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HomeMy WebLinkAbout1982-212 CCRMember Celia Scott introduced the following resolution and moved its adoption: RESOLUTION NO. 82 -212 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,625,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 BE IT RESOLVED BY THE CITY COUNCIL of the City of Brooklyn Center, Hennepin County, Minnesota as follows: 1. It is hereby determined: (a) That the assessable public improvements (the "Improve- ments") listed on Exhibit A hereto have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429. (b) That it is necessary and expedient to the sound finan- cial management of the affairs of the City to issue $2,625,000 General Obligat Qn Improvement Bonds of 1982, (the "Bonds to provide financing for the Im- provements. 2. In order to provide financing for the Improvements, the City shall therefore issue and sell Bonds in the amount of $2,585,465. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $39,535. Any excess of the purchase price of the Bonds over the sum of $2,585,465 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on such additional Bonds. The Bonds shall be issued and sold in accordance with the terms of the following Official Terms of Bond Sale: RE£>OLUTION NO. 82 -212 OFFICIAL TERMS OF OFFERING $2,625,000 CITY OF BROOKLYN CENTER, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONS OF 1962 Sealed bids for the Obligations will be opened by The City Manager and Finance Director on Tuesday, November 30, 1982, at 5:00 P.M., Central Time, at the Brooklyn Center City Hall. Consideration of the bids for award of the Obligations will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE OBLIGATIONS The Obligations will be dated December 1, 1982 and will bear interest payable on August I and February 1 of each year, commencing August 1, 1983. The Obligations will be general obligations of the Issuer for which the Issuer will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the Issuer will pledge special assessments levied against benefited properties. The Obligations will be in the denomination of $5,000, in coupon form, and non- registrable. The proceeds will be used to finance multiple public improvements constructed in the community. The Obligations will mature February I in the amounts and years as follows: 200,000 1984 -1992 175, 000 1993 -1995 $150,000 1996 -1997 The Issuer may elect on February I. 1991, and on any interest payment date thereafter, to prepay Obligations due on or after February I, 1992. Redemption may be in whole or in part of the Obligations subject to prepayment. if redemption is in part, those Obligations remaining unpaid which have the latest maturity date will be prepaid first. if only part of the Obligations having a common maturity date are called for prepayment the specific Obligations to be prepaid will be chosen by lot by the Paying Agent. All prepayments shall be at a price of par and accrued interest. TYPE OF BID A sealed bid for not less than $2,585,465 and accrued interest on the total principal amount of the Obligations shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $26,250, payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of I%. No rate fora maturity shall exceed the rate specified for any subsequent maturity by more than 1 No rate nor the net effective rate for the entire Issue of the Obligations shall exceed the maximum rate permitted by low. Obligations of the some maturity shall bear a single rate from ..the date of the Obligations to the date of maturity and additional coupons shall not be used. AWARD The Obligations 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 Obligations from their date to their final scheduled .RESOLUTION NO. 82 -212 maturity. The Issuer's--computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The Issuer. 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 Obligations, (ii) reject all bids without cause, and, (iii) reject any bid which the issuer determines to have failed to comply with the terms herein. PAYING AGENT The Purchaser may name the Paying Agent but shall do so by 2:00 P.M., Central Time on the day following the award of the Obligations. In the event of failure by the Purchaser to name the Paying Agent within said time the Issuer will do so. The Issuer will pay reasonable and customary charges for the services of the Paying Agent. An alternate Paying Agent may be named by the Purchaser in the some manner as the principal Paying Agent is named, provided that there shall be no additional cost to the Issuer. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers will be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT The successful bidder may at his option refuse to- accept the Obligations if prior to their delivery any income tax law ,of the United States of America shall provide that the interest on such Obligations is taxable, or shall be taxable at a future date for federal income tax purposes, and in iuch case the deposit made by hirr. will be returned and he will be relieved of his contractual obligations arising from the acceptance of his proposal. It is expected the Obligations will be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser prior to December 31, 1982. