Loading...
1995-055 o CITY OF HOPKINS HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 95-55 RESOLUTION PROVIDING FOR THE SALE OF $815,000 TAXABLE G.O. HOUSING IMPROVEMENT AREA BONDS, SERIES 1995 WHEREAS, the City Council of the City of Hopkins, MN, has heretofore determined that it is necessary and expedient to issue the City's $815,000 Taxable G.O. Housing ImprovementArea 'Bonds, Series 1995 (the "Bonds"), to finance the construction of improvements in the City's Housing Improvement Area No.1; and WHEREAS, the City has retained Ehlers and Associates, Inc., in Minneapolis, Minnesota ("Ehlers") as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9): NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hopkins, MN., as follows: Authorization: Findings The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. . Meeting: Proposal Opening. The City Council shall meet at the time and place specified in the Terms of Proposal attached hereto for the purpose of considering sealed proposals for and awarding the sale of, the Bonds. The City Clerk, or designee, shall open proposals at the time and place specified in such Terms of Proposal. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the Terms of Proposal attached hereto and approved and made a part hereof Official Statement. In connection with the sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. Adopted this 5th day of July, 1995. o o TERMS OF PROPOSAL $815,000 TAXABLE GENERAL OBLIGATION IMPROVEMENT AREA BONDS, SERIES 1995 CITY OF HOPKINS, MINNESOTA Sealed proposals for the purchase of $815,000 Taxable General Obligation Improvement Area Bonds, Series 1995 (the "Bonds") of the City of Hopkins, Minnesota (the "City") will be received at the offices of Ehlers and Associates, Inc., 2950 Norwest Center, 90 South Seventh Street, Minneapolis, Minnesota, until 12:00 o'clock Noon, Central Time, on August 15, 1995, when they will be opened, read and tabulated for presentation to the City Council. The proposals will be presented to the City Council for consideration for award at a meeting to be held in the City at 7:30 o'clock P.M., Central Time, on the same date. The Bonds will be general obligations of the City for which the City will pledge its full faith, credit and taxing powers. The proposal offering to purchase the Bonds upon the terms specified herein and most favorable to the City will be accepted unless all proposals are rejected. Purpose The Bonds are being issued pursuant to the provisions of 1994 Minnesota Laws, Chapter 587, Article 9, Sections 22 through 31 and Minnesota Statutes, Chapter 475, to fmance improvements in the City's Housing Improvement Area No.1. Dates and Maturities The Bonds will be dated September 1, 1995 as the date of original issue, will be issued as fully registered Bonds in the denomination of $5,000 each, or any integral multiple thereof, and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1998 $25,000 2006 $55,000 1999 30,000 2007 60,000 2000 35,000 2008 65,000 2001 35,000 2009 70,000 2002 40,000 2010 80,000 2003 45,000 2011 85,000 2004 45,000 2012 95,000 2005 50,000 Redemption At the option of the City, Bonds maturing on or after February 1,2005 shall be subject to prior payment on February 1,2004 or any date thereafter, at a price of par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the Bonds remaining unpaid to be prepaid shall be at the discretion of the City. If only part of the Bonds having a common maturity date are called for prepayment, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of such call shall be given by mailing a notice thereof by certified mail at least thirty (30) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. o . o Interest Payment Dates and Rates Interest will be payable on February 1 and August 1 of each year, commencing August 1, 1996, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether orllot a business day) of the immediately preceding month. Interest will be computed upon the basis ofa 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. All Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. Each rate must be expressed in an integral multiple of 5/1 00 or 1/8 of 1 %. Book Entry Format The Bonds will be designated in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds, and will be responsible for maintaining a book-entry system for recording the interest of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Bonds~ So long as Cede & Co. is the registered owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its Participants for subsequent disbursement to the beneficial owners of the Bonds. Delivery Within 40 days after the sale, the Bonds will be delivered without cost to the original purchaser at DTC. On the day of closing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, appropriate arbitrage certifications and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depository on the date of closing in immediately available funds Legal Opinion An opinion as to the validity of the Bonds will be