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1989-102 t -" /e .. Extract of Minutes f Meeting of the City Council of the City of Hopkins, Hennepin County, Minnesota Pursuant to due call and notice thereof a regular meeting of the City Council of the City of Hopkins, Hennepin County, Minnesota, was held at the City Hall in the City on Tuesday, November 7, 1989, commencing at 8:30 P.M. The following members of the Council were present: Councilmember Redepenning Mayor Berg Councilmember Anderson Councilmember Shirley Councilmember Kritzler and the following were absent: *** *** *** The following written resolution was presented by Councilmember Redepenning who moved its adoption the reading of which had been dispens d with by unanimous consent: RESOLUTION NO. 89-102 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,390,000 GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1989 BE IT RESOLVED By the City Council of the City of Hopkins, Hennepin County, Minnesota (City) as follows: 1. It is hereby determined that: (a) the City has duly established Redevelopment Project No. 1 (Project Area) pursuant to Minnesota Statutes, Sections 469.001 through 469.047 (the Act); (b) the City has duly established tax increment financing district no. 1-1 (TIF District) within the Project Area pursuant to Minnesota Statutes, Section 469.174 to 469.179 (TIF Act); (c) the City is authorized by Section 469.178 of the TIF Act to issue and sell its general obligations to pay . " ." e ) '~ all or a portion of the public redevelopment costs (Costs) related to the Project Area as identified in the tax increment financing plan (Plan) for the TIF District; (d) the Plan lists the following Costs to be financed by the Bonds: Public Improvements: Redevelopment Cost Alleyscape Improvements $ 450,000 Mainstreet Renovation 500,000 Underground Utilities 400,000 Capitalized Interest 0 Costs of Issuance 19,150 Subtotal $ 1,369,150 Discount 20,850 Bond Issue $ 1,390,000 (e) it is necessary and expedient to the sound financial management of the affairs of the City to issue $1,390,000 General Obligation Tax Increment Bonds, Series 1989 (Bonds) to provide financing for the Costs. (f) the Tax Increment Agreement between the Housing and Redevelopment Authority of the City (Authority) and the City, dated November 7, 1989, and filed with the Auditor of Hennepin County, is hereby ratified and confirmed. (g) the Authority has requested the City to issue and sell its general obligations to finance a portion of the Costs. 2. In order to provide financing for the Costs, the City will therefore issue and sell Bonds in the amount of $1,369,150. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $20,850. The excess of the purchase price of the Bonds over the sum of $1,369,150 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Official Notice of Sale: . . . ,t OFFICIAL NOTICE OF SALE $1,390,000 General Obligation Redevelopment Bonds, Series 1989 City of Hopkins Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 11:00, a.m., C.T. on Tuesday, December 5, 1989, at Hopkins Tech Center, 1600 Second Street South, in Hopkins, Minnesota, at which time the bids will be opened and tabu- lated for consideration by the City Council at a meeting at 7:30 -p.m. on the same day. The bonds are offered on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the finan- cing of public redevelopment costs in a tax increment financing district in the City. The bonds will be general obligations of the City, for which its full faith, credit and taxing powers are pledged together with tax increments from the district. Date and Maturities The bonds will be issued in fully registered form, will be dated December 1, 1989, will be in denominations of integral multiples of $5,000 each and will mature on February 1, in the years and amounts as follows: Year Amount Year Amount 2000 10,000 2005 $210,000 2001 20,000 2006 230,000 2002 30,000 2007 245,000 2003 45,000 2008 260,000 2004 60,000 2009 280,000 Redemption The City may elect on February 1, 1997 or on any interest payment date thereafter to redeem and prepay bonds of this issue maturing on or after February 1, 1998 at a price of par plus accrued interest to date of redemption. Prepayment may be in whole or in part and will be in inverse order of maturities and by lot within maturities. Interest . Interest on the bonds will be payable on August 1, 1990, and semiannually thereafter on each February 1 and August 1. 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 bonds of any subsequent maturity. Each rate must be in an integral multiple of 1/100 of 1%. . . t' Registrar The City will name the Registrar which will be subject to applicable SEC regulations. Principal will be payable at the prin- cipal office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the reasonable and customary charges for the services of the Registrar. CUSIP Numbers The City assumes no obligation for the assignment or print- ing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will 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 examination 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 vaIidity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser but all other costs will be paid by the City. The purchase price must be paid upon delivery of the bonds in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Holmes & Graven, Chartered, 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 payable primarily from tax increments, and that the City is required by law to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Type of Bid - Amount . Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time of the meeting. A bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft payable to the City, or by wire transfer after bid opening in the amount of $27,800, to be retained by the 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 and deducted from the settlement amount at the delivery of the bonds. ) 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 $1,390,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $1,369,150 for princi- pal plus accrued interest on all of the bonds will be considered. The City reserves the right to reject any and all bids and to waive an informality in a bid. BY ORDER OF THE CITY COUNCIL /s/ Patricia Gisborne City Clerk Dated: November 7, 1989. '. 3. The Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Notice of Sale and to publish the abbreviated notice of sale attached hereto as Exhibit A in the manner required by law. The City Council will meet at 7 :'3'0 ~ p.m. on Tuesday, December 5, 1989, to consider bids on the Bonds and take any other appropriate action with respect to the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kritzler ,and upon vote being taken thereon the following members Councilmember Anderson Councilmember Shirley Countilmember Kritzler and the following voted against: voted in favor of the motion: Councilmember Redepenning Mayor Berg whereupon the resolution was declared duly passed and adopted. . . , . \ , Exhibit A . NOTICE OF BOND SALE $1,390,000 GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1989 CITY OF HOPKINS, HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 11:00, a.m., C.T. on Tuesday, December 5, 1989, at Hopkins Tech Center, 1600 Second Street South in Hopkins. Minnesota, at which time the bids will be opened and tabu- lated for consideration by the City Council at a meeting at 7'3IT p.m. on the same day. The bonds are offered on the following terms. The bonds will be dated December 1, 1989, will bear interest payable semiannually on each August 1 and February 1, commencing August 1, 1989, and will mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2000 10 , 000 2005 $210 ,000 2001 20,000 2006 230,000 2002 30,000 2007 245,000 2003 45,000 2008 260,000 2004 60,000 2009 280,000 The City may elect on February 1, 1997 or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after February 1, 1998 at a price of par plus accrued interest to date of redemption. Bidders must specify a price of not less than $1,369,150 plus accrued interest. A legal opinion on the bonds will be furnished by Holmes & Graven, Chartered, Minneapolis, Minnesota. The proceeds of the bonds will be used to finance public redevelopment costs related to a tax increment financing district in the City. Bidders should be aware that the Official Statement to be distributed for the bonds may contain additional bidding terms and information relative to the bonds. In the event of a variance between statements in this Notice of Bond Sale and the Official Statement bidders must comply with the terms of the latter. BY ORDER OF THE CITY COUNCIL /s/ Patricia Gisborne City Clerk Dated: November 7, 1989. r 'l . ,e .. STATE OF MINNESOTA ) ) ) ) ) COUNTY OF HENNEPIN CITY OF HOPKINS I, the undersigned, being the duly qualified and acting Clerk of the City of Hopkins, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Tuesday, November 7, 1989, with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes, insofar as they relate to the issuance and sale of $1,390,000 General Obliga- tion Redevelopment Bonds, Series 1989 of the City. WITNESS My hand as City Clerk and the corporate seal of the City this --2!h day of November , 1989. Minnesota (SEAL) A: 00201189. RAU