Res 2000 - 16 Providing for Public Sale of $2,480,000 General Obligation Improvement 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'clock p.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 00-16
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $2,480,000
GENERAL OBLIGATION IMPROVEMENT 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 $2,480,000
General Obligation Improvement Bonds of 2000 (the "Bonds") to
provide funds to finance the construction of various improvements
within 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.
5. Official Terms of Bond Sale. The terms and conditions
of said Bonds and the sale thereof are fully set forth in the
1146746.1
"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 Schneeman 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:
Charles E. Mertensotto
Mayor
1146746.1 2
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting
Clerk of the City of Mendota Heights, 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 $2,480,000 General Obligation Improvement Bonds
of 2000 of said City.
WITNESS my hand as such Clerk this 21st day of March, 20.00.
C.ty Clerk
1146746.1 3
EXHIBIT A
NOTICE OF BOND SALE
$2,480,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS OF 2000
(Global Book Entry System)
Sealed bids for these bonds will be opened and considered for
award on Tuesday, May 2, 2000, at 7:30 P.M., Central Time, by the
City Council at the City Hall in Mendota Heights, Minnesota. The
bonds will be dated May 1, 2000, and interest will be payable
August 1, 2000 and semiannually thereafter. The bonds will be
issued in global book entry form only. The bonds will mature on
August 1 in the years and amounts as follows:
Year
2001
2002
2003-2011
Amount Year Amount
$ 50,000 2012-2014 $140,000
180,000 2015-2017 130,000
160,000
All dates are inclusive.
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.
Bidders must specify a price of not less than $2,456,000 plus
accrued interest. An approving legal opinion will be furnished
by Briggs and Morgan, Professional Association, of St. Paul and
Minneapolis, Minnesota.
Bidders should be aware that the Official Terms of Bond Sale to
be published in the Official Statement for the sale 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 Bond Sale the provisions of
the latter shall be those to be complied with.
1146746.1
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Dated: March 21, 2000. BY ORDER OF THE CITY COUNCIL
/s/ Kathleen M. Swanson
City Clerk
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Building
P.O. Box 1470
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691
1146746.1
A-2
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$2,480,000
GENERAL OBLIGATION IMPROVEMENT 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:
1146746.1
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 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
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DATE OF ORIGINAL
ISSUE"OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
MATURITIES:
REDEMPTION:
1146746.1
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.
May 1, 2000.
To provide funds to finance the
construction of various
improvements within the City.
August 1, 2000, and semiannually
thereafter on February 1 and
August 1 to the registered owners
of the bonds appearing of record in
the bond register after 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
2001
2002
2003-2011
2012-2014
2015-2017
Amount
$ 50,000
180,000
160,000
140,000
130,000
All dates are inclusive.
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.
At the option of the Issuer, bonds
maturing after August 1, 2009,
,shall be subject to prior payment
on said date, and any interest
payment date thereafter, at a price
of par and accrued interest.
Redemption may be in whole or in
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BOND REGISTRAR:
CUSIP NUMBERS:
DELIVERY:
1146746.1
part of the bonds subject to
prepayment. If redemption is in
part, the bonds remaining unpaid
which have the latest maturity date
shall be prepaid first. If only
part of the bonds having a common
maturity date are called for
prepayment, the Issuer will notify
DTC of the particular amount of
such maturity to be prepaid. DTC
will determine by lot the amount of
each participant's interest in such
maturity to be redeemed and each
participant will then select by lot
the beneficial ownership interests
in such maturity to be redeemed.
Notice of such call shall be given
by mailing a notice thereof by
registered or certified mail at
least thirty (30) days prior to the
date fixed for redemption to the
registered owner of each bond to be
redeemed at the address shown on
the registered books.
The successful bidder will name the
Registrar and paying agent which
shall be subject to applicable SEC
regulations and to the approval of
the Issuer. The Issuer will pay
reasonable and customary charges
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 shall
constitute cause for a failure or
refusal by the Purchaser thereof to
accept delivery of and pay for the
bonds in accordance with terms of
the purchase contract. The CUSIP
,Service Bureau charge for the
assignment of CUSIP identification
numbers shall be paid by the
Purchaser.
Forty days after award subject to
approving legal opinion of Briggs
and Morgan, Professional
Association, of St. Paul and
Minneapolis, Minnesota. Legal
opinion will be paid by the Issuer
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TYPE OF BID:
RATES:
INFORMATION FROM
PURCHASER:
CONTINUING DISCLOSURE:
1146746.1
and delivery of the bonds will be
anywhere in the continental United
States without cost to the
Purchaser at DTC.
Sealed bids of not less than
$2,456,000 and accrued interest on
the principal sum of $2,480,000
from date of original issue of the
bonds to date of delivery must be
filed with the undersigned prior to
the time of sale. Bids must be
unconditional except as to
legality. The successful bidder
must provide a certified or
cashier's check in the amount of
$24,000, payable to the order of
the Treasurer of the Issuer upon
notification of award, to be
forfeited as liquidated damages if
bidder fails to comply with
accepted bid. Bids for the bonds
should be addressed to:
Lawrence Shaughnessy
Treasurer
City Hall
1101 Victoria Curve
Mendota Heights, MN 55118-4106
All rates must be in integral
multiples of 1/20th or 1/8th of 1%-.
No limitation is placed upon the
number of rates which may be used.
All bonds of the same maturity must
bear a single uniform rate from
date of issue to maturity and no
rate of any maturity may be lower
than the highest rate applicable to
bonds of any preceding maturities.
The successful purchaser will be
required to provide, in a timely
manner, certain information
relating to the initial offering
price of the bonds necessary to
compute the yield on the bonds
pursuant to the provisions of the
Internal Revenue Code of 1986, as
amended.
The Issuer will covenant in the
resolution awarding the sale of the
bonds and in a Continuing
Disclosure Undertaking to provide,
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QUALIFIED TAX
EXEMPT OBLIGATIONS:
AWARD:
or cause to be provided, annual
financial information, including
audited financial statements of the
Issuer, and notices of certain
material events, as required by SEC
Rule 15c2-12.
The Issuer will designate the bonds
as qualified tax exempt obligations
for purposes of Section 265(b)(3)
of the Internal Revenue Code of
1986, as amended.
Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of any
discount to and deduction of any
premium from the total interest on
all bonds from their date to their
stated maturity.
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: March 21, 2000.
BY ORDER OF THE CITY COUNCIL
/51 Kathleen M. Swanson
City Clerk
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Building
P.O. Box 1470
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691
1146746.1
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