HomeMy WebLinkAboutResolution - 86-316 - Relating to $5,000,000 G.O. Bonds and Certificants of Indebtedness Authorizing Issuance and Awarding Sale Thereof - CERTIFICATION OF MINUTES RELATING TO
$5 , 000 , 000 GENERAL OBLIGATION BONDS
AND CERTIFICATES OF INDEBTEDNESS
Issuer : City of Eden Prairie , Minnesota
Governing body : City Council
Kind, date , time and place of meeting : A regular
meeting held on Tuesday, December 16 , 1986 , at = 0 o ' clock
P.M. , C . D. T . , at the City Hall .
Members present : NLayor Gary Peterson, Council Members: Paul Redpa-th,
Richard Anderson, George Bentley, Patricia Pidcock
Members absent : None
Documents attached:
Minutes of said meeting ( including ) :
RESOLUTION NO. 86--316
i.
RESOLUTION RELATING TO $5 , 000 , 000 GENERAL
OBLIGATION BONDS AND CERTIFICATES OF
INDEBTEDNESS ; AUTHORIZING THE ISSUANCE AND
AWARDING THE SALE THEREOF
I , the undersigned , being the duly qualified and
acting recording officer of the public corporation issuing the
obligations referred to in the title of this certificate ,
certify that the documents attached hereto , as described above ,
have been carefully compared with the original records of the
corporation in my legal custody, from which they have been
transcribed; that the documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
the corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at the meeting , insofar as they
relate to the obligations ; and that the meeting was duly held
by the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice given as required by law.
WITNESS my hand officially as such recording officer
this 17th day of December , 1986 .
i
i
John D. Frane
Finance Director-Clerk
r
Councilmember Bentley introduced the
following resolution and moved its adoption :
RESOLUTION NO .
RESOLUTION RELATING TO $5 , 000 , 000 GENERAL
OBLIGATION BUILDING BONDS AND CERTIFICATES
OF INDEBTEDNESS ; AUTHORIZING THE ISSUANCE
AND AWARDING THE SALE THEREOF
BE IT RESOLVED by the City Council ( the Council ) of
the City of Eden Prairie , Minnesota ( the City) , as follows :
Section 1 . Authorization and Sale .
1 . 01 . Authorization . This Council has heretofore
determined that it is necessary and expedient for the City to
issue and sell its general obligation water revenue bonds in
the principal amount of $1 , 700 , 000 to finance improvements to
the City' s water system, pursuant to Minnesota Statutes ,
Section 444 . 075 , to issue and sell its certificates of
indebtedness in the principal amount of $1 , 000 , 000 to finance
public safety and public works equipment purchases , pursuant to
Minnesota Statutes , Section 412 . 301 , and to issue and sell its
general obligation building bonds in the principal amount of
$2 , 300 , 000 to finance construction and equipping of a new fire
station , pursuant to Minnesota Statutes Chapter 475 , and the
approval of a majority of the voters of the City voting on the
issue thereof .
This Council , under the authority of Minnesota
Statutes, Chapter 475 , and pursuant to a resolution adopted
on November 25 , 1986 , ordered that a public sale of $5 , 000 , 000
General Obligation Bonds and Certificates of Indebtedness ( the
Obligations ) , consisting of $2 , 300 , 000 General Obligation
Building Bonds , $1 , 700 , 000 General Obligation Water Revenue
Bonds and $1 , 000 , 000 Certificates of Indebtedness , be held on
this date . Notice of the public sale of the Obligations was
duly given as required by Minnesota Statutes , Section 475 . 60 ,
and this Council has received, publicly opened and considered
all sealed bids presented in conformity with the Notice . The
most favorable of such bids is ascertained to be that
of Norwest Investment Services O f Mirnneapolis
Minnesota_ ( the Purchaser) , to purchase the
Obligations at a price of $ 4 ,926 ,000.00 plus interest accrued
thereon to the date of delivery and payment . It is hereby
found and determined that said bid is reasonable and
advantageous to the City, and the sale of the Obligations is
hereby awarded to the Purchaser .
The City Finance Director-Clerk presented affidavits
showing publication in the official newspaper and in Commercial
West of the notice of sale of $5 , 000 , 000 General Obligation
Bonds and Certificates of Indebtedness of the City, consisting
of $2 , 300, 000 General Obligation Building Bonds , $1 , 700 , 000
General Obligation Water Revenue Bonds and $1 , 000 , 000
Certificates of Indebtedness , bids for which are to be
considered at this meeting as provided by the resolution of the
City Council adopted November 25, 1986 . The affidavits were
examined and approved and ordered placed on file in the off4ce
of the City Finance Director-Clerk .
