Res 1988- 00 Redemption of Outstanding GO Bonds of 1982EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: MAY 10, 1988
Pursuant to due call and notice thereof, a special
meeting of the City.Council of the City of Mendota Heights,
Minnesota, was duly held at the City Hall in said City on the
10th day of May, 1988, at 7130. o'clock E.M.
The following members were present: Payer ' r$ensottos
Council persons Wittt Cummins, Hartmann, 8 esener
and the following were absent:
none
Member Hartmann introduced the follow-
ing resolution and moved its adoption:
RESOLUTION CALLING FOR REDEMPTION OF
OUTSTANDING $1,350,000 GENERAL
OBLIGATION IMPROVEMENT BONDS OF
1982 AND PROVIDING FOR PUBLIC SALE
OF $2,525,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1988
WHEREAS, the City Council of the City of Mendota Heights,
Minnesota issued on behalf of the City $1,350,000 General
Obligation Improvement Bonds of 1982 dated May 1, 1982 (the
"1982 Bonds") of which $775,000 will remain outstanding on
August 1, 1988;
WHEREAS, all the 1982 Bonds which mature in the years
1989 and thereafter are.subject to redemption and prepayment
at the option of the City on August 1, 1988 at par and accrued
interest as provided in the resolution of the City Council
dated April 20, 1982 authorizing and the issuance of the 1982
Bonds; and
WHEREAS, the City Council deems it desirable and in the
best interests of the City to call all of the 1982 Bonds which
mature on August 1, 1989 and thereafter on August 1, 1988 in
accordance with the resolution authorizing the issuance of the
1982 Bonds; and
WHEREAS, in addition to refunding the 1982 Bonds, the
City Council has previously authorized the construction of
various public improvements and must obtain the necessary
funds to finance the same;
NOW THEREFORE BE IT RESOLVED by the City Council of the
City of Mendota Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that this
City should issue $2,525,000 General Obligation Improvement
Bonds of 1988 to defray the expense of constructing various
public improvements and to provide funds to pay on August 1,
1988 all of the 1982 Bonds which then remain outstanding.
2. 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 award-
ing the sale of -$2,525,000 General Obligation Improvement
Bonds of 1988 of said City.
3. The 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
Commercial West not less than ten 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.
4. 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. The City Clerk is hereby authorized and directed to
cause notice of the redemption of the 1982 Bonds to be
published in Commercial West prior to August 1, 1988 and to
give mailed notice of redemption at least thirty days prior to
said redemption date to First Trust National Association, the
paying agent for the 1982 Bonds, and to all holders of the
1982 Bonds, if any, who have registered their names, addresses
and bond numbers with the City Clerk, but published notice
shall be effective without marked notice. Said notice shall
be in substantially the form attached hereto as Exhibit C.
The motion for the adoption of the foregoing resolution
was duly seconded by member Ulesener 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.
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 $2,525,000
General Obligation Improvement Bonds of 1988 of said City and
the calling for redemption of the City's $1,350,000 General
Obligation Improvement Bonds of 1982.
WITNESS my hand as such Clerk and the official seal of
the City this day of , 1988.
(SEAL)
1;t4<vele.44...1 ote.040-00..m.4)--,/
City Clerk
City Clerk
EXHIBIT A
NOTICE OF BOND SALE
$2,525,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1988
Sealed bids on these bonds will be opened on Tuesday, June 21,
1988, at 7:30 P.M., Central Time, at the Mendota Heights City
Hall, 750 South Plaza Drive, in Mendota Heights, Minnesota.
