HomeMy WebLinkAboutResolution - 89-28 - Setting Sale of $2,770,000 C. O. Building Bonds - 02/07/1989 Member introduced the following resolution
and moved its adoption: (.
Resolution No . 89 -
RESOLUTION RELATING TO $2 , 770 , 000 GENERAL
OBLIGATION RECREATIONAL FACILITY REFUNDING
BONDS , SERIES 1989B ; 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
Recreational Facility Refunding Bonds , Series 1989B in the
principal amount of $2 , 770 , 000 ( the Bonds) to refund, in
advance of maturity, the City ' s General Obligation Recreational
Facility Bonds of 1980 , dated May 1, 1980 , presently
outstanding in the principal amount of $2 , 870 , 000 , including
$41 , 550 principal amount of the Bonds representing 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 Di- rector/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:
NOTICE OF BOND SALE
$2 , 060 , 000 GENERAL OBLIGATION PUBLIC BUILDING
REFUNDING BONDS, SERIES 1989A
CITY OF EDEN PRAIRIE, MINNESOTA
NO-- ICE IS HEREBY GIVEN that the City of Eden Prairie ,
Minnesota , will receive sealed bids for the pui:chase of
$2 ,060 , 000 General Obligation Public Building Refunding Revenue
Bonds , Series 1989A, of the City ( the Bonds) , at the offices of
SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100 , St .
Paul , Minnesota 55101-2143 , until 11 : 00 a .m. on Tuesday ,
March 7 , 1989 , at which time the bids will be opened and
tabulated . The City Council will meet at the City Fall in
Eden Prairie , Minnesota , at 7 : 30 p . m. the same day to consider
such bids and award the sale of the Bonds . The Bonds will 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 , 3s of April 1 , 1989 , and will
mature on March 1 in the following years and amounts :
Year Amount Year Amount
1990 $ 40, 000 1997 $ 170 , 000
1991 45, 000 1998 195 , 000
1992 65 , 000 1999 225 , 000
1.993 85 , 000 2000 255 , 000
1994 105 , 000 2001 285 , 000
1995 125 , 000 2002 320 , 000
1996 145 , 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 March 1 and
September 1 , commencing March 1 , 1990 , to the registered owners
of the Bonds appearing of record in the Bond Register as of the
15th day of the imniediately 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 5 5 10 1-2 143 ; telephone 612-223 -3000 , financial
consultants to the City .
Dated : February 7 , 1989 .
BY ORDER OF THF. CITY COUNCIL
John Frane
City Finance Di rector/Clerk
City of Eden Prairie, Minnesota
--2--
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 SPRINGSTED
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 Terns 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 :
pity-Finance Director/Clerk
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( The motion for the adoption of the foregoing resolution
was du lv seconded by Member __ and upon vote being taken
thereon, the following voted in favor thereof :
and the following voted against the same :
whereupon said resolution was declared passed and adopted,
signed by the Mayor and his signature attested by the City
Finance Director/Clerk .
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