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HomeMy WebLinkAboutResolution - 960 - Setting Sale Date of $3,000,000 Water and Sewer Bond - 03/20/1975 C IFT(:!JI7 1.0i1 01. 1i:CI•`ii'_ FQ MAIA .0 R LC) $3 ,000 ,000 General Obligation Water and Senor Bonds (Series 7) T ' _L :IP : City of Eden Prairie , Hennepin County, Ni nnesota W, ,. wt:•rr:'-ng UcAy . City Council i.1 11'i , Ct -°.l;c, t::I.r:' L I i.d ._ o i• n _`u t: 1 n E; a u r f i e 2 t i n q , -A-ffT4+4 , 19 75 , at 7 : 30 o ' clock P.M. , at the City Hall in the City of Eden Prairie . e-,cnU : Mayor DaVid W. Osterholt and Council members Bye , Wolfgang and Penzel ; Council 1.1embers Pauly and Heyers ; ).)_)cun,__- nt attached. . P•1_i rite s of sa.iC1 rfI c, iino, (pa (,,e S - 1 Notices of sale for publication and for furnishing to prospective bidders , as authorized at said meeting. RESOLUTION NO. 960 I , 'the Linders:L,�;nC'.d , b6ing; t'he di-, l;yr C]J._Llified a.nd act_i �- cordin_, officer o.f the pub3..ic corpo_:•ati.an is ,ui.ny; the cDbJ- i£;at:i.�� . . ref err.eu fi to in the t:1'l:.a_e Oi`.' this ccrt i f y t;hat tht dc-':i_L- rne:n s, attached hereto ,, as described ac)ove , no.vz-I� been carefully co...- p,az21 with the ori_;lad i_ record.: of said co-I'L-)Or.a.t i_on in any Gusto y , from which tl-ir' , h av::�� b: en t,� onL c ri oc �_-i , that : Zi_c. t', s are a co: 'rx o_ c t and coii.,al e to t -ansci'-pt of -the n iniates of a ra _c . , , of the bmJy of sai.d co2'poY'?_I:ion, .anfl cywex,cct and CCiaill' i;C COIDi S Of' all L'cSORILi arms anti other actiorw tahaven r.nct CY a. i_►. C:O:.. ... - 1~i:'ni.,:> apt)-r•ovC: C'l by the �%,off'' L'P1.I1�, bo,.1 y' at; Sd. LCI ::l c.`i :1.11€; , -3o fat- `a-:; ';_!::'J relate to said abIlE .:I_tion_ ; tl-)at; saict rrly ;:Ln`r wa the boc.Ty at the t:i_rne and place and was CLtUMded tiWo'. _ .:gut: by tlic:. r.,. ir.tb;:r3 iriclicat.ed ebove , I)ur:31ua'!t; to c ..L_i. and notj.ci.'. of Iirlctl_fl�' c,-J_ven ,,; r'cOU.iri' .!d by .1.av . 1.', "T�=�S rriy t and oT'fica-c` lly az, su.ch re c-CwCI1nt O f_Lci'r, aa;; o i' s:=:-�,d.� ) 9'i John D. Frane Ci^t_y Clerk _ and Title (SEAL) s The Clerk presented proposed forms of Notice of Sale of $3,000 ,000 General Obligation Water and Sewer Bonds of the City of Eden Prairie, to b� dated April 1 , 1975 , proposed to be issued for the purpose of paying the cost of improvements to the municipal water and sewer systems . It was moved by Member Bye, and seconded by Member Penzel , that the forms of Notice of Sale be approved; that the short form Notice of sale be published in the official newspaper and in the Commercial West , and the ful ' Notice of Sale made available for prospective bidders; and that the bids be requested to be submitted at or before 1 : 30 o' clock P.M. , Central Daylight Saving Time, on Wednesday, April 9 , 1975; and that the City Council shall meet at 7:00 o ' clock P.M. for consideration and action thereon . NOTICE OF SALE $3,000,000 GENERAL QBLIGATIOIJ !JA1_ER AND SEWER BONDS CITY OF EDEN PRAIRIE HENiJEPIN COUNTY , �1I I rSOTA NOTICE IS HEREBY GIVEN that sealed bids will be received at the C-i t.. Hall in -the City of Eden Prairie, h1innesota , until 1 : 30 o ' clock- P .M. , C. D. S . ' . , on !•Jednesday, April 9 , 1975, for the purchase of general obligation bonds to issued by the City in the amount of $3 ,000,000 for the improvement of the cipal water and se,oler systems , upon the follot4ing terms : Date and Maturities The bonds wi11 be dated April 1 , 1975, wi11 be in the denomination of $1 ,000 or $5 ,000 each (bidder' s option) and will mature on April 1 -in the following years and amounts : Year Amount Year Amount Year Amount 1979 $100,000 1985 $200,000 1990 $225,000 1980 100,000 1986 200,000 1991 250,000 1981 100,000 1987 225,000 1992 250,000 1982 100,000 1988 225,000 1993 250,000 1983 100,000 1989 225,000 1994 250,000 1984 200,000 Redemption Feature Bonds maturing in the years 1986 through 1994 will each be subject to redemption and prepayment at the option of the City and in inverse numerical order, o.