85-073 - 08-06 Public Sale of $6,460,000 General Obligation Improvement Bonds Series 1985Resolution 85-73
August 6, 1985
Member Stockman introduced the following resolution and moved its adoption:
RESOLUTION RELATING TO $6,460,000 GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1985;
CALLING FOR THE PUBLIC SALE THEREOF
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota
(the City), as follows:
1. Authorization. This Council has heretofore ordered or will order before
August 20, 1985, the local improvements designated below (the Improvements) to
be constructed in the City, and has contracted or will - contract for the construction
of the Improvements, under and pursuant to Minnesota Statutes, Chapter 429. The
designation and present estimated total cost of the Improvements are as follows:
Designation Estimated Costs
See Attached Exhibit A
It is hereby determined to be necessary and expedient for the City to sell
and issue its general obligation improvement bonds in the principal amount of
$6,460,000 to defray the expense incurred in making the Improvements, including
every item of cost of the kinds authorized in Minnesota Statutes, Section 475._65,
including $126,000 of bonds representing interest as provided in Minnesota
Statutes, Section 475.56. Such bonds shall be denominated "General Obligation
Improverent Bonds, Series ,1985',' (the Bonds).
2. Sale. This Council shall meet at the time and place specified in the
notice of sale hereinafter prescribed for the purpose of receiving sealed bids
and awarding sale of the Bonds. The City Clerk is hereby authorized and directed
to cause notice of the time, place and purpose of the meeting to be published in
the New Hope -Golden Valley Post, the official newspaper of the City, and in
Commercial West, once not less than ten days before the date of said meeting in
substantially the following form:
NOTICE OF BOND SALE
$6,460,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985
CITY OF GOLDEN VALLEY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City of Golden Valley, Minnesota, will
receive sealed bids for the purchase of $6,460,000 General Obligation Improvement
Bonds, Series 1985, of the City (the Bonds), at the of of Public Financial
Systems in Minneapolis, Minnesota, until 2:00 p.m, on the 20th day of August,
1985, at which time the bids will be opened and tabulated. The City Council
will meet at the Council Chambers in the City Hall in Golden Valley, Minnesota
to award the sale of the Bonds at 6:30 o'clock p.m. that same day. The Bonds
will be issued for the purpose of financing the cost of various improvement
projects within the City. The Bonds will be issuable as fully registered bonds
of single maturities, in the denominations of $5,000 or any integral multiple
thereof, will be initially dated as of September 1, 1985, and will mature on
February 1 in the following years and amounts:
Resolution 85-73 - Continued
August 6, 1985
Year
Amount
Year
Amount
1987
$135,000
1994
$400,000
1988
250,000
1995
450,000
1989
275,000
1996
500,000
1990
300,000
1997
525,000
1991
325,000
1998
575,000
1992
350,000
1999
600,000
1993
375,000
2000
675,000
2001
725,000
Interest will be payable on each February 1 and August 1, commencing August 1,
1986, to the registered owners of the Bonds appearing of record in the bond
register as of the 15th day of the immediately preceding month. The rate of
interest expressed for a maturity may not exceed the rate specified for Bonds of
any subsequent maturity. No rate of interest nor the net effective rate of the
issue may exceed the maximum legal rate determined pursuant to Minnesota
Statutes, Section 475.55. A legal opinion will be furnished by Dorsey & Whitney,
of Minneapolis, Minnesota. Copies of a statement of Terms and Conditions of
Sale and additional information may be obtained from the undersigned or from
Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis,
Minnesota 55402; telephone 612-333-9177, financial consultants to the City.
Dated: August 6, 1985
BY ORDER OF THE CITY COUNCIL
City Clerk
City of Golden Valley, Minnesota
3. Terms and Conditions of Sale. The following statement of Terms and
Conditions of Sale shall constitute the terms and conditions for the sale and
issuance of the Bonds and such terms and conditions are hereby authorized to be
incorporated in material distributed to prospective bidders for the Bonds:
TERMS AND CONDITIONS OF SALE
$6,460,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1985
CITY OF GOLDEN VALLEY, MINNESOTA
The City of Golden Valley, Minnesota (the City), will receive sealed bids
for the purchase of $6,460,000 General Obligation Improvement Bonds, Series
1985 of the City (the Bonds), at the offices of Public Financial Systems, in
Minneapolis, Minnesota until 2:00 p.m. on the 20th day of August, 1985, at which
time the bids will be opened and tabulated. The City Council will meet at the
Council Chambers in the City Hall in Golden Valley, Minnesota to award the sale
of the Bonds at 6:30 o'clock p.m. that same day.
PURPOSE
The Bonds will be issued for the purpose of financing the cost of construction
of various improvement projects within the City, in accordance with the provisions
of Minnesota Statutes, Chapters 429 and 475.
Resolution 85-73 - Continued August 6, 1985
DATE. TYPE. DENOMINATION. MATURITIES AND REDEMPTION
The Bonds will be initially dated as of September 1, 1985, will be issued
as negotiable investment securities in registered form as to both principal and
interest and will be issuable in the denominations of $5,000 or any integral
multiple thereof, of single maturities. The Bonds will mature on February 1 in
the following years and amounts:
Year
Amount
Year
Amount
1987
$135,000
1994
$400,000
1988
250,000
1995
450,000
1989
275,000
1996
500,000
1990
300,000
1997
525,000
1991
325,000
1998
575,000
1992
350,000
1999
600,000
1993
375,000
2000
675,000
2001
725,000
Bonds maturing on February 1, 1994 and thereafter, will be each subject to
redemption on that date and any interest payment date thereafter, in whole or in
part and if in part, in inverse order of maturities, and by lot within maturities,
at a price of par plus accrued interest.
