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SALE NOTICE (RED. GO BOND) , . - OFFICIAL o NOTICE OF SALE $2,650,000 General Obligation Redevelopment Bonds of 1984 City of Hopkins Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that seal~d bids for the purchase of $2,650,000 General Obligation Redevelopment Bonds of the City of Hopkins, Minnesota, will be received until 11:00 a.m., C.T. on Wednesday, February 8, 1984 at City Hall at 1010 South 1st Street, Hopkins, Hinnesota 55343, at which time the bids will be opened and tabulated for presentation to the City Council at a special meeting at 7:00 o'clock p.m. C.T. on the same day. Purpose and Security o The proceeds of the bonds will be used to finance all or a portion of certain public redevelopment costs associated with a redevelopment project undertaken by the Housing and Redevelopment Authority of the City and will be issued pursuant to the Minnesota Housing and Redevelopment Act and the Minnesota Tax Increment Financing Act. The bonds will be payable primarily from tax increments to be derived from increases in the taxable valuation of property within a redevelopment project area in the City, but will be general obligations of the City to which full faith, credit and taxing powers of the City will be pledged. Date and Maturities The bonds, in fully registered form, will be dated March 1, 1984, will be in denomination of $5,000 each, (unless other denominations in multiples of $5,000 are requested by the purchaser ~ithin 24 hours of the award), and will mature on February 1 in the -following y~ars and amounts: Year Amount Year Amount 1985 $175,000 1990 $275,000 1986 200,000 .1991 275,000 1987 225,000 -1992 300,000 1988 250,000 1993 350,000 1989 250,000 -1994 350,000 0 Redemption Feature All bonds of this issue maturing after February 1, 1990 will be subject to prior redemption at the option of the City in inverse order of maturities to be selected by lot by the Registrar on said date and any interest paYment date thereafter at a price of par plus accrued interest to date of redemption. . o o . . "Interest Interest on the bonds will be payable on August 1, 1984, and semiannually thereafter on each February 1 and August 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed the maximum rate permitted by law on the day of sale. Paying Agent/Registrar Principal and interest will be made payable at First National Bank of Minneapolis, Bond Registrar. The charges of the Registrar will be borne by the City. 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 ~vill permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and deliver to the office of the purchaser, or, at its option, will deposit with a bank in the United States selected by it and approved by the City as its agent to permit exam- ination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning ,their validity is then threatened or pending. The charge of the deliver agent must be paid by the purchaser, but all other costs will be paid by the City z. The purchase price must be paid upon delivery of the bonds, in funds available for expenditure by the City on the day of paYment. Delivery is expected on or "about March 7, 1984. Legal Opinion An unqualified legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The legal opinion "will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City, and that the City is obligated and required to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Tvpe of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be unconditional and must be accompanied by a cashier's at certified check or bank draft in the amount of $53,000, payable to the City Finance Director, to be retained by the . o C) . . City as liquidated damages if the-bid is accepted and the bidder fails to comply therewith. The good faith check will be deposited by the City at the time of the award and deducted from the purchase price of the Bonds at delivery. The bid authorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash' premium or plus any amount less than $2,650,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $2,600,000 for principal plus accrued interest on all of the bonds will be considered, and the City reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL -.::I: ~il ~ "/s/ J. Scott Renne City Clerk Dated: January 17, 1984 . o G ~ . 2.03. The City Clerf is authorized and directed to advertise the Bonds for sale in accordance with the foregoing notice of sale and to cause the abbreviated notice of sale attached hereto as Exhibit A, to be published in the manner required by law. The City Council shall meet in a special meeting on Wednesday, February 8, 1984, at 7:00 o'clock p.m. for the purpose of considering sealed bids on the bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Shirley , and up'on vote being taken therein, the follow- ing voted in favor: Lavin, Miller, Shirley, Anderson Councilmember Milbert abstained and the following voted against: None' whereupon said resolution was declared duly passed and adopted. " . . Exhibit A NOTICE OF SALE $2,650,000 General Obligation Redevelopment Bonds of 1984 Ci ty of. Hopkins Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that seal bids for the purchase of $2,650,000 General Obligation Redevelopment Bonds of the City of Hopkins, Minnesota, will be received until 11:00 a.m., C.T. on Wednesday, February 8, 1984 in the City Hall at 1010 South 1st Street, Hopkins, Minnesota 55343, at which time the bids will be opened and tabulated for presentation to the City Council at a special meeting at 7:00 o'clock p.m., C.T. on the same day. Dated March 1, 1984, the bonds \vill mature on February 1 in the vears and amounts as follows: 0 Year Amount Year Amount 1985 $175,000 1990 $275,000 1986 200,000 1991 275,000 1987 225,000 1992 300,000 1988 250,000 1993 350,000 1989 250,000 1994 350,000 All bonds maturing after February 1, 1,990 are subj ect to prior redemption on said date and any interest paYment date thereafter at par plus accrued interest. Interest will be payable on August 1,.1984 and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed the maximum rate permitted by law on the date of sale. Minimum price, $2,600,000. An unqualified legal opinion will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The purpose of the bonds is to finance public redevelopment costs in a redevelopment project area in the City. ;t BY ORDER OF THE CITY COUNCIL J.Scott ~ .":Is/ J. Scott Renne City Clerk Dated: January 1 7, 1984 t> . STATE OF MINNESOTA ) Q ) COUNTY OF HENNEPIN ) SSe ) CITY OF HOPKINS ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Hopkins, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of said City held on Monday, January 17, 1984, with the original thereof on file in my office and the same is a full, true and complete transcript thereof, insofar as the same relates to the issuance and sale of $2,650,000 General Obligation Redevelopment Bonds ox 1984, of the City. WITNESS }ry hand as such City Clerk and the corporate seal of the City this . ] 8th day of January , 1984. ...:r. S ~tt-3 ~ City Clerk City of Hopkins, Minnesota (SEAL) "