HomeMy WebLinkAbout2.a. Accept Bids / Award Sale 1992C Community CenterCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: October 27, 1992
AGENDA ITEM:
G.O. Community Center Bonds,
AGENDA SECTION:
Series 1992C
- Accept Bids & Award Sale
New Business
PREPARED BY:
May, Finance Director
AGENDANftEivi
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ATTACHMENTS:
Draft Resolution
APP :
71- 7, OA A /
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At 11:00 A.M., Tuesday, October 27, 1992, sealed bids for G.O.
Community Center Bonds, Series 19920, will be opened and the
results tabulated at the offices of Springsted Inc. Dan O'Neill,
from Springsted, will be present at the October 27, 1992 City
Council meeting to give Springsted's recommendation for the
issuance of these bonds and to answer any questions that you may
have.
Because the bid opening is not until Tuesday morning, you will
receive information regarding the bids at the meeting that
evening.
RECOMMENDED ACTION: Motion to adopt a RESOLUTION ACCEPTING OFFER ON
SALE OF $1,080,000 GENERAL OBLIGATION COMMUNITY CENTER BONDS,
SERIES 1992C, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE
PAYMENT THEREOF.
COUNCIL ACTION:
FROk BRIGGS AND MORGAN ST, PAUL 612 223 6645 (FRI) 10, 23' 92 13:15 /ST. 13:14/ NO, 3360015-098 P. 2/3
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992 -
RESOLUTION ACCEPTING OFFER ON SALE OF
$1,080,000 GENERAL OBLIGATION COMMUNITY CENTER
BONDS, SERIES 19920,
PROVIDING FOR THEIR ISSUANCE AND
LEVYING A TAX FOR THE PAYMENT THEREOF
A. WHEREAS, the City Council of the City of Rosemount,
Minnesota (the "City"), has heretofore determined ',and declared
that it is necessary and expedient to issue $1,086,000 General
Obligation Community Center Bonds, Series 19920 of the City,
pursuant to Minnesota Statutes, Chapter 475, to finance the
acquisition and betterment of a community auditorium and banquet'
facility for the City (the "Project"); and
B. WHEREAS, on February 19, 1991, pursuant to an
election held on that date, a majority of the voters approved the
issuance of general obligation bonds in an amount not to exceed
$440,000 to provide funds for the acquisition and betterment of a
community auditorium and in an amount not to exceed $625,000 to
provide funds for the acquisition and betterment of a community
banquet facility; and
C. WHEREAS, the following offers were received, opened
and recorded by the City Administrator or his designee at the
offices of Springsted Incorporated at 11:00 A.M., this same day:
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Bidder Interest Rate Net Interest Cost
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Rosemount, Minnesota, as follows:
1. Acceptance of Offer. The offer of
(the
"Purchaser"), to purchase $1,080,000 General Obligation Community
Center Bonds, Series 1992C of the City (the "Bonds", or
individually a "Bond"), in accordance with the terms of proposal
at the rates of interest hereinafter set forth, and to pay
therefor the sum of $ , plus interest accrued to
settlement, is hereby found, determined and declared to be the
most favorable offer received and is hereby accepted, and the
Bonds are hereby awarded to said purchaser. The City Adminis-
trator is directed to retain the deposit of said purchaser and to
forthwith return to the others making offers their good faith
checks or drafts.
2. Title; Original Issue Date: Denominations;
Maturities. The Bonds shall be titled "General Obligation
Community Center Bonds, Series 1992C", shall be dated November 1,
1992, as the date of original issue and shall be issued forthwith
on or after such date as fully registered bonds. The Bonds shall
be numbered from R-1 upward in the denomination of $5,000 each or
in any integral multiple thereof of a single maturity. The Bonds
shall mature on February 1 in the years and amounts as follows:
Year
Amount
Year
Amount
1994
$ 20,000
2004
$ 50,000
1995
35,000
2005
55,000
1996
35,000
2006
60,000
1997
40,000
2007
60,000
1998
40,000
2008
65,000
1999
40,000
2009
70,000
2000
45,000
2010
75,000
2001
45,000
2011
80,000
2002
45,000
2012
80,000
2003
50,000
2013
90,000
3. Purpose. The Bonds shall provide funds to defray
the expense of the acquisition and betterment of a community
auditorium and community banquet facility (the "Project") in the
City. The total cost of the Project, which shall include all
costs enumerated in Minnesota Statutes, Section 475.65, is
estimated to be at least equal to the amount of the Bonds. Work
on the Project shall proceed with due diligence to completion.
The City covenants that it shall do all things and perform all
acts required of it to assure that work on the Project shall
proceed with due diligence to completion and that any and all
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permits and studies required under law for the Project are
obtained.
4. Interest. The Bonds shall bear interest payable
semiannually on February 1 and August 1 of each year (each, an
"Interest Payment Date"), commencing August 1, 1993, calculated
on the basis of a 360 -day year of twelve 30 -day months, at the
respective rates per annum set forth opposite the maturity years
as follows;
Maturity Interest
Maturity Interest
Year Rate
Year Rate
1994
2004
1995
2005
1996
2006
1997
2007
1998
2008
1999
2009
2000
2010
2001
2011
2002
2012
2003
2013
5. Redemption. All Bonds maturing in the years 2004
through 2013, both inclusive, shall be subject to redemption and
prepayment at the option of the City on February 1, 2003, and on
any date thereafter at a price of par plus accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, the maturities and the
principal amounts within each maturity to be redeemed shall be
determined by the City; 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 Bond Registrar.
