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89-059 '. . . . EXTRACT OF IIIRU'l'ES OF IIBBTIRG OF THE CI'l'Y COUNCIL OF THE CI'l'Y OF SHORB1iOOD, HENNEPIN COUN'l'Y, IIIRRBSOTA Pursuant to notice thereof, a regular meeting of the City Council of the City of Shorewood, Hennepin County, Minnesota, was held at the Ci ty Hall in said City on Monday, July 24, 1989, commencing at 7:30 p.m. The following members were present: J. Haugen, R. Gagne, K. Stover & V. Watten and the following were absent: B. Brancel * * * * * * * * * The following resolution was presented by Member Gagne who moved its adoption: RESOLUTION NO. 59-89 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,095,000 GENERAL OBLIGATION IIIPROVEMENT BONDS, SERIES 1989A WHEREAS, on July 1, 1987, the City sold $1,450,000 General Obligation Temporary Improvement Bonds, Series 1987A, which mature on July 1, 1990, but are subject to being called for pr ior redemption on January 1, 1990, and WHEREAS, Springsted Incorporated, the City's financial advisor, has reviewed the status of the sinking fund for these bonds and has indicated that the City could issue temporary improvement bonds to refund the outstanding bonds or can issue long-term definitive bonds which will mature over the period of time that the special assessments from Shorewood Oaks will be collected, and WHEREAS, the current bond market is very strong and it appears that favorable interest rates can be obtained for definitive bonds, NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of Shorewood, Hennepin County, Minnesota, as follows: 1. It is hereby determined: (a) That the assessable public improvements (the "Improvements") financed by the General Obligation Temporary Improvement Bonds, Series 1987A, have been made and duly ordered and contracts let for the construction thereof by the City pursuant to the provisions of Minnesota . ,> . . . Statutes, Chapter 429. The outstanding bonds are subject to being called on January 1, 1990, and can be financed in the following manner: (b) Outstanding Principal, 1987A Bonds Accrued Interest 7-1-89 to 1-1-90 Less: Available Cash (Prepaid Assessments) Net Required Refinancing Plus Issuance Costs Allowance for Discount Bidding Total Bond Issue $1,450,000 38,425 (429,150) $1,059,275 19,300 16,425 $1,095,000 (c) That it is necessary and expedient to the sound financial management of the affairs of the City to issue $1,095,000 General Obligation Improvement Bonds, Series 1989A (the "Bonds"), to provide financing for the Improvements and the refinancing of the temporary improvement bonds, which Bonds shall be fully registered. 2. In order to provide financing for the Improvements, the City shall issue and sell Bonds in the amount of $1,078,575; in order to provide in part the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $16,425. Any excess of the purchase price of the Bonds over the sum of $1,078,575 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the Bonds. The Bonds shall be issued and sold in accordance with the terms of the Official Notice of Sale which is attached hereto and marked Exhibit A. 3. The City Clerk is authorized and directed to advertise the' Bonds for sale in accordance with the attached notice of sale and, if publication is made, to cause the abbreviated notice of sale attached hereto as Exhibit B to be published in the manner required by law. Sealed bids shall be received until 11:00 a.m. on August 28, 1989. The City Council shall meet on Monday, August 28, 1989, at 7: 30 p.m. for the purpose of considering the bids on the Bonds and taking any other appropriate action. . . , The motion for the adoption of the foregoing resolution was dUly following voted in favor thereof: All members present and upon vote being taken thereon, the seconded by Member Stover and the fOllowing voted against: None . . . whereupon said resolution was declared duly passed and adopted. Approved and signed this ~ day of July , 1989. Attest: City Clerk . . . . Exhibit A OI'FICIAL 'lBRMS I)P OPFERIBG $1,095,000 GENERAL OBLlGATIOB IMPROVEMENT BONDS, SERIBS 1989A CITY OP SBORBliOOD BBRNBPIB COONft, IIIRNBSO'l'A Sealed bids for the Bonds will be received by the City or its designee on Monday, August 28, 1989, 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, 1989, as the date of or iginal issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1990. 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. 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 ma~led 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 February 1 in the years and amounts as follows: 1990 $55,000 1995 $80,000 2000 $75,000 1991 85,000 1996 80,000 2001 75,000 1992 85,000 1997 80,000 2002 75,000 1993 85,000 1998 80,000 2003 75,000 1994 85,000 1999 80,000 OPTIONAL REDEMPTION The Ci ty may elect on February 1, 1996, and on any day thereafter, to prepay Bonds due on or after February 1, 1997. Redemption may be in whole or in part, in inverse order of matur i ty by lot as selected by the registrar. All prepaYments shall be at the price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments levied against benefited properties. The proceeds will be used to refinance the City's $1,450,000 General Obligation Temporary Improvement Bonds, Series 1987A, dated July 1, 1987. . .' . . . TYPE OF BID Bids shall be for not less than $1,078,575 and accrued interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier I s check in the amount of $10,950, payable to the order of the Ci ty. No bid will be considered for which said check has not been received. The Ci ty 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 bid, said amount will be retained by the Ci ty. No bid can be wi thdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the bids 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. