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91-076 - 08-20 Authorize $2,250,000 Tax Increment Bonds Series 1991C, 1991D and 1991EResolution No. 91-76 August 20, 1991 Member Stockman introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF: $2,250,000 GENERAL OBLIGATION TEMPORARY TAX INCREMENT BONDS, SERIES 1991C $900,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991D AND $300,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1991E BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the City), as follows: Section 1. Purposes. It is hereby determined to be in the best interests of the City to issue its: (a) General Obligation Temporary Tax Increment Bonds, Series 1991C, in the principal amount of $2,250,000 (the Series C Bonds), pursuant to Minnesota Statutes, Chapters 469 and 475, to finance, on behalf of the Housing and Redevelopment Authority (the Authority), the purchase of the Krelitz Shopping Center property. It is the intention of the Authority to sell the Krelitz Shopping Center property at a later date to a private party for development and use the proceeds from the sale of the property to redeem the Series C Bonds. There is currently on file in the office of the City Clerk a resolution of the Authority requesting the Council to authorize the issuance and sale of the Series C Bonds. (b) General Obligation Improvement Bonds, Series 1991D, in the principal amount of $900,000 (the Series D Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the 1991 Street Reconstruction Program (Projects 91 SI3, 91 SI4, 91 SI6 and 91 SI9). (c) General Obligation Equipment Certificates of Indebtedness, Series 1991E, in the principal amount of $300,000 (the Series E Certificates), pursuant to Minnesota Statutes, Chapters 412.301 and 475, to finance the purchase of various items of capital equipment for City purposes. Section 2. Terms of Sale and Notices. Springsted Incorporated, finan- cial consultant to the City, has presented to this Council forms of Official Terms of Offering for the Series C Bonds, the Series D Bonds and the Series E Certificates and Notices of Sale 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 Series C Bonds, the Series D Bonds and the Series E Certificates, respectively, and of the sale thereof. The Clerk is authorized and directed to cause the Notices of Sale 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 for the purchase of the Series C Bonds, the Series D Bonds and the Series E Certificates will be received. • Resolution 91-76 - Continued August 20, 1991 Section 3. Sale Meeting. This Council shall meet at the City Hall on Tuesday, September Z4, 1991, at 6:30 o'clock p.m, for the purpose of considering sealed bids for the purchase of the Series C Bonds, the Series D Bonds and the Series E Certificates and of taking such action thereon as may be in the best interests of the City. ATTEST: it ey ._ Relson, City Clerk Larry A. Bakken, 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: Bakken, Johnson, Russell, 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 his signature attested by the City Clerk. r� Resolution 91-76 - Continued OFFICIAL TERMS OF OFFERING $2,250,000 CITY OF GOLDEN VALLEY, MINNESOTA GENERAL OBLIGATION TEMPORARY TAX INCREMENT BONDS, SERIES 1991C Sealed bids for the Bonds will be received by the City's Finance Tuesday, September 24, 1991, until 11:00 A.M., Central time, at SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Minnesota, after which time they will be opened and tabulated. for award of the Bonds will be by the City Council at 6:30 P.M., of the same day. DETAILS OF THE BONDS August 20, 1991 Director on the offices of Paul, Consideration Central time, The Bonds will be dated October 1, 1991, as the date of original issue, and will bear interest payable on April 1 and October 1 of each year, commencing April 1, 1992. Interest will be computed on the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. The Bonds 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 the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature October 1, 1994. OPTIONAL REDEMPTION The City may elect on December 1, 1991, and on any day thereafter to prepay Bonds due on October 1, 1994. Redemption may be in whole or in part and if in part by lot as selected 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 revenues from the Valley Square Redevelopment Project area. The proceeds will be used to finance the purchase of the Krelitz Shopping Center. It is the intention of the City to sell the shopping center at a later date, to a private party for development and use the proceeds from the sale of the shopping center to redeem the Bonds. TYPE OF BID Bids shall be for not less than $2,235,375 and accrued interest on the total principal amount of the Bonds. Bids shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $22,500, payable to the order of the City. If a check is used, it must accompany each bid. If a Financiai Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Resolution 91-76 - Continued August 20, 1991 Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incor- porated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Bidders shall specify a single rate of interest. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate 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 regu- lations. 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. 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. • w 11 Resolution 91-76 - Continued August 20, 1991 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 pur- chaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing per- tinent information relative to the Bonds, and said Official Statement will serve as a nearly -final Official Statement within the meaning of 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 90 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 20, 1991 BY ORDER OF THE CITY COUNCIL /s/ Shirley Nelson Clerk Resolution 91-76 - Continued August 20, 1991 OFFICIAL TERMS OF OFFERING $900,000 CITY OF GOLDEN VALLEY, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991D Sealed bids for the Bonds will be received by the City's Finance Director or his designee on Tuesday, September 24, 1991, until 11:00 A.M., Central time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 6:30 P.M., Central time, of the same day. DETAILS OF THE BONDS The Bonds will be dated October 1, 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1992. Interest will be computed on the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. The Bonds 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 the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1993 $100,000 1997 $95,000 2000 $100,000 1994 $ 80,000 1998 $95,000 2001 $100,000 1995 $ 50,000 1999 $95,000 2002 $100,000 1996 $ 85,000 OPTIONAL REDEMPTION The City may elect on February 1, 1999, and on any day thereafter, to prepay Bonds due on or after Febivary 1, 2000. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City shall determine and within a maturity by lot as selected by the registrar. All pre- payments 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 special assessments against benefited property. The proceeds will be used to finance various street improvement projects within the City. TYPE OF BID Bids shall be for not less than $890,100 and accrued interest on the total prin- cipal amount of the Bonds. Bids shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $9,000, payable to the order of the City. If a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must Resolution 91-76 - Continued August 20, 1991 be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incor- porated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate 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 regu- lations. 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. 