full conformity with the provisions of the Constitution
and laws of the State of Minnesota thereunto enabling, including Minnesota
Statutes, Chapter 475. This Bond is payable primarily from the General
Obligation Improvement Bond, Series 1991A Fund (the Bond Fund) of the City,
but the City is required by law to pay maturing principal hereof and
interest hereon from any available funds of the City if moneys on hand in the
Bond Fund are insufficient therefor. The Bonds are issuable only as fully
registered bonds, in denominations of $5,000 or any multiple thereof, of
single maturities. The City may elect on February 1, 1999, and on any day
thereafter, to prepay Bonds due on or after February 1, 2000. Redemption
may be in whole or in part and if in part, at the option of the City and in
such manner as the City shall determine and within a maturity by lot as
selected by the registrar. All prepayments shall be at a pr ice of par and
accrued interest.
As provided in the Resolution and subject to certain limitations
set forth therein, this Bond is transferable upon the books of the Ci ty at
the principal office of the Bond 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
Bond Registrar, duly executed by the registered owner or his attorney; and
may also be surrendered in exchange for Bonds of other authorized
denominations. Upon such transfer or exchange, the Ci ty will cause a new
Bond or Bonds 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 matur ing 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 Bond Registrar may deem and treat the person in
whose name this Bond is registered as the absolute owner hereof, whether
this Bond is overdue or not, for the purpose of receiving payment and for all
other purposes, and neither the City nor the Bond Registrar shall be
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affected,by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all
acts, conditions, and things requi red 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 Bond 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 the City has levied or will levy special
assessment and ad valorem taxes, 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 Bonds as such principal and interest
respecti vely become due, and has appropr iated the same to the Bond Fund in
the manner specified in Minnesota Statutes, Section 475.61; that, in the
event of any accumulated or anticipated deficiency in the Bond 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 Bond does not cause the indebtedness of the Ci ty to
exceed any constitutional or statutory limitation.
The following abbreviations, when used in the inscription on the
face of this Bond, shall be construed as though they were written out in full
according to the applicable laws or regulations:
TEN COM - as tenants
in common
UNIF TRANSFERS MIN ACT...Custodian....
(Cust) (Minor)
TEN ENT - as tenants
by the entireties
JT TEN
as joint tenants
with right of
survivorship and
not as tenants
in common
under Uniform Transfers to
Minors
Act . .
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(State)
Additional abbreviations may also be used though not in the above
list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns, and
transfers unto
the within Bond and all rights thereunder, and does hereby irrevocably
constitute and appoint
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attorney to transfer the within Bond on the books kept for fegistration
thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: The assignor's signature to
this ass ignment must cor respond wi th the
name as it appears upon the face of the
wi thin Bond in every particular, wi thout
alteration or any change whatever.
Signature (s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the
information concerning the assignee requested below is provided:
Name and Address
(Include information for all joint owners
if the Bond is held by joint account.)
PLEASE INSERT SOCIAL SECURITY NUMBER OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
5. The Bonds shall be issuable only in fully registered form.
The interest and pr incipal amount thereof shall be payable by check or draft
issued by the Registrar described herein.
6. Dates; Interest Payment Dates. Each Bond shall be dated as of
the last interest payment date preceding the date of authentication to
which interest on the Bond has been paid or made available for payment,
unless (i) the date of authentication is an interest payment date to which
interest has been paid or made available for payment, in which case such
Bond shall be dated as of the date of authentication, or (ii) the date of
authentication is pr ior to August 1, 1992, in which case such Bond shall be
dated as of November 1, 1991. The interest on the Bonds shall be payable on
August 1 and February 1 in each year, commencing August 1, 1992, to the owner
of record thereof as of the close of business on the fifteenth day of the
immediately preceding month, whether or not such day is a business day.
7. Registration. The City shall appoint and shall maintain a
bond registrar, transfer agent, and paying agent (the Registrar). The
effect of registration and the rights and duties of the City and the
Registrar with respect thereto shall be as follows:
(a) Register. The Registrar shall keep at its
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principal corporate trust office a bond register in which
the Registrar shall provide for the registration of
ownership of Bonds and the registration of transfers and
exchanges of Bonds entitled to be registered, transferred
or exchanged.
(b) Transfer of Bonds. Upon surrender for
transfer of any Bond duly endorsed by the registered owner
.thereof or accompanied by a wr it ten instrument of transfer,
in form satisfactory to the Registrar, duly executed by the
registered owner in writing, the Registrar shall
authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Bonds of a like
aggregate principal amount and maturity, as requested by
the transferor. The Registrar may, however, close the
books for registration of any transfer after the fifteenth
day of the month preceding each interest payment date and
until such interest payment date.
