088-070 - 07-05 Issuance & Sale of $330,000 GO Certificates of Indebtedness Series 1988B ResQlution 88-70 July 5, 1988
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
$330,000 GENERAL 06LIGATION EQUIP��ENT
CERTIFICATES OF INDEBTEDNESS, SERIES 1988B
BE IT RESOLVED by the City Council of the City of Golden Valley, h1innesota,
as follows:
1. It is h2reby found and determined that is is necessary and expedient for
the City to issue and sell its general obligation equipment certificates of
indebtedness in the principal amount of $330,000 to finance the cost of capital
equipment, pursuant to h1innesota Statutes, Section 412.301.
2. The Certificates shall be sold in accordance with the terms set forth in
the Official Terms of Offering, which is attached hereto and hereby approved. The
City Clerk is hereby authorized and di rected to cause the abbrevi ated Notice of
Sale of the Certificates attached hereto to be published once in the official
newspaper of the City and in the Commercial West, published in Plinneapolis,
Minnesota, not less than 10 days prior to the date of sale.
3. This Council shall meet at the City Hall on Tuesday, August 2, 1988, at
7:30 o 'clock P.M. , for the purpose of considering the bids receiv�d for the
purchase of said Certificates.
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�(/��,wV. /9? fl'._4+Gr O`�--„'t
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Mary E. . erson, h1ayor
ATTEST:
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Shirley J. l�on, City Clerk
The motion for adoption of the foregoing resolution was seconded by Member
Bakken 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 decla red duly
passed and adopted, signed by the �layor and her signature attested by the City
Clerk.
Resolution 88-70 - Continued July 5, 1988
OFFICIAL TERP�S OF OFFERING
$330,000
CITY OF GOLDEN VALLEY, MINNESOTA
GENERAL OBLIGATION EQUIPPIENT CERTIFICATES OF INDEBTEDNESS, SERIES 1988Q
Sealed bids for the Certificates will be opened by the City on Tuesday, August
2, 1988, at 11:00 A.M. , Central Time, at the offices of SPRINGSTED Incorporated,
85 East Seventh Place, Suite 100, St. Paul , P�linnesota, 55101-2143. Consideration
for award of the Certificates will be by the City Council at 7:30 P.P�I. , Central
Time, of the same day.
DETAILS OF THE CERTIFICATES
The Certificates will be dated September l, 1988, as the date of original issue,
and will bear interest payable on February 1 and August 1 of each year, commencing
August 1 , 1989. 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 ��SRB. The
Certificates will be issued in the denomination of $5,000 each, or in integral
multiples thereof 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 Regi strar as of the 15th day of the calendar month
next preceding the interest payment.
Certificates will mature February 1 in the amounts and years as follows:
$110,000 1990-1992
OPTIONAL REDEPIPTION
The Certificats will not be subject to payment in advance of their stated maturity
dates.
SECURITY APJD PURCHASE
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 acquire equipment for City purposes.
Resolution 88-70 - Continued July 5, 1988
TYPE OF QI D
A sealed bid for not less than $325,875 and accrued interest on the total principal
amount of the Certificates 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 $3,100, 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 bid. 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 Certificates having
been made. Rates offered by bidders shall be in integral multiples of 5/100 or
1/8 of 1%. No rate specified for a maturity shall exceed the rate specified for
any subsequent maturity. Certificates of the same maturity shall bear a single
rate from the date of the Certificates to the date of maturity. No bid may be
conditioned upon award of any other offering of obligations by the City.
AWARD
The Certificates 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
Certificates 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 customa ry 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 Certificates,
(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 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 Bond 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 CSIP identification numbers shall be
paid by the Purchaser.
Resolution 88-70 - Continued July 5, 1988
SETTLEh1ENT
Within 40 days following the date of their award, the Certificates will be delivered
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 & 4Jhitney of �linneapolis, P1innesota, which
opinion will be printed on the Certificates, and of customary closing papers,
including a no-litigation certificate. On the date of settlement 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 P.P�. ,
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 Purchaser's non-compliance vrith said terms for payment.
OFFICIAL STATEh1ENT
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 25 copies of the Official Statement.
Dated July 5, 1988 BY ORDER OF THE CITY COUNCIL
/s/Shirley Nelson
Clerk
Resolution 88-70 - Continued July 5, 1988
NOTICE OF SALE
CITY OF GOLDEN VALLEY, MINNESOTA
$330,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES
OF INDEBTEDNESS, SERIES 1988B
Bids for the purchase of $330,000 General Obligation Equipment Certificates of
Indebtedness, Series 1988B of the City of Golden Valley, Minnesota will be
received on Tuesday, August 2, 1988, until 11:00 A.M. , Central Time, at the
offices of Springsted Incorporated, 85 East Seventh Street, Suite 100, St. Paul ,
Minnesota. The Certificates will be originally dated September 1, 1988, and
will mature on February 1 , in the following years and amounts:
Year Amount
1990 $110,000
1991 110,000
1992 110,000
�9inimurn bid is $325,875. A legal opinion will be furnished by Dorsey & Whitney,
of hlinneapolis, Minnesota. The Certificates are being issued to finance the
acquisition of capital equipment.
BY ORDER OF TNE CITY COUNCIL
/s/Shirley J. Nelson, City Clerk