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91-7789R44 RESOLUTION NO. 7789 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $5,580,000 GENERAL OBLIGATION REFUNDING BONDS SERIES 1991 BE IT RESOLVED By the City Council of the City of Richfield, Hennepin County, Minnesota (City) as follows: 1. It is hereby determined that: (a) the City is authorized by the provisions of Minnesota Statutes, Chapter 475 (Act) to issue and sell its general obligation bonds to refund outstanding bonds when determined by the City Council to be necessary and desirable; (b) it is necessary and desirable that the City issue $5,580,000 General Obligation Refunding Bonds, Series 1991 (Bonds) to refund in advance of maturity and at their redemption date, certain outstanding general obligations of the City; (c) the outstanding bonds to be refunded (Refunded Bonds) consist of certain maturities of the $6,265,000 General Obligation Refunding Bonds of 1985, dated December 1, 1985 and $1,940,000 General Obligation Improvement Bonds of 1985, dated December 1, 1985. 2. To provide moneys to refund in advance of maturity the Refunded Bonds, the .City will therefore issue and sell Bonds in the amount of $5,524,200. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $55,800. The excess of the purchase price of the Bonds over the sum of $5,524,200 will 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, sold and delivered in accordance with the terms and conditions of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $5,580,000* General Obligation Refunding Bonds, Series 1991 City of Richfield Hennepin County, Minnesota "NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 1:00 p. m., C.T. on Monday, September 9, 1991, in the offices of Evensen Dodge in Minneapolis, Minnesota, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:00 p. m. C.T:, on the same day. The bonds are offered on the following terms: and Securi The purpose of the bonds' is to provide funds for refunding in advance of their stated maturities and on their redemption date certain outstanding general obligations of the city. The bonds will be general obligations of the City, for which its full faith, credit and taxing p veers are pledged, together with special assessmehts and tax increments. ' a The bonds will be issue September 1, 1991, will be in denomi and will mature on February 1, in the ~ Year Amount. in fully registered form, will be dated tions of integral multiples of $5,000 each irs and amounts as follows: Year Amount 1992 $175,000 1993 165,000 1994 ?0,000 1995 70,000 1996 600,000 1997 620,000 1998 615,000 1999 655,000 * The City reserves the right to incre~ from 1992 through and including 200 maturity; to increase or decrease the through. and including 2006 by an amc decrease. the total par amount of the after the bids have been received. If will be adjusted proportionately. 2000 $830,000 2001 835,000 2002 845,000 2003 25,000 2004 25,000 2005 25,000 2006 25,000 se or decrease the amount of each maturity by an amount not to exceed $50,000 per principal amount of each maturity from 2003 ant not to exceed $5,000 and to increase or refunding bonds by no more than $200„000 :he issue size is changed, the purchase price m The City may elect on Februa~~ry 1, 1999 or on any interest payment date thereafter to redeem and prepay bonds of this issue maturing on or after February 1, 2000 at a price of par plus accrued interest to date of redemption. Prepayment may be in whole or in part and will be in inverse order of maturities and by lot within maturities. Interest on the bonds will. be payable on February 1, 1992 and semiannually thereafter on each August 1 and July 1. Bonds maturing on the same date must bear interest from date of Tissue until paid at a single, uniform rate, not exceeding the rate specified for bonds) of any subsequent maturity. Each rate must be in an integral multiple of 1/20 or 1 8 of 1%. The City will name the (Registrar which will be subject to applicable SEC regulations. Principal will be pa~able at the principal office of the Registrar 2 Exhibit A NOTICE OF BOND SALE $5,580,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES] 1991 -~ - - CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA ~; NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 1:00 p. m., C.T. on Monday, September 9, 1991, in the offices of Evensen Dodge, Inc. in Minneapolis, Minnesota, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:00- p.m on, the same day. The bonds are offered on the following terms. The bonds will be dated September 1, 1991, will bear interest payable semiannually on each February 1 and August 1, commencing February 1, 1991, and will mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1992 $175,000. 