Bonds or portions thereof called for redemption shall be due and
payable on the redemption date, and interest thereon shall cease
to accrue from and after the redemption date. Mailed notice of
redemption shall be given to the paying agent and to each
affected registered holder of the Bonds.
To effect a partial redemption of Bonds having a common
maturity date, the Bond Registrar prior to giving notice of
redemption shall assign to each Bond having a common maturity
date a distinctive number for each $5,000 of the principal amount
of such Bond. The Bond Registrar shall then select by lot, using
such method of selection as it shall deem proper in its
discretion, from the numbers so assigned to such Bonds, as many
numbers as, at $5,000 for each number, shall equal the -principal
amount of such Bonds to be redeemed. The Bonds to be redeemed
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shall be the Bonds to which were assigned numbers so selected
provided, however, that only so much of the principal amount of
each such Bond of a denomination of more than $5,000 shall be
redeemed as shall equal $5,000 for each number assigned to it and
so selected. If a Bond is to be redeemed only in part, it shall
be surrendered to the Bond Registrar (with, if the City or Bond
Registrar so requires, a written instrument of transfer in form
satisfactory to the City and Bond Registrar duly executed by the
holder thereof or his, her or its attorney duly authorized in
writing) and the City shall execute (if necessary) and the Bond
Registrar shall authenticate and deliver to the Holder of such
Bond, without service charge, a new Bond or Bonds of the same-
series
ameseries having the same stated maturity and interest rate and of
any authorized denomination or denominations, as requested by
such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bond
so surrendered.
6. Bond Registrar. , in
, Minnesota, is appointed to act as bond registrar and
transfer agent with respect to the Bonds (the "Bond Registrar"),
and shall do so unless and until a successor Bond Registrar is
duly appointed, all pursuant to any contract the City and Bond
Registrar shall execute which is consistent herewith. The Bond
Registrar shall also serve as paying agent unless and until a
successor paying agent is duly appointed. Principal and interest
on the Bonds shall.be paid to the registered holders (or record
holders) of the Bonds in.the manner set forth in the form of Bond
and paragraph 12 of this resolution.
7. Form of Bond. The Bonds, together with the Bond
Registrar's Certificate of Authentication, the form of Assignment
and the registration information thereon, shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF ROSEMOUNT
R- $
GENERAL OBLIGATION COMMUNITY CENTER
BOND, SERIES 1992C
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
November 1, 1992
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Rosemount, Dakota County, Minnesota (the "Issuer"), certifies
that it is indebted and for value received promises to pay to the
registered owner specified above, or registered assigns, in the
manner hereinafter set forth, the principal amount specified
above, on the maturity date specified above, unless called for
earlier redemption, and to pay interest thereon semiannually on
February 1 and August 1 of each year (each, an "Interest Payment
Date"), commencing August 1, 1993, at the rate per annum
specified above (calculated on the basis of a 360 -day year of
twelve 30 -day months) until the principal sum is paid or has been
provided for. This Bond will bear interest from the most recent
Interest Payment Date to which interest has been paid or, if no
interest has been paid, from the date of original issue hereof.
The principal of and premium, if any, on this Bond are payable
upon presentation and surrender hereof at the principal office of
, in , Minnesota (the "Bond
Registrar"), acting as paying agent, or any successor paying
agent duly appointed by the Issuer. Interest on this Bond will
be paid on each Interest Payment 'Date by check or draft mailed to
the person in whose name this Bond is registered (the "Holder" or
"Bondholder") on the registration books of the Issuer maintained
by the Bond Registrar and at the address appearing, thereon at the
close of business on the fifteenth day of the calendar month next
preceding such Interest Payment Date (the "Regular Record Date").
Any interest not so timely paid shall cease to be payable to the
person who is the Holder hereof as of the Regular Record Date,
and shall be payable to the person who is the Holder hereof at
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the close of business on a date (the "Special Record Date") fixed
by the Bond Registrar whenever money becomes available for
payment of the defaulted interest. Notice of the Special Record
Date shall be given to Bondholders not less than ten days prior
to the Special Record Date. The principal of and premium, if
any, and interest on this Bond are payable in lawful money of the
United States of America.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota to be done, to happen and to be performed,
precedent to and in the issuance of this Bond, have been done,
have happened and have been performed, in regular and due form,
time and manner as required by law, and that this Bond, together
with all other debts of the Issuer outstanding on the date of
original issue hereof and the date of its issuance and delivery
to the original purchaser, does not exceed any constitutional or
statutory limitation of indebtedness.
IN WITNESS WHEREOF, the City of Rosemount, Dakota
County, Minnesota, by its City Council has caused this Bond to be
executed on its behalf by the facsimile signatures of its Mayor
and its Administrator, the corporate seal of the Issuer having
been intentionally omitted as permitted by law.
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Date of Registration:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
Resolution mentioned
within.
