HomeMy WebLinkAboutResolution - 82-248 - Setting Bond Sale Date for $6,200,000 GOB and $2,300,000 GOB State-Aid Bonds - 10/19/1982 Member Paul i�edpa,th introduced the
following resolution and moved its adoption:
RESOLUTION NO . 82_24P,
RESOLUTION RELATINC TO $6 , 200 , 000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 AND
$2 , 300 , 000 GENERAL OBLIGATION STATE-AID BONDS OF 1982 ;
CALLING FOR THE PUBLIC SALE THEREOF
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows :
1 . Authorization. This Council has heretofore
ordered various local improvements ( the Improvements ) to be
constructed in the City, and has contracted or will contract
for the construction of the Improvements , under and pursuant
to Minnesota Statutes , Chapter 429 . The present estimated
total cost of the Improvements is as follows :
Improvement State-Aid
Construction Costs : �`
Legal and Fiscal :
Capitalized Interest : '% ` 4-` 3f.�
Bond Discount ( interest
as provided in
Minnesota Statutes,
Section 475 . 56 ) :
Total : $i f c r r s $ / 3 c-t 6'r-z
It is hereby determined to be necessary and expedient
for the City to sell and issue its General Obligation
Improvement Bonds of 1982 and its General Obligation State-Aid
Bonds of 1982 ( the Bonds ) , in the principal amounts of
$6 , 200 , 000 and $2, 300 , 000 , respectively, to defray the
expenses incurred in making the Improvements , including every
item of cost of the kinds authorized in Minnesota Statutes ,
Section 475 . 65 .
2. Sale. This Council shall meet at the time and
place specified in the notices of sale hereinafter prescribed
for the purpose of receiving sealed .bids and awarding sale of
the Bonds . The City Finance Director/Clerk is hereby
authorized and directed to cause notice of the time , place and
purpose of the meeting to be published in the Eden Prairie
News , the official newspaper of the City , and in Commercial
West, published in Minneapolis , Minnesota, once not less than
ten days before the date of said meeting in substantially the
1 following forms :
NOTICE OF BOND SALE
$ 6 , 200 , 000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1982
CITY OF E DEN PRAIRIE , MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of
the City of Eden Prairie, Minnesota , will meet at the City
Hall , in Eden Prairie , Minnesota , or. the 16th day of
November , 1982, at 4 : 00 o ' clock p .m. , to receive , open and
consider sealed bids for and award the sale of $6 ,200,000
General Obligation Improvement Bonds of 1982 of the City .
The Bonds will be issued for the purpose of financing
various improvement projects within the City . The Bonds
will be in the denomination of $5 , 000 , will be dated
December 1 , 1982 , and will mature serially on May 1 in
the following years and amounts :
Year Amount
1984 5350, 000
1985 350 ,000
1986 350 , 000
1987 350 ,000
1988 350 , 000
t 1989 350 ,000
1990 350, 000
199 350 ,000
1 992 350, 000
199 350 ,000
1994 350, 000
1995 350, 000
1 996 350, 000
199 350, 000
1998 350, 000
1999 475, 000
20p0 475, 000
Interest will be payable on May 1 , 1983 , and semiannually
on each November and May thereafter . Bonds maturing in
1994 and later years, shall be subject to redemption and
prepayment on May 1, 1993 and any interest payment date
thereafter at par and accrued interest. No rate of
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interest nor the net effective rate of the issue may
exceed 12% per annum. A legal opinion will be furnished
by Dorsey & wnitney, or Minneapolis , Minnesota. Copies
of a statement of Terms and Conditions of Sala and additional
information may be obtained from the undersigned or from
Ehlers and Associates , Inc . , 507 Marquette Avenue, Minne-
apolis , Minnesota 55402 ; telephone 612-339-8291 , financial
consultants to the City .
Dated: , 1982.
BY ORDER OF THE CITY COUNCIL
John D . Frane
City Finance Director/Clerk
Eden Prairie , Minnesota
{
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NOTICE OF BOND SALE
$ 2, 300 , 000 GENERAL OBLIGATION STATE-AID 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 City
Hall , in Eden Prairie , Minnesota , on the 16th day of
November , 1982, at 4 : 00 o ' clock p .m. , to receive , open and
consider sealed bids for and award the sale of $2, 300 , 000
General Obligation State-Aid Bonds of 1982 of the City .
