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85-115 - 11-19 Issue $6,700,000 General Obligation Tax Bonds Series 1985CResolution 85-115 November 19, 1985 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $6,700,000 GE14ERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985C BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: 1. Bond Authorization. For the purpose of financing land acquisition and public improvements within the City's Golden Hills Redevelopment Tax Increment Financing District, this Council determines that it is necessary to sell and issue general obligation bonds of the City in the amount of $6,700,000 pursuant to Minnesota Statutes, Section 273.77. 2. Sale Terms. Springsted Incorporated, bond consultants to the City, has presented to this Council a form of Official Terms of Offering of the sale of the bonds, and a form of Notice of Sale for publication, which forms are attached hereto and shall be placed on file in the office of the City Clerk. Each of all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of said bonds and of the sale thereof, and shall be made available to all prospective purchasers of the bonds. The City Clerk is authorized and directed to cause the Notice of Sale to be published once in the official newspaper of the City, and once in Finance and Commerce, a financial paper published in Minneapolis, at least ten days before the date of sale. 3. Sale Meeting. This Council shall meet on Monday, December 16, 1985, at 4:30 P.M., to consider the bids received for the purchase of the bonds, and to take such actions thereon as is deemed in the best interests of the City. Mary E. An rson, Mayor ATTEST: Shirley lson, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Stockman and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; 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. Resolution 85-115 - Continued November 19, 1985 OFFICIAL TERMS OF OFFERING $6,700,000 CITY OF GOLDEN VALLEY, MINNESOTA GENERAL OBLIGATIONS TAX INCREMENT BONDS, SERIES 1985C Sealed bids for the Bonds will be opened by the Finance Director or his designee on Monday, December 16, 1985, at 12:00 o'clock Noon, Central Time, at the office of Springsted Incorporated, 800 Osborn Building, Saint Paul, Minnesota 55102. Consideration for award of the Bonds will be by the City Council at 4:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated December 1, 1985, as the date of original issue, and will bear interest payable on August 1 and February 1 of each year, commencing August 1, 1986. Interest will be computed upon the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the r1SRB. The Bonds will be issued in integral multiples of $5,000 of a single maturity, as requested by the Purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the Registrar and interest on each Bond will be payable by check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on the books of the Registrar as of the 15th of the calendar month next preceding the interest payment. The bonds will mature February 1 in the amounts and years as follows: $170,000 1990 $285,000 1995 $395,000 1999 $550,000 2003 $205,000 1991 $310,000 1996 $430,000 2000 $595,000 2004 $225,000 1992 $335,000 1997 $465,000 2001 $645,000 2005 $245,000 1993 $365,000 1998 $505,000 2002 $710,000 2006 $265,000 1994 The City may elect of February 1, 1996, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1997. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax increment to be received from the City's Golden Hills Redevelopment Project Tax Increment District. The proceeds will be used to pay the public redevelopment costs to be issued in the Golden Hills Redevelopment Project area. Resolution 85-115 - Continued TYPE OF BID November 19, 1985 A sealed bid for not less than $6,599,500 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $50,000, payable to the order of the City, shall have been filed with the undersigned or Springsted Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bids. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of 1%. No rate for any maturity shall be more than 1.5% lower than any prior rate. No rate nor the net effective rate for the entire issue of the Bonds shall exceed the maximum rate permitted by law. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non -substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the Registrar which shall be subject to applicable SEC regulations. The City will pay 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 will constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. Resolution 85-115 - Continued SETTLEMENT November 19, 1985 Settlement will be on or before December 31, 1985 at a place mutually satisfactory to the City and the Purchaser. A single typewritten Bond for each maturity will be provided at settlement, which bonds will be exchanged for printed bonds on or about January 20, 1986. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Dorsey & Whitney of Minneapolis and Saint Paul, Minnesota, which opinion will be printed on the definitive Bonds, and of customary closing papers, including a no -litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not later than 1:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the City, to the effect that the Official Statement did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 15 copies of the Official Statement. Dated November 19, 1985 BY ORDER, OF THE CITY COUNCIL /s/Shirley Nelson, City Clerk Resolution 85-115 - Continued NOTICE OF SALE November 19, 1985 CITY OF GOLDEN VALLEY, P1I NNESOTA $6,700,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985C Sealed bids for the purchase of these Bonds will be accepted by the Finance Director at the office of Springsted Incorporated, 800 Osborn Building, St. Paul Minnesota, until 12:00 o'clock Noon, Central Time, on Monday, December 16, 1985. Consideration for award of the Bonds will be by the City Council at 4:30 P.M., Central Time, of the same day. The Bonds will be dated December 1, 1985, will bear interest payable semiannually commencing on August 1, 1986, and will mature on February 1, in the following years and amounts: $170,000 1990 $310,000 1996 $505,000 2002 $205,000 1991 $335,000 1997 $550,000 2003 $225,000 $245,000 1992 1993 $365,000 $395,000 1998 1999 $595,000 $645,000 2004 2005 $265,000 1994 $430,000 2000 $710,000 2006 $285,000 1995 $465,000 2001 Bonds maturing on or after February 1, 1997, will be subject to redemption prior to maturity on February 1, 1996 and any interest payment date thereafter, at par plus accrued interest. Bidders must specify a price of not less than $6,599,500 plus accrued interest, and interest rates for each maturity and a net average interest rate for the issue not exceeding the maximum permitted by law. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis and St. Paul, Minnesota. The proceeds will be used to pay the public redevelopment costs to be issued in the Golden Hills Redevelopment Project area. Dated: November 19, 1985 BY ORDER OF THE CITY COUNCIL Shirley Nelson, City Clerk Further information may be obtained from the Issuer's Financial Advisor, SPRINGSTED INCORPORATED, 800 Osborn Building, St. Paul, HN 55102, 612/222-4241.