01
Bond Registrar
By
Authorized Signature
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Registrable by:
Payable at:
CITY OF ROSEMOUNT,
DAKOTA COUNTY,
MINNESOTA
Isl Facsimile
Mayor
Zsl Facsimile
Administrator
7
ON REVERSE OF BOND
Redemption. All Bonds of this issue (the "Bonds")
maturing in the years 2004 through 2013, both inclusive, are
subject to redemption and prepayment at the option of the Issuer
on February 1, 2003, and on any date thereafter at a price of par
plus accrued interest. Redemption may be in whole or in part of
the Bonds subject to prepayment. If redemption is in part, the
maturities and the principal amounts within each maturity to be
redeemed shall be determined by the Issuer; 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 Bond Registrar. Bonds or portions thereof called for
redemption shall be due and payable on the redemption date, and
interest thereon shall cease to accrue from and after the
redemption date. Mailed notice of redemption shall be given to
the paying agent and to each affected Holder of the Bonds.
Selection of Bonds for Redemption; Partial Redemption.
To effect a partial redemption of Bonds having a common maturity
date, the Bond Registrar shall assign to each Bond having a
common maturity date a distinctive number for each $5,000 of the
principal amount of such Bond. The Bond Registrar shall then
select by lot, using such method of selection as it shall deem
proper in its discretion, from the numbers assigned to the Bonds,
as many numbers as, at $5,000 for each number, shall equal the
principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal
amount of such Bond of a denomination of more than $5,000 shall
be redeemed as shall equal $5,000 for each number assigned to it
and so selected. If a Bond is to be redeemed only in part, it
shall be surrendered to the Bond Registrar (with, if the Issuer
or Bond Registrar so requires, a written instrument of transfer
in form satisfactory to the Issuer and Bond Registrar duly
executed by the Holder thereof or his, her or its attorney duly
authorized in writing) and the Issuer shall execute (if
necessary) and the Bond Registrar shall authenticate and deliver
to the Holder of such Bond, without service charge, a new Bond or
Bonds of the same series having the same stated maturity and
interest rate and of any authorized denomination or
denominations, as requested by such Holder, in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
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Issuance: Purpose; General Obligation. This Bond is
one of an issue in the total principal amount of $1,080,000, all
of like date of original issue and tenor, except as to number,
maturity, interest rate, and denomination, which Bond has been
issued pursuant to and in full conformity with the Constitution
and laws of the State of Minnesota and pursuant to'a resolution
adopted by the City Council of the Issuer on October 27, 1992
(the "Resolution"), for the purpose of providing money to finance
the acquisition and betterment of a community auditorium and a
community banquet facility. This Bond is payable out of the
General Obligation community Center Bonds, Series 19920 Fund of
the Issuer. This Bond constitutes a general obligation of the
Issuer, and to provide moneys for the prompt and full payment of
its principal, premium, if any, and interest when the same become
due, the full faith and credit and taxing powers of the Issuer
have been and are hereby irrevocably pledged.
Denominations; Exchange Resolution. The Bonds are
issuable solely as fully registered bonds in the denominations of
$5,000.and integral multiples thereof of a single maturity and
are exchangeable for fully registered Bonds of other authorized
denominations in equal aggregate principal amounts at the
principal office of the Bond Registrar, but only in the manner
and subject to the limitations provided in the Resolution.
Reference is hereby made to the Resolution for a description of
the rights and duties.of the Bond Registrar. Copies of the
Resolution are on file in the principal office of the Bond
Registrar.
Transfer. This Bond is transferable by the Holder in
person or by his, her or its attorney duly authorized in writing
at the principal office of the Bond Registrar upon' presentation
and surrender hereof to the Bond Registrar, all subject to the
terms and conditions provided in the Resolution and to reasonable
regulations of the Issuer contained in any agreement with the
Bond Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or similar
designation), of an authorized denomination or denominations,.in
aggregate principal amount equal to the principal amount of this
Bond, of -the same maturity and bearing interest at, the same rate.
Fees upon Transfer or Loss. The Bond Registrar may
require payment of a sum sufficient to cover any tax or other
governmental charge payable in'connection with the transfer or
exchange of this Bond and any legal or unusual costs regarding
transfers and lost Bonds.
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Treatment of Registered QMers. The Issuer and Bond
Registrar may treat the person in whose name this Bond is
registered as the owner hereof for the purpose of receiving
payment•as herein provided (except as otherwise provided on the
reverse side hereof with respect to the Record Date) and for all
other purposes, whether or not this Bond shall be overdue, and
neither the Issuer nor the Bond Registrar shall be affected by
notice to the contrary.
Authentication. This Bond shall not be valid or become
obligatory for any purpose or be entitled to any security unless
the Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
Qualified Tax -Exempt Obligation. This Bond has been
designated by the Issuer as a "qualified tax-exempt obligation"
for purposes of Section 265(b)(3) of the Internal Revenue Code of
1986, as amended.
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l
ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN as joint tenants with right of survivorship
and not as tenants in common
UTMA - as custodian for
(Gust) (Minor)
under the Uniform
(State)
Transfers to Minors Act
Additional abbreviations may also be used
though not in the above list.
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
Dated:
Notice: The assignors signature to this
assignment must correspond with the name
as it appears upon the face of the
within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one'of the
major stock exchanges.
The Bond Registrar will not effect transfer of this Bond
unless the information concerning the transferee requested below
is provided.
Name and Address:
(Include information foralljoint owners
if the Bond is held by joint account.)
