HomeMy WebLinkAboutResolution - 83-271 - Relating to $2,200,000 General Obligation Improvement Bonds - 11/01/1983 i
Member introduced the following resolution
and moved its adoption: f-3 _ 7
RESOLUTION NO. -- �7,1
RESOLUTION RELATING TO $2 , 200 , 000 GENERAL
OBLIGATION IMPROVEMENT BONDS; $300 , 000
CERTIFICATES OF INDEBTEDNESS, AND $400 , 000
GENERAL OBLIGATION WATER REVENUE BONDS ;
PROVIDING FOR THE PUBLIC SALE. THEREOF
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows :
1 . It is hereby determined that it is necessary
for the City to issue and sell. $2 , 200 , 000 General Obligation
Improvement Bonds to finance local improvements ; $300 , 000 Certificates
of Indebtedness to finance public safety and public works equipment
purchases ; and $400 , 000 General Obligation Water Revenue Bonds
to finance improvements to the City ' s water system .
2. . It is hereby determined that a , 1983 ,
at /a 'v-v o 'clock , Central Time , will. be the date an time at which
sealed bids will be received for said bonds , and this Council
shall meet at 7 : 30 o ' clock P . M. that same date to award the
sale .
3 . The Finance. Director/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 , 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 :
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NOTICE OF SALE
$2 , 900 , 000 GENERAL OBLIGATION BONDS AND
CERTIFICATES OF INDEBTEDNESS
CITY OF EDEN PRAIRIE , MINNESOTA
Sealed bids for the above obligations of the City
of Eden Prairie , Minnesota, will be opened at a -4 o ' clock , Central
Time , on Tuesday , // %- , 1983 , at the City Hall in Eden
Prairie . The City Council will meet at 7 : 30 o ' clock P . M . that
same date to consider the bids and award the sale . The offering
includes $2 , 200 , 000 General Obligation Improvement Bonds to
finance local improvements ; $300 , 000 Certificates of Indebtedness
to finance public safety and public works equipment purchases ,
and $ 400 , 000 General Obligation Water Revenue Bonds to finance
improvements to the City ' s water system . Dated December 1 ,
1983 , the obligations will mature on March 1 in each year as
follows :
G.O. Water
G. O. Improve- Certificates of Revenue
Year ment Bonds Indebtedness Bonds Total
1985 $ 100 , 000 $25 , 000 $125 , 000
1986 125 , 000 75 , 000 2.5 , 000 225 , 000
1987 125 , 000 100 , 000 25 , 000 250 , 000
4 1988 125 , 000 125 , 000 25 , 000 275 , 000
1989 125 , 000 50 , 000 175 , 000
1990 125 , 000 50 , 000 175 , 000
1991 125 , 000 50 , 000 175 , 000
1992 125 , 000 50 , 000 175 , 000
1993 125 , 000 50 , 000 175 , 000
1994 125 , 000 50 , 000 175 , 000
1995 125 , 000 125 , 000
1996 125 , 000 125 , 000
1997 125 , 000 125 , 000
1998 150 , 000 150 , 000
1999 150 , 000 150 , 000
2000 150 , 000 150 , 000
2001 150 , 000 150 , 000
$2 , 200 , 000 $300 , 000 $400 , 000 $2 , 900 , 000
Interest will be payable on September 1 , 1984 , and semiannually
on each March and September thereafter. No rate of interest
nor the net effective rate of the issue may exceed the maximum
then permitted by law. All bonds maturing in 1991 and thereafter
are subject to redemption and prepayment at the option of the
City and in whole or in part , in inverse order of maturities
and by lot within maturities , on March 1 , 1990 and any interest
payment date thereafter , at a price equal to the principal
amount thereof to be redeemed plus interest accrued to the
date of redemption . 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
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may be obtained from the undersigned or from Ehlers and Associates ,
Inc . , Financial Specialists , Suite 120 - Soo Line Building ,
507 Marquette Avenue, Minneapolis , Minnesota 55402. ; telephone :
(612 ) 339-8291 , financial consultants to the City.
Dated : 1983 .
BY ORDER OF THE CITY COUNCIL
John D. Frane, Finance Director/Clerk
8950 Eden Prairie Road
Eden Prairie, Minnesota 55343
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4 . The following seal ] constitute the terms and
conditions for the sale and issuance of the bonds , and the
Clerk is hereby authorized and directed to cause the following
terms and conditions to be incorporated in material distributed
to prospective bidders for the bonds :
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i TERMS AND CONDITIONS OF SALE
$2 , 900 , 000 GENERAL OBLIGATION BONDS AND
CERTIFICATES OF INDEBTEDNESS
CITY OF EDEN PRAIRIE , HENNEPIN COUNTY , MINNESOTA
Sealed bids will be received at the City Hall in
the City of Eden Prairie , Minnesota , until /02= '' o ' clock,
Central Time , on Tuesday, 1983 , for the purchase
of general obligation bonds and certificates of indebtedness
in the aggregate principal amount of $2 , 900 , 000 to be issued
by the City upon the following terms and conditions :
PURPOSES
The obligations will comprise three issues , all dated as of
December 1 , 1983 :
$2 , 200 , 000 General Obligation Improvement Bonds to
be issued pursuant to Minnesota Statutes , Chapter 429 , to finance
street improvements in the City ;
$300 , 000 Certificates of Indebtedness to be issued
pursuant to Minnesota Statutes , Section 412 . 301 to finance
public safety and public works equipment purchases ; and
$400 , 000 General Obligation Water Revenue Bonds to
be issued pursuant to Minnesota Statutes , Section 444 . 075 to
firiance water system improvements and extensions .
