83-08A
r~
..
e
e
e
Extract of Minutes of Meeting
of the City Council of the City
of Chanhassen, Hennepin and Carver Counties, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota,
was held at the City Hall in said City on Monday, March 21, 1983, com-
mencing at 7:30 o'clock P.M.
The following members were present: Mayor Hami I ton, Counci lmen
Geving and Horn, Councilwomen Swenson and Watson.
and the following were absent:
None
~~~'("k
..1....1....'..
1\ " ~..
"-k*--,t,
The following resolution was presented by Councilmember Swenson
who moved its adoption, the reading of which was dispensed with by
unanimous consent:
RESOLUTION NO. 83- 0 8A
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $9,440,000 GENERAL OBLIGATION REFUNDING BONDS OF 1983
CONSISTING OF $5,185,000 GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS OF 1983 AND $4,255,000 GENERAL OBLIGATION
IMPROVEMENT REFUNDING BONDS OF 1983
BE IT RESOLVED By the City Council of the City of Chanhassen, Carver
and Hennepin Counties, Minnesota as follows:
Section 1. Findings: Purpose.
1.01. The City of Chanhassen (City) is authorized by the provisions
of Minnesota Statutes, Chapter 475 (Act) and Section 475.61 of the Act to
issue and sell its general obligation bonds to refund outstanding bonds
"
e
when determined by the City Council to be necessary and desirable for the
reduction of interest cost and the adjustment of maturities of outstanding
issues of bonds.
1. 02. It is hereby found and determined that it is necessary and
desirable for the reduction of interest cost and the adjustment of
maturities of bonds that the City issue its genera~ obligation refunding
bonds to refund in advance of their maturities certain outstanding general
obligations of the City.
Section 2. Refunded and Refunding Bonds.
2.01. The outstanding bonds to be refunded consist of the following:
a. $4,715,000 General Obligation Tax Increment Bonds of 1981,
Series A, dated August 1, 1981, of which the entire prin-
cipal amount is outstanding (Tax Increment Bonds), and
b. $3,955,000 General Obligation Improvement Bonds of 1982,
dated June 1, 1982, of which the entire principal amount is
outstanding (Improvement Bonds).
e
2.02. To provide moneys to refund in advance of maturity the Tax
Increment Bonds and the Improvement Bonds, respectively, the City shall
issue and sell its $5,185,000 General Obligation Tax Increment Refunding
Bonds of 1983 (Tax Increment Refunding Bonds) and its $4,255,000 General
Obligation Improvement Refunding Bonds of 1983 (Improvement Refunding
Bonds) (collectively, Refunding Bonds).
2.03. The $9,440,000 Refunding Bonds shall be issued, sold and
delivered in accordance with the terms and conditions of the following
Official Notice of Sale (it being the intention of the Council that the Tax
Increment Refunding Bonds and Improvement Refunding Bonds be sold together
and not separately):
e
OFFICIAL
e
NOTICE OF SALE
$9,440,000 GENERAL OBLIGATION REFUNDING BONDS OF'1983
CONSISTING OF $5,185,000 GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS OF 1983 AND $4,255,000 GENERAL OBLIGATION
IMPROVEMENT REFUNDING BONDS OF 1983
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
above bonds will be received in the offices of Juran & Moody, Inc., Public
Finance Department, 400 North Robert Street, Suite 800, St. Paul, Minnesota
55101, until 11:00 a.m. C.T. on Tuesday, April 26, 1983, at which time the
bids will be opened by a representative of the City of Chanhassen and
tabulated for presentation to and consideration by the City Council of the
City of Chanhassen at a special council meeting at 7:30 p.m. C.T. in the
Chanhassen City Hall on the same day.
Purpose and Security
e
Two issues of bonds are offered; $5,185,000 General Obligation
Tax Increment Refunding Bonds of 1983 (Tax Increment Refunding Bonds) and
$4,255,000 General Obligation Improvement Refunding Bonds of 1983 (Improve-
ment Refunding Bonds) (collectively referred to as the Bonds). The purpose
of the Tax Increment Refunding Bonds is to refund in advance of maturity
the outstanding principal amount of the City's $4,715,000 General Obliga-
tion Tax Increment Bonds of 1981, Series A, dated May 1, 1981. The purpose
of the Improvement Refunding Bonds is to refund in advance of maturity the
outstanding principal amount of the City's $3,955,000 General Obligation
Improvement Bonds of 1982, dated June 1, 1982.