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addi tion 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 bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informali ties of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. . 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 deli very 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 Wurst, Pearson, Larson, Underwood and Mertz 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 pa~ent for the Bonds shall have been made impossible by action of the C1ty, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reasons of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the Ci ty' s Financial Advisor prior to the bid opening. The purchaser will be provided with 50 copies of the Official Statement. Dated July 24, 1989 BY ORDER OF THE CITY COUNCIL Sandra Kennelly Clerk " .. . . ' . . . Exhibit B RO'tICE OF SALE $1,095,000 GKm&KAL OBLlGA~IOR IKPROVBM~ BOROS, SERIES 1989A Cln OF SBORE1lOOD BBNRBPIJI COUftY, IIIJlRBSO'rA These bonds will be offered on Monday, August 28, 1989. Bids will be received until II: 00 a.m. at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, and the bids will be considered by the City Council at the City Ball in the City of Shorewood at 7:30 p.m. on said date. Dated October I, 1989, the bonds will mature on February I in the years and amounts as follows: Year Amount Year Amount Year Amount 1990 $55,000 1995 $80,000 2000 $75,000 1991 85,000 1996 80,000 2001 75,000 1992 85,000 1997 80,000 2002 75,000 1993 85,000 1998 80,000 2003 75,000 '1994 85,000 1999 80,000 Bonds maturing after February 1, 1996, will be subject to redemption and prepayment at the option of the City and in whole or in part, in inverse order of maturities and by lot assigned in proportion to their principal amount, within any maturity, on February 1,1996, a'nd any date thereafter at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. The City will appoint a Bond Registrar, Transfer Agent and Paying Agent. Interest will be payable on each February 1 and August 1, commencing February 1, 1990, to the registered owners of the Bonds appearing of record in the bond register as of the 15th day of the immediately preceding month. An unqualified legal opinion will be furnished by Messrs. Wurst, Pearson, Larson, Underwood, and Mertz, of Minneapolis, Minnesota. The purpose of the Improvement Bonds is to finance var ious public improvements in the Ci ty. The var ious improvements will be paid from special assessments and general funds of the Ci ty. No bid of less than $1,078,575 will be considered. 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 issue. In the event of a var iance between statements in this Notice of Sale and said Official Notice of Sale, the provisions of the latter shall control. Dated July 24, 1989 BY ORDER OF THE CITY COUNCIL Sandra Kennelly City Clerk Shorewood, Minnesota Further information may be obtained from and bids shall be delivered to: SPRINGSTED Incorporated Public Finance Advisors 85 East Seventh Place, Suite 100 Saint Paul, MN 55101-2143 (612) 223-3000 . .." . . .. STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF SHOREWOOD I, the undersigned, being the duly qualified and acting City Clerk of the City of Shorewood, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of said City held on July 24, 1989, with the or iginal 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 $1,095,000 General Obligation Improvement Bonds, Series 1989A of the City. \ WITNESS My hand as such Clerk and the corporate seal of the City this d?1/t7>day of p~~ ' . 1989. (V~,~('~~ City Clerk City of Shorewood (SEAL) . . . SPRINGSTED L PUBLIC FINANCE ADVISORS 85 East Seventh Place, Suite 100 Saint Paul, Minnesota 55101.2143 612.223.3000 FAX 612.223.3002 July 26, 1989 Ms. Sandra Kennelly, Clerk City Hall 5755 Country Club Road Shorewood, MN 55331 RE: $1,095,000 G.O. Improvement Bonds, Series 1989A Dear Ms. Kennelly: Enclosed you will find a completed copy of the resolution providing for the sale of these bonds. This is for your filing. We will take care of publishing the notice of sale as required in section 3. If you have any questions, please feel free to call me. Sincerely, !ld...N'- ~C/LI ~/...,~ r.::lY~) /,,< Nancy Langness U Vice President <.4--. Enclosure jcep Indiana Office: 251 North Illinois Street, Suite 1510 I ndianapolis, Indiana 46204.1942 317.237.3636 Fax: 317.237.3639 Wisconsin Office 500 Elm Grove Road, Suite 101 Elm Grove, Wisconsin 53122.0037 414.782.8222 Fax 414.782.2904