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HomeMy WebLinkAboutResolution 4934 r ' O� - � �/ • O �, O - 1 � CITY o� ORONO ,� �� � --�.,.. � . � ti '�,,�L > �G� RESOLUTION OF THE CITY COUNC�L �kESI3�� NO. � � � , RESOLUTION AWARDING SALE OF$75,000 GENERAL � OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2003, FIXING THE FORM AND SPECIFICATIONS . THEREOF, PROVIDING FOR THEIR EXECUTION AND � DELIVERY,AND LEVYING TAXES FOR THEIR PAYMENT BE IT RESOLVED by the City Council of the City of Orono,Minnesota, as follows: 1. The proposal of Anchor Bank,N.A. to purchase the $75,000 General Obligation Equipment Certificates of Indebtedness, Series 2003 of the City is hereby found and determined to be a favorable proposal and shall be and is hereby accepted, said proposal being to purchase Certificates bearing interest at the rate of 1.40% and at a price of$75,000 plus accrued interest. � • 2. To provide funds for the purpose of purchasing public safety vehicles pursuant to the authority of Section 412.301 and Chapter 475,Minnesota Statutes, the City shall forthwith issue its negotiable General Obligation Equipment Certif cates of Indebtedness, Series 2003 (the"Certificates") in the aggregate principal amount of$7�,000,to be dated March 17, 2003, to mature on March 17, 2004, to bear interest at the�rate of 1.40%per annum,payable on September 17, 2003 and at maturity on March 17, 2004. All Certificates are without option of prior payment. _ 3. The Certificates,the Registrar's Authentication Certificate and the form of assignment and on the reverse side thereof shall be in substantially the following form: . � LTNITED STATES OF AMERICA � STATE OF MINNESOTA COUNTY OF HENNEPIN . CITY OF ORONO No. R-1 $75,000 . GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2002 � Interest Rate Maturi Date of Ori�inal Issue • 1.40% March 17, 2004 March 17, 2003 r � � � O� • O O '� . CITY of ORONO � ,� ; � -t.;-... � � ti . ti RESOLUTION OF THE CITY COUNCIL ��� pg'�G � NO. 4 � � � kESS . , Registered Owner: Anchor Bank,N.A. Principal Amount: Seventy-five Thousand Dollazs . The City of Orono, Hennepin County, Minnesota, for value received,hereby promises to pay to the Registered Owner specified above, or registered assigns, without option of prior payment, the Principal Amount specified above on the Maturity Date specified above,upon the presentation and surrender hereof, and to pay to the Registered Owner hereof interest on such ' principal sum at the interest rate specified above from March 17, 2003 from the date hereof or the most recent interest payment date to which interest was provided to the date of maturity. . Principal is payable in lawful money of the United States of America at the office of the Orono Finance Director, in Orono, Minnesota, as Bond Registrar or of its successor as Bond Registrar designated by the City upon 60 days' notice to the registered owners at their registered addresses. Interest shall be paid on September 17, 2003 and at maturity on March 17, 2004 by check or draft mailed to the registered owners. • Tlus Certificate constitutes an issue of Certificates in the aggregate principal amount of$75,000, issued pursuant to and in full conformity with the Constitution and Laws of � the State of Minnesota, including Section 412.301 and Chapter 475, Minnesota Statutes, for the purpose of providing funds for purchasing certain equipment. This Certificate constitutes a general obligation of the City and to provide moneys for the prompt and full payment of said principal and interest as the same become due the�ull faith and credit of the City is hereby inevocably pledged, and the City will levy ad valorem taxes, if required for such purpose, without limitation as to rate or amount. � � This Certificate is transferable, as provided by the Resolution of the City Council authorizing the issuance of the Certificates of this series adopted February 24, 2003 (the"Bond Resolution") only upon books of the City kept at the office of the Bond Registrar by the registered owner hereof in person or by the owner's duly authorized attorney, upon surrender of � this Certificate for transfer at the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by, the registered owner hereof or the owner's duly authorized attorney, and,upon payment of any � tax, fee or other governmental charge required to be paid with respect to such transfer, one or more fully registered Certificates of the series of the same principal amount,maturity and interest rate will be issued to the designated transferee or transferees. • IT IS HEREBY CERTIFIED AND RECITED that all acts, conciitions and things required by the Constitution and la�vs of the State of Minnesota to be done, to happen and to be 2 � °� • o � � � � CITY of ORONO � S - � ,,t ,� �y ' . . � �',� G'�' RESOLUTION OF THE CITY COUNCIL L�kES�I�g'� NO. 4 � � '� performed precedent to and in the issuance of this Certificate have been done, have happened and have been performed in regular and due form, time and manner as required by law and that this Certificate,together with all other indebtedness of the City outstanding on the date of its _ . issuance, does not exceed any constitutional or statutory limitation of indebtedness. � This Certificate shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been signed by the Bond Registrar. IN WITNESS WHEREOF,the City of Orono, Minnesota,by its City Council,has caused this Certificate to be executed in its behalf by the manual or facsimile signature of the Mayor and by the manual or facsimile signature of the City Clerk, all as of the Date of Original Issue specified above. • Dated:. March 17, 2003 r � Mayor . �iycd� x�� U�� City Clerk Bond Registrar's Certificate of Authentication and Registration • This is one of the Certificates described in the within mentioned Bond Resolution, • and this Certificate has been registered as to principal and interest in the name of the Registered Owner identified above on the registration books of the City of Orono, Minnesota. ORONO FINANCE DIRECTOR Bond Registrar BY `G'/ • � Authorized Signature 3 � °� � � • o ° 'g CITY of ORONO 3 • A. � ��.�.. Y7 • . '',t .. � �'� ' G'�' RESOLUTION OF THE CITY COUNCIL L`�kEs�I�4� NO. � � e� � � ASSIGNMENT � FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers . unto (Please Print or Typewrite Name and Address of Transferee)the within Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints to transfer the within Certificate on the books kept for registration thereof,with full power of substitution in the premises. Dated: � Please Insert Social Security Notice: The signature to this assignment Number or Other ldentifying must correspond with the name as it appears Number of Assignee � on the face of this Certificate in every • Assignee particular, without alteration or any change whatever. Signature Guaranteed: Signatures must be guaranteed by a � _ national bank or trust company or by a brokerage firm having membership in one of the major stock exchanges. . 