furnished by Kennedy & Graven of Minneapolis, Minnesota, bond counsel to the City, and will accompany the Bonds. The interest to be paid on the Bonds is includable in gross income of the recipient for United States and State of Minnesota income tax purposes, and is subject to Minnesota corporate and bank excise taxes measured by net income. The legal opinion will state that the Bonds are valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by Minnesota or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights generally. Type of Proposal Proposals for not less than $802,545 plus accrued interest on the principal sum of $815,000 from date of original issue of the Bonds to date of delivery must be filed with the undersigned prior to the time of sale. Proposals must be submitted to Ehlers and Associates, Inc. either: 2 o 1) In a sealed envelope to Ehlers and Associates, Inc. as described herein; 2) A facsimile submission to Ehlers and Associates, Inc., Financial Advisors, Facsimile Number: (612) 339-0854; or 3) Electronically via PARITY, in accordance with PARITY Rules of Participation and this notice of sale, within a one-hour period prior to the time of sale, but no proposals will be received after the time established above for receiving proposals. If any provisions in this notice are conflicting with those PARITY Rules of Participation, this sale notice shall control. The normal fee for use of PARITY may be obtained from PARITY, and such fee shall be the responsibility of the bidder. For further information about PARITY, potential bidders may contact the financial advisor to the issuer, Ehlers and Associates, Inc., 2950 Norwest Center, 90 South Seventh Street, Minneapolis, Minnesota 55402, Telephone (612) 339-8291, or PARITY at 100 - 116th Avenue SE, Suite 100, Bellevue, Washington 98004, Telephone (206) 635-3545. The Issuer and Ehlers and Associates, Inc. assume no liability if there is a malfunction of PARITY. Proposals must be submitted to Ehlers and Associates, Inc. as described above and must be received prior to the time established above for the opening of proposals. Each proposal must be unconditional except as to legality. A good faith deposit (the "Deposit") in the amount of$16,300, or a financial surety bond complying with the provisions below, must be submitted with each proposal. The Deposit must be in the form of a certified or cashiers check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, of Minneapolis, Minnesota, ABA #09-10-0550-6 for further credit to Ehlers and Associates, Inc., Bond Issue Escrow Account #850-788-1, Attn: Dawn Oberle, or a financial surety bond. The Deposit will be retained by the City as liquidated damages if the proposal is accepted and the bidder fails to comply therewith. The Deposit will be returned to the Purchaser at the closing for the Bonds. Proposals for the Bonds should be addressed to: James Genellie City Clerk City Hall 1010 1st Streeet Hopkins, MN 55343-7573 If a fmancial 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 Ehlers and Associates, Inc. prior to the opening of the proposals. Such 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 Ehlers and Associates, Inc. in the form of a certified or cashier's check or wire transfer as instructed by Ehlers and Associates, Inc. not later than 3:00 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. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn after the time set for receiving proposals 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. . 3 o o o A ward 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 proposal, in accordance with customary practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. No oral proposal will be considered, and the City reserves the right to reject any and all proposals and to waive any informality in any proposal. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Information From Purchaser The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial offering prices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal Revenue Code of 1986, as amended. Oualified Tax-Exempt Obligations The City will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b )(3) of the Internal Revenue Code of 1986, as amended. Official Statement Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the proposal opening. The Syndicate Manager will be provided with 50 copies of the Final Official Statement within seven business days of the proposal acceptance. Additional copies of the Pinal Official Statement will be available at a cost of$10.00 per copy. Information for bidders and proposal forms may be obtained from the undersigned or from the City's Financial Advisor, Ehlers and Associates, Inc., 2950 Norwest Center, 90 South Seventh Street, Minneapolis, Minnesota 55402, telephone (612) 339-8291. The City reserves the right to reject any and all proposals, and to waive informalities and to adjourn the sale. BY ORDER OF THE CITY COUNCIL James Genellie City Clerk City Hall 1010 1st Street Hopkins, MN 55343-7573 4