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8. Execution; Temporary Bonds. The Bonds shall be
executed on behalf of,the City by the signatures of its Mayor and
Administrator and be sealed with the seal of the City; provided,
however, that the seal of the City may be a printed facsimile;
and provided further that both of such signatures may be printed
facsimiles and the corporate seal may be omitted on the -Bonds as
permitted by law. In the event of disability or resignation or
-other absence of either such officer, the Bonds may be signed by
the manual or facsimile signature of that officer who may act on
behalf of such absent or disabled officer. In case either such
officer whose signature or facsimile of whose signature shall
appear on the Bonds shall cease to be such officer before the
delivery of the Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes, the same
as if he or she had remained in office until delivery. The City
may elect to deliver, in lieu of printed definitive bonds, one or
more typewritten temporary bonds in substantially the form set
forth above, with such changes as may be necessary to reflect
more than one maturity in a single temporary bond. Such
temporary bonds may be executed with photocopied facsimile
signatures of the Mayor and Administrator. Such temporary bonds
shall,`upon the printing of the definitive bonds and the
execution thereof, be exchanged therefor and cancelled.
9. Authentication. No Bond shall be valid or
obligatory for any purpose or be entitled to any security or
benefit under this resolution unless a Certificate of
Authentication on such Bond, substantially in the form
hereinabove set forth, shall have been duly executed by an
authorized representative of the Bond Registrar. Certificates of
Authentication on different Bonds need not be signed by the same
person. The Bond Registrar shall authenticate the signatures of
officers of the City on each Bond by execution of the Certificate
of Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond is
authenticated, except that for purposes of delivering the
original Bonds to the Purchaser, the Bond Registrar shall insert
as a date of registration the date of original issue, which date
is November 1, 1992. The Certificate of Authentication so
executed on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this resolution.
10. Registration; Transfer; Exchange. The City will
cause to be kept at the principal office of the Bond Registrar a
bond register in which, subject to such reasonable regulations as
the Bond Registrar may prescribe, the Bond Registrar shall
provide for the registration of Bonds and the registration of
transfers of Bonds entitled to be registered or transferred as
herein provided.
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Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary), and the Bond Registrar shall authenticate, insert
the date of registration (as provided in paragraph 9) of, and
deliver, in the name of the designated transferee or transferees,
one or more new Bonds of any authorized denomination or
denominations of a like aggregate principal amount, having the
same stated maturity and interest rate, as requested by the
transferor; provided, however, that no Bond may be registered in
blank or in the name of "bearer" or similar designation.
At the option of the Holder, Bonds may be exchanged -for
Bonds of any authorized denomination or denominations of a like
aggregate principal amount and stated maturity, upon surrender of
the Bonds to be exchanged at the principal office of the Bond
Registrar. Whenever any Bonds are so surrendered for exchange,
the City shall execute (if necessary), and the Bond Registrar
shall authenticate, insert the date of registration of, and
deliver the Bonds which the Holder making the exchange is
entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided -for in this resolution shall be promptly cancelled by
the Bond Registrar and thereafter disposed of as directed by the
City.
All Bonds delivered in exchange for or upon transfer of
Bonds shall be valid general obligations of the City evidencing
the same debt, and entitled to the same benefits under this
resolution, as the Bonds surrendered for such exchange or
transfer.
Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the Holder thereof or his, her or its
attorney duly authorized in writing.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge payable
in connection with the transfer or exchange of any Bond and any
legal or unusual costs regarding transfers and lost Bonds.
Transfers shall also be subject to reasonable
regulations of the City contained in any agreement with the Bond
Registrar, including regulations which permit the Bond Registrar
to close its transfer books between record dates and payment
dates. The Administrator is hereby authorized to negotiate and
execute the terms of said agreement.
11. Rights Upon Transfer or Exchange. Each Bond
delivered upon transfer of or in exchange for or in lieu of any
other Bond shall carry all the rights to interest accrued and
unpaid, and to accrue, 'which were carried by such ,other Bond.
12. Interest Payment; Record Date. Interest on any
Bond shall be paid on each Interest Payment Date by check or
draft mailed to the person in whose name the Bond is registered
(the "Holder") on the registration books of the City maintained
by the Bond Registrar and at the address appearing thereon at the
close of business on the fifteenth (15th) day of the calendar
month next preceding such Interest Payment Date (the "Regular
Record Date"). Any such interest not so timely paid shall cease
to be payable to the person who is the Holder thereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder thereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever money
becomes available for payment of the defaulted interest. Notice
of the Special Record Date shall be given by the Bond Registrar
to the Holders not less than ten (10) days prior to the Special
Record Date.
13. Treatment of Registered Owner. The City and Bond
Registrar may treat the person in whose name any Bond is
registered as the owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and interest
(subject to the payment provisions in paragraph 12 above) on,
such'Bond and for all other purposes whatsoever whether or not
such Bond shall be overdue, and neither the City nor the Bond
Registrar shall be affected by notice to the contrary.
14. Delivery; Application of Proceeds.The Bonds when
so prepared and executed shall be delivered by the Administrator
to the Purchaser upon receipt of the purchase price, and the
Purchaser shall not be obliged to see to the proper application
thereof.
15. Fund and Accounts. There is hereby created a
special fund to be designated the "General Obligation Community
Center Bonds, Series 1992C Fund" (the "Fund") to be administered
and maintained by the Finance Director as a bookkeeping account
separate and apart from all other funds maintained in the
official financial records of the City. The Fund shall be
maintained in the manner herein specified until all of the Bonds
and the interest thereon have been fully paid. There shall be
maintained in the Fund two (2) separate accounts, to be
designated the "Construction Account" and "Debt Service Account"
respectively.
