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90-49 - 08-07 Authorize Issue $695,000 General Obligation Bonds 1990B• �.J Resolution 90-49 August 7, 1990 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $695,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1990B BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: Section 1. Purpose. It is hereby determined to be in the best interests of the City to issue its General Obligation Improvement Bonds, Series 1990B, in the principal amount of $695,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the following public improvement projects: Project 1990 SI 6 (Mandan, Winsdale) 1989 SI 12 (Cloverleaf, Woodstock) Estimated Cost $418,500 269,250 Section 2. Terms of Bond Sale; Notice. Springsted, Incorporated, financial consultant to the City, has presented to this Council a form of Official Terms of Offering for the Bonds and an abbreviated notice for publication, which shall be placed on file by the Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. The Clerk is authorized and directed to cause the abbreviated notice to be published once in the official newspaper and once in a bond trade publication at least 10 days prior to the date on which bids of the purchase of the Bonds will be received. Section 3. Sale Meeting. Tuesday, September 4, 1990, at sealed bids for the purchase of may be in the best interests of ATTEST: Shirley J is n, City Clerk This Council shall meet at the City Hall on 6:30 o'clock P.M., for the purpose of considering the Bonds, and of taking such action thereon as the City. Mary E. derson, payor 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 City Clerk. Resolution 90-49 - Continued August 7, 1990 NOTICE OF SALE City of Golden Valley, Minnesota $695,000 General Obligation Improvement Bonds, Series 1990B These Bonds will be offered for sale on sealed bids on Tuesday, September 4, 1990. Bids will be accepted until 1:00 o'clock p.m., Central Time, at the offi- ces of Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota 55101-2143, at which time the bids will be opened and tabulated for presentation to the City Council for action thereon at a meeting to be held at the City Hall at 6:30 p.m., on the same day. No bid submitted can be withdrawn before the Council meeting. The Bonds will be issuable as fully registered bonds in denominations of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of September 1, 1990, will bear interest payable semiannually on each February 1 and August 1 to maturity, commencing August 1, 1991, and will mature on February 1 in the following years and amounts: Year Amount 3L$155,000 1993-2001 60,000 Bidders must specify a price of not less than $687,750 plus accrued interest. A legal opinion on the Bonds will be furnished by Dorsey & Whitney of Minneapolis, Minnesota. Bidders should be aware that the Official Terms of Offering to be published in the Official Statement for the Bonds may contain additional bidding terms and information relative to the issue. In the event of a variance between state- ments in this Notice of Sale and said Official Terms of Offering, the provisions of the latter shall control. Dated: August 7, 1990 BY ORDER OF THE CITY COUNCIL • • • Resolution 90-49 - Continued nor any error with respect thereto by the purchaser to accept delivery charge for the assignment of CUSIP purchaser. August 7, 1990 will constitute cause for failure or refusal of the Bonds. The CUSIP Service Bureau identification numbers shall be paid by the SETTLEMENT Within 40 days following the date of their award, the Bonds 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 & Whitney of Minneapolis, Minnesota, which opinion will be printed on the 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 12:00 Noon, Central Time. 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 reasons of the purcha- ser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly -final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda spe- cifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 30 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated August 7, 1990 BY ORDER OF THE CITY COUNCIL