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(c) Exchange of Bonds. Whenever any Bond is
surrendered by the registered owner for exchange, the
Registrar shall authenticate and deliver one or more new
Bonds of a like aggregate pr incipal amount and matur i ty, as
requested by the registered owner or the owner's attorney
duly authorized in writing.
(d) Cancellation. All Bonds surrendered upon
any transfer or exchange shall be promptly cancelled by the
Registrar and thereafter disposed of as directed by the
City.
(e) Improper or Unauthor ized Transfer. When any
Bond is presented to the Registrar for transfer, the
Registrar may refuse to transfer the same until it is
satisfied that the endorsement on such Bond or separate
instrument of transfer is legally authorized. The
Registrar shall incur no liability for its refusal, in good
faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
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(f) Persons Deemed Owners. The City and the
Registrar may treat the person in whose name any Bond is at
any time registered in the bond register as the absolute
owner of such Bond, whether such Bond shall be overdue or
not, for the purpose of receiving payment of, or on account
of, the pr incipal of and interest on such Bond and for all
other purposes, and all such payments so made to any such
registered owner or upon the owner's order shall be valid
and effectual to satisfy and discharge the liability of the
City upon such Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer
or exchange of Bonds, the Registrar may impose a charge upon
the owner thereof sufficient to reimburse the Registrar for
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any tax, fee or other governmental charge requi~ed to be
paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds.
In case any Bond shall become mutilated or be lost, stolen
or destroyed, the Registrar shall deliver a new Bond of like
amount, number, maturity date and tenor in exchange and
substitution for and upon cancellation of any such
mutilated Bond or in lieu of and in substitution for any
such Bond lost, stolen or destroyed, upon the payment of the
reasonable expenses and charges of the Registrar in
connection therewith; and, in the case of a Bond lost,
stolen or destroyed, upon filing with the Registrar
evidence satisfactory to it that such Bond was lost, stolen
or destroyed, and of the ownership thereof, and upon
furnishing to the Registrar an appropr iate bond or
indemnity in form, substance and amount satisfactory to it,
in which bond the City and the Registrar shall be named as
obligees, all pursuant to the provisions of Minnesota
Statutes, Sections 475.69 and 475.70. All Bonds so
surrendered to the Registrar shall be cancelled by it and
evidence of such cancellation shall be given to the Ci ty.
If the mutilated, lost, stolen or destroyed Bond has
already matured or been called for redemption in accordance
wi th its terms, it shall not be necessary to issue a new Bond
prior to payment.
8. Appointment of Initial Registrar. The City hereby appoints
American National Bank and Trust Company
as the ini tial Registrar. The Mayor and the Ci ty Administrator-Clerk are
authorized to execute and deliver, on behalf of the City, a contract with
American National Bank and Trust Company
as Registrar. Upon merger or consolidation of the Registrar with another
corporation, if the resulting corporation is a bank or trust company
authorized by law to conduct such business, such corporation shall be
authorized to act as successor Registrar. The City agrees to pay the
reasonable and customary charges of the Registrar for the services
performed. The City reserves the right to remove any Registrar upon thirty
(30) days' notice and upon the appointment of a successor Registrar, in
which event the predecessor Registrar shall deliver all cash and Bonds in
its possession to the successor Registrar and shall deliver the bond
register to the successor Registrar. On or before each principal or
interest due date, without further order of this City, the City
Administrator-Clerk shall transmit to the Registrar, from the General
Obligation Improvement Bond Fund described in paragraph 15 hereof, monies
sufficient for the payment of all principal and interest then due.
9. Preparation and Deli very. The Bonds shall be prepared under
the direction of the City Administrator-Clerk and shall be executed on
behalf of the City by the signatures of the Mayor and the City
Administrator-Clerk, provided that the Mayor and Clerk's signatures may be
facsimiles thereof. In case any officer whose signature, or a facsimile of
whose signature, shall appear on the Bonds shall cease to be such officer
before the delivery of any Bond, such signature or facsimile shall
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nevertheless be valid and sufficient for all purposes, the same as if such
officer had remained in office until delivery. Notwithstanding such
execution, no Bond shall be valid or obligatory for any purpose or entitled
to any security or benefit under this resolution unless and until a
certificate of authentication on such Bond has been duly executed by the
manual signature of an authorized representative of the Registrar.