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(i) Construction Account. To the Construction Account
there shall be credited the proceeds of the sale of the Bonds,
less accrued interest received thereon, and less any amount paid
for the Bonds in excess of $1,065,000. From the Construction
Account there shall be paid all costs and expenses of the
Project, including the cost of any construction contracts
heretofore let and all other costs incurred and to be incurred of
the kind authorized in Minnesota Statutes, Section 475.65; and
the moneys in said account shall be used for no other purpose
except as otherwise provided by law; provided that the proceeds
of the Bonds may also be used to the extent necessary to pay
interest on the Bonds due prior to the anticipated date of
commencement of the collection of taxes herein levied.
(ii) Debt Service Account. There are hereby irrevocably
appropriated and pledged to, and there shall be credited to, the
Debt Service Account: (a) all accrued interest received upon
delivery of the Bonds; (b) all funds paid for the Bonds in excess
of $1,065,000; (c) any collections of all taxes herein or
hereafter levied for the payment of the Bonds and interest
thereon; (d) all funds remaining in the Construction Account
after completion of the Project and payment of the costs thereof;
(e) all investment earnings on funds held in the Debt Service
Account; and (f) any and all other moneys which are properly
available and are appropriated by the governing body of the City
to the Debt Service Account. The Debt Service Account shall be
used solely to pay the principal and interest and any premiums
for redemption of the Bonds and any other general obligation
bonds of the City hereafter issued by the City and made payable
from said account as provided by law.
No portion of the proceeds of the Bonds shall be used
directly or indirectly to acquire higher yielding investments or
to replace funds which were used directly or indirectly to
acquire higher yielding investments, except (1) for a reasonable
temporary period until such proceedsareneeded for the purpose
for which the Bonds were issued and (2) in addition to the above
in an amount not greater than the lesser of five percent (5%) of
the proceeds of the Bonds or $100,000. To this effect, any
proceeds of the Bonds and any sums from time to time held in the
Construction Account or Debt Service Account (or any other City
account -which. will be used to pay principal or interest to become
due on the bonds payable therefrom) in excess of amounts which
under then -applicable federal arbitrage regulations may be
invested without regard to yield shall not be invested at a yield
in excess of the applicable yield restrictions imposed by said
arbitrage regulations on such investments after taking into
account any applicable "temporary periods" or "minor portion"
made available under the federal arbitrage regulations. Money in
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the Fund shall not be invested in obligations or deposits issued
by, guaranteed by or insured by the United States or any agency
or instrumentality thereof.if and to the extent that such
investment would cause the Bonds to be "federally guaranteed"
within the meaning of Section 149(b) of the Internal Revenue Code
of 1986, as amended (the "Code").
16. Tax Levy; Coverage Test. To provide moneys for
payment of the principal and interest on the bonds there has
heretofore been levied or there is hereby.levied upon all of the
taxable property in the City a direct annual ad valorem tax which
shall be spread upon the tax rolls and collected with and as -part
of other general property taxes in the City for the years and in
the amounts as follows
Year of
Tax Levy
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Year of Tax
Collection Amour
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
The tax levies are such that if collected in full they,
together with other revenues herein pledged for the payment of
the Bonds, will produce at least five percent (5%) in excess of
the amount needed to meet when due the principal and interest
payments on the Bonds. The tax levies shall be irrepealable so
long as any of the Bonds are outstanding and unpaid, provided
that the City reserves the right and power to reduce the levies
in the manner and to the extent permitted by Minnesota Statutes,
Section 475.61, Subdivision 3.
227077
17
17. General Obligation Pledge. For the prompt and
full payment of the principal and interest on the Bonds, as the
same respectively become due, the full faith, credit and taxing
powers of the City shall be and are hereby irrevocably pledged.
If the balance in the Debt Service Account is ever insufficient
to pay all principal and interest then due on the Bonds and any
other bonds payable therefrom, the deficiency shall be promptly
paid out of any other funds of the City which are available for
such purpose, and such other funds may be reimbursed with or
without interest from the Debt Service Account when a sufficient
balance is available therein.
18. Certificate of Registration. The Administrator is
hereby directed to file a certified copy of this resolution with
the County Auditor of Dakota County, Minnesota, together with
such other information as he or she shall require, and to'obtain
the County Auditor's certificate that the Bonds have been entered
in the County Auditor's Bond Register and that the tax levy
required by law has been made.
.19. Records and Certificates. The officers of the
City are hereby authorized and directed to prepare and furnish to
the Purchaser, and to the attorneys approving the legality of the
issuance of the Bonds, certified copies of all proceedings and
records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and information as are required to show the facts
relating to the legality and marketability of the Bonds as the
same appear from the books and records under their custody and
control or as otherwise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to the
facts recited therein.
20. Necfative Covenant as to Use of Proceeds and
Project. The City hereby covenants not to use the proceeds of
the Bonds or to use the Project, or to cause or permit them to be
used, or to enter into any deferred payment arrangements for the
cost of the Project, in such a manner as to cause the Bonds to be
"private activity bonds" within the meaning of Sections 103 and
141 through 150 of the Code.
21. Investment Limitations: Rebate. The City shall
comply with requirements necessary under the Code to establish
and maintain the exclusion from gross income under Section 103 of
the Code of the interest on the Bonds, including without
limitation (1) requirements relating to temporary periods for
investments, (2) limitations on amounts invested at a yield
227077
18
greater than the yield on the Bonds, and (3) the rebate of excess
investment earnings to the United States.
