HomeMy WebLinkAboutResolution - 89-27 - Setting Sale of $2,060,000 G. O. Building Bonds - 02/07/1989 {
Member introduced the following resolution
and moved its adoption :
Resolution No . 89-�
RESOLUTION RELATING TO $2 , 060 , 000 GENERAL,
OBLIGATION PUBLIC BUILDING REFUNDING
BONDS , SERIES 1989A; CALLING FOR THE PUBLIC
SALE THEREOF
BE IT RESOLVED by the City Council of the City of
Eden Prairie, Minnesota ( the City) , as follows :
1 . Authorization . It is hereby determined that it is
necessary for the City to issue and sell its General Obligation
Public Building Refunding Bonds , Series 1989A in the principal
amount of $2. , 060 , 000 ( the Bonds ) to refund, in advance of
maturity, the City ' s General Obligation Public Building Bonds
of 1982 , dated March 1 , 1982 , presently outstanding in the
principal amount of including $30 , 900 principal
amount of the Bonds re resenting interest as provided in
Minnesota Statutes , Section 475 . 56 .
It is hereby determined that the City Finance
Director/Clerk shall receive and open sealed bids for the
purchase of the Bonds at the offices of SPRINGSTED
Incorporated, financial consultants to the City, on March 7,
1989 , at 11 : 00 o ' clock A .M . , and this Council shall meet at
7 : 30 o ' clock P . M. that same date to award the sale .
2 . Sale . The City Finance Director/Clerk is hereby
authorized and directed to cause notice of the time , place and
purpose of said sale to be published at least ten days in
advance of the bid opening in the Eden Prairie News , a legal
newspaper having general circulation in the City, and in a
periodical published in Minneapolis , Minnesota , giving
financial news and of general circulation throughout the State ,
which notice shall be in substantially the following form:
FY
t NOTICE OF BOND SALE
$2. , 770 , 000 GENERAL OBLIGATION RECREATIONAL
FACILITY REFUNDING BONDS , SERIES 1989B
CITY OF EDEN PRAIRIE, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Eden Prairie ,
Minnesota , will receive sealed bids for the purchase of
$2 , 770 , 000 General Obligation Recreational Facility Refunding
Revenue Bonds, Series 1989B , of the City ( the Bonds) , at the
offices of SPRINGSTED Incorporated, 85 East Seventh Place , Suite
100 , St . Paul, Minnesota 5 5 1 01-2 143 , until 11 : 00 a .m. on
Tuesday, f4ar.ch 7 , 1989 , at which time the bids will be opened
and tabulated. The City Council will meet at the City Hall in
Eden Prairie , Minnesota , at 7 : 30 p.m. the same day to consider
such bids and award the sale of the Bonds . The aonds wi 11 be
issued for the purpose of refunding in advance of maturity,
certain general obligation bonds of the City . The Bonds will be
issuable as fully registered bonds of single maturities , in
denominations of $5 , 000 or any integral multiple thereof , will
be dated, as originally issued, as of April 1 , 1989 , and will
mature on May 1 in the Eo 1 lowing years and amounts :
Year Amount Year Amount
1990 $ 25 , 000 1997 $235 , 000
t 1991 60 , 000 1998 270 , 000
1992 85 , 000 1999 310 , 000
1993 110 , 000 2000 350 , 000
1994 135 , 000 2001 390 , 000
1995 165 , 000 2002 435 , 000
1996 200 , 000
The City will select a bank, financial institution or trust
company to act as Bond Registrar , Transfer Agent and Paying
Agent . Interest will be payable on each May 1 and November 1 ,
commencing November 1 , 1989 , to the registered owners of the
Bonds appearing of record in the Bond Register as of the 15th
day of the immediately preceding month . A legal opinion will
be furnished by Dorsey & Whitney, of Minneapolis , Minnesota .
Copies of a statement of Terms and Conditions of Sale and
additional information may be obtained from SPRINGSTED
Incorporated , 85 East Seventh Place, Suite 100 , St . Paul ,
Minnesota 55101-2143 ; telephone 612-223-3000, financial
consultants to the City.
Dated: February 7 , 1989 .
BY ORDER OF THE CITY COUNCIL
John Frane {
City Finance Director/Clerk
City of Eden Prairie, Minnesota
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3 . Official Terms of Offering. The statement of
Official Terms of Offering attached hereto and. made a part of
this resolution shall constitute the terms and conditions for
the sale and issuance of the Bonds and such terms and
conditions are hereby authorized to be incorporated in material
distributed to prospective bidders For the Bonds .
4 . Official Statement . The City Finance Director/Clerk
and other officers of the City, in cooperation with SPRZNGSTED
Incorporated, financial consultants to the City, are hereby
authorized and directed to prepare on behalf of the City an
official statement to be distributed to potential purchasers of
the Bonds . Such official statement shall contain the statement
of Official Terms of Offering attached hereto and such other
information as shall be deemed advisable and necessary to
describe accurately the City and the security for , and terms
and conditions of , the Bonds.
Mayor
Attest : ,�
Cite F`I -Z! nce Director/Clerk
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