Res 1992 - 68 Extract of Minutes of a Meeting of the City Council of MH (10/20/1992);
RESOLUTION N0. 92-68
EXTRACT OF MINUTES OF A MEETING OF TI�E
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESO�A
HELD: October 2�, 1992
Pursuant to d�e call anci notice ther�:of, s regular mee�ing
of the City Council of �he Cf�y of M�h7dota H�ights, Dak�ta
Count�, Min��sota, was duly called and held a'� the City Iiall it�
said Cit�r on Tuesday, t,he 20ti� aay a� �7c:tober� 1992, a� _7:3�
o' clo�k R.I�.
TY�e followir�� membe��� ��r� ��eseiz�a
Smith
and th� folYowing were abs�er��: g�esener
Mertensotto, Cummins, Koch
Memb�r __� introduced the follow�ng
resol.u�? oa� and move i s adog�ion:
R�SCILUTION PR�VIDING FOR PUBLIC SALE
OF $7�0,�0�1
GENERAL ���ICATION PARK �30NDS OF 1992
BE IT i�ESOLVED b� the City Council of the City of Mendota
Heic�hts, Mii��nesota, as follows :
• 1. �'ir�di.nq; Amount and Purpose. Tt is hereby fou�d�
det�rmined �n�. declar�d that this City should issue $710,000
Gen�zal �bliga�ion Park Bonds of 1992 (the "Bonds") to fin�nce
ti�� �.c:q*�asition �:�r� betterment of par.ks, consisting of
n��s�Yibo:�hood and aommunity parks, bicycle and ped�stri�n trails,
�and commo.�s�ity ba�lfi��ds.
2. Apgointme�nt of Financial Advisor. T�e Ci�y Council
do�s her�t�y appoint The Shaughness� Compar�y, in St. Paul,
Minn�s�ta, tc� act as i�s financial adlvisor° to the City for the
sale of the Bonds.
3. �ieetincr. This Council shall meet at the �ime and place
specified in the form of no�ice 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 lh�:��1��
authorized and directed to cause notice c�£ �I�� time, place and
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purpose of said meeting to be published in the official newspaper
of the City and in Noxthwestern Financial v' w�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
"Official Terms of Bond Sale" attached hereto as Exhibit B and
incorporated herein by reference.
6. 9ff�.cia1 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 KAsh 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.
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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 $710,000 General Obligation Park Bonds of 1992
of said City.
WITNESS my hand as such Clerk and the official seal of the
City this 20th day of October, 1992.
, C'ty Clerk
, � (SEAL)
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EXHIBIT A
NOTICE OF BOND SALE
$710,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION PARK BONDS OF 1992
Sealed bids for these bonds will be opened and considered for
award on Tuesday, December l, 1992, 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 l, 1992, and
interest will be payable August 1, 1993 and semiannually
thereafter. The bonds will mature on August 1 in the years and
amounts as follows: "
Year
1994-1997
1998-1999
2000-2001
2002
2003-2004
Amount
$20,000
25,000
30,000
35,000
40,000
All dates are inclusive.
Year
� 2005-2006
2007-2008
2009
2010
2011
Amount
$ 45,000
50,000
55,000
60,000
100,U00
Bidders must specify a price of not less than $700,000 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.
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Dated: October 20, 1992. 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
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EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$710,000
GENERAL OBLIGATION PARK BONDS OF 1992
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TIME AND PLACE:
TYPE OF BONDS:
DATE OF ORIGINAL
ISSUE OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
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Sealed bids will be opened and
considered for award on Tuesday,
December 1, 1992, 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, 1992. �
To finance the acquisition and�
betterment of parks, consisting of
neighborhood and community parks,
bicycle and pedestrian trials, and
community ballfields.
August 1, 1993, and semiannually
thereafter on February 1 and
August 1.
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MATURITIES: • August 1 in each of the years and
. amounts as follows: I
Year Amou
1994-1997 $ 20,000
1998-1999 25,000
2000-2001 30,000
2002 35,000
2003-2004 40,000
2005-2006 45,000
2007-2008 50,000
2009 55,000
2010 60,000
2011 100,000
All dates are inclusive. �
REDEMPTION: . At the option of the Issuer, bonds
maturing on or after August 1, �2002
shall be subject to prior payment,
on August 1, 2001 and any interest
payment date thereafter, at a price
of par and accrued interest. ;
Redemption may be in whole or in
part of the bonds subject to j
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 havinq a common
maturity date are called for �
prepayment 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 approval 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 address as it appears on the
books af the Registrar. The Issuer
will pay reasonable and customary
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• charges for the services of the
, Registrar.
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CUSIP NUMBERS: If the bonds qualify for assignment
of CUSIP numbers such nwnbers will
be printed on the bonds, but 1
neither the failure to print such
numbers on any bond nor any erior
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. I
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 without 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 �
$700,000 and accrued interest on
the principal sum of $710,000 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 uncon-
ditional except as to legality: A
certified or cashier's check in the
amount of $14,000, payable to the
order of the Treasurer of the �
Issuer must accompany each bid, to
be forfeited as liquidated damages
if bidder fails to comply with�
accepted bid. Bids for the bonds
should be addressed to: �
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RATES:
Lawrence Shaughnessy
Treasurer
City Hall
1101 Victoria Curve i
Mendota Heights, rIIJ 55118'
All rates must be in integral I
multiples of 1/20th or 1/8th of 1�.
No limitation is placed upon the
number of rates which may be used.
All bonds of the same maturity�must
bear a single uniform rate from
date of issue to maturity and no
rate of any maturity may be lower
than the highest rate applicable to
bonds of any preceding maturities.
INFORMATION FROM The successful purchaser will be
PURCHASER: required to provide, in a timely
manner, certain information i
• relating to the initial offering
price of the bonds necessary to
compute the yield on the bondsi
pursuant to the provisions of the
Internal Revenue Code of 1986, as
amended. �
QUALIFIED TAX
EXEMPT OBLIGATIONS:
AWARD:
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The Issuer will designate the bonds
as qualified tax exempt obligations
for purposes of Section 265(b)(3)
of the Internal Revenue Code of
1986, as amended. �
Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of any
discount to and deduction of any
premium from the total interest on
all bonds from their date to their
stated maturity. �
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,� The Issuer reserves the right to reject any and all bids, to�
- waive informalities and to adjourn the sale. r
Dated: October 20, 1992. I
I
BY ORDER OF THE CITY COUNCIL j
L$/ Kathleen Swanson I
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
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