The Bonds are a "construction issue" within the meaning
of Section 148(f)(4)(C)'(iv) of the Code since at least 75 percent
of the "available construction proceeds" of such issue (as
defined in Section 148(f)(4)(C)(iv) of the Code) are to be used
for construction expenditures. Therefore, the City need not
rebate any earnings on the "available constructionproceeds" of
the Bonds if all "available construction proceeds" are expended
in the amounts and within the time periods required by Section
148(€)(4)(C)(iv) of the Code. The City expects to spend all -such
moneys within such periods. The City does not elect the penalty
provision of Section 148(f)(4)(C)(vii) of the Code but elects to
pay rebate on the "available construction proceeds" if the spend
down requirements of Section 148(f)(4)(C)(ii) of the Code are not
met. The City elects not to include the interest earnings on the
Reserve Account during the construction period as "available
construction proceeds".
22. Designation of Qualified Tax -Exempt Obligations.
In order to qualify the Bonds as "qualified tax-exempt obliga-
tions" within the meaning of Section 265(b)(3) of the Code, the
City hereby makes the following factual statements and
representations:
(a) the Bonds are issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as
defined in Section 141 of the Code;
(c) the City hereby designates the Bonds as
"qualified tax-exempt obligations" for purposes of
Section 265(b)(3) of the Code;
(d) the reasonably anticipated amount of
tax-exempt obligations (other than private activity
bonds, treating qualified 501(c)(3) bonds as not being
private activity bonds) which will be issued by the
City (and all entities treated as one issuer with the
City, and all subordinate entities whose' obligations
are treated as issued by the City) during this calendar
year 1992 will not exceed $10,000,000; and
(e) not more than $10,000,000 of obligations
issued by the City during this calendar year 1992 have
been designated for purposes of Section 265(b)(3)of
the Code.
227077
19
23. Defeasance. When all Bonds have been discharged
as provided in this paragraph, all pledges, covenants and other
rights granted by this resolution to the registered holders of
the Bonds shall, to the extent permitted by law, cease. The City
may discharge its obligations with respect to any Bonds which are
due on any date by irrevocably depositing with the Bond Registrar
on or before that date a sum sufficient for the payment thereof
in full; or if any Bond should not be paid when due, it may
nevertheless be discharged by depositing with the Bond Registrar
a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit. The City may also discharge
its obligations with respect to any prepayable Bonds called for
redemption on any date when they are prepayable according to
their terms, by depositing with the Bond Registrar on or before
that date a sum sufficient for the payment thereof in full,
provided that notice of redemption thereof has been duly given_.
The City may also at any time discharge its obligations with
respect to any Bonds, subject to the provisions of law now or
hereafter authorizing and regulating such action, by depositing
irrevocably in escrow, with a suitable banking institution
qualified by law as an escrow agent for this purpose, cash or
securities described in Minnesota Statutes, Section 475.67,
Subdivision 8, bearing interest payable at such times and at such
rates and maturing on such dates as shall be required, subject to
sale and/or reinvestment, to pay all amounts to become due
thereon to maturity or, if notice of redemption as herein
required has been duly provided for, to such earlier redemption
date.
24. Compliance with Reimbursement Bond Regulations.
The provisions hereof are intended to establish and provide for
the City's compliance with United States Treasury Regulations
Section 1.103-18 (the "Reimbursement Regulations") applicable to
the "reimbursement proceeds" of the Bonds, being those portions
thereof which will be used by the City to reimburse itself for
any expenditure which the City paid or will have paid prior to
the issuance of the Bonds (an "Expenditure").
The City hereby certifies and/or covenants as follows:
(a) On or before the date of payment of each
Expenditure, the City (or person designated to do
so on behalf of the City) made or will have made a
written declaration of the City's official intent
(a "Declaration") which effectively (i) states the
City's intention and reasonable expectation to
reimburse itself for the payment of the
Expenditure out of the proceeds of a subsequent
borrowing; (ii) gives a general and functional
227077
20
description of the property, project or program to
which the Declaration relates and/or identifies a
specific fund or account of the City and the
generalfunctional purpose thereof from which the
Expenditure was to be paid (collectively the
"Project"); (iii) states the maximum principal
amount of debt expected to be issued by the City
for the purpose of financing the Project; and (iv)
states specifically that the Declaration is a
declaration of official intent under Treasury
Regulations Section 1.103-18; provided, however,
that no such Declaration shall necessarily have
been made with respect to "preliminary
expenditures" for the Project, defined in the
Reimbursement Regulations to include engineering.
or architectural expenses and similar prefatory
expenses, which in the aggregate do, not exceed -20%
of the "issue price" of the Bonds.
(b) Notwithstanding the foregoing provisions of
paragraph (a) above, with respect to Expenditures
made by the City prior to March 2, 1992, the City
hereby represents that there exists, objective
evidence, within the meaning of the', Reimbursement
Regulations, that at the time the Expenditure was
paid the City expected to reimburse the cost
thereof with the proceeds of a borrowing.
(c) As of the date of each Declaration,' there were not
and were not thereafter expected to become
available sources of City funds which were or were
expected to be dedicated or otherwise available on
a long-term basis to provide financing for the
Expenditure or Project.
