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HomeMy WebLinkAboutResolution - 82-23 - Calling for Bond Sale on March 2, 1982 - 01/19/1982 Member introduced the following reso- lution and moved its adoption: RESOLUTION NO .8z-23 RESOLUTION RELATING TO $1 , 100 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 , $2 , 900 , 000 GENERAL OBLIGATION PUBLIC BUILDING BONDS OF 1982 , $ 300 , 000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1982 , AND $ GENERAL OBLIGATION TAX INCREMENT BONDS OF 1982 ; AUTHORIZING THE ISSUANCE THEREOF AND CALLING FOR THE PUBLIC SALE THEREOF BE IT RESOLVED by the City Council of the City of Eden Prairie , Minnesota , as follows : Section 1 . Authorization of General Obligation Improve- ment Bonds of 1982 . This Council has heretofore ordered local improvements designated as Project Nos . and to be. constructed in the City ( the "Improvements" ) and has contracted or will contract for the construction of each of the Improvements , under and pursuant to Minnesota Statutes , Chapter 429 , the estimated total cost of the Improvements being as follows : Construction and Engineering : $ 12, 2791 000 Cost of Issuance: Capitalized Interest : Discount: TOTAL : $ LZ, 4 2-1, 7 4_0 In order to finance the Improvements , it is hereby determined to be necessary and desirable for the City to issue and sell its General Obligation Improvement Bonds of 1982 in the principal amount of $1 , 100 , 000 (the "Improvement Bonds" ) , $ of said issue representing interest as provided in Minnesota Statutes , Section 475 . 56 . Section 2 . Authorization of General Obligation Public Building Bonds of 1982 . The qualified voters of the City at a special election duly called and held on November 18 , 1981 , authorized the issuance of general obligation bonds of the City in the aggregate amount of $2 , 900 , 000 to provide money for the acquisition and betterment of land , buildings and facilities for public buildings for public works and park maintenance and public safety purposes . The estimated total cost of such acquisition and betterment is as fol- lows : Land Acquisition, Construction, and Design: $ Capitalized Interest : Cost of Issuance : Discount: TOTAL : $ In order to finance such acquisition and betterment, it is hereby determined to be necessary and desirable for the City to issue its General Obligation Public Building Bonds of 1982 in the principal amount of $2 , 900 , 000 (the "Public Building Bonds" ) , $ of said issue representing interest as provided in Minnesota Statutes , Section 475 . 56 . 3 . Authorization of General Obligation Equipment Cer- tificates of Indebtedness of 1982. The Council desires to issue general obligation equipment certificates of indebted- ness (the "Equipment Certificates" ) to finance the purchase of public safety and public works equipment ( the "Equip- merit" ) by the City and will contract for the acquisition of such Equipment under and pursuant to Minnesota Statutes , Section 412. 301 and Chapter 475 , the estimated cost of the Equipment being as follows : Acquisition: $ Cost of Issuance : Capitalized Interest: Discount: TOTAL : $ In order to finance the Equipment, it is hereby deter- mined to be necessary and desirable for the City to issue and sell its Equipment Certificates, $ of said issue representing interest as provided in Minnesota Statutes , 475 . 56 . Section 4 . Authorization of General Obligation Tax Increment Bonds of 1982. The Council adopted on August 22 , 1981, a plan for Development District No. 1 and Tax Incre- ment Financing Plan for an Economic Development District (the "Plan" ) . The Council desires to issue General Obliga- tion Tax Increment Bonds of 1982 to finance certain improve- ments and appurtenances described in the Plan and to be acquired and constructed by the City (the "Plan Improve- ments" ) and has contracted or will contract for the con- struction of each of the Plan Improvements, under and pur- suant to Minnesota Statutes , Sections 273 . 71 to 273 . 78 , and Minnesota Statutes , Chapter 472A, as amended, the estimated total cost of the Plan Improvements being as follows: Construction and Engineering : $ Cost of Issuance : Capitalized Interest : Discount: TOTAL: $ in order to finance the Plan Improvements , it is hereby determined to be necessary and desirable for the City to issue and sell its General Obligation Tax Increment Bonds of 1982 in the principal amount of $ (the "Tax Increment Bonds" ) , $ of said issue representing interest as provided in Minnesota Statutes , Section 475 . 