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HomeMy WebLinkAboutResolution - 794 - Providing for the Sale of $2,500,000 GO Water and Sewer Bonds - 12/26/1973 Member401fgang PenzeiTitroduced the following resolution and moved its adoption : RESOLUTION NO. 794 RESOLUTION PROVIDING FOR PUBLIC SALE OF $2 ,500,000 G. 0. WATER AND SEVIER BONDS (SERIES 6) BE IT RESOLVED By the City Council of the City of Eden Prairie, Minnesota , as follows : ( 1 ) This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of receiving sealed bids for and awarding the sale of $2,500,000 General Obligation Water and Sewer Bonds of the City, comprising $2,455,000 principal amount of bonds to be issued for the purpose of sewer and water improvements , and $45 ,000 principal amount of additional bonds of the same series to bra issued pursuant to Minnesota Statutes, Section 475 . 56, in evidence of a part of the interest to be contracted to be paid on the bonds . (2) The Clerk is authorized and directed to cause notice of the meeting to be published in the official newspaper of the City and in the Commercial West, published at Minneapolis , Minnesota, at least 10 days before: the date of said meeting in substantially the following form: Approved by the Village Council on December 26 1973. ayor, Paul —Re dpa Attest: SEAL John Fran4. 6n { CERTIFICA371014 OF MINUTES P.ELATING TO $2,500,000 G. 0 . WATER AND SEWER BONDS CITY OF EDEN PRAIRIE, MINNESOTA Issuer: City-of Eden Prairie , Minnesota Governing body: The City Council Kind, date, time. and place of meeting: a Regular meeting , on December 26 1974, at tlje City 11a l l ; t•iembers present: Mayor Redpath Council : John McCulloch Wolfgang Penzel Members absent: Roger Boerger Joan Meyers Documents attached: 11inut:es of said meeting (pages) : RESOLUTION PROVIDING FOR PUBLIC SALE OF $2,500,000' GENERAL OBL I GAT I Oil ;1ATElc AND SEWER BONDS (SERIES 6) c I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certi- ficate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal cus- tody, froin which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said cor- poration, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and uas attended througtFout by the members indicated above, pursuant to call and notice of such meeting given as required by lava. (� idITNESS my hand o;ficially as such recording officer this C)7,9--I,day of 19 7 h • Signature L John D. Franc, Finance Director-Clerk ___. ^._----.---_---- Name and Title NOTICE OF SALE $2 ,500 ,000 GENERAL OBLIGATION WATER AND SEINER BONDS CITY OF EDEN PRAIRIE HENNEPIN COUNTY , MINNES01'A NOTICE IS HEREBY GIVEN that sealed bids will be received at the City in the City of Eden Prairie , Minnesota, until 7 :00 o' clock P.M. , C. D. S.T . , on Tu ,s- day, February 12 , 1974 , for the purchase of general obligation bonds to be issued by the City in the amount of $2 ,500 ,000 for tine improvement of the municipal aat-er and sewer systems , upon the following terms : Date and Mlaturities The bonds will be dated March 1 , 1974 , will be in the denomination of S1 ,000 or $5 ,000 each (bidder' s option) and will mature on Harch 1 in the following years and amounts : Year Amount Year Amount Year Amount 1977 $ 50 ,000 1983 $100,000 1989 $225 ,000 1978 75 ,000 1984 100 ,000 1990 225 ,000 1979 75,000 1985 100,000 1991 2.50 ,000 1980 100 ,000 1986 100,000 1992 250 ,000 1981 100,000 1987 225,000 1993 200 ,000 1982 100 ,000 1988 225,000 Redemption Feature Bonds maturing in the years 1985 through 1993 will each be subject to redemption and prepayment at the option of the City and in inverse numerical order , on March 1 , 1984 , and any interest payment date thereafter, at 101% of par plus accrued interest. Interest Interest on the bonds will be payable on September 1 , 1974 , and semiannually there- after on each March 1 and September 1 . All bonds maturing on the same date must bear interest from date of issue until paid at a single , uniform rate , not exceed- ing the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed 7.,. Nlo supplemental or "B" coupons will be permitted. Paying Agent Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of sale , subject to approval by the City , and the City will pay the reasonable and custor;:- ary paying agency charges. CUSIP Numbers '. 'he City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the pur- chaser , if the purchaser waives any extension of the time of delivery caused thereby . Delivery Within 40 days after sale , the City wi l 1 furnish and deliver at the office of the purchaser or , at his option , will deposit with a bank in the United States selected by him and approved by the City as its agent to permit examination by and to deliver to the purchaser the printed and executed bonds , the unqualified opinion of bond counsel and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending . The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the City. The purchase price must be paid upon delivery , or within five days after deposit with the deliv- ery agent, in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. Dorsey, Marquart, Windhorst, West & Halladay, of Minneapolis , Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City and the City is obligated and required to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Consideration of Bids �I i All bids must be sealed and mailed or delivered to the undersigned so as to be 1 received before the time stated above, and will then be publicly opened and tabu- lated and submitted to the City Council at 7 :30 o' clock P.M. for consideration and action thereon. Each bid must be unconditional and must be accompanied by a cash- ier' s or certified check or bank draft in the amount of $50 ,000 payable to the City Treasurer, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid offering the lowest net interest cost (total interest from date of bonds to stated maturities , less any cash premium or plus any amount less than $2 ,500,000 bid for principal ) will be deemed the most favorable. No oral bid and no bid of less than $2 ,455 ,000 for principal plus accrued interest on all of the bonds will be considered, and the City Council reserves the right to reject any and all bids and to waive any infor- mality in any bid . BY ORDER OF THE CITY COUNCIL. John D. Frane, Finance Director-Clerk Eden Prairie City [fall 8950 Eden Prairie Road Eden Prairie, Minnesota 55343 Further information may be obtained from the City of Eden Prairie , telephone 612- 941-2262 , or Ehlers and Associates , Inc. , Minneapolis , Financial Consultants , telephone 612-339-8291. The motion for the adoption of the foregoing resolution was duly seconded by Memberl_Ug.er Boerger and upon a vote being taken thereon, the following voted in favor thereof : John McCulloch , Wolfgang Penzel , Roger Boerger, Mayor Paul Redpath and the following voted against the same : NONE whereupon said resolution was declared duly passed and adopted and was signed by the Mayor and attested by the City Clerk.