DATE , TYPE AND DENOMINATION
The obligations will be dated December 1 , 1983 .
The obligations will be issuable only as fully registered Bonds
in denominations of $5 , 000 or any multiple thereof , of single
maturities , with interest payable by check or draft to the
person in whose name each Bond is registered 15 days prior
to each interest payment date on the register maintained by
the Bond Registrar which will be a suitable bank or trust company
selected by the City. Principal is payable upon surrender
of each Bond at maturity or upon prior redemption at the office
of the Registrar . The City will pay the charges of the Registrar
with respect to registration of ownership, transfer and exchange
and payment of principal and interest .
MATURITIES
The obligations of each issue will mature serially
on March 1 in the following years and amounts :
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G.O. Water.
G.O. Improve- Certificates of Revenue
Year ment Bonds Indebtedness Bonds Total
1985 $ 100 , 000 $25 , 000 $125 , 000
1986 125 , 000 75 , 000 25 , 000 225 , 000
1987 125 , 000 100 , 000 25 , 000 250 , 000
1988 125 , 000 125 , 000 25 , 000 275 , 000
1989 125 , 000 50 , 000 175 , 000
1990 125 , 000 50 , 000 175 , 000
1991 125 , 000 50 , 000 175 , 000
1992 125 , 000 50 , 000 175 , 000
1993 125 , 000 50 , 000 175 , 000
1994 125 , 000 50 , 000 175 , 000
1995 125 , 000 125 , 000
1996 125 , 000 125 , 000
1997 125 , 000 125 , 000
1998 150 , 000 150 , 000
1999 150 , 000 150 , 000
2000 150 , 000 150 , 000
2001 150 , 000 150 , 000
$2 , 200 , 000 $300 , 000 $400 , 000 $2 , 900 , 000
REDEMPTION
The bonds maturing in 1991 and subsequent years will
each be subject to redemption and prepayment at the option
of the City , in inverse order of maturities and by lot within
maturities, on March 1 , 1990 , and any interest payment date
thereafter at par .
INTEREST
Interest will be payable on September 1 , 1984 , and
semiannually thereafter on each March 1 and September 1 . All.
Bonds of 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 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 the maximum then permitted by law.
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 the option of the purchaser , will deposit
with a bank in the United States selected by the purchaser
and approved by the City as the City ' s agent to permit examination
by and to deliver to the purchaser the printed and executed
obligations , the opinion of bond counsel and a certificate
stating that no litigation in any manner questioning the validity
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of the obligations is then threatened or pending . All costs ,
with -the exception of the printing of CUSIP numbers as indicated ,
will be paid by the City. The price must be paid upon delivery ,
or within five days after deposit with the delivery agent,
in funds available for expenditure by the City on the day of
payment .
LEGAL OPINIONS
Legal. opinions on the obligations will be provided
by Dorsey & Whitney , of Minneapolis , Minnesota . The legal
opinions will be printed on the obligations at the request
of the purchaser . The legal opinions will state that the obligations
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 .
CONSIDERATION OF BIDS
All bids must be sealed and received before the time
stated above . All bids will then be publicly opened and tabulated
and submitted to the City Council at 7 : 30 P.M. , Central Time ,
the same day for consideration and action . Each bid must be
unconditional and must be accompanied by a cashier ' s or certified
check or bank draft in the amount of $58 , 000 , payable to the
City Finance Director/Cl.erk , 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 obligations to stated maturities ,
less any amount more than $2 , 900 , 000 or plus any amount less
than $2 , 900 , 000 bid for principal. ) will be considered , and
the City Council. reserves the right to reject any and all bids
and to waive any informality in any bid .
CUSIP NUMBERS
The City will assume no obligation for the assignment
or printing of CUSIP numbers on the obligations 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 purchaser waives any extension of the time
of. delivery caused thereby .
Further information may be obtained from and bids
may be delivered to : Ehlers and Associates , Inc . , Financial
Specialists , Suite 120 - Soo Line Building , 507 Marquette Avenue ,
Minneapolis , Minnesota 55402 ; telephone : ( 612 ) 339-8291 .
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5 . The 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 4 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: _
. t
nce Director/Clerk
The motion for the adoption of the foregoing resolution
was duly 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 duly passed and adopted ,
signed by the Mayor and his signature attested by the Finance
Director/Clerk.
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