Consideration of the bids and the award of the sale will be by
the City Council at the City Hall immediately thereafter. The
bonds will be dated July 1, 1988 and interest will be payable
February 1, 1989 and semiannually thereafter. The bonds will
be general obligations of the Issuer for which its unlimited
taxing powers will be pledged. The bonds will mature on
August 1 in the years and amounts as follows:
Years Amounts
1989 $50,000
1990 75,000
1991 200,000
1992 200,000
1993 200,000
1994 200,000
1995 200,000
1996 200,000
1997 200,000
1998 200,000
1999 200,000
2000 150,000
2001 100,000
2002 100,000
2003 100,000
2004 75,000
2005 75,000
All bonds maturing on or after August 1, 1998 are subject to
prior payment on August 1, 1997 and on any interest payment
date thereafter at a price of par and accrued interest.
Sealed bids for not less than $2,500,000 and accrued interest
on the principal sum of $2,525,000 will be accepted. 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. An acceptable 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 public improvements within the City
and to pay on August 1, 1988 all of the City's $1,350,000
General Obligation Improvement Bonds of 1982 which then remain
outstanding.
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.
Dated: May 10, 1988 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
Clerk
Additional information
may be obtained from:
SHAUGHNESSY & CO., INC.
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No: (612)-227-6691
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$2,525,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1988
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:
June 21, 1988, at 7:30 o'clock P.M.,
Central Time at the City Hall in
Mendota Heights, Minnesota.
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
July 1, 1988.
Proceeds of the Bonds will be used to
finance the construction of various
public improvements within the City
and to pay on August 1, 1988 all of
the City's $1,350,000 General
Obligation Improvement Bonds of 1982
which then remain outstanding.
February 1, 1989, and semiannually
thereafter on August 1 and February
.1.
MATURITIES: August 1 in each of the years and
amounts as follows:
REDEMPTION:
BOND REGISTRAR:
Years Amounts
1989 $50,000
1990 75,000
1991 200,000
1992 200,000
1993 200,000
1994 200,000
1995 200,000
1996 200,000
1997 200,000
1998 200,000
1999 200,000
2000 150,000
2001 100,000
2002 100,000
2003 100,000
2004 75,000
2005 75,000
At the option of the Issuer, bonds
maturing on or after August 1, 1998
shall be subject to prior payment, on
August 1, 1997 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.
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
CUSIP NUMBERS:
DELIVERY:
TYPE OF BID:
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.
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.
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.
Sealed bids of not less than
$2,500,500 and accrued interest on
the principal sum of $2,525,000 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 $50,000, 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:
RATES:
AWARD:
INFORMATION FROM
PURCHASER: ,
QUALIFIED TAX
EXEMPT OBLIGATIONS:
Mr. Kathleen Swanson, City Clerk
City Hall
750 South Plaza Drive
St. Paul, Minnesota 55120
All rates must be in integral
multiples of 1/20th or 1/8th of 1%.
No rate for any maturity shall be
less than any prior rate. Bonds of
the same maturity shall bear a single
rate from the date of the Bonds to
the date of maturity. No other
limitation is placed upon the number
of rates which may be used.
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 successful purchaser will be
required to provide, 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 designate the
bonds as qualified tax exempt
obligations for purposes of Section
265(b)(3) of the Internal Revenue
Code of 1986, as amended.
The Issuer reserves the right to reject'any and all bids, to
waive informalities and to adjourn the sale.
Dated: May 10, 1988
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
Additional information
may be obtained from:
SHAUGHNESSY & CO.
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No: (612)-227-6691
City Clerk
EXHIBIT C
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1982
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of
the City of Mendota Heights, Dakota County, Minnesota, there
have been called for redemption and prepayment on August 1,
1988 outstanding bonds of the City designated as General
Obligation Improvement Bonds of 1982, dated May 1, 1982,
bearing serial numbers 116 through 270, and totaling $775,000
in principal amount. The bonds are being called at a price of
par plus accrued interest to August 1, 1988, on which date all
interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present
their bonds for payment, with August 1, 1988 and subsequently
maturing interest coupons attached, at the offices of First
Trust National Association in Saint Paul, Minnesota on
August 1, 1988.
Dated May 10, 1988.
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
City Clerk
Additional information
may be obtained from:
SHAUGNESSY & CO., INC.
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No: (612)-227-6691