It was reported that three sealed bids for the
S purchase of said Bonds had been received from the following
institutions at or before the time stated in the notice . The
bids were then opened and publicly read and considered , and
were all found to conform to the notice of sale and the terms
and conditions of sale and to be accompanied by the required
security, and the purchase price, interest rates and net
interest cost under the terms of each bid were found to be as
follows :
Bidder Purchase Price Interest Rates Net Interest Cost
See attached bid tabulation
i BID TABULATION
$5,000,000 General Obligation Bonds and Certificates of Indebtedness Consisting of
$2,300,000 G.O. Building Bonds
$1 ,700,000 G.O. Water Revenue Bonds, and
$1,000,000 Certificates of Indebtedness
City of Eden Prairie. Minnesota
SALE: Tuesday, December 16, 1986
AWARD: NORWEST INVESTMENT SERVICES
RATING: Moody's "A" BBI: 6.94%
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
NORWEST INVESTMENT SERVICES 4.60% 1989 $3,892,381.25 $4,926,000.00
Minneapolis, Minnesota 4.80% 1990
THE NORTHERN TRUST COMPANY 5.00% 1991 6.6253%
{ hicago, Illinois 5.20% 1992
t 2AN & MOODY, INC. 5.40% 1993
3t. Paul, Minnesota 5.60% 1994
PRUDENTIAL.-BACHE SECURITIES, INC. 5.80% 1995
Chicago, Illinois 6.00% 1996
American National Bank of St. Paul 6.10% 1997
PaineWebber, Inc. 6.20% 1998
E. F. Hutton, Inc. 6,30% 1999
Kidder Peabody, Inc. 6.40% 2000
Dean Witter Reynolds, Inc. 6.50% 2001
Dougherty Dawkins Strand & Yost, Inc. 6.60% 2002
Marcotte Hume & Associates, Inc. 6.70% 2003
Moore, Juran & Co., Inc. 6.80% 2004
Miller & Schroeder Financial, Inc. 6.90% 2005 -2008
IN ASSOCIATION WITH:
PIrER, JAFFRAY & HOPWOOD, INC.
Minneapolis, Minnesota
FIRST BANK MINNEAPOLIS
Minneapolis, Minnesota
FIRST BANK ST. PAUL
St. Paul, Minnesota
Allison-Williams Company
Robert W. Baird & Company, Inc.
Craig-Hallum, Inc.
-ryuette Bank Minneapolis, N.A.
EHLERS AND ASSOCIATES, INC.
$f ],000 C.O. Bonds and Certificates of Indebtedness
C', ,y of Eden Prairie, Minnesota
Tuesday, December 16, 1986
Page 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
SMITH BARNEY, HARRIS UPHAM 4.50% 1989 $3,920,978.12 $4,929,500.00
& COMPANY, INC. 4.75% 1990
Chicago, Illinois 5.00% 1991 6.6740%
DREXEL BURNHAM LAMBERT, INC. 5.25% 1992
Chicago, Illinois 5.50% 1993
5.70% 1994
5.90% 1995
6.00% 1996
6.10% 1997
6.20% 1998
6.30% 1999
6.40% 2000
6.50% 2001
6.60% 2002
6.70% 2003
6.80% 2004
6.90% 2005
7.00% 2006
7.05% 2007
7.10% 2008
DAIN BOSWORTH. INC. 5.25% 1989 -1991 $3,958,046.89 $4,926,000.00
Minneapolis, Minnesota 5.40% 1992
MERRILL LYNCH CAPITAL MARKETS 5.60% 1993 6.7371%
Minneapolis. Minnesota 5.75% 1994
CRONIN & COMPANY. INC. 5.90% 1995
Minneapolis, Minnesota 6.00% 1996
MILLER SECURITIES, INC. 6.10% 1997
Minneapolis, Minnesota 6.25% 1998
6.40% 1999
6.50% 2000
6.60% 2001
6.70% 2002
6.80% 2003
6.90% 2004 -2005
7.00% 2D06 -2008
EHL ERS AND ASSOCIATES. INC.
507 MARQUETTE AVENUE
MINNEAPOLIS, MINNESOTA 55402
(612) 339-8291
1 . 02 . Contract for Sale. The Mayor and City Manager
are hereby authorized and directed on behalf of the City to
execute a contract for the sale of the Obligations in
accordance with the terms of said bid. The good faith check of
the successful bidder shall be retained by the City Finance
Director-Clerk until the Bonds have been delivered and the
purchase price paid.
1 . 03 . Issuance . All acts, conditions and things
which are required by the Constitution and laws of the State of
Minnesota to be done, to exist , to happen and to be performed
precedent to and in the valid issuance of the Obligations
having been done , existing , having happened and having been
performed , it is now necessary for this Council to establish
the form and terms thereof , to provide security therefor and to
issue the Obligations forthwith .
Section 2 . Form and Terms . The Obligations shall be
prepared in substantially the form and shall be issued upon the
terms and conditions set forth in three separate resolutions of
even date herewith and respectively entitled "Resolution
Relating to $2 , 300 , 000 General Obligation Building Bonds ,
Series 1986 ; Fixing the Form and Details and Providing for the
Execution and Delivery Thereof and Security Therefor , "
"Resolution Relating to $1 , 700 , 000 General Obligation dater
Revenue Bonds , Series 1986 ; Fixing the Form and Details and
Providing for the Execution and Delivery Thereof and Security
Therefor , " and "Resolution Relating to $1 , 000 , 000 Certificates
of Indebtedness , Series 1986 ; Fixing the Form and Details and
Providing for the Execution and Delivery Thereof and Security
Therefor . "
/s/ Gary Peterson
Mayor
Attest :
/sl John. Frane
Finance Director-Clerk
-2-
The motion for the adoption of the foregoing
resolution was duly seconded by Councilmember Pidcock ,
and upor, vote being taken thereon, the following voted in favor
thereof : Mayor Gary Peterson, CouncilMesru�ers: Paul Redpath, Richard Anderson,
George Bentley, Patricia Pidcock
and the following voted against the same : None
whereupon said resolution was declared duly passed and adopted,
and was signed by the Mayor , whose signature was attested by
the Finance Director-Clerk .
r
-3-