Certificates of authentication on different bonds need not be signed by the
same representative of the Registrar. The executed certificate of
authentication on each bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution. When the Bonds have
been so executed and authenticated, they shall be delivered by the Clerk to
the Purchaser upon payment of the purchase pr ice, and the Purchase r shall
not be obligated to see to the application of the purchase price.
10. The Clerk shall cause the proceeds of the Bonds to be applied
for the costs of construction of public improvements authorized and
approved pursuant to Minnesota Statutes, Chapter 429, and for the refunding
of all outstanding bonds from the General Obligation Improvement Bonds,
Series 1986A which are callable February 1, 1992.
The Finance Director shall deposit the proceeds of the Bonds,
other than construction funds for the 1991 improvements and any amounts set
aside to pay expenses, in an account wi th a bank whose deposi ts are insured
by the Federal Deposi t Insurance Corporation and whose combined capital and
surplus is in excess of $500,000, and shall invest such funds in securities
authorized by Minnesota Statutes, Section 475.66, maturing on such dates as
shall be required to provide funds sufficient to redeem the principal
amount of the General Obligation Improvement Bonds, Series 1986A, on
February 1, 1992. Pr ior to and including said dates, investment earnings
on said refunding account shall be used solely to pay interest on the Bonds
and shall be remitted to the Registrar for said purpose. The City
Administrator-Clerk is authorized and directed forthwith to give notice of
the redemption and prepayment of the General Obligation Improvement Bonds,
Series 1986A, in accordance with the attached Notice of Redemption.
Notice of the redemption shall be given in accordance with the terms of the
resolution authorizing issuance of the 1986 Bonds. The Administrator-
Clerk is directed to cause notice of the call for redemption to be mailed to
all registered holders of all bonds called no less than thirty days pr ior to
the date of redemption.
11. It is hereby determined that the Improvements to be financed
by the Bonds will directly and indirectly benefit the abutting property,
and the City hereby covenants with the holders from time to time of the
Bonds, as follows:
(a) The City will cause the assessments for the
Improvements to be promptly levied so that the first
installment will be collectible not later than 1992 if
necessary and will take all steps necessary to assure
prompt collection. The City Council shall cause all
further actions and proceedings relative to the making and
financing of the Improvements financed hereby to be taken
with due diligence that are required for the construction
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of each Improvement financed wholly or partly from the
proceeds of the Bonds, and for the final and val id levy of
special assessments and the appropriation of any other
funds needed to pay the obligations and interest thereon
when due.
(b) In the event of any current or anticipated
deficiency in said special assessments, the City Council
will levy ad valorem taxes in the amount of said cur.rent or
anticipated deficiency. .
(c) The City will keep complete and accurate
books and records showing all receipts and disbursements in
connection wi th the Improvements, the taxes levied and the
assessments levied therefor and other funds appropriated
for their payment, and all collections thereof and
disbursements therefrom, moneys on hand and the balance of
unpaid assessments.
(d) The City will cause its books and records to
be audited at least annually by qualified public
accountants and will furnish copies of such audit reports
to any interested person upon request.
12. When all of the Bonds have been discharged as provided in this
resolution, all pledges, covenants and other rights granted by this
resolution to the holders of the Bonds shall cease. The Ci ty may discharge
its obligations with respect to any Bonds which are due on any date by
irrevocably depositing with the Registrar on or before that date a sum
sufficient for the payment thereof in full; or, if any Bond should not be
paid when due, it may nevertheless be discharged by depositing with the
Registrar a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The City may also at any time
discharge its obligations with respect to any Bonds, subject to the
provisions of law now or hereafter author izing and regulating such action,
by depositing irrevocably in escrow, with a bank qualified by law as an
escrow agent for this purpose, cash or secur i ties which are general
obligations of the United States or securities of United States agencies
which are author i zed by law to be so deposi ted, bear ing interest payable at
such time and at such rates and maturing on such dates as shall be required,
without reinvestment, to pay all principal and interest to become due
hereon to maturity.
13. The City covenants and agrees with the holders from time to
time of the Bonds that it will not take or permit to be taken by any of its
off icers, employees or agents any action which would cause the interest on
the Bonds to become subject to taxation under the Internal Revenue Code of
1986, as amended (the Code), and the Treasury Regulations promulgated
thereunder (the Regulations), and covenants to take any and all actions
within its powers to ensure that the interest on the Bonds will not become
subject to taxation under the Code and the Regulations. The Bonds will be
designated by the City as "qualified tax-exempt obligations" for purposes
of the Tax Reform Act of 1986. It is also determined that the Bonds are not
arbitrage bonds and are not private activity bonds.