The Bonds will be issued for the purpose of financing
various state-aid projects within the City. The Bonds
will be in the denomination of $5 , 000 , will be dated
December 1 , 1982 , and will mature serially on May 1 in
the following years and amounts :
Year Amount
1983 $400 , 000
1984 400, 000
1985 300 , 000
1986 300, 000
1987 200 , 000
1988 50, 000
1989 50 , 000
1990 50, 000
1991 50 , 000
1992 50, 000
1993 50 , 000
1994 50 , 000
1995 50 , 000
1996 50,000
1997 50 ,000
1998 50 , 000
1999 50 , 000
2000 50, 000
2001 50 ,000
Interest will he payable on May 1 , 1983 , and semiannually
on each November and May thereafter . Bonds maturing in
1994 and later years shall be subject to redemption and
prepayment on May 1 , 1993 and any interest payment date
thereafter at par and accrued interest. No rate of
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interest nor the net effective rate of the issue may
exceed 11% per annum. 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 the undersigned or from
Ehlers and Associates , Inc . , 507 Marquette Avenue, Minne-
apolis , Minnesota 55402; telephone 612-339-8291 , financial
consultants to the City.
Dated: 1982 .
BY ORDER OF THE CITY COUNCIL
John D. Frane
City Finance Director/Clerk
Eden Prairie , Minnesota
i
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( 3. Terms and Conditions of Sale . The following
statement of Terms and Conditions of Sale shall constitute
the terms and conditions for the sale and issuance of the
Bonds and such terms and conditions are hereby authorized
to he incorporated in material distributed to prospective
bidders for the Bonds:
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TERMS AND CONDITIONS OF SALE
$6 , 200 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982
$2 , 300 , 000 GENERAL OBLIGATION STATE-AID BONDS OF 1982
CITY OF EDEN PRAIRIE , MINNESOTA
The City Council of the City of Eden Prairie ,
Minnesota , will meet at the City Hall, in Eden Prairie,
Minnesota , on the 16th day of November , 1982 , at 4 : 00
o ' clock p.m. , to receive , open and consider bids for and
award the sale of $6 , 200 , 000 General. Obligation
Improvement Bonds of 1982 ( the " Improvement Bonds" ) and
$2 , 300 , 000 General Obligation State-Aid Bonds of 1982 ( the
"State-Aid Bonds" ) of the City ( together , the Bonds ) .
PURPOSE
The Improvement Bonds will be issued for the purpose
of financing the cost of constructing various improvement
projects within the City, in accordance with the
provisions of Minnesota Statutes , Chapters 429 and 475 .
The State-Aid Bonds will be issued for the
purpose of financing improvements to various state-aid
streets in the City, in accordance with the provisions of
Minnesota Statutes , Chapters 162 and 475 .
DATE , TYPE AND DENOMINATION
The Bonds will be dated December 1 , 1982 , will be
issued as negotiable investment securities with attached
interest coupons and will be in the denomination of $5 , 000
each, unless designated otherwise by the purchaser within
48 hours of award of sale .
MATURITIES AND REDEMPTION
The Bonds of each issue will mature serially on
May 1 in the following years and amounts:
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Amounts
Year Imorovement Bonds State-Aid Bonds
1983 $400 , 000
1984 $350 , 000 400 , 000
1985 350 , 000 300 , 000
1986 350 , 000 300 , 000
1987 350 , 000 200 , 000
1988 350 , 000 50 , 000
1989 350 , 000 50 , 000
1990 350 , 000 50 , 000
1991 350 , 000 50 , 000
1992 350 , 000 50 , 000
1993 350 , 000 50 , 000
1994 350 , 000 50 , 000
1995 350 ,000 50 , 000
1996 350 , 000 50 , 000
1997 350 , 000 50 , 000
1998 350 ,000 50 , 000
1999 475 , 000 50 , 000
2000 475 , 000 50 , 000
2001 50 , 000
PAYING AGENT
Principal of and interest on each issue will be
made payable at a suitable bank in the United States
recommended by the purchaser and approved by the City
Council , provided that such recommendation is received
within 48 hours after the sale . The City Council will
select the paying agent if the recommendation is not
received within 48 hours or approved. The City will pay
the customary charges of the paying agent, for each issue.
