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Home My WebLink AboutResolution 2676 L• '� �. . RESOLUTZON #2676 • OFFICIAL NOTICE OF BOND SALE $2 ,300,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 1989 ' CITY OF ORONO HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN That these bonds will be offered for sale according to �the following terms: TIME AND PLACE: Bids will be received by the City at the offices of Ehlers and Associates, Inc. , 2950 Norwest Center, Minneapolis, Minnesota, until 11: 00 o'clock a.m. on Monday, September 11, 1989 . The City Council will meet at 7: 00 o 'clock p.m. on the same day at the City Hall, Orono, Minnesota, to consider the bids and award the sale. TYPE OF BOND: Fully registered general obligations in the denomination of $5, 000 or any integral multiple thereof up to the amount of any single maturity as specified by the purchaser. ' PURPOSE: Constructing various water and sewer • improvements pursuant to Section 444 . 075 and Chapter 429, Minnesota Statutes . , DATE OF BONDS: September 16, 1989 . INTEREST PAYMENTS: August 1, 1990 and semiannually thereafter on February 1 and August 1 of each year. MATURITIES: February 1 in amounts and each of the years as follows: $175, 000 in 1993, $225, 000 in 1998, $175, 000 in 1994, $250, 000 in 1999, � $200, 000 in 1995, $275, 000 in 2000, $200, 000 in 1996, $275, 000 in 2001, $225,000 in 1997, � $300, 000 in 2002, REDEMPTION: All bonds maturing on or after February 1, 1997, are subject to redemption and prior payment � in whole or in part in inverse order of maturity, and by lot within a maturity, at the option of the City on February l, 1996 and any interest payment date thereafter at par and accrued interest. . REGISTRAR, TRANSFER AGENT AND PAYING AGENT: The initial Registrar, Transfer Agent and Paying Agent will be • selected by the City at the time of sale and the City will reserve the right to select such successor agents as the City - -3- ` .� �. j �. . RESOLUTZON #2676 • may hereafter designate by notice to the registered owners of bonds not less than 60 days prior to any change. Interest shall be paid by check or draft mailed to registered owners of bonds as shown by the registration books of the City on the 15th day of the month preceding each interest payment date. The bonds will be transferable only upon the registration books of the City kept by the Registrar. CUSIP NUMBERS: It is anticipated the CUSIP identification numbers will be printed on the bonds, but neither the failure to print such number on any bond or any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said bonds in accordance with the terms of sale. All egpenses in relation to the printing of •CUSIP numbers on the bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the purchaser. DELIVERY: Within 30 days of the award of sale, subject to the approving legal opinion of Faegre & Benson, Minneapolis, Minnesota. Bond printing and legal opinion will � be paid by the City and delivery will be against payment in • immediately available funds anywhere in the continental United � States without cost to the purchaser. TYPE OF BID: Sealed bids for not less than $2,255,350 plus accrued interest on the principal amount of $2,300, 000 from the date of the bonds to the date of delivery must be received by the Finance Director prior to the time specified above. A good faith deposit in the amount of $46, 000 must be submitted with each bid. The good faith deposit must be in the form of a certified or cashier' s check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, in Minneapolis, Minnesota, ABA #09-10-0550-6 for further credit to Ehlers and Associates, Inc. , Bond Issue Escrow Account #850-788-1, Attention Molly Majerle. The good faith deposit will be retained by the City as liquidated damages if the bid 'is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the bonds . RATES: All rates must be in integral multiples of 5/100ths or 1/8th of 1% and no rate may exceed the maximum rate � permitted by law. All bonds of the same maturity shall bear a single uniform rate from date of issue to maturity. The interest rate for the bonds of any maturity shall not e�ceed . the rate specified for any subsequent maturity. • AWARD: The bid offering the lowest net interest cost will be deemed most favorable. The net interest cost is to be -4- .. • � �: . • RESOLUTION #2676 � determined by adding the