Res 1997 - 77 Providing for Public Sale of $380,000 General Obligation Equipment Certificates of 1997e `
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RESOLUTION N0. 97-77
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: November 4, 1997
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 4th day of November, 1997, at 7:30 o'clock P.M.
The following members were present:
and the following were absent: None
Mertensotto, Smith, Huber
Lpch, Krebsbach
Member Smith introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $380,000
GENERAL OBLIGATION EQUIPMENT
CERTIFICATES OF 1997
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 $380,000
General Obligation Equipment Certificates of 1997 (the
"Certificates") to provide funds to finance the acquisition of
various capital equipment for 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 Certificates.
3. Meetina. 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 Certificates.
4. Notice of 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.
367963.1
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5. Official Terms of Sale. The terms and conditions of
'�' said Certificates and the sale thereof are fully set forth in the
"Official Terms of 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
Certificates with The Shaughnessy Company.
The motion for the adoption of the foregoing resolution was
duly seconded by member Kr'ebsbach 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.
367963.1 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 $380,000 General Obligation Equipment
Certificates of 1997 of said City.
1997.
WITNESS my hand as such Clerk this 4th day of November,
Ci Clerk
367963.1 3
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OFFICIAL TERMS OF SALE
$380,000
GENERAL OBLIGATION EQUIPMENT
CERTIFICATES OF 1997
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these certificates will be offered for sale according to the following terms:
TIME AND PLACE:
TYPE OF CERTIFICATES
DATE OF ORIGINAL ISSUE OF
CERTIFICATES:
PURPOSE:
INTEREST PAYMENTS:
MATURITIES:
Sealed bids will be opened and considered for award on Tuesday,
December 2, 1997, at 7:30 P.M., Central Time, by the City Councii
at its meeting in the Mendota Heights City Hall.
Fully registered general obligation certificates, $5,000 or larger de-
nominations at the option of the bidder.
December 1, 1997.
To provide funds to finance the acquisition of various capital equip-
ment for the city.
June 1, 1998, and semiannually thereafter on June 1 and
December 1.
December 1 in each of the years and amounts as follows:
Year
1999
2000-2002
Amount
$ 80,000
100,000
All dates are inclusive.
Bids for the certificates may contain a maturity schedule providing
for any combination of serial certificates and term certificates, subject
to mandatory redemption, so long as the amount of principal matur-
ing or subject to mandatory redemption in each year conforms to
the maturity schedule set forth above.
NO REDEMPTION: All certificates shall be without option of prior payment.
REGISTRAR: The successful bidder will name the Registrar and paying agent
which shall be subject to applicable SEC regulations and to the ap-
proval of the issuer. Principal will be payable at the main corporate
office of the Registrar and interest will be payable by check or draft
of the Registrar mailed to the registered holder of the certificate at
his address as it appears on the books of the Registrar. The Issuer
will pay reasonable and customary charges for the services of the
Registrar.
CUSIP NUMBERS: If the certificates qualify for assignment of CUSIP numbers such
numbers will be printed on the certificates, but neither the failure to
print such numbers on any certificate nor any error with respect
thereto shall constitute cause for a failure or refusal by the Pur-
chaser thereof to accept delivery of and pay for the certificates in ac-
cordance with terms of the purchase contract. The CUSIP Service
Bureau charge for the assignment of CUSIP identification numbers
shall be paid by the Purchaser.
DELIVERY: Forty days after award subject to approving legal opinion of Briggs
and Morgan, Professional Association, of St. Paul and Minneapolis,
Minnesota. Bond printing and legal opinion will be paid by the Issuer
and delivery will be anywhere in the continental United States with-
out cost to the Purchaser. Legal opinion will be printed on the certifi-
cates at the request of the successful bidder.
TYPE OF BID: Sealed bids of not less than $376,200 and accrued interest on the
principal sum of $380,000 from date of original issue of the certifi-
cates to date of delivery must be filed with the undersigned prior to
the time of sale. Bids must be unconditional except as to legality. A
ce�tified or cashiePs check in the amount of $3,800, payable to the
order of the Treasurer of the Issuer must accompany each bid, to
be forfeited as liquidated damages if bidder fails to comply with ac-
cepted bid. Bids for the certificates should be addressed to:
Kathleen M. Swanson
City Clerk
City Hall
1101 Victoria Curve
Mendota Heights, Minnesota 55118
RATES: 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
certificates 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 certificates of any preced-
ing maturities.
INFORMATION FROM The successful purchaser will be required to provide, in a timely
PURCHASER: manner, certain information relating to the initial offering price of the
certificates necessary to compute the yield on the certificates pursu-
ant to the provisions of the Internal Revenue Code of 1986, as
amended.
CONTINUING DISCLOSURE The Issuer will covenant in the resolution awarding the sale of the
certificates and in a Continuing Disclosure Undertaking to provide,
or cause to be provided, annual financial information, including
audited financial statements of the Issuer, and notices of certain ma-
terial events, as required by SEC Rule 15c2-12.
QUALIFIED TAX The Issuer will designate the certificates as qualified tax exempt obli-
EXEMPT OBLIGATIONS: gations for purposes of Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended.
AWARD: Award will be made solely on the basis of lowest dollar interest cost,
determined by addition of any discount to and deduction of any pre-
mium from the total interest on all certificates 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 November 4, 1997
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
350 N. Robert Street
St. Paul, Minnesota 55101
Telephone No. (612) 227-6691