56 . The Improvement Bonds ; the Public Building Bonds , the Equipment Certificates and the Tax Increment Bonds are hereinafter referred to as the "Bonds" . Section 5 . Sale. This Council shall meet at the time and place set forth in the form of notice hereinafter pre- scribed for the purpose of receiving bids for and awarding the sale of the Bonds . The Clerk is hereby authorized and directed to cause a public notice of the time , place , and purpose of the meeting to be published once not less than ten (10) days before the date of the meeting in the official newspaper of the City and in Commercial West, published in Minneapolis , Minnesota , which notice shall be in substan- tially the following form: uilt 'pY �e NOTICE OF BOND SALE $1 , 100 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 $ 2 , 900 , 000 GENERAL OBLIGATION PUBLIC BUILDING BONDS OF 1982 $300 ,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1982 $ GENERAL OBLIGATION TAX INCREMENT BONDS OF 1982 CITY OF EDEN PRAIRIE, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Eden Prairie , Minnesota, will meet at the Council Chambers in the City Hall on Tuesday , March 2, 1982, at 4 : 30 o ' clock, P.M. , C . S .T. , to receive , open , and consider sealed bids for and award the sale of these Bonds . All of the Bonds will be in the denomination of $5, 000 and will be dated March 1 , 1982 . Interest on the Bonds will be payable on and semiannually on each 1 and 1 thereafter . The Bonds maturing in the years 19 and thereafter are subject to redemption and prepayment on , and any interest payment date thereafter at a price of their principal amount and accrued interest. All Bonds maturing on the same date must bear interest at a single uniform rate , not exceeding 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 nor the net effective rate may exceed 12% per annum. A legal opinion as to each of the bond issues will be fur- nished by O ' Connor & Hannan, Bond Counsel, of Minneapolis, Minnesota . BY ORDER OF THE CITY COUNCIL John D. Frane Clerk Eden Prairie , Minnesota Further information and copies of the Terms and Conditions of Receipt of Bids and Award of Sale may be obtained from Ehlers and Associates , Inc. , First National-Soo Line Con- course , 507 Marquette Avenue , Minneapolis , ,Minnesota 55402 , Telephone : (612 ) 339-8291 . Bids delivered to Ehlers and Associates , Inc. will be delivered to the sale , and the accompanying bid security will be retained in the offices of Ehlers and Associates , Inc . as agent for the City, with the same effect as if delivered to the City Clerk . Section 6 . Terms and Conditions of Receipt of Bids and Award of Sale . The following statement of the Terms and Conditions of Receipt of Bids and Award of Sale shall con- stitute the terms and conditions for the sale and issuance of the Bonds , and the financial consultants for the City are hereby authorized and directed to cause the terms and condi- tions to be incorporated in material distributed to prospec- tive bidders for the Bonds . TERMS AND CONDITIONS OF RECEIPT OF BIDS AND AWARD OF SALE $1 , 100 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 $ 2 , 900 , 000 GENERAL OBLIGATION PUBLIC BUILDING BONDS OF 1982 $300 , 000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1982 $ GENERAL OBLIGATION TAX INCREMENT BONDS OF 1982 CITY OF EDEN PRAIRIE , MINNESOTA The Citv of Eden Prairie , Minnesota (the "City" ) , has called for bids for the purchase from the City of its $1, 100 , 000 General Obligation Improvement Bonds of 1982 , its $2, 900 , 000 General Obligation public Building Bonds of 1982, its $ 300 , 000 General Obligation Equipment Certificates of Indebtedness , and its $ General Obligation Tax Incre- ment Bonds of 1982 (together , the "Bonds" ) . This is a statement of the terms and conditions upon which bids for the purchase of the Bonds are to be received and considered , the sale thereof awarded and the Bonds issued . BID OPENING AND SALE The City Council will meet in the Council Chambers in the City Hall in Eden Prairie , Minnesota, on tlarch 2 , 1982 4 at 4 : 30 o ' clock , P.M. , C. S .T . , to receive , open , and con- sider sealed bids for and award the sale of these Bonds , which are offered according to the following terms : PURPOSE The $1 , 100 , 000 General Obligation improvement Bonds of 1982 will be issued pursuant to the provisions of Minnesota Statutes , Chapters 429 and 475 , to finance local Improve- ments designated as Project Nos. r and to be constructed in the City. The $2 , 900 , 000 General Obligation Public Building Bonds of 1982 will be issued pursuant to Minnesota Statutes , Chapter 475 , to finance the acquisition and betterment of land , buildings and facilities for public buildings for public works and park maintenance and public safety purposes in the City. The $ 300 , 000 General Obligation Equipment Certificates of 1982 will be issued pursuant to Minnesota Statutes , Section 412 . 301 and Chapter 475 , to finance the acquisition of Equipment by the City. The $ General Obligation Tax Increment Bonds of 1982 will be issued pursuant to Minnesota Statutes , Sections 273 . 71 to 273 . 