RES 1990-89 - 00004006220
' REWL0FIC1N NO. 89 - 1990
MOOLUTIO N PROVIDING FOR PUBLIC SAT d; OF $1,020,000 GENERAL
OBIIGATICTN IMPRC7VIIMENr BOWS, Sly 1991B
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 assessable public
improvements listed in the attached Exhibit
C (the
"Improvements ") within the City, pursuant to
and in full
conformity with the Home Rule Charter of the
City and/or
Minnesota Statutes, Chapter 429.
(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, Chapters
429 and 475,
to provide financing for the Improvements.
2. It is hereby found, determined and declared that the City should issue
$1,020,000 General Obligation Improvement Bonds, Series 1991B (the "Bonds "), to
finance the costs of the Improvements, and $15,300 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.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 5TH DAY OF
NOVEMBER, 1990.
WILLIAM J. - MAYOR
ATII'ST:
ISHIl M A. ALA - GITY CLERIC
221
EXHIBIT A
NYPICE OF BOND SATE
$1,020,000
CITY OF FRIDLEY
ANOKA COUNTY
M]24NE40TA
GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1991B
Sealed bids for these Bonds will be received by the City Finance Director or his
designee at the offices of SPRINGSTED INCbRRORATM, 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 $1,004,700 and accrued interest on the principal sun of
$1,020,000 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 assessable public
improvements within the City.
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
Official Terms of Offering the provisions of the latter shall be those to be
complied with.
Years
Amounts
Years
Amounts
'
1992
$75,000
1999
$90,000
1993
85,000
2000
90,000
1994
80,000
2001
85,000
1995
85,000
2002
65,000
1996
85,000
2003
35,000
1997
85,000
2004
35,000
1998
85,000
2005
40,000
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 $1,004,700 and accrued interest on the principal sun of
$1,020,000 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 assessable public
improvements within the City.
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
Official Terms of Offering the provisions of the latter shall be those to be
complied with.
222
I
Dated: November 5, 1990.
BY CIDER OF THE CITY COUNCIL
/s/ Richard D. Pribyl
City Finance Director
j
Further information may be
obtained from the Issuer's
Financial Advisor,
SPRINGS'TED INODRPORATED
85 East Seventh Place
Suite 100
St. Paul, Minnesota 55101
(612) 223 -3000
u
.I:�� :1.1 . . N• 1
.I
am OF FRIDLEY, 11 I }:• Y•
Sealed bids for the Bonds 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
SPRI%ST'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, commencing August
1, 1991. Interest will be ccrrputed 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 $75,000
1993 $85,000
1994 $80,000
1995 $85,000
1996 $85,000
1997 $85,000
1998 $85,000
1999 $90,000
2000 $90,000
2001 $85,000
•W -• r' •m 0. 1,y ON
2002 $65,000
2003 $35,000
2004 $35,000
2005 $40,000
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.
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 special assessments against benefitted property.
The proceeds will be used to finance various improvement pro3ects completed or
under construction within the City.
223
224
TYPE OF BID
Bids shall be for not less than $1,004,700 and accrued interest on the total
principal amount of the Bonds, and shall be ac=Vanied by a certified or
' cashier's check in the amount of $10,200, 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.
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.
' 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 from 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.
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 _
a is
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 custanary 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- ompliance with said terms for payment.
•���1;_ � air
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 40 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 there by 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.
Dated November 5, 1990
- iii -
BY ORDER OF THE CITY COUNCIL
/s /Shirley A. Haapala
City Clerk
225
226
Exhibit C
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