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HomeMy WebLinkAbout8361 (Res.)Member Fa r re 11 introduced the following resolution and moved its adoption: RESOLUTION NO. 8361 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF _.. _ $1,350,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1990A BE TT RESOLVED by the City Council of the City of Stillwater, Minnesota, as follows: 1. Bond Authorization. For the purpose of financing the cost of various capital projects within the City, the City determines that it is necessary to sell and issue general obligation bonds of the City in the amount of $1,350,000 pursuant to Section 200 of the City Charter and Minnesota Statutes, Sections 475.52 and 475.58. 2. Sale Terms. Springsted Incorporated, financial advisor to the City, has presented to this Council a form of Official Terms of Offering of the sale of the bonds, and a form of Notice of Sale for publication, which forms are attached hereto and shall be placed on file in the office of the Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of said bonds and of the sale thereof, and shall be made available to all prospective purchasers of the bonds. The Clerk is authorized and directed to cause the Notice of Sale to be published once in the official newspaper of the City, and once in Northwestern Finanaal Review, a financial periodical published in Minneapolis, at ` least ten days before the date of sale. _ 3. Sale Meeting. This Council shall meet on Tuesday, October 16, 1990, at 7:00 p.m., to consider the bids received for the purchase of the bonds, and to take such actions thereon as is deemed in the best interests of the City. n~ Approved: '~. ~~~~`~~'1;'r Mayor ~ ~ ~~ Attest: Gc.r~'' e~~t~ ~?~ir~.~y,,,.i erk The motion for the adoption of the foregoing resolution was duly seconded by Member Bodl ovi ck ,and upon vote being taken thereon, the following voted in favor thereof: All Present. and the following voted against the same: None whereupon said resolution was declared passed and adopted. 2 OFFICIAL TERMS OF OFFERING $1,350,000 CITY OF STILLWATER, MINNESOTA GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1990A Sealed bids for the Bonds will be received by the City Finance Director or her designee on Tuesday, October 16, 1990, until 11:00 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they -~~ - will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated November 1, 1990, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1991. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1993 $ 50,000 1996 $150,000 1998 $350,000 1994 $ 50,000 1997 $300,000 1999 $350,000 1995 $100,000 OPTIONAL REDEMPTION The City may elect on February 1, 1997, and on any day thereafter, to prepay Bonds due on or after February 1, 1998. Redemption may be iR' whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general Bonds of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance various capital outlay projects for 1990 and 1991. TYPE OF BID Bids shall be for not less than $1,330,000 and accrued interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $13,500, payable to the order of the City. No bid will be considered for which said check has not been received. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City Page 4 scheduled for award of the bids is adjourned, recessed, or continued to another date without ~- award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1 /8 of 1 %. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance -~~ ~ with customary practice, will be controlling. The City will reserve the right to: (i) waive non- substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Dorsey 8~ Whitney of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reasons of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 135 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the City agrees `- that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 50 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall accept such designation and (ii} it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated September 18, 1990 BY ORDER OF THE CITY COUNCIL /s/ Mary Lou Johnson City Clerk ~- NOTICE OF SALE CITY OF STILLWATER, MINNESOTA $1,350,000 GENERAL OBLIGATION CAPITAL OUT'I.AY BONDS, SERIES 1990A Sealed bids for the purchase of these Bonds will be received at the offices of -.. - Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota, until 11:00 a.m., Central Time, on Tuesday, October 16, 1990. The Bonds will be dated November 1, 1990, will bear interest payable semiannually commencing on August 1, 1991, and will mature on February 1, in the following years and amounts: Amount Year Amount Year $ 50,000 1993 $300,000 1997 50,000 1994 350,000 1998 100,000 1995 350,000 1999 150,000 1996 Bidders must specify a price of not less than $1,330,000 plus accrued interest. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota. The proceeds will be used for the construction of capital projects in the City. Dated: September 18, 1990. BY ORDER OF THE CITY COUNCIL :Mary Lou Johnson Clerk Further information may be obtained from the City's Financial Advisor, SPRINGSTED INCORPORATED, 85 East Seventh Place, Suite 100, St. Paul, Minnesota 55101-2143, 612/223-3000. CERTIFICATION OF MINUTES RELATING TO -- $1,350,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1990A Issuer: City of Stillwater, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A Regular _ meeting held _ _ Tuesday, September 18, 1990, at 7:00 o'clock p.m., at the City Hall. Members present: A11 present Members absent: None Documents Attached: Minutes of said meeting (including): RESOLUTION NO. 8361 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,350,000 GENERAL OBLIGATION CAPITAL OUTLAY --- BONDS, SERIES 1990A I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds 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 said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said 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 of such meeting given as required by law. WITNESS my hand officially as such recording officer this 19th day of September, 1990. c. --~ ~~~~ ~ ary Lou jo son City Clerk