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87-108 - 10-06 Issue $300,000 Equipment Certificates Series 1987EResolution 87-108 October 6, 1987 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION RELATING TO $300,000 EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1987E, DETERMINGING THE EXPEDIENCY OF ISSUING THE CERTIFICATES AND PROVIDING FOR THE SOLICITATION OF BIDS THEREFOR BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: 1. Authorization. It is necessary and expedient for the City, in accor- dance with the provisions of Minnesota Statutes, Section 412.301, forthwith to borrow money by the issuance of its equipnent certificates of indebtedness in the principal amount of $300,000, which amount is less than 1% of the assessed valuation of the City, to purchase various itens of capital equipment. 2. Sale Terms. In order to expedite the sale of said certificates, the administrative officials of the City, in consultation with Springsted Incorporated, bond consultant to the City, are authorized to prepare and cir- culate to one or more prospective bidders information relating to the terms and conditions of the certificates, in substantially the form attached hereto, the relating to the financial condition of the City and to solicit bids from said prospective bidders for the purchase of the certificates. This Council shall meet on Novenber 4, 1987, at 7:30 PM, to consider bids for the purchase of the certificates and to take such action thereon as is deemed appropriate. ATTEST: ary E. Yderson, Mayor C')DIIJA) 7mo1NIal Deputy ity Clerk tion for the adoption of the foregoing resolution was duly seconded by Member Bakken and upon a vote being taken thereof, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; 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 Deputy City Clerk. Resolution 87-108 - Continued October 6, 1987 THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS BOND ISSUE ON THEIR BEHALF. SPRINGSTED INCORPORATED WILL RECEIVE PROPOSALS ON THE FOLLOWING BASIS: $300,000 CITY OF GOLDEN VALLEY GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1987E Proposals for the Certificates will be opened by the City Manager or his designee on Wednesday, November 4, 1987, at 11:00 All, Central Time, at the offi- ces of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143. Consideration for award of the Certificates will be by the City Council at 7:30 P11, Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated December 1, 1987, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, com- mencing August 1, 1988. 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 MSRB. The Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof 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 Certificate 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 day of the calendar month next preceding the interest paynent. The Certificates will mature February 1 in the amounts and years as follows: $90,000 1989 $100,000 1990 $110,000 1991 SECURITY AND PURPOSE The Certificates 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. The proceeds will be used to purchase various capital equipment. TYPE OF PROPOSAL Proposals must be for not less than $298,500 and accrued interest on the total principal amount of the Certificates and shall be filed with the undersigned prior to the time set for the receipt of proposals. A certified or cashier's check in the amount of $3,000, payable to the order of the City, shall be within 24 hours of award filed by the Purchaser with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. 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 proposal. the City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No proposal shall be withdrawn after the time set for receiving proposals unless the meeting of the City scheduled for consideration of the proposals is adjourned, recessed, or continued to another date without award of the Certificates having been made. Rates offered shall be in integral multiples of 5/100 or 1/8 of 1%. No rate for Resolution 87-108-1 October 20, 1987 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES FOR CITY FUNDS BE IT RESOLVED by the City Council of the City of Golden Valley that the following are named as depositories for City Funds subject to the furnishing of collateral for funds on deposit as provided in the Laws of the State of Minnesota: Golden Valley State Bank Norwest Bank - Calhoun Isles Marquette Bank Minneapolis First Bank Plymouth Shelard National Bank Trust for Short -Term U. S. Securities Dain Bosworth Resolution 87-108 - Continued October 6, 1987 any maturity shall be more than 1% lower than any prior rate. Certificates of the same maturity shall bear a single rate from the date of the Certificates to the date of maturity. AWARD The Certificates will be awarded on the basis of the proposal 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 Certificates from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each proposal, in accordance with customary practice, will be controlling. 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 NU11BERS If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the certificates, but neither the failure to print such numbers on any Certificate nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Certificates. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award, the Certificates will be deli- vered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. 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 Certificates, and of customary closing papers, including a no -litigation certificate. On the date of settle- ment payment for the Certificates 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 PM, Central Time. Except as compliance with the terms of payment for the Certificates 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 Purchasers's non-compliance with said terms for payment. INVITATION FOR PROPOSALS Underwriters may obtain a copy of the Invitation for Proposals by request to the City's Financial Advisor prior to the receipt of proposals. The Purchaser will be provided with 15 copies of Invitation for Proposals. Resolution 87-108-1 October 20, 1987 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES FOR CITY FUNDS BE IT RESOLVED by the City Council of the City of Golden Valley that the following are named as depositories for City Funds subject to the furnishing of collateral for funds on deposit as provided in the Laws of the State of Minnesota: Golden Valley State Bank Norwest Bank - Calhoun Isles Marquette Bank Minneapolis First Bank Plymouth Shelard National Bank Trust for Short -Term U. S. Securities Dain Bosworth Offerman and Company Inc. Franklin U. S. Government Securities Fund Juran & Moody Inc. Piper, Jaffray & Hopwood Inc. BE IT FURTHER RESOLVED that the following signatories or alternates are authorized to be signatories on checks drawn on funds deposited: 1. General Checking and Payroll Checking: Mayor or Mayor Pro Tem and Treasurer or Accountant Each check shall require two (2) signatures. 2. Internal Deposit Funds: Signatories shall be as designated by the City Manager who shall notify the bank at the time of authorization or change of authorization and each check shall require two (2) signatures. 3. Imprest Fund Checking (Park and Recreation): Signatories shall be as designated by the City Manager who shall notify the bank at the time of authorization or change of authorization and each check shall require one (1) signature. BE IT FURTHER RESOLVED that the following shall be authorized to make investments of City Funds and shall be authorized to deposit the principal of said investments in the above named depositories as necessary and beneficial to the City: City Manager, City Treasurer or Accountant. The City Manager and City Clerk are authorized and directed to furnish each of the depositories with certified copies of this resolution along with such signature documentation as is required by the depository and the authorizations set forth under 2 and 3 above. Resolution 87-108-1 - Continued ATTEST: J6yNa y,Depu City Clerk October 20, 1987 et4w ,✓ Mary E. A erson, Mayor 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, 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 Deputy City Clerk.