Res 1989 - 91 Extract of Minutes of a Meeting of the City Council of MH (8/15/1989)RESOLUTION N0. 89-91
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: August 15, 1989
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 called and held at the City
Hall in said City on Tuesday, the 15th day of August, 1989, at
8-�00 0' clock P. M.
The following members were present:
Mayor Mertensotto
Councilmembers Hartmann, Witt, Cummins and Blesener
and the following were absent: None
Member Hartmann introduced the follow-
ing resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,650,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1989
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 $1,650,000
General Obligation Improvement Bonds of 1989 (the "Bonds") to
finance the construction of various improvements within the
City and to provide funds to pay on February 1, 1990, all of
the General Obligation Improvement Bonds of 1980, dated
November 1, 1980 which then remain outstanding.
2. Meeting; Bid Opening. This Council shall meet at the
time and place specified in the form of notice hereinafter
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contained for the purpose of opening and considering sealed
bids for, and awarding the sale of, the Bonds.
3. 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 the Northwestern Financial Review
not less than ten (10) days in advance of date of sale, as
provid'ed by law, which notice shall be in substantially the
form set forth in Exhibit A attached hereto.
4. 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.
5. 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.
The motion for the adoption of the foregoing resolution
was duly seconded by member Witt and, after full
discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: Al1 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 indi-
cated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom inso-
far as the same relates to the proposed sale of $1,650,000
General Obligation Improvement Bonds of 1989 of said City.
WITNESS my hand as such Clerk and the official seal of _
the City this /�SJ day of , 1989.
��Gc�.
� City Clerk
(SEAL)�
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EXHIBIT A
NOTICE OF BOND SALE
$1,650,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1989
Sealed bids on these bonda will be opened on Tuesday, October
=--`17�1989, at 7:30 P.M., Central Time, �t the Mendota Heights
`�'`-�City Hall, 1101 Victoria Curve, in Mendota Heights, Minnesota.
Consideration of the bids for award will be by the City
Council at the City Hall immediately thereafter. The bonds
will be dated November 1, 1989, and interest will be payable
February 1, 1990 and semiannually thereafter. The bonds will
be general obligations of the Issuer for which its unlimited
taxing powers will be pledged. The Issuer will designate the
bonds as qualified tax-exempt obligations. The bonds will
mature on February 1 in the years and amounts as follows:
Year
1991
1992-1993
1994-2000
Amount
$ 75,000
140,000
130,000
All dates are inclusive.
Year
2001
2002-2004
2005-2006
Amount
$75,000
70,000
50,000
All bonds maturing on or after February 1, 2000 are subject to
prior payment on Febru�ry 1, 1999 and on any interest payment
d�te thereafter at a price of par and accrued interest.
Sealed bids for not less than $1,630,000 and accrued interest
on the principal sum of $1,650,000 will be accepted. An
approving legal opinion will be furnished by Briggs and
Morgan, Professional Association, of St. Paul and Minneapolis,
Minnesota. The proceeds will be used to finance the
construction of various improvements within the City and to
provide funds to pay on February 1, 1990, all of the City's
General Obligation Improvement Bonds of 1980, dated November
l, 1980 which then remain outstanding.
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• Ridc�ers sh�ul.d be awar.e th�t t-hP nffi�ial, Termg �f Rnnc� �ala
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.
Dated: August 15, 1989 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
City Clerk
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691
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EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,650,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1989
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that' these bonds will be offered for
sale according to the following terma:
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TIME AND PLACE: October �,7;'� 1989, at 7: 30 P.M. ,
Central Time, at the Mendota Heights
City Hall, 1101 Victoria Curve,
Mendota Heights, Minnesota.
TYPE OF BONDS:
DATE OF ORIGINAL
ISSUE OF BONDS:
Fully registered general oblig�tion
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
November l, 1989.
PURPOSE: Proceeds of the bonds will be used to
finance the construction of various
improvements within the City and to
provide funds to pay on February l,
1990, all of the City's General
Obligation Improvement Bonds of 1980,
dated November 1, 1980 which then
remain outstanding.
INTEREST PAYMENTS:
MATURITIES:
February l, 1990, and semiannually
thereafter on February 1 and August
l.
February 1 in each of the years and
amounts as follows:
Year Amount
1991 $ 75,000
1992-1993 140,000
1994-2000 130,000
2001 75,000
2002-2004 70,000
2005-2006 50,000
All dates are inclusive.
REDEMPTION: At the option of the Issuer, bonds
maturing on or after February l, 2000
shall be subject to prior payment, on
February 1, 1999 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 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 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 intereat 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 of the
Registrar. The Issuer will pay
reasonable and customary charges for
the services of the Registrar.
CUSIP NUMBERS: 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
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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.
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
$1,630,000 and accrued interest on
the principal sum of $1,650,000 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 certified or cashier's check in the
amount of $33,000, 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:
Mr. Lawrence Shaughnessy, Treasurer
City Hall
1101 Victoria Curve
Mendota Heights, Minnesota 55].]8
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.
' � Al1 bonds of the same maturity must
� bear a s,ingle uni.f.or.m rate fr.om d�te
, 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 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.
QUALIFIED TAX
EXEMPT OBLIGATIONS:
The Issuer will designate the
bonds as qualified tax exempt
obligations for purposee 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
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: August 15, 1989
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
City Clerk
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691