(d) Each Declaration was made a part of the publicly
available official books, records or proceedings
of the City and was continuously availablefor
inspection by the general public at the City Hall
during regular City hours beginning not later than
30 days ,after the making of the Declaration and
continuing through the date of issuance of the
Bonds, as required by the Reimbursement
Regulations.
227077
21
(e) Each Expenditure, other than the costs of issuing
the Bonds, is a capital expenditure, that is, a
cost of a type that is properly chargeable to a
capital account (or would be with a proper
election) under general federal income tax
principles.
(f) The "reimbursement allocation" described in the
Reimbursement Regulations for each Expenditure
shall and will be made forthwith following (but
not prior to) the issuance of the Bonds and in all
events within the period ending on the date which
is the later of one year after payment of the
Expenditure or one year after the date on which
the Project to which the Expenditure relates is
first placed in service.
(g) Each such reimbursement allocation will be
evidenced by an entry on the official books or
records of the City maintained for and in
connection with the Bonds and will specifically
identify the actual prior Expenditure or Project
or, in the case of the reimbursement of a
particular fund or account described in the
applicable Declaration, the fund or accountfrom
which the Expenditure was paid.
(h) The City is unaware of any facts or circumstances
which would cause it to question the reasonability
or accuracy of the content of this paragraph or of
any of the Declarations, or its compliance with
any of the covenants herein or therein, including
without limitation the City's failure to issue
qualifying reimbursement bonds for costs for which
it has made declarations of official intent,
absent extraordinary and unforeseeable
circumstances of the kind described in the
Reimbursement Regulations.
25. No Contest. No notice of contest of the election
held on February 19, 1991, with respect to the question of the
issuance of the Bonds was filed with or served on the court
administrator of the Dakota County District Court or the City
Clerk within 7 days after the City Council canvassed the results
of the election.
227077
22
26. Severability. If any section, paragraph or
provision of this resolution shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceability
of such section, paragraph or provision shall not affect any of
the remaining provisions of this resolution.
27. Headings. Headings in this resolution are
included for convenience of reference only and arel not a part
hereof, and shall not limit or define the meaning sof any
provision hereof.
Adopted this 27th day of October, 1992.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against:
227077
23
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF ROSEMOUNT
I, the undersigned, being the duly qualified and acting
Clerk of the City of Rosemount, Minnesota, DO HEREBY CERTIFY that
I have compared the attached and foregoing extract of minutes -
with the original thereof on file in my office, and that the same
is a full, true and complete transcript of the minutes of a
meeting of the City Council of said City, duly called and held on
the date therein indicated, insofar as such minutes relate to
opening and considering offers for and awarding the sale of,
$1,080,000 General Obligation Community Center Bonds, Series
1992C of said City.
WITNESS my hand this day of , 1992.
Clerk
227077
24
I
10/27/92 14:50 FAX 612 223 3002 SPRINGSTED INC.
P.A
AWARD:
01002/006
SPRENGSTED
120 South Sixth Street
Suite 2507
PUBLIC FINANCE ADVISORS
Minneapolis, MN 55402.1800
(&12) 333.9177
Fax: (612) 349-5230
Nome Office
85 East Seventh Place
16655 West Sluemound Road
Suite 100
Saint Paul, MN 55101-2143
Suite 290
Brookfield, WI 53405.5935
(612) 223-3000
(414) 782-8222
Fax: (612) 223-3002
Fax: 1414) 782-2904
l
6800 College Boulevard
Suite 600
.S
bvetland Park, KS 66211-1533
(9131 3458062
Fax: (913) 345-1770
0110 , , y
1800K Street NW
G.
Suite 831
Washington, DC 20006.2200
(202) 466.3344
Fax: (202) 223-1362
I
$1,080,000
CITY OF ROSEMOUNi
GENERAL OBLIGATION COMMUNITY CENTER BONDS, SERIES 1992C
FBS INVESTMENT SERVICES, INC.
NORWEST INVESTMENT SERVICES, INC.
PIPER JAFFRAY INC.
SALE: October 27, 1992 Moody's Rating: A
Interest Net Interest True Interest
Bidder Rates Prices Cost Rate
FSS INVESTMENT SERVICES, INC. 5.00% 1994-1999 $1,065,009.60 $867,875.41 6.3808%
NORWEST INVESTMENT SERVICES, INC. 5.10% 2000
PIPER JAFFRAY INC. 5.50% 2001
5.75% 2002
6.00% 2003
6.15% 2004
6.25% 2005
6.30% 2006
6.35% 2007
6.40% 2008
6.45% 2008
6.50% 2010
6.55% 2011-2012
6.60% 2013
(Continued)
10/27/92 14:50 FA -1 612 223 3002 SPRINGSTED INC.