INTEREST PAYMENT DATES , RATES
Interest will be payable on May 1 , 1983 , and
semiannually thereafter on each November 1 and May 1 . All
Bonds of the same issue having the same maturity must bear
interest from date of issue until paid at a single,
uniform rate , not exceeding the rate specified for Bonds
of that issue of any subsequent maturity. Each rate must
be in an integral multiple of 5/100 of 1% , and no rate of
interest nor the net effective rate of the issue may
exceed 12% , for the Improvement Bonds , and 11% , for+ the
State-Aid Bonds.
DELIVERY
Within 40 days after sale and without cost to the
purchaser the City will furnish and deliver at the office
of the purchaser or , at its option , will deposit with a
bank , in the United States selected by it and approved by
the City as its agent to permit examination by and to
deliver to the purchaser , the printed and executed Bonds ,
the 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 ,
with the exception of the printing of CUSIP numbers as
indicated , will be paid by the City. The purchase price
for each issue must be paid upon delivery of the Bonds of
that issue , in funds available for expenditure by the City
on the date of payment .
LEGAL OPINION
Opinions as to the validity of the Bonds and as
to the exemption of the Bonds and the interest thereon
from taxation will be furnished by Dorsey & Whitney, of
Minneapolis , Minnesota . The legal opinion will be printed
on the Bonds at the request of the purchaser . The legal
opinion for each issue will state that such Bonds are
valid and binding general obligations of the City
enforceable in accordance with their terms, except to the
extent enforceability may be limited by State of Minnesota
or United States laws relating to bankruptcy,
reorganization , moratorium or creditors ' rights generally.
TYPE OF BID AND AWARD
Sealed bids for the Improvement Bonds at a price
of not less than $ 6 , 125,u00and accrued interest on the
principal sum of $6 , 200 , 000 and sealed bids for the
State-Aid Bonds at a price of not less than $2,272,000 and
accrued interest on the principal sum of $2 , 300 , 000 must
be mailed or delivered to the undersigned and must be
received prior to the time stated above . Bids for each
issue must be separately stated and sealed ; bidders must
bid for all or none of the Bonds of an issue but bidders
may bid on either or both issues . Each bid must be
unconditional and must be accompanied by a cashier ' s check
or certified check or bank draft in' the amount of $124 , 000
for Improvement Bonds and $46 , 000 for State-Aid Bonds,
payable to the City Finance Director/Clerk to be retained
by the City as liquidated damages if the bid is accepted
and the bidder fails to comply therewith . The bid
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authorizing the lowest net interest cost for each issue
( total interest on all Bonds of that issue from date
thereof to their maturities, less any cash premium or plus
any amount less than par bid for principal ) , will be
deemed the most favorable for that issue . The net
effective rate on all Improvement Bonds may not exceed 12%
per annum; the net effective rate for all State-Aid Bonds
may not exceed 11% per annum. In the event that two or
more bids for an issue state the lowest net interest cost ,
the sale of the Bonds of that issue will be awarded by
lot. No oral bid will be considered and the City reserves
the right to reject any and all bids , to waive
informalities in any bid, and to adjourn the sale .
CUSIP NUMBERS
The City will assume no obligation for the
assignment or printing of CUSIP numbers on the Bonds of
either issue or for the correctness of any numbers printed
thereon, but will permit such numbers to be assigned and
printed at the expense of the purchaser , if the pu.:chaser
waives any extension of the time of delivery caused
thereby.
Information for bidders and bidding forms may be
obtained from the undersigned or from Ehlers and
( Associates, Inc. 507 Marquette Avenue , Minneapolis,
Minnesota 55402, telephone: 512-339-8291 , financial
consultants to the City.
Dated : 1982.
BY ORDER OF THE CITY COUNCIL
John D. Frane
City Finance Director/Clerk
Eden Prairie , Minnesota
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4 . Official Statement . The City Finance
Director/Clerk , in cooperation with Ehlers and Associates ,
Inc. , financial consultants to 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 of Sale set
forth in paragraph 3 hereof and such other information as
shall be deemed advisable and necessary to adequately
describe the City and the security for , and terms and
conditions of , the Bonds .
Mayor
Attest :
City Finance Director7Clerk
(SEAL)
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The motion for the adoption of the foregoing
resolution was duly seconded by Member Dean Edstrom and
on vote being taken thereon , the followin4 Council Members
voted in favor :
George Bentley, Dean Edstrom, Paul Redpath , and Mayor Wolfgang H. Penzel
and the following voted against the same:
(George Tangen absent)
whereupon said resolution was declared passed and adopted
and was signed by the Mayor and his signature attested by
the City Finance Director/Clerk .
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