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Home My WebLink About1998-279 RESOLUTION 98 - 279 ADOPTING DEPARTMENTAL BUDGETS FOR THE BUDGET YEAR ENDING DECEMBER 31, 1999 BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that the Departmental Budgets as shown on the attached "Exhibit A" are hereby adopted for the budget year ending December 31, 1999. Adopted by Council this 20th day of October, 1998. Jay Kimble, Mayor Attest: Mor 'Weldon, City Clerk . i sI. CERTIFICATION OF MINUTES RELATING TO $665,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998C Issuer: City of Stillwater, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on October 20, 1998, at 7:00 o'clock P.M. at the City Hall. Members present: I~1ayor ~Li~le, Councili~nan Terry Zoller, CounciL~an. uric Thole Councilman rich Ctum~ings, Councilman. Gene Bea.lka Members absent: None Documents Attached: Minutes of said meeting (pages): RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $665,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998C TERMS OF PROPOSAL 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 on October 20, 1998. City Jerk THE E ON I SABEHALF.OPROPOSA LS WILL BE RECE VED ON HE OLLOWING BAS S!S ISSU TERMS OF PROPOSAL $665,000 CITY OF STILLWATER, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998C (BOOK ENTRY ONLY) Proposals for the Bonds will be received on Tuesday, November 24, 1998, until 12:00 Noon., 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 Counci{ at 7:00 P.M., Central Time, of the same day. SUBMISSION OF PROPOSALS Proposals may be submitted in a sealed envelope or by fax (651) 223-3002 to Springsted. Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by telephone (651) 223-3000 or fax (651) 223-3002 for inclusion in the submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale specified above. All bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless of the manner of the Proposal submitted. DETAILS OF THE BONDS The Bonds will be dated December 1, 1998, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1999. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will mature February 1 in the years and amounts as follows: 2000 $70,000 2004 $65,000 2007 $65,000 2001 $70,000 2005 $65,000 2008 $65,000 2002 $70,000 2006 $65,000 2009 $65,000 2003 $65,000 BOOK ENTRY SYSTEM The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by ,.. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. 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 & Whitney LLP of 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 reason of the purchaser's non-compliance with said terms for payment. CONTINUING DISCLOSURE In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding sale of the Bonds, to provide annual reports and notices of certain events. A description of this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Bonds. 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 within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (651) 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 a proposal 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 I ~ + r ~ ~ 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 delivering a proposal with respect to the Bonds agrees thereby that if its proposal 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 October 20, 1998 BY ORDER OF THE CITY COUNCIL /s/ Morli Weldon Clerk -iv- `. . ~ _ , EXHIBIT A IMPROVEMENT PROJECTS L.1.334 -1998 Streets L.1.335 -Curve Crest Blvd. L.1.336 -Washington Ave. L.I. 337 -Sidewalks L.I. 321 -Hazel St. Ravine L.I. 331 - Croixwood Blvd. $357,789 188,799 36,733 13,613 12,513 36,416 A- I .. SCHEDULE "A" S Y OF RECOMR~NDED DEPARTMENT BUDGETS FOR BUDGET YEAR ENDING 12/31/99 DEPARTMENT ORIGINAL REQUEST RECOMMENDED Mayor and Council 169,614.00 162,014.00 Elections 1,450.00 1,450.00 Finance 371,933.00 366,207.00 Administration 476,114.00 462,579.00 LegaUCity Attorney 239,004.00 203,164.00 City HalUPlant 125,121.00 110,221.00 Police 1;716,523.00 1,617,194.00 Fire 723,703.00 706,223.00 Inspection 224,130.00 195;768.00 Civil Defense 3,141.00 3,141.00 PW-GeneraUCity Engineer 432,535.00 269,491.00 Streets 646,817.00 573,341.00 Maintenance/Shop 135,945.00 120,439.00 Planning 233,231.00 209,961.00 Signs & Lighting 204,000.00 174,000.00 Unallocated 1,207,329.00 1,202,764.00 TOTAL GENERAL FUND 6,920,590.00 6,377,957.00 Special Events 21,000.00 21,000.00 St. Croix Rec Ctr. 514,019.00 514,019.00 DARE 3,500.00 3,500.00 Middle River WMO 6,000.00 4,000.00 Library Operations 671,130.00 602,929.00 Plant 99,222.00 80,383.00 Total Library 770,352.00 683,312.00 Parks 579,111.00 490,086.00 Wash. Cty. Recycling Grant 66,000.00 66,000.00