HomeMy WebLinkAbout85-061
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596-D
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
ARDEN HILLS, MINNESOTA
HELD: NOVEMBER 12, 1985
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Arden Hills, Minnesota, was
duly held at the the City Hall in said City on the 12th day of
November, 1985, at 7:30 P.M.
The fOllowing members were present: Mayor Robert WoodJliUri'l~
Councilmembers Gary Peck, Nancy Hansen, and Thomas Sather.
and the following were absent: Dale Hicks
Member Thomas Sather introduced the following
resolution and moved its adoption:
RESOLUTION NO. 85-61
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $2,200,000 GENERAL OBLIGATION
ADVANCE REFUNDING BONDS OF 1985
BE IT RESOLVED by the City Council of the City of Arden
Hills, Minnesota. as follows:
1. It is hereby found, determined and declared that this
City should issue $2,200,000 General Obligation Advance
Refunding Bonds of 1985 to defray the expense of refunding in
advance of maturity the outstanding $2,515,000 General Obliga-
tion Improvement Bonds of 1985, dated April 1, 1985.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening, considering sealed bids for, and awarding
the sale of $2,200,000 General Obligation Advance Refunding
Bonds of 1985 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
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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.
The motion for the adoption of the foregoing resolution
was duly seconded by member Gary Peck and upon a vote
being taken thereon, the following voted in favor thereof:
Mayor Robert Woodburn, Councilmembers Gary Peck, Nancy Hansen, and
Thomas Sather.
and the following voted against the same: None
Whereupon said resolution was declared duly passed and
adopted.
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
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I, the undersigned, being the duly qualified and acting
Clerk of the City of Arden Hills, 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 $2,200,000 General Obligation
Advance Refunding Bonds of 1985 of said City.
City
WITNESS my hand ~Ch Clerk and the
this ~ day 0 u~~ M 1985.
official seal of the
~@?h~
Clerk-Administrator
(SEAL)
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EXHIBIT A
NOTICE OF BOND SALE
$2,200,000
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CITY OF ARDEN HILLS
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION ADVANCE
REFUNDING BONDS OF 1985
Sealed bids on these bonds will be opened on Tuesday,
December 3, 1985, at 11:00 A.M., Central Time, at the offices
of Juran & Moody, Inc. Consideration of the bids for award of
the sale will be by the City Council at the City Hall, in Arden
Hills, Minnesota at 5:30 P.M., Central Time, of the same day.
The bonds will be dated December 15, 1985 and interest will be
payable June 1, 1986 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 December 1 in the amounts and years as follows:
1986-1987
1988-1989
1990
1991.
1992-1993
1994
$325,000
$350,000
$250.000
$200,000
$150,000
$100,000
The City reserves the right to increase or decrease the
principal amount of the issue by un to $150,000. Anv maturity may b"
changed in principal amount and the discount will be computed
on a proportionate basis.
All bonds maturing on or after December 1, 1989 are subject to
prior payment on December 1, 1988 and any interest payment date
thereafter at a price of par and accrued interest, Sealed bids
for not less than $2,161,500 and accrued interest on the
principal sum of $2,200,000 will be accepted, No rate of
interest nor the net effective average rate of the issue may
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exceed the maximum rate allowed by law at the time of sale. 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 refund in
advance of maturity the outstanding $2,515,000 General
Obligation Improvement Bonds of 1985, dated April 1, 1985.
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 Sale the provisions of the
latter shall be those to be complied with,
Dated: November 12, 1985
BY ORDER OF THE CITY COUNCIL
/s/ Charlotte McNiesh
Clerk-Administrator
Additional information
may be obtained from:
JURAN & MOODY, INC.
Minnesota Mutual Life Building
400 North Robert Street
Suite 800
St. Paul, Minnesota 55101
Telephone No: 612-224-1500
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
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$2,200,000
GENERAL OBLIGATION ADVANCE REFUNDING
BONDS OF 1985
CITY OF ARDEN HILLS
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE:
Sealed bids on the bonds will be
opened on Tuesday, December 3,
1985, at 11:00 A.M., Central Time
at the offices of Juran & Moody,
Inc. Consideration of the bids for
award of the sale will be by the
City Council at 5:30 P.M., Central
Time, of the same day at the City
Hall in Arden Hills, Minnesota.
TYPE OF BONDS:
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
DATE OF ORIGINAL
ISSUE OF BONDS:
December 15, 1985,
PURPOSE:
To refund in advance of maturity
the outstanding $2,515,000 General
Obligation Improvement Bonds of
1985, dated April 1, 1985.
INTEREST PAYMENTS:
June 1, 1986, and semiannually
thereafter on December 1 and
June 1.
MATURITIES:
December 1 in each of the years and
amounts as follows:
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1986-1987
1988-1989
1990
1991
1992-1993
1994
$325,000
$350,000
$250,000
$200,000
$150,000
$100,000
The City reserves the right to
increase or decrease the principal
amount of the issue by UP to $150,1)1)1)
Any maturity may be changed in
principal amount and the discount
will be computed on a proportionate
basis.
REDEMPTION:
At the option of the Issuer, bonds
maturing on or after December 1,
1989 shall be subject to prior
payment, on December 1, 1988 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 redemp-
tion 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 comnon maturity
date are called for prepayment the
specific bonds to be prepaid shall
be chosen by lot by the Registrar.
The Bond Registrar and paying agent
shall be First Trust Company, Inc"
in St. Paul, Minnesota. 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
BOND REGISTRAR:
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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 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 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
$2,161,500 and accrued interest on
the principal sum of $2,200,000
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 $22,000,
payable to the order of the
Treasurer of the Issuer must
accompany each bid, to be forfeited
as liquidated damages if bidder
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fails to comply with accepted bid.
Bids for the bonds should be
addressed to:
Donald Lamb, Treasurer
City Hall
1450 West Highway 96
Arden Hills, Minnesota 55112
RATES:
All rates must be in integral
multiples of 1/20th or 1/8th of 1%
and may not exceed the maximum rate
allowed by law at the time of sale.
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.
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 net effective
average rate of the issue may not
exceed the maximum rate allowed by
law at the time of sale.
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: November 12, 1985
BY ORDER OF THE CITY COUNCIL
/s/ Charlotte McNiesh
Clerk-~dministrator
Additional information
may be obtained from:
JURAN & MOODY, INC.
Minnesota Mutual Life Building
400 North Robert Street
Suite 800
St, Paul. Minnesota 55101
Telephone No: 612-224-1500