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien Drowz, a Professional Association, of Minneapolis, Minnesota, which opinion will be printed on the. Obligations, and of customary closing papers, including a no- litigation certificate. On the date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the issuer or its designee not later than 1:00 P.M., Centro[ Time of the day of settlement. Except as compliance with the terms of payment for the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shotl be liable to the issuer for any loss suffered by the Issuer by reason of. the Purchaser's non- compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of the lss jer to the effect that the Official Statement prepared for the Issuer did not as of the date o the Official Statement, and does not as of the date of settlement, contain any untrue state —ent of a material fact or omit to state a material fact necessary in order to make the atotetnents in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT V° ioh req;rest t the Issuer's Financial Advisor prior to the bid opening underwriters may obtain a c ^;ay of the Official Statement. The Purchaser will be provided with 15 copies. D atcA November 8, 1982 BY ORDER OF THE CiTY COUNCIL i%f Gerald G. Splinter C ay onager a RESOLUTION NO. 82 -212 1 3. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Terms of Bond Sale and to cause the abbreviated notice of sale attached hereto as Exhibit "B to be published in the manner required by law. The City Council shall meet on Tuesday, November 30, 1982, at 7:00 p.m. for the purpose of considering sealed bids on the Bonds and taking any other appropriate action. November 8, 1982 Date ATTEST: f Clerk Z.Me�' K5 Mayo The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Lhotka and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted. RESOLUTION NO. 82 -212 EXHIBIT "B" NOTICE OF BOND SALE $2,625,000 GENERAL OBLIGATION IMPROVEMENT, BO!,DS OF 1982 CITY OF BROOKL'iNi CENTER, i1IKNESOTA HET NEPIN COUNTY Sealed bids ;or the purchase of the above bonds will be received until 5:00 o'clock P.M., C.T.on Tuesday, November 30, 1982 in the office of the City Manager in the Brooklyn Center City Hall, 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota 55430, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:00 o'clock P.:1., C.T. on the same day. The Bonds will be dated December 1, 1982, will bear interest payable semiannually on each August 1 and February 1 to maturity, commencing August 1, 1983, and will mature on February 1 in the amounts and. years as follows: YEAR AMOUNT 1984 1992 $200,000 1993 1995 175,OOC 1996 1997 150 Bonds maturing after February 1, 1991, will be subject to redemption and prepayment on that date and thereafter at par plus accrued interest. No rate of interest nor the net effective rate of the issue may exceed the maximum rate of interest permitted by law on the day of sale. Bidders must specify a price of not less than $2,585,465 plus accrued interest. A legal opinion on the Bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien Drawz, a Professional Associa- tion, Minneapolis, Minnesota. The proceeds of the Bonds will be used to finance a portion of the costs of various Improvement projects in and for the Citv. Bidders should be aware that the Official Statement of Offering to be published in' -the the Official Statement for the Offering may contain additional bidding terms and information relative to the Issue. 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. BY ORDER OF THE CITY COUNCIL /s/ Gerald Splinter City Clerk Dated: 19£2. RESOLUTION NO. 82 -212 CITY OF DROOKLYll CENTLR, 11 iINNE::GTA Rt:C�1P OF 1 932_ I "PPOVE'.:':T U ?SSL'E SPECIAL FUND 1 58 PROJECTS k 1974 Projects Alley Paving Street Surfacing Curb and Gut fr 1975 Projects Alley Paving Storm Sewer 1976 Projects Street Surfacing 1977 Projects Water Main Sanitary Sewer Street Surfacing g Alley Paving Curb and Gutter 1978 Projects Street Surfacing Water ?ain Sanitary Sewer Storm Sewer Curb and Gutter Alley Paving Bridge 1979 Projects Water Main Storm Sewer Street Improvement 1980 Projects Storm Sewer Curb and Gutter 1981 Projects Water Main Sanitary Sewer Street Improvement Sidewalk Storm Sewer 198= Projects Street Improvement TO.. L ProiEC, CCS1S AMOUNT TO BE BONDED 9251 10155 5530 24936 7827 561 8388 8113 45191 121543 48845 11315 8682 23557E 864827 107457 52390 15213 7719 10952 571933 1630491 37639 117352 63116 218107 234306 70806 305112 26510 14228 479469 3010 49985 573202 205095 3209020 ,=X h 9e RESOLUTION NO. 82 -212 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER 1 v I, the undersigned, being the duly qualified and acting City Clerk of the City of Brooklyn Center, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of a regular meeting of the City Council of said City held on Monday, November 8, 1982, with the original thereof on file in my office and the same is a full, true and correct copy thereof, insofar as the same relates to the issuance and sale of $2,625,000 General Obligation Improvement Bonds of 1982, of the City. WITNESS My hand as such City Clerk and the corporate seal of the City this day of 1982. 'City 1e City of ooklyn Center, Minnesota (SEAL)