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14. The Ci ty has agreed to furnish to the purchaser the approving
legal opinion of Messrs. Wurst, Pearson, Larson, Underwood, and Mertz, of
Minneapolis, Minnesota, and such opinion is hereby requested. The City
Administrator-Clerk shall obtain a copy of said approving legal opinion,
which shall be complete except as to dating thereof, and shall cause said
opinion to be printed on each Bond, together with a certificate to be signed
by the facsimile signature of the Clerk in substantially the following
form:
I hereby certify that the foregoing is a
full, true and correct copy of the legal opinion
executed by the above named attorneys, except as
to the dating thereof, which opinion has been
handed to me for filing in my office prior to the
time of bond delivery.
City Administrator-Clerk
City of Shorewood
At the time of delivery, the Clerk shall prepare a similar separate
certificate, and the Clerk is hereby authorized and directed to execute
such certificate in the name of the City upon receipt of such opinion and to
file the opinion in the City offices.
15. The Bonds shall be payable from the General Obligation
Improvement Bonds, Series 1991A Fund hereby created, and special
assessments to be levied for the improvements (the 1986 and 1991
Improvements) financed by the Bonds are hereby pledged to said fund. If
any payment of principal or interest on the Bonds shall become due when
there is not sufficient money in said fund to pay the same, the City shall
pay such principal or interest from the general fund of the City and such
fund may be reimbursed for such advances out of proceeds of assessments for
the Improvements when collected.
16. It is hereby determined that the estimated collection of
special assessments and other available funds will produce at least five
percent in excess of the amount needed to meet, when due, the pr incipal and
interest payments on the Bonds. The City Administrator-Clerk is directed
to file a certified copy of this resolution with the County Auditor of
Hennepin County and obtain the certificate required by Minnesota Statutes,
Section 475.63. The full faith and credit of the City is irrevocably
pledged for the prompt and full payment of the principal and interest on the
Bonds.
17. The off icer s of the Ci ty are hereby author i zed and di rected to
prepare and furnish to the purchaser of the Bonds and to the attorneys
approving the same, certified copies of proceedings and records of the City
relating to the Bonds and to the financial condition and affairs of the
City, and such other certificates, affidavits and transcripts as may be
required to show the facts within their knowledge or as shown by the books
and records in their custody and under their control, relating to the
validity and marketability of the Bonds and such instruments, inCluding any
heretofore furnished, shall be deemed representations of the City as to the
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facts stated therein.
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18. The Mayor and City Administrator-Clerk are hereby authorized
and directed to certify that they have examined the off icial statement or
prospectus prepared and ci rculated in connection wi th the issuance and sale
of the Bonds and that to the best of their knowledge and belief said
statement is a complete and accurate representation of the facts and
representations made therein as of the date of said official statement or
prospectus as it relates to the City.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember
Dauqherty
, and upon vote being
taken thereon, the following voted in favor thereof: Daugherty,
Gagne, Lewis and Brancel
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
Approved this 15th day of October, 1991.
City
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NOTICE OF CALL FOR REDEMPTION
$985,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A
CITY OF SHOREWOOD
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN, that, by order of the City Council of the City of
Shorewood, Hennepin County, Minnesota, there have been called for
redemption and prepayment on
February 1, 1992
all outstanding bonds of the City designated as General Obligation
Improvement Bonds, Ser ies 1986, dated August 1" 1986, having stated
maturity dates of February 1 in the years 1993 through 2002, both inclusive,
the outstanding bonds being called totaling $655,000 in pr incipal amount.
. The bonds are being called at a price of par plus accrued interest to
February 1, 1992, on which date all interest on said bonds will cease to
accrue. Holders of the bonds hereby called for redemption are requested to
present their bonds for payment at Norwest Bank Minnesota,
N.A., in the
City of Minneapolis, Minnesota, on or before February 1, 1992.
Dated October 15, 1991.
BY ORDER OF THE CITY COUNCIL
City Administrator-Clerk
City of Shorewood
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF SHOREWOOD
I, the undersigned, being the duly qualified and acting City
Administrator-Clerk of the Ci ty of Shorewood, Minnesota, do hereby certify
that I have carefully compared the attached and foregoing extract of
minutes of a meeting of the Ci ty Council of said City held on October 15,
1991, with the original thereof on file in my office and the same is a full,
true and complete transcript thereof, insofar as the same relates to the
issuance and sale of $960,000 General Obligation Improvement Bonds, Ser ies
1991A of the City.
~TNESS My hand as such Clerk and the corporate seal of the City
this 15 day of October , 1991.
(SEAL)
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.1/Vf/\
Cit
City of Shorewood