Res 1997 - 76 Providing for Public Sale of $1,900,000 General Obligation Refunding & Improvement Bonds of 1997. a�
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RESOLUTION N0. 97-76
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 7:30o'clock P.M.
The following members were present: Mertensotto, Smith, Huber
Koch, Krebsbach
and the following were absent: None
Member S�� = introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC
OF $1,900,000
GENERAL OBLIGATION REFUNDING
IMPROVEMENT BONDS OF 1997
SALE
n�� .
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 $1,900,000
General Obligation Refunding and Improvement Bonds of 1997 (the
"Bonds") to provide funds to redeem on February 1, 1997, all of
the outstanding General Obligation Improvement Bonds of 1986,
dated August 1, 1986 of the City, and 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. 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 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,
367957.1
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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
"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 Krebsbach 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.
367957.1
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 $1,900,000 General Obligation Refunding and
Improvement Bonds of 1997 of said City.
1997.
367957.1
WITNESS my hand as such Clerk this 4th day of November, 11th
u=�i Ct.c.�.
Cit Clerk
3
EXHIBIT A
NOTICE OF BOND SALE
$1,900,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS OF 1997
Sealed bids for these bonds will be opened and considered for
award on Tuesday, December 2, 1997, at 7:30 P.M., Central Time,
by the City Council at the City Hall in Mendota Heights,
Minnesota. The bonds will be dated December 1, 1997, and
interest will be payable August 1, 1998 and semiannually
thereafter. The bonds will mature on August 1 in the years and
amounts as follows:
Year
1998
1999-2002
2003-2004
Amount
$165,000
180,000
160,000
All dates are inclusive.
Year
2005-2012
2013
Amount
$80,000
55,000
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.
Bidders must specify a price of not less than $1,881,000 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.
367957.1 A-1
Dated: November 4, 1997. BY ORDER OF THE CITY COUNCIL
/s/ Kathleen 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
367957.1
A-2
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TIME AND PLACE:
TYPE OF BONDS:
OFFICIAL TERMS OF
BOND SALE
$1,900,000
GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS OF 1997
DATE OF ORIGINAL ISSUE OF
BONDS:
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
Sealed bids will be opened and considered for award on Tuesday,
December 2, 1997, at 7:30 P.M., Central Time, by the City Council
at its meeting in the Mendota Heights City Hall.
Fully registered general obligation bonds, $5,000 or larger denomina-
tions at the option of the bidder.
December 1, 1997.
PURPOSE: To provide funds to redeem on February 1, 1997, all of the outstand-
ing General Obligation Improvement Bonds of 1986, dated
August 1, 1986 of the City, and to provide funds to finance the con-
struction of various improvements within the City.
INTEREST PAYMENTS:
MATURITIES:
August 1, 1998, and semiannually thereafter on February 1 and Au-
gust 1.
August 1 in each of the years and amounts as follows:
Year
1998
1999-2002
2003-2004
2005-2012
2013
Amoun
$165,000
180,000
160,000
80,000
55,000
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 principai maturing
or subject to mandatory redemption in each year conforms to the
maturity schedule set forth above.
REDEMPTION: At the option of the Issuer, bonds maturing on or after August 1,
2006 shall be subject to prior payment, on August 1, 2005 and any
interest payment date thereafter, at a price of par and accrued inter-
est. Redemption may be in whole or in 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 and if only
part of the bonds having a common maturity date are called for pre-
payment the specific bonds to be prepaid shall be chosen by lot by
the Registrar.
BOND 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 bond at his ad-
dress as it appears on the books of the Registrar. The Issuer will
pay reasonable and customary charges for the services of the Reg-
istrar.
CUSIP NUMBERS: If the bonds qualify for assignment of CUSIP numbers such num-
bers will be printed on the bonds, but neither the failure to print such
numbers on any bond nor any error with respect thereto shall consti-
tute 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 as-
signment of CUSIP identification numbers shall be paid by the Pur-
chaser.
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 bonds
at the request of the successful bidder.
TYPE OF BID: Sealed bids of not less than $1,881,000 and accrued interest on the
principal sum of $1,900,000 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. A certi-
fied or cashiers check in the amount of $19,000, payable to the or-
der 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 bonds should be addressed to:
m
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
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 maturi-
ties.
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
bonds necessary to compute the yield on the bonds pursuant 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
bonds 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 material
events, as required by SEC Rule 15c2-12.
QUALIFIED TAX The Issuer will designate the bonds as qualified tax exempt obliga-
EXEMPT OBLIGATIONS: tions 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 bonds from their date at 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. Swan
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