amount of any discount ($2,300, 000 less amount of purchase price) to, or subtracting the amount of any premium (excess of purchase price over $2,300, 000) from, the total interest from the date of the bonds to stated maturities. � �The City Council reserves the right to reject any and � all bids, to waive any informality in any bid and to adjourn the sale. , Dated: August 14, 1989 . . BY ORDER OF THE CITY COUNCIL Further information may be obtained from the financial consultant: Ehlers and Associates, Inc. 2950 Norwest Center • 90 South Seventh Street Minneapolis, MN 55402-4100 (612) 339-8291 3 . A brief notice of bond sale shall be published in the official newspaper of the City and in the Northwestern Financial Review, a financial paper published in Minneapolis, Minnesota, which notice shall identify the following: the principal amount of the bonds, the years during which the bonds mature, the time and place of receipt and consideration of bids, the approving legal opinion of Faegre & Benson of Minneapolis, Minnesota, and the name of the Financial Consultants. 4 . The maturities of the bonds are hereby combined with the maturities of all other general obligation bonds of the City for purposes of compliance with the maturity requirements of Minnesota Statutes, Section 475. 54 . The motion for the adoption of the foregoing resolution was duly seconded by Member J. Diann Goettenand upon vote being taken thereon the following voted in favor thereof: Mayor Grabek and Councilmembers Goetten, Peterson • and C:e.11��han. � -5- - + � . � � Y , , RESOLUTION #267.6 • and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. 2724e • ' . • . � -6- , . • � RESOLUTION #2676 • STATE OF MINNESOTA ) ) SS. COUNTY OF HENNEPIN ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Orono, Minnesota, hereby certify that I have carefully compared the attached and foregoing egtract of minutes of a reaular meeting of the City Council of said City, held August 14, 1989 , with the original thereof on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $2,300, 000 General Obligation Water and Sewer Revenue Bonds, Series 1989 of the City. � WITNESS My hand officially as such City Clerk and the seal of the City this 31st day of Au ust, 1989 . _ � � City Cler � City of o, Minnesota w - _ �(Seal) . - 2724e � � � -7- r ' ' , . , RESOLUTION #2676 9 � Extract of Minutes of Meeting of the City Council of the City of Orono Hennepin County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Orono, Minnesota, was duly held in the City Hall, in said City on Monday, August 14, 1989, at 7: 00 o 'clock p.m. The following members were present: Mayor James R. Grabek, Councilmembers J. Diann Goetten, Barbara Peterson and Edward Callahan. and the following were ab5ent: Councilmember Alan Nettles. * � � * * * �r * * . Member Mayor Grabek introduced the • following written resolution and moved its adoption: RESOLUTION TO ISSUE AND SELL $2,300, 000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 1989 BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: l. The City Council deems it necessary and eapedient to issue and sell $2,300, 000 General Obligation Water and Sewer Revenue Bonds, Series 1989, to provide funds to replace lift stations Nos . 10 and 43 with gravity lines and new capacity and to construct the following Highway No. 12 � improvement projects : Sewer Part I (new main extension) , Sewer Part II (trunk capacity improvements) , Water Part I (trunk extension) , Water Part II (well/pump/structure) and Water Part III (new water tower) , together with capitalized interest and related • fiscal, legal and administrative costs, all pursuant to Minnesota Statutes, Chapter 429 and Section 444 . 075 and also to provide additional interest in the amount of $44, 650 in the form of additional obligations as authorized by Minnesota Statutes, Section 475 .56 . 2 . Sealed bids for the Bonds will be received at the • offices of Ehlers and Associates, Inc. , financial consultants to the City, until 11:00 o 'clock a.m. on Monday the llth day of , .. :' . w . � RESOLUTZON #2676 � September 1989 . The City Council wi:ll meet at the City Hall at 7:00 o'clock p.m. the same day for the purpose of considering the bids and awarding the sale of the Bonds . The terms of the Bond and the sale thereof shall be as set forth in the following Official Notice of Bond Sale, which is hereby approved: • • • -2- �