Date and Maturities
Tax Increment Refunding Bonds
The Tax Increment Refunding Bonds will be dated May 1, 1983, will
be in denomination of $5,000 each and will mature without option of prior
payment on August 1 in the following years and amounts:
Year Amount Year Amount
1984 $35,000 1992 $305,000
1985 20,000 1993 375,000
1986 35,000 1994 445,000
1987 45,000 1995 525,000
1988 80,000 1996 610,000
1989 140,000 1997 710,000
1990 205,000 1998 815,000
1991 260,000 1999 580,000
e
Improvement Refunding Bonds
e
The Improvement Refunding Bonds will be dated May 1, 1983, will be in
the denomination of $5,000 each and will mature without option of prior
payment on February 1 in the following years and amounts:
Year Amount Year Amount
1984 $255,000 1991 $365,000
1985 325,000 1992 305,000
1986 325,000 1993 335,000
1987 355,000 1994 325,000
1988 370,000 1995 300,000
1989 335,000 1996 325,000
1990 335,000
Interest
e
Interest on the Tax Increment Refunding Bonds will be payable on
February 1, 1984, and semiannually thereafter on each August 1 and
February 1. Interest on the Improvement Refunding Bonds will be payable
February 1, 1984 and semiannually thereafter on August 1 and February 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
Bonds of any subsequent maturity. Rates to be specified by the City in an
integral multiple of 1/8 or 1/20 of 1%, and the rate of interest and the
net effective average rate of the respective issues may exceed the maximum
rate of interest permitted by law on the day of sale. (See "Type of Bid -
Amount," for further details.)
Paying Agent
Principal and interest will be made payable at any suitable bank
recommended by the purchaser and approved by the Council, and the City will
pay the customary charges for this service provided that such recommenda-
tion is received within 48 hours after the sale and the Council will select
the paying agent if the recommendation is not approved.
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 assigned and printed at the
expense of the purchaser, if the purchaser waives any extension of the time
of delivery caused thereby.
Delivery
e
At delivery 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
e
stating that no litigation in any manner questioning their validity is then
threatened or pending. 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 will be made on or about May 17, 1983, and the success-
ful purchaser will be notified of the exact date of delivery within 48
hours of the award.
Legal Opinion
An unqualified legal opinion on the Bonds will be furnished by
LeFevere, Lefler, Kennedy, 0 I Brien & Drawz, a Professional Association,
Minneapolis, Minnesota. Certain matters relating to arbitrage will be
passed on by Briggs and Morgan, Professional Association, St. Paul,
Minnesota and the approving opinion of LeFevere, Lefler, Kennedy, O'Brien &
Drawz, a Professional Association, will rely upon such opinion. 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.
Type of Bid - Amount
e
Sealed bids addressed to the undersigned containing proposals for
the purchase of both the Tax Increment Refunding Bonds and the Improvement
Refunding Bonds must be mailed or delivered to the place and prior to the
time specified above. The two issues of Bonds will not be sold separately.
The bids must be unconditional and must be accompanied by a cashier's
check, certified check or bank draft in the amount of $188,800, payable to
the City Treasurer, to be retained by the City as liquidated damages if the
bid is accepted and the successful bidder fails to comply therewith. The
bid offering the lowest net interest cost for all of the Bonds (the sum of
dollar interest cost of the respective issues, less the sum of cash
premiums offered for the respective issues) will be deemed the most
favorable. No oral bid and no bid of less than $9,440,000 for total
principal plus accrued interest on both issues will be considered.
The City reserves the right prior to the sale but no later than
11:00 a.m. C.T. on Monday, April 25, 1983, to: 1) specify the interest
rate for the serial maturity of each issue, and 2) to establish a minimum
purchase price in excess of par for each issue. A prospective bidder may
register its name, address and telephone number with the City's Financial
Adviser, Juran & Moody, Inc., in order to be contacted by written or
telephone communication prior to 11:00 a.m. C.T. on Monday, April 25, 1983
of any bidding restrictions, changes or conditions as described herein.
Neither the City or its agents shall assume responsibility for providing
e
e
these details, as described herein, unless a prospective bidder registers
its name, address and telephone number with the City's Financial Adviser.
The City further reserves the right to reduce the principal amount of the
last maturity of each respective issue after the award of the sale of the
Bonds. 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
/s/ Donald W. Ashworth
City Manager
Dated: March 21, 1983.
Further Information:
Juran & Moody, Inc.
Minnesota Mutual Life Building
400 North Robert Street, Suite 800
St. Paul, Minnesota 55101
Tele: (612) 224-1500
e
e
e
3. In order to conform to the requirements of Section 475.54, Sub-
division 1, of the Act, the maturities of the Tax Increment Refunding Bonds
are hereby continued with the maturities of the City's General Obligation
Improvement Bonds of 1980, dated March 1, 1980, all as provided in Section
475.54, Subdivision 2 of the Act.
