Res 2000 - 17 Providing for Public Sale of $1,935,000 General Obligation Refunding Bonds of 2000EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: March 21, 2000
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Mendota Heights, Dakota
County, Minnesota, was duly held at the City Hall in said City on
Tuesday, the 21st day of March, 2000, at 7:30 o'clockp .M.
The following members were present: Mertensotto, Huber, Krebsbach
Dwyer & Schneeman
and the following were absent: None
Member Dwyer introduced the following
resolution and moved its adoption:
Resolution 00-17
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,935,000
GENERAL OBLIGATION REFUNDING BONDS OF 2000
BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
1. Finding; Amount and Purpose. It is hereby found,
determined and declared that this City should issue $1,935,000
General Obligation Refunding Bonds of 2000 (the "Bonds") to
provide funds to redeem on August 1, 2000, all of the outstanding
General Obligation Park Bonds of 1990, dated October 1, 1990 and
General Obligation Park Bonds of 1991, dated November 1, 1991 of
the City.
2. Appointment of Financial Advisor. The City Council
does hereby appoint The Shaughnessy Company, in St. Paul,
Minnesota, to act as its financial advisor to the City for the
sale of the Bonds.
3. Meeting. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and awarding
the sale of, the Bonds.
4. Notice of Bond Sale. The City Clerk is hereby
authorized and directed to cause notice of the time, place and
purpose of said meeting to be published in the official newspaper
of the City and in Northwestern Financial Review not less than
ten (10) 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.
1146826.1
5. Official Terms of Bond Sale. The terms and conditions
of said Bonds and the sale thereof are fully set forth in the
"Official Terms of Bond Sale" attached hereto as Exhibit B and
incorporated herein by reference.
6. Official Statement. The City Clerk and Treasurer and
other officers or employees of the City are hereby authorized to
participate in,the preparation of an official statement for the
Bonds with The Shaughnessy Company.
The motion for the adoption of the foregoing resolution was
duly seconded by member Schne_eman and, after full
discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: All yea
and the following voted against the same: None
Whereupon said resolution was declared duly passed and
adopted.
Adopted by the City Council of the City of Mendota Heights this 21st day of March, 2000.
CITY COUNCIL -
CITY OF MENDOTA HEIGHTS
By: 00-4
Cbarles El Mertensotto
Mayor
1146826.1 2
fl
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting
Clerk of the City of MendotaHeights, Minnesota, DO HEREBY
CERTIFY that I have carefully compared the attached and foregoing
extract of minutes with the original minutes of a meeting of the
City Council held on the date therein indicated, which are on
file and of record in my office, and the same is a full, true and
complete transcript therefrom insofar as the same relates to the
proposed sale of $1,935,000 General Obligation Refunding Bonds of
2000 of said City.
WITNESS my hand as such Clerk this 21st day of March, 2000.
1146826.1
Ci y 1Clerk
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,935,000
GENERAL OBLIGATION -REFUNDING BONDS OF 2000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
(Book Entry Only)
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TIME AND PLACE:
BOOK ENTRY SYSTEM:
1146826.1
Sealed bids will be opened and
considered for award on Tuesday,
May 2, 2000, at 7:30 P.M., Central
Time, by the City Council at its
meeting in the Mendota Heights City
Hall.
The bonds will be issued by means
of a book entry system with no
physical distribution of bond
certificates made to the public.
The bonds will be issued in fully
registered form and one bond
certificate, representing the
aggregate principal amount of the
bonds maturing in each year, will
be registered in the name of Cede &
Co. as nominee of Depository Trust
Company ("DTC"), New York, New
York, which will act as securities
depository of the bonds. Indivi-
dual 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 partici-
pants. 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
B-1
beneficial owners by participants
will be the responsibility of such
participants and other nominees of
beneficial owners. The successful
bidder, as a condition of.delivery
-Of the bonds, will be required to
deposit the bond certificates with
DTC.
DATE OF ORIGINAL
ISSUE OF BONDS: May 1, 2000.
PURPOSE:
INTEREST PAYMENTS:
MATURITIES:
1146826.1
1146826.1
To provide funds to redeem on
August 1, 2000, all of the
outstanding General Obligation Park
Bonds of 1990, dated October.l,
1990 and General Obligation -Park
Bonds of 1991, dated November 1,
1991 of the City.
August 1, 2000, and semiannually
thereafter on February 1 and
August 1 to registered owners of
the bonds appearing of record in
the bond register as of the close
of business on the fifteenth (15th)
day (whether or not a business day)
of the immediately preceding month.
August 1 in each of the years and
amounts as follows:
Year Amount
2001 $140,000
2002 150,000
2003 160,000
2004 175,000
2005 185,000
2006 195,000
2007 215,000
2008 225,000
2009 240,000
2010 250,000
Bids for the bonds may contain a
maturity schedule providing for any
combination of serial bonds and
term bonds, subject to mandatory
redemption, so'long as the amount
of principal maturing or subject to
mandatory redemption in each year
conforms to the maturity schedule
set forth•above.
B-2
B-4
S•