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RES 1990-88 - 00003999RESOLUTION NO. 88 - 1990 RESOLUTION PROVIDING FOR PUBLIC SALE OF $1,615,000 GENERAL OBLIGATION WATER REVENUE BOQIDB, SERIES 1991A BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as follows: 1. It is hereby determined (a) That the City has duly ordered the making of, and has undertaken or will undertake, the following public improvements (the "Improvements ") to the City's municipal water system, pursuant to and in full conformity with Minnesota Statutes, Section 444.075: Water Storage Tank Project Costs $1,593,994 Issuance Costs 19,362 Allowance for Discount 24,225 Less Investment Earnings (22,581) Total $1,615,000 ' (b) That it is necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, to provide financial for the Improvements. 2. It is hereby found, determined and declared that the City should issue $1,615,000 General Obligation Water Revenue Bonds, Series 1991A (the "Bonds "), to finance the costs of the Improvements, and $24,225 of such amount shall represent additional bonds issued pursuant to Minnesota Statutes, Section 475.56, as additional interest required to market the Bonds at this time. 3. This Council shall meet at the time and place specified in the attached notice of the sale of the Bonds for the purpose of considering the bids for the purchase, and awarding the sale, of the Bonds. 4. The City Clerk is hereby authorized and directed to cause the notice of the sale of the Bonds to be published in the official newspaper of the City and in Northwestern Financial Review not less than ten days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto. 5. The terms and conditions of the Bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit B. 21Z Page 2 — Resolution No. 88 - 1990 PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 5TH DAY OF NOVaMER, 1990, WAIy It - WILLIAM J. NEE 4Y-O—R� ATI=: SFlTRrEY A. IMAPALA - CXY CLERK 1 215 EXH= A NOTICE OF BOND SATE $1,615,000 r � • r �• rr '91310010,11 • • • New a• ON a LALWH Sealed bids for these Bonds will be received by the City Finance Director or his designee at the offices of SPRY.= INCORPORATED, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2143, on Monday, December 10, 1991, at 11:00 A.M., Central Time, after which time they will be opened and tabulated. Consideration for award of the Bonds by the City Council will occur at a meeting of the Council beginning at 7:30 P.M., Central Time, on the same day. The Bonds will have a date of original issue of January 1, 1991, and interest will be payable August 1, 1991, and semiannually thereafter. The Bonds will be general obligations of the City for which its unlimited taxing powers will be pledged. The Bonds will mature on February 1 in the amounts and years as follows: All Bonds maturing after February 1, 2000, are subject to prior payment on said date and on any date thereafter at a price of par and accrued interest. Sealed bids for not less than $1,590,775 and accrued interest on the principal sum of $1,615,000 will be accepted. An approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. The proceeds will be used to finance the costs of public improvements to the City's municipal water system. Bidders should be aware that the Official Terms of Offering to be published in the Official Statement for the Offering may contain additional bidding terms and information relative to the Bonds. In the event of a variance between statements in this Notice of Bond Sale and said Years Amounts Years Amounts ' 1992 $35,000 2002 $ 75,000 1993 45,000 2003 80,000 1994 45,000 2004 90,000 1995 50,000 2005 95,000 1996 55,000 2006 100,000 1997 55,000 2007 110,000 1998 60,000 2008 115,000 1999 65,000 2009 125,000 2000 70,000 2010 130,000 2001 75,000 2011 140,000 All Bonds maturing after February 1, 2000, are subject to prior payment on said date and on any date thereafter at a price of par and accrued interest. Sealed bids for not less than $1,590,775 and accrued interest on the principal sum of $1,615,000 will be accepted. An approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. The proceeds will be used to finance the costs of public improvements to the City's municipal water system. Bidders should be aware that the Official Terms of Offering to be published in the Official Statement for the Offering may contain additional bidding terms and information relative to the Bonds. In the event of a variance between statements in this Notice of Bond Sale and said 21S �I 1 Official Terms of Offering the provisions of the latter shall be those to be died with. Dated: November 5, 1990. BY CEMM OF THE CITY COUNCIL ! l Richard D. Pribyl City Finance Director Further information may be obtained from the Issuer's Financial Advisor, SPPJlr. ED INCORPORATED 85 East Seventh Place Suite 100 St. Paul, Minnesota 55101 (612) 223 -3000 a:4U: Y CrrY OF FRMIEY, uir:O t:b I:i'I •::1 n• •I i (d' 9 A 1" :•I IF_ aA M, 1991A Sealed bids for the Bards will be received by the City Manager or his designee on Monday, December 10, 1990, until 11:00 A.M., Central Time, at the offices of SPR -UrB ED 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 7:30 P.M., Central Time, of the same day. The Bonds will be dated January 1, 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, mincing 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: 1992 $35,000 1993 $45,000 1994 $45,000 1995 $50,000 1996 $55,000 1997 $55,000 1998 $60,000 1999 $65,000 2000 $70,000 2001 $75,000 2002 $75,000 2003 $80,000 2004 $90,000 2005 $95,000 • • 9 W F.11 MV DOD) a i• • 2006 $100,000 2007 $110,000 2008 $115,000 2009 $125,000 2010 $130,000 2011 $140,000 The City may elect on February 1, 2000, and on any day thereafter, to prepay Bonds due on or after February 1, 2001. Redemption may be in 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. 70 • • . J: S•.-1 The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge net revenues of the City's water utility. The proceeds will be used to finance various improvements to the water utility including the construction of a water storage tank. - i 217 TYPE OF BID i 1 R Bids shall be for not less than $1,590,775 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 $16,150 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 scheduled for award of the Bonds 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. 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. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from the purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds form a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. DWOOOailwa�:. 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. - ii - 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 Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of custcuary 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 -cca pliance with said terms for payment. .•)yiic« iya& C- VYauID��Y 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 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, 85 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 65 copies of the Official Statement and 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 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. 1 Dated November 5, 1990 BY • • • a OF ► i COUNCIL - iii - /s /Shirley A. Haapala City Clerk 219