REOFFERING SCHEDULE OF THE PURCHASER
0003/poo
Rate
Ym
Yi81
5.00%
1994
3.40%
5.00%
1995
3.75%
5.00%
1996
4.25%
5.00%
1997
4.50%
5.00%
1998
4.7596
5.00%
1999
4.90%
5.10%
2000
Par
5.50%
2001
Par
5.75%
2002
Par
6.00%
2003
Par
6,15%
2004
Par
6.25%
2005
Par
6.30%
2006
Par
6.35%
2007
Par
6.40%
2008
Par
6.46%
2009
Par
6.50%
2010
Par
6.S5%
2011
Par
6,55%
2012
Par
6.60%
2013
Par
BBI: 6.53
Average Maturity: 12.60 Yews
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
ORDINANCE NO,
AN ORDINANCE AUTHORIZING THE ISSUANCE''
OF $3,425,000 GENERAL OBLIGATION MUNICIPAL
BUILDING BONDS, SERIES 1992E BY THE ROSEMiOUNT
PORT AUTHORITY AND PLEDGING THE FULL FAITH
AND CREDIT TO THE PAYMENT THEREOF
THE CITY COUNCIL OF THE CITY OF ROSM40UNT DOES HEREBY
ORDAIN:
SECTION I, Pursuant to and in accordance with the provisions -of
this ordinance and Minnesota Statutes, §469,048 to 469.068 and
469.0813, the issuance of general obligation bonds by the
Rosemount Port Authority (the "Authority") in the aggregate
principal amount of $3,425,000 is 'hereby authorized and found to
be proper; and said bonds shall be issued and sold by the
Rosemount Port Authority in the exercise of its port authority
powers for the purpose of securing funds as needed,, in said
aggregate amount, to defray the costs and expenses necessarily
incurred and to be incurred to finance a municipal ice arena and
a portion of the costs Of an auditorium and banquet facility
which are being constructed as a part of a multipurpose community
center -national guard armory. The pledge of the full faith,
credit and resources of the City as security for the bonds is
hereby authorized. Additional terms and conditions of the bands,
including interest rate, date, denomination, place of payment,
form and maturity scheduled and provision for the sale thereof
shall be determined by the Board of Commissioners of the
Authority pursuant to resolution.
SECTION II. This ordinance shall take effect and be in force
following its passage and publication.
Adopted this day of October, 1992,
McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against:
227358
.. n n/ ^ /gyp n A _
�II I'.+I Y.r 'Vl` ;� l �T �� rY/�L'J.0 n/71' ri.'J 7r�,V T
lU%2i�A� 1�:51 F:LI 612 223 3002 SPRI�GSTED I�C. �OU5�006
�� �P R I N GSTEC� ]2o Sout,•� 3ixth Street
'� 5uite 2507
PUBLIC FINANCE ADVISQRS Minnea6i2) 33391702•1800
Fax: (6I2) 3a9•5230
Home Office
85 East Seventn Place 16fi55 West 8luemound Road
Suite 100 Suite 290
Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935
(bi2) 223•3000 ta14) 782-8222
F�x: (612) 223-30Q2 Fax: (414) 78Z•2904
b800 College Boulevard
Suite 6D0
Overland Park, KS 66211-153"s
i9131 345•3062
Fax: (913) 345-177Q
180GK Sveet NW
Suite 831
Washington, DC 2GOC6-22C0
(202) 466-33a4
Fax: (2C21 223-1362
S3,425,000
PdRT AUTHORITY OF THE CITY OF R4SEMOUNT, MINNESOTA
GENERAL OQ�IQATIQN MUNICIPAL BUILDING SONpS, SERI�S 1892E
AWARD: CRONIN & COMPANY, (NCORP�RATED
SMITH BARNEY, HARRIS UPNAM � COMPANY INCORPORATED
�DWARD D. JON�S E� CQMPANY
SALE: October�7, 198Z Moody's RBting: A
IMareat Net Interset 7rue Intereat
Bldder Rates Price Cast Rate
CRONIN &COMPANY, INCORPORATED 3.4Q% 1994 $3,366,775.00 $3,248,773.75 6,445096
SMITH BARNEY, HARRIS UPHAM & 3.75% 1995
COMPANY INCORPORATED 4.2596 199fi
EDWARD D, JONES 8 COMPANY 4.5�% 1997
4.7596 1998
S.DO% 1999
5.209b 2q40
5.5096 2001
5.8096 20Q2
8.0096 2003
6.10% 2004
6,2fl96 20Q5
6.30`Y� 20Q6
6.35% 20�7
5,4496 2008
8.4596 2009
6.5056 2010-2012
6.5596 2013-201 S
6.6096 2016-2018
(Continued)
, ,,� 10/?i192 1�:�1 F.� 612 223 3002 SPF.rVGSTED IAC. �006/006
Interest Net Interest True lntereat
Biddor Rates Price Coat Rate
FBS (NVESTMENT SERVICES, INC, 3,40% 1994 $3,366,775.00 w3,279,101.90 8.50069b
NORWEST INVES7MENT SERVICES, INC. 3.7596 1995
Miiler&Schroeder Finartciaf, Inc, a.25% 1996
Miiler, Jahnson 8� Kuehn, inc. 4.5096 1997
-in Association With- 4.7596 1998
PIPER JAFFRAY INC. 4.9096 1999
Robert W. Baird�Company, Incorporated 5.1096 200d
Cra1g-�-�alfum, Incorparated 5.5096 2001
Dougherty, Dawkins, Strand &Bigelow, 5.7596 2002
Incorporated 6.dQ% 2003
John G. Kinnard & Company Incorporated fi,15% 2004
fi.2596 2005
8.30% 2006
s.3s� 2007
6,409n 24Q8
6.4596 2009
8.509b �CO10
fi.5596 2Q11-2D12
s.so� 2013-2014
s.�o% 2015-2Q1 B
fi.7596 2017-201 S
These Bonds are befng reoffered ai par.
BBI: 6,53
Average Maturity: 14.71 Years