BOND REGISTRAR, TRANSFER AGENT AND PAYING AGENT
The City will contract with a suitable bank or trust company designated by
the original purchaser to act as Bond Registrar, Transfer Agent and Paying Agent
(the Registrar), subject to approval by the City Council. The Bond Register
will be kept, principal and interest will be paid to the registered owner of each
Bond and transfers of ownership will be effected by the Registrar. The City
will pay the reasonable and customary charges of the Registrar for such services.
The City reserves the right to remove the Registrar and appoint a successor.
INTEREST PAYMENT DATES. RATES
Interest will be payable each February 1 and August 1, commencing August 1,
1986, to the registered owners of the Bonds appearing of record in the Bond
Register as of the close of business on the 15th day (whether or not a business
day) of the immediately preceding month. All Bonds of the same maturity must
bear interest from date of issue until paid at a single, uniform rate, not
exceeding the rate specified for Bonds of any subsequent maturity. Each rate
must be expressed in an integral multiple of 5/100 of 1%, and no rate of interest
nor the net effective rate of the issue may exceed the maximum legal rate
determined pursuant to Minnesota Statutes, Section 475.55.
Resolution 85-73 - Continued
DELIVERY
August 6, 1985
Within 40 days after the sale, the City will deliver to the Registrar the
printed Bonds ready for completion and authentication. The original purchaser
of the Bonds must notify the Registrar, at least 5 business days before delivery
of the Bonds, of the persons in whose names the Bonds will be initially registered
and the authorized denoninations of the Bonds to be originally issued. If
notification is not received by that date, the Bonds will be registered in the
name of the original purchaser and will be issued in denominations corresponding
to the principal maturities of the Bonds. On the day of closing, the City will
furnish to the purchaser the opinion of bond counsel hereinafter described, an
arbitrage certification and a certificate verifying that no litigation in any
manner questioning the validity of the Bonds is then pending or, to the best
knowledge of officers of the City, threatened. Payment for the Bonds must be
received by the City at its designated depositary on the date of closing in
immediately available funds.
LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from taxation
of the interest thereon will be furnished by Dorsey & Whitney, of Minneapolis,
Minnesota. The legal opinion will be printed on the Bonds at the request of the
purchaser. The legal opinion will state that the Bonds are valid and binding
general obligations of the City enforceable in accordance with their terms,
except to the extent to which enforceability may be limited by state or United
States laws relating to bankruptcy, reorganization, moratorium or creditors'
rights generally.
TYPE OF BID AND AWARD
Sealed bids for not less than $6,334,000 and accrued interest on the
principal sum of $6,460,000 must be mailed or delivered to the undersigned and
must be received prior to the time stated above. Bidders must bid for all or
none of the Bonds. Each bid must be unconditional and must be accompanied by a
cashier's check or certified check or bank draft in the amount of $64,600,
payable to the City Clerk to be retained by the City as liquidated damages if
the bid is accepted and the bidder fails to comply therewith. The bid authorizing
the lowest net interest cost (total interest on all Bonds from September 1, 1985
to their maturities, less any cash premium or plus any discount), will be deemed
the most favorable. The net effective rate on all Bonds may not exceed the
maximum legal rate determined pursuant to Minnesota Statutes, Section 475.55.
In the event that two or more bids state the lowest net interest cost, the sale
of the Bonds will be awarded by lot. The City reserves the right to reject any
and all bids, to waive informalities in any bid, and to adjourn the sale.
Resolution 85-73 - Continued
CUSIP NUMBERS
August 6, 1985
The City will assume no obligation for the assignment or printing of CUSIP
numbers on the Bonds or for the correctness of any numbers printed thereon, but
will permit such numbers to be assigned and printed at the expense of the purchaser,
if the purchaser waives any delay in delivery occasioned thereby.
Information for bidders and bidding forms may be obtained from the undersigned
or from Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis,
Minnesota 55402, telephone: 612-333-9177, financial consultants to the City.
Dated: August 6, 1985 BY ORDER OF THE CITY COUNCIL
City Clerk
City of Golden Valley, Minnesota
4. Official Statement. The City Clerk and other officers of the City, in
cooperation with Public Financial Systems, Inc. financial consultants to the
City, are hereby authorized and directed to prepare on behalf of the City an
official statement to be distributed to potential purchasers of the Bonds. Such
official statement shall contain the statement of Terms and Conditions of Sale
set forth in paragraph 3 hereof and such other information as shall be deemed
advisable and necessary to describe accurately the City and the security for,
and terms and conditions of, the Bonds.
4&014f
Maryerson, Mayor
ATTEST:
S'hirley is n, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Thompson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Johnson, Stockman and Thompson; and the following was
absent: Bakken, and the following voted against the same: none, whereupon said
resolution was declared duly passed and adopted, signed by the Mayor and her
signature attested by the City Clerk.
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