2000 $830,000 1993 165,000 2001 835,000 1994 70,000 2002 845,000 1995 70,000 2003 25,000 1996 600,000 2004 25,000 1997 620,000 2005 25,000 1998 615,000 2006 25,000 1999 655,000 The City reserves the right to increase or decrease the amount of each maturity from 1992 through and including 2002 by an amount not to exceed $50,000 per maturity; to increase or decrease the principal amount of each maturity from 2003 through and including 2006 by an amount not to exceed $5,000 and to increase or decrease the total par amount of the refunding bonds by no more than $200„000 after the bids have been received. If the issue size is changed, the purchase price will be adjusted proportionately. The City may elect on February 1, 1999 or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after February 1, 2000 at a price of par plus accrued interest to date of redemption. Bidders must specify a price of not less than $5,524,200 plus accrued interest. A legal opinion on the bonds will be furnished by Holmes & Graven, Chartered, Minneapolis, .Minnesota. The proceeds of the bonds will be used to refund in advance of their stated maturities at their redemption date certain general obligation bonds of the City. Bidders should be aware that the Official Statement to be distributed for the bonds 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 the Official Statement bidders must comply with the terms of the latter. BY ORDER OF THE CITY COUNCIL /s/ Thomas. Ferber City Clerk Dated: August 26, 1991. a- 6 and interest will be payable by check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the reasonable and customary charges for the services of the Registrar. CUSIP Numbers The City assumes no obligation for the assignment or printing of CUSIP numbers on the bonds or for-the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension. of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and deliver to the office. of the purchaser or, at its option, will deposit with a bank in the United States selected by it and approved by the City as its agent. to permit examination by and to deliver to the purchaser, the printed and executed bonds,, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser but all other costs will be paid by the City. The purchase price must be paid upon delivery of the .bonds in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Holmes ac Graven, Chartered, Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City and that the City is required by law to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. 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. The Official Statement, when further supplemented by an addendum or addenda specifying the 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. 25 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 of the Final Official Statement. Bids shall be not. for less than principal amount of the Bonds. Bids s ("Deposit") in the form of a certified in the amount of $55,800, payable to must accompany each bid. If a Finan insurance company licensed to issue preapproved by the City. Such be Incorporated prior to the opening of identify each bidder whose Deposit is the Bonds are .awarded to a bidder purchaser is required to submit its De than 3:30 P. M., Central Time, on the such Deposit is not received by that t. by the City to satisfy the Deposit req the purchaser, the amount of which w will accrue to the purchaser. In the accepted bid, said amount will be ret; after the time set for receiving bids award of the Bonds is adjourned, rec award of the Bonds having been .made. Dated: August 26, 1991. pt by each such Participating Underwriter .5,524,200 and accrued interest on the total ,all be accompanied by a Good Faith Deposit ~r cashier's check or a Financial Surety Bond :he order of the' City. If a check is used, it vial Surety Bond is used, it must be from an such a bond in the State of Minnesota, and nd must be submitted to Evensen Dodge the bids. ~fhe Financial Surety Bond must varanteed by such Financial Surety Bond. If using a Financial Surety ,Bond,. then that got to Evensen Dodge Incorporated not later next business day following the award. If me, the Financial Surety Bodd may be drawn irement. The City will deposit the check of 11 be deducted at settlement and no interest vent the purchaser fails to comply with the fined by the City. loo bid may be withdrawn nless the meeting of the City scheduled for ~ssed, or continued to another date without BY ORDER OF THE CITY COUNCIL /s/ Thomas Ferber City Clerk 3. The Clerk is authorized,Iand directed to advertise the Bonds for sale in accordance with the foregoing Official Notice of Sale. and to publish the abbreviated notice of sale attached hereto as Exhibit A in the manner required by law. The City Council will meet at ~I7:00 p. m. on Monday, September 9, 1991 to consider bids on the Bonds and take any other appropriate action with respect to the Bonds. Passed and adopted this 26th d~y of August, 1991 by the City Council of the Ciyty of Richfield ,. II ~,~ - !, Martin Kirsch, Mayor ATTEST: Thomas Ferber, City Clerk 4