4. The Certificates shall be payable upon presentation at the office of the Orono Finance Director, in Orono,Minnesota, as Registrar and Paying Agent, or at the offices of � such other successor agents as the City may hereafter designate upon 60 days' mailed notice to the registered owners at their registered addresses. Interest shall be paid by check or draft of the Registrar mailed to the registered owners at their addresses shown on the registration books on each interest payment date unless other arrangements satisfactory to the Bond Registrar the City and the registered owners of Certificates are made. The City shall deposit funds with the Bond . � Registrar at the time and in the manner necessary to provide for the full and prompt payment of such principal and interest. • . 4 � °� : • O �`9. ,. O ' z CITY of ORONO ,� � ,, ;. � � � ti �,� Gh' RESOLUTION OF THE CITY COUNCIL � ��kES�IOg'� NO. � � a� � . 5. T'he Certificates shall be prepared under the direction of the City Clerk arid when so prepared shall be executed on behalf of the City by the manual or facsimile signature of the Mayor and by the manual or facsimile signature of the City Clerk. The Certificates shall not be . valid for any purpose until authenticated by the Bond Registrar. The Bond Registrar is authorized and directed to register the Certificates initially issued hereunder in such names as the purchaser . may direct. The Certificates initially issued hereunder shall be registered as of March 17, 2003, � and all Certificates issued in exchange therefor shall be registered as of such date. When the � Certificates shall have been so prepared and executed, they shall be delivered by the City Clerk in exchange for the purchase price and upon receipt of the signed legal opinion of Fae�e &Benson . LLP, and the purchaser shall not be required to see to the proper application of the proceeds. The Certificates shall be in the denomination of$1,000 each or any multiple thereof. � 6. As long as any of the Certificates issued hereunder shall rernain outstanding, . the City shall maintain and keep at the office of the Bond Registrar an,office or agency for the payment of the principal of and interest on such Certificates, as in this Resolution provided, and . • for the registration and transfer of such Certificates, and shall also keep at said office of the Bond Registrar books for such registration and transfer. � 7. �As to any Certificate, the City and the Bond Registrar and their respective ' successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the . contrary. Payment of or on account of the principal or interest of any such Certificate shall be made only to or upon the order of the registered owner thereof,but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge � the liability upon such Certificate to the extent of the sum or sums so paid. 8. There is hereby created a separate debt service fund for the Certificates, ' which shall be held by the Treasurer and used for no other purpose than to pay said Certificates, � . provided, that if any payment thereon shall become due when there is not sufficient money in said fund to pay the same, the Treasurer shall make such payment from the general fund of the City, and said general fund shall be reimbursed for such advances out of the proceeds of taxes levied . pursuant hereto or other moneys appropriated by the City Council for such purpose. Into said debt service fund shall be paid all proceeds of the taxes heretofore levied for this purpose and such � other moneys as may be received by the City for the purpose of or appropriated to the payment of the Certificates. • . 5 . � °� � i � >>� � . . 1 . CITY of ORONO a ��;.. � � . ;� ti . ti RESOLUTION OF THE CITY COUNCIL ��`9kEsI30�"�G NO. 4 � � � . It is hereby found and determined that the taxes previously levied in the amount of $75,000, if collected in full, together with funds appropriated therefor,will produce at least five percent in excess of the amount needed to meet when due the payments on the Certificates. . 9. The City Clerk is authorized and directed to prepare and furnish to the � purchaser and to the attorneys approving the Certificates, certified copies of all proceedings and ' records relating to the issuance of said General Obligation Equipment Certificates of Indebtedness, Series 2003 and to the right,power and authority of the City and its officers to � issue the same, and said certified copies and eertificates shall be deemed the representations of the City as to all matters stated therein. • 10. The officers of the City are hereby authorized and directed to prepare and . furnish to the Secretary of the Treasury a statement meeting the information reporting � requirements of Section 149(e) of the Internal Revenue Code of 1986z as amended(the"Code"), � by the 15th day of the second calendar month after the close of the calendar quarter in which the � Certificates are issued. � 11. The City shall not take or permit any action that would cause the � Certificates to be "private activity bonds"within the meaning of Section 141 of the Code. The City shall comply with the rebate requirements imposed under Section 148(fl of the Code and � regulations thereunder, including(if applicable)the requirement to make periodic calculations of the amount subject to rebate thereunder and the requirement to make all required rebates to the United States. The City Clerk of the City is hereby authorized to make on behalf of the City all elections that he may deed necessary and expedient under Section 148 of the Code. In addition, the City shall make no investment of funds that would cause the Certificates to be "arbitrage bonds"within the meaning of Section 148 of the Code and regulations thereunder. All terms used in this paragraph 11 shall have the meanings provided in the Code and regulations thereunder. .� 12. The City Clerk shall fiirnish a certified copy of this resolution to the County Auditor of Hennepin County, and obtain the County Auditor's certificate as required by la�v. � 13. The Certificates are designated as "qualified tax exempt obligations" for � purposes of Section 265(b)(3) of the Code. • 6 