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. Resolution 91-76 - Continued August 20, 1991 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 pur- chaser's non-compliance with said terms for payment. • OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing per- tinent information relative to the Bonds, and said Official Statement will serve as a nearly -final Official Statement within the meaning of 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 35 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 20, 1991 BY ORDER OF THE CITY COUNCIL /s/ Shirley Nelson Clerk Resolution 91-76 - Continued August 20, 1991 OFFICIAL TERMS OF OFFERING . $300,000 CITY OF GOLDEN VALLEY, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1991E Sealed bids for the Certificates wiil be received by the City's Finance Director or his designee on Tuesday, September 24, 1991, until 11:00 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Certificates will be by the City Council at 6:30 P.M., Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated October 1, 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, com- mencing August 1, 1992. Interest will be computed on 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, 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 Certificate will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. OPTIONAL REDEMPTION The Certificates will not be subject to payment in advance of their respective stated maturity dates. 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 equipment for City purposes. TYPE OF BID Bids shall be for not less than $298,050 and accrued interest on the total prin- cipal amount of the Certificates. Bids shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $3,000, payable to the order of the City. If a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Certificates are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as The Certificates will mature February 1 in the years and amounts as follows: 1993 $100,000 1994 $100,000 1995 $100,000 OPTIONAL REDEMPTION The Certificates will not be subject to payment in advance of their respective stated maturity dates. 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 equipment for City purposes. TYPE OF BID Bids shall be for not less than $298,050 and accrued interest on the total prin- cipal amount of the Certificates. Bids shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $3,000, payable to the order of the City. If a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Certificates are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as Resolution 91-76 - Continued August 20, 1991 instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on • the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the Certificates is adjourned, recessed, or continued to another date without award of the Certificates having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. Certificates of the same maturity shall bear a single rate from the date of the Certificates to the date of maturity. No conditional bid will be accepted. AWARD The Certificates will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate 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 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 regu- lations. The Cit will g y 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 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, Minnesota, 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 12:00 Noon, 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 with said terms for payment. 9 • • Resolution 91-76 - Continued OFFICIAL STATEMENT August 20, 1991 The City has authorized the preparation of an Official Statement containing per- tinent information relative to the Certificates, and said Official Statement will serve as a nearly -final Official Statement within the meaning of 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 Certificates, together with any other information required by law, shall consti- tute a "Final Official Statement" of the City with respect to the Certificates, as that term is defined in Rule 15c2-12. By awarding the Certificates 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 undewriter of the syndicate to which the Certificates are awarded 15 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 Certificates 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 Certificates 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 Certificates for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated August 20, 1991 By ORDER OF THE CITY COUNCIL /s/ Shirley Nelson Clerk Resolution 91-76 - Continued August 20, 1991 NOTICE OF SALE City of Golden Valley Minnesota $2,250,000 General Obligation Temporary Tax Increment Bonds, Series 1991C These Bonds will be offered for sale on sealed bids on Tuesday, September 24, 1991. Bids will be accepted until 11:00 a.m., Central Time, at the offices 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 in fully registered form in denomi- nations of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of October 1, 1991, will bear interest payable semiannually on each April 1 and October 1 to maturity, commencing April 1, 1992, and will mature on October 1, 1994. Bidders must specify a price of not less than $2,235,375, 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 Bonds. 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 20, 1991. i • BY ORDER OF THE CITY COUNCIL /s/ Shirley Nelson, City Clerk Resolution 91-76 - Continued NOTICE OF SALE • City of Golden Valley Minnesota $900,000 General Obligation Improvement Bonds, Series 1991D • • August 20, 1991 These Bonds will be offered for sale on sealed bids on Tuesday, September 24, 1991. Bids will be accepted until 11:00 a.m., Central Time, at the offices of Springsted Incorporated, 84 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 in fully registered form in denomi- nations of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of October 1, 1991, will bear interest payable semiannually on each February 1 and August 1 to maturity, commencing August 1, 1992, and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1993 $100,000 1998 $ 95,000 1994 80,000 1999 95,000 1995 50,000 2000 100,000 1996 85,000 2001 100,000 1997 95,000 2002 100,000 Bidders must specify a price of not less than $890,100 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 Bonds. 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 20, 1991. BY ORDER OF THE CITY COUNCIL /s/ Shirley Nelson, City Clerk • n Resolution 91-76 - Continued August 20, 1991 NOTICE OF SALE City of Golden Valley Minnesota $300,000 General Obligation Equipment Certificates of Indebtedness, Series 1991E These Certificates will be offered for sale on sealed bids on Tuesday, September 24, 1991. Bids will be accepted until 11:00 a.m., Central Time, at the offices of Springsted Incorporated, 85 East Seventh P!ace, 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 Certificates will be issuable in fully registered form in denominations of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of October 1, 1991, will bear interest payable semiannually on each February 1 and August 1 to maturity, commencing August 1, 1992, and will mature on February 1 in the following years and amounts, without option of prior payment: Year Amount 1993 $100,000 1994 100,000 1995 100,000 Bidders must specify a price of not less than $298,050 plus accrued interest. A legal opinion on the Certificates 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 Certificates may contain additional bidding terms and information relative to the Certificates. In the event of a variance be- tween statements in this Notice of Sale and said Official Terms of Offering, the provisions of the latter shall control. Dated: August 20, 1991. BY ORDER OF THE CITY COUNCIL /s/ Shirley J. Nelson, City Clerk