-i r it 1 , 1925 , and any interest payment date thereafter, at par plus accrued in;-,1. Interest Interest on the bonds will be payable on October 1 , 1975, and semiannually there- after on each April 1 and October 1 . All bonds maturing on the same date must bear interest from date of issue until paid at a single , uniform rate , not ex- ceed-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%. No supple- mental or "B" coupons will be permitted. Paying Agent Principal and interest will be made payable at any suitable bank in the Unified 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 cus- tomary paying agency charges. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP num,- bers 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 thn purchaser" waives any extension of the time of delivery caused thereby . Del i very R i th i n 40 clays after sale , the City will furnish and deliver at the office of the purchaser or, at his option , will deposit with a bank in the United Zates 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 deli very agent crust 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 drys afi:er deposit with the delivery agent, in Funds available for expendi- ture by the City on thE: day of paym:nt . Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. Dorsey, hlarquart , Windhorst, West & Halladay, of Minneapolis , Plinnesota , the legal opinion will he printed on the bonds at the request of the purchaser. 02 legal opinion will state that the bonds are valid and binding general obliga- tions of the City and the City is obligated and required to levy taxes fe:r the principal and interest thereon as the same become due without limit as to - rate or amount. r Consideration of Bids All bids must be sealed and mailed or delivered to the undersigned so as to be receivad before the time stated above , and will them be publicly opener? .. t_bu lated and submitted to the City Council at 7: 00 o ' clock P.M. for can , ! t i on and action thereon . Each; bid roust be unconditional and must be ac_o n p on i.:, f: a cDsh'i er' s or certified check or bank draft in the amount of $60 ,000 . - .�n ie to the City Trwasurer�, to be retained by the City as liquidated damages �i ' the bid is accepted and the bidder fails to comply ther`0 th. The bid offering the lowest net interest cost (total interest from date of bonds to stated matuf! -. ties , less any cash premium or plus any amount less than $3.000,000 bid for principal ) will be deemed the most favorable. No oral bid, and no bid of less than $2, 945 ,000 for the principal plus accrued interest on all of the bones , or rosul ti ng in net interest cost over 7 :1 per annum, will be considered , a0lr the City Council reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL John D. Frane, Finance Director-Clerk Eden Prairie City Hall 8950 Eden Prairie Road Eden Prairie , Minnesota 55343 Further i n Forinati on noy be obtained from the: City of Eden Prairie, tel ophop:: 61 2-941 -22u2, or, Ehlers and Associates , Inc. , Minneapolis , Financial Consu r ! - wVs , telephone 612-339-8291 . NOTICE GE `STALE $3 ,000 ,000 (:'rNtR^,L. 05LIGA-rIOi'! (HATER AND SEl:1�R rONDS CITY OF EDEN PRAIRIE NIEr'If!HEN COUI;TY , P,IIN1"1ES0T1, The ahavo bonds , to beissued for the irf-provement of the rr�i,nicipal gate; ar�ri se r sys Le-,ms , Sri l 1 be of fered on WI-dr)esday, Ap ri l 9 , 1975 , a-t 1 : 30 o' cl oc�: P.M. , C. D. S.T . at the City Nall , Eden Prairie, M, innosotii. The bands +,IiII t; dated April 1 , 1975, and brill mature on Apr-i *i 1 in the years and amoLIntS as fo 1 -1 o",Is : Year Amount Year Amount Year ArnoL!nt_ 1979 $100 ,000 1985 $200,000 1990 $22 ,000 1980 100,000 19810 200,000 1991 250 ,0:�0 1931 100,000 1987 225,000 1992 250,0j0 1902 100 ,000 1988 225 ,000 1993 25D,0 -0 1983 100,000 1989 225,000 1994 250,000 1984 200,000 All bonds maturing 1986 through 1994 will each be subject to redemption and prepayment on April 1 , 1935, Interest will be payable on Octobcr 1 , 1975, and semiannually thereafter. Neither the net interest cost nor any rate of interast may exceed 7% per annum. An unqualified legal opinion will bc! f l-c- nished by Messrs . Dorsey , Marquart, Windhorst, ?Hest & Halladay, of Minneapolis , tlinnesota. BY ORDER OF THE CITY COUNCIL John D. Frane, Finance D i rector-C1 erl: 8950 Eden Prair-ic, Read Eden Prairie , Minnesota 55343 Further information may be obtained from the City of Eden Prairie, tel e-Phooe 612-941 -2202 , or Ehlers and Associates , Inc . , Financial Consultants to the City , 507 i•larquette Avenue, Minneapolis , Minnesota 55402, telephone 612--339- 9291 .