78 , and Minnesota Statutes , Chapter 472A, as amended , to finance the Plan Improvements under Development District No. 1 and Tax Incre- ment Financing Plan for an Economic Development District of the City. MATURITIES AND REDEMPTION The Bonds will be dated as of. March 1, 1982 , will be issued as negotiable investment securities with attached interest coupons , will be in the denomination of $5 , 000 each unless otherwise designated by a purchaser within 48 hours of award of sale and the bonds of each issue will mature serially on 1 , in the following years and amount : Improvement Public Equipment Tax Year Bonds Building Certificates Increment REDEMPTION FEATURE Bonds maturing in the years 19 and thereafter are subject to redemption and prepayment at the option of the City in inverse order of serial numbers on , 19 , and any interest payment date thereafter , at a price equal to the principal amount thereof plus accrued interest to the date of redemption. RATES ; INTEREST PAYMENT DATE Interest on the Bonds will- be payable on 19 and semiannually thereafter on each 1 and 1. All Bonds maturing on the same date must bear interest at a single uniform rate designated by the success- ful bidder , not exceeding 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 nor the net effective rate may exceed 12% . No supplemental or "B" coupons will be permitted . PAYING AGENT Principal and interest will be payable at a suitable bank recommended by the purchaser and approved by the City Council, and the City will pay the customary charges for this service provided that such recommendation is received within 48 hours after the sale , and the City Council will select the paying agent if the recommendation is not approved . f i CUSIP NUMBERS The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correct- ness of any numbers printed thereon , but will permit such assignment and printing to be done at the expense of the purchaser , if the purchaser waives any extension of the time of delivery caused thereby. DELIVERY Within 40 days after the 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 States , selected by the purchaser and approved by the City as its agent , to permit examination by and to deliver to the purchaser , the printed and executed Bonds , the legal opinions of O ' Connor & Hannan, Bond Counsel , of Minneapolis , Minnesota, and a cer- tificate stating that no litigation in any manner question- ing the validity of the Bonds is then threatened or pend- ing . The charge of the delivery aqent must be paid by the purchaser , but- all other costs, with the exception of print- ing of CUSIP numbers as indicated , will be paid by the City. The purchase price must be paid upon delivery of the Bonds , in funds available for expenditure by the City on the date of payment. LEGAL OPINIONS Legal opinions on each bond issue will be furnished by O ' Connor & Hannan, Bond Counsel , of Minneapolis , Minne- sota. The legal opinions will be printed on the appropriate bond issue at the request of the purchaser . The legal opinions will state that the Bonds of each issue are valid and binding general obligations of the City. BIDS ; PRICE; GOOD FAITH CHECKS Sealed bids for not less than $ and accrued interest on the principal sum of $ from the date of the Bonds to the date of delivery must be mailed or delivered to the undersigned and must be received prior to time of bid opening . Each bid must be unconditional and must be accompanied by a certified or cashier ' s check or bank draft in the amount of $ payable to the order of the City Clerk of the City, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. AWARD The bid authorizing the lowest net interest cost (total interest from date of Bonds to stated maturities , less any cash premium or plus any amount less than $ bid for principal ) will be deemed the most favorable . In the event that two or more bids state the lowest net interest cost , the sale of the Bonds will be awarded by lot. No oral bid and no bid of less than $ plus accrued interest on all of the Bonds will be considered , and the City reserves the right to reject any and all bids , to waive any informality in any bid and to adjourn the sale. Further information and copies of the Terms and Condi- tions of Receipt of Bids and Award of Sale may be obtained from: Ehlers and Associates , Inc. , First National-Soo Line Concourse , 507 Marquette Avenue , Minneapolis , Minnesota 55402 , Telephone: (612) 339-8291 . Bids delivered to Ehlers and Associates , Inc. will be delivered to the sale , and the accompanying bid security will be retained in the offices of Ehlers and Associates , Inc. as agent for the City, with the same effect as if delivered to the City Clerk . BY ORDER OF THE CITY COUNCIL John D. Fr. ane City Clerk Eden Prairie, Minnesota i i r i 41 Section 7 . Official Statement . The City Clerk , with the cooperation of Ehlers and Associates , Inc . , financial consultants for the City, is 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 Terms and Conditions 'for Receipt of Bids and Award of Sale set forth in Section 6 and such other information as shall be deemed advisable and necessary to adequately describe the City and the security, terms and conditions of the Bonds . Adopted by the City Council on 1982. / Wo a Penzel, Mayor Attest: ; ohn D. Frane , j City Clerk The motion for the adoption of the foregoing resolution jwas duly seconded by Member AP-L��_ and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same : ` \tnme , whereupon said resolution was declared duly passed and adopted , and was signed by the Mayor and attested by the City Clerk .