4. The City Manager 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 on Tuesday,
April 26, 1983, at 7:30 o'clock p.m. for the purpose of considering bids on
the Bonds and taking any other appropriate action in relation thereto.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember
Watson
, and upon vote being
taken thereon, the following voted in favor:
Mayor Hamilton,
Councilmen Horn and Geving, Councilwomen Swenson and Watson.
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
e
e
Exhibit "A"
e
NOTICE OF SALE
$9,440,000 GENERAL OBLIGATION REFUNDING BONDS OF 1983
CONSISTING OF $5,185,000 GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS OF 1983 AND $4,255,000 GENERAL OBLIGATION
IMPROVEMENT REFUNDING BONDS OF 1983
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
above bonds will be received in the offices of Juran & Moody, Inc., Public
Finance Department, 400 North Robert Street, Suite 800, St. Paul, Minnesota
55101, until 11:00 a.m. C.T. on Tuesday, April 26, 1983, at which time the
bids will be opened by a representative of the City of Chanhassn and
tabulated for presentation to and consideration by the City Council of the
City of Chanhassen at a special council meeting in the Chanhassen City Hall
at 7:30 p.m. C.T. on the same day.
e
Two issues of bonds are offered; $5,185,000 General Obligation
Tax Increment Refunding Bonds of 1983 (Tax Increment Refunding Bonds) and
$4,255,000 General Obligation Improvement Refunding Bonds of 1983 (Improve-
ment Refunding Bonds) (collectively referred to as the Bonds). The purpose
of the Tax Increment Refunding Bonds is to refund in advance of maturity
the outstanding principal amount of the City's $4,715,000 General Obliga-
tion Tax Increment Bonds of 1981, Series A, dated May 1, 1981. The purpose
of the Improvement Refunding Bonds is to refund in advance of maturity the
outstanding principal amount of the City's $3,955,000 General Obligation
Improvement Bonds of 1982, dated June 1, 1982.
Tax Increment Refunding Bonds
The Tax Increment Refunding Bonds will be dated May 1, 1983, will
be in denomination of $5,000 each and will mature without option of prior
payment on August 1 in the following years and amounts:
Year Amount Year Amount
1984 $35,000 1992 $305,000
1985 20,000 1993 375,000
1986 35,000 1994 445,000
1987 45,000 1995 525,000
1988 80,000 1996 610,000
1989 140,000 1997 710,000
1990 205,000 1998 815,000
1991 260,000 1999 580,000
e
e
e
e
<.
Improvement Refunding Bonds
The Improvement Refunding Bonds will be dated May 1, 1983, will be in
the denomination of $5,000 each and will mature without option of prior
payment on February 1 in the following years and amounts:
Year Amount Year Amount
1984 $255,000 1991 $365,000
1985 325,000 1992 305,000
1986 325,000 1993 335,000
1987 355,000 1994 325,000
1988 370,000 1995 300,000
1989 335,000 1996 325,000
1990 335,000
Interest will be payable on August 1, 1984 (Improvement Refunding Bonds),
and February 1, 1984 (Tax Increment Refunding Bonds), and semiannually
thereafter. Each rate must be in an integral multiple of 1/8 or 1/20 of 1%
and no rate may exceed the maximum rate of interest permitted by law on the
day of sale. Price of par for both issues combined: the issues will not
be sold separately. 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 refund in advance
of maturity certain outstanding general obligation Bonds of the City.
The Official Notice of Sale in the Official Statement for the issues
may contain additional bidding terms and other information relating to the
issues. In the event of a variance between statements in this Notice of
Sale and those in the Official Statement, the provisions of the latter
shall be those to be complied with.
BY ORDER OF THE CITY COUNCIL
/s/ Donald W. Ashworth
City Manager
Dated: March 21, 1983.
Additional Information:
Juran & Moogy, Inc.
Minnesota Mutual Life Building
400 North Robert Street, Suite 800
St. Paul, Minnesota 55101
Tele: (612) 224-1500
.
~
e STATE OF MINNESOTA )
)
COUNTIES OF CARVER )
AND HENNEPIN ) SS.
)
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting City
Manager of the City of Chanhassen, 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, March 21,
1983, 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 $9,440,000 General Obligation Refunding Bonds of
1983, of the City.
WITNESS My hand as such City Manager and the corporate seal of
e
the City this
8th
day of
April
1983.
dL Uo.,9f6
City Manager
City of Chanhassen, Minnesota
I
--"
(SEAL)
e