1986-08-22 CC Agenda/Packet SpecialRECOMMENDATIONS
FOR
CITY OF ALBERTVILLE, MINNESOTA
$575,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A
Study No. 3147
August 22, 1986
SPRINGSTED Incorporated
SPRINGSTED INCORPORHi F!;,
Public Finance Advisors
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101.2143
612.223.3000
August 22, 1986
Mayor James A. Walsh
Members, City Council
Ms. Maureen Andrews, Administrator
Albertville City Hall
Albertville, Minnesota 55301
Re: Recommendations for the Issuance of $575,000 General Obligation
Improvement Bonds, Series 1986A
We respectfully request your consideration of our recommendations for the
City's issuance of $575,000 General Obligation Improvement Bonds, Series
1986A, in accordance with the terms and conditions set forth in the attached
"Official Terms of Offering."
The bond issue is needed to finance the five improvement projects listed
below.
Estimated Bond
Project Issuance
Project Cost Cost* Total
Psyk 4th Addition $189, 600 $ 3,570
Barthel Manor 66,000 1,260
Maple Hills 5,900 105
Beaudry 2nd Addition 177,988 3,360
Barthel Residential Phase II/52 Street 116,056 2,205
Subtotal $555,544 $109500
Allowance For Discount Bidding
Less: Estimated Reinvestment Earnings
$193,170
67,260
6,005
181,348
118,261
566 044 (q;
9, 775 -�
(819)
Total Bond Issue $575,000
* Issuance costs include legal and fiscal fees, Official Statement and bond
printing, publication costs and bond registration costs.
We understand the improvement hearings have been held for the Beaudry 2nd
Addition and Barthel Residential projects. Hearings for the remaining three
projects are scheduled for August 28, 1986. Please note the schedules
enclosed assume all of the projects will be ordered and fully assessed as
planned.
City of Albertville, Minnesota
August 22, 1986
Page 2
Exhibit A, attached, is the recommended maturity schedule for the bond issue.
The bonds will be dated October I, 1986, and will mature each February I
from 1988 through 1999, inclusive. Column 6 shows the projected annual debt
service (principal and interest), including the 5% overlevy required by State
law. Column 7 shows the projected assessment income which is drawn from
the "Total" column on page 2 of Exhibit II. Columns 8 and 9 show the annual
and cumulative surplus or deficit of income over the debt service requirements
(column 7 minus column 6). Column 10 indicates some levies may be necessary
in the final two years of the bond program. Even though the projects are
assumed to be 100% assessed, the levies occur as a result of the 5% overlevy.
The City may reduce or cancel these levies if sufficient funds are on hand
from assessment prepayments, interest earnings or other available sources.
Exhibit II shows the projected assessment income from each of the five
projects. All of the projects are spread in twelve equal annual principal
installments. We have assumed interest on the unpaid principal balance of
assessments will be charged at a rate 1.5% above the average annual rate the
City will pay on the bonds.
We have assumed, based on our conversations with the City, that assessments
will be filed on or about October 15, 1986. If that deadline cannot be met, the
City should be aware that, once the bonds are awarded, the Council is
obligated to provide funding through tax levies or other available sources if
assessment income is not available. If the assessment filings are delayed,
capitalized interest for 15 months should be added to the amount financed and
the first payment of principal should be delayed one year.
The first payment on the bonds will be due August I, 1987, in the estimated
amount of $33,500. This amount covers interest accruing from the date of the
bonds (October I, 1986) to the August I, 1987 payment date. Each interest
payment thereafter will cover only a six-month period. The bond issue is
structured so that first-half assessments will be on hand in sufficient time to
meet each August I interest payment. Surplus first-half collections and all
second -half collections will then be available to meet the semi-annual interest
payment and annual principal payment which are due each February I. The
first principal payment on this issue will be due February I, 1988.
You will notice in our table on page I showing the costs covered by the bond
issue, we have included $9,775 as an allowance for discount bidding. This
amount equals $1 7 per $1,000 of bonds, which is a typical allowance for this
type of issue and issuer. The purchaser of the bonds is able to take all of his
profit and working capital out of this allowance and reoffer the bonds to his
customers at par value. If a discount is not allowed, the purchaser must resell
the bonds at a premium in order to cover his costs. Since bonds at a premium
are more difficult to sell, the purchaser would need to charge the City higher
annual interest rates. If the full allowable discount were taken on this issue,
the City would receive $565,225 in exchange for its $575,000 of bonds.
We are also recommending that all bonds maturing on or after February I,
1994, be subject to early redemption at the option of the City, beginning
February I, 1993. This "early call" option provides the City an opportunity to
City of Albertville, Minnesota
August 22, 1986
Page 3
refinance the bonds to take advantage of lower interest rates or to restructure
principal payments should the need arise.
As you are probably aware, on August 15, 1986, a House -Senate Conference
Committee reached agreement on a compromise version of the Tax Reform
Bill (H.R. 3838) which contains various provisions with various effective dates,
applicable to municipal bonds. The full House and Senate are expected to act
on the Bill when they return September 8 from their Labor Day holiday.
Although bond attorneys and tax experts across the country are continuing to
analyze and interpret the Conference Committee Bill, we do not, at this time,
see any provisions which would affect the City's issuance of these bonds.
We have included in the "Official Terms of Offering" a provision for
mandatory redemption of the bonds. This is a protection for both the City and
the purchaser in the event final tax reform legislation requires the City to use
unexpended bond proceeds to redeem bonds. Lack of compliance could cause
the bonds to lose their tax-exempt status. The mandatory redemption provides
a mechanism for the City to comply.
As with past issues, we are not recommending the City request a credit rating
for this issue from Moody's Investors Service. We believe Moody's would
respond, as they have in the past, that there is insufficient data available on
which to base such a rating. A rating for an issue of this size would cost from
$2,500 to $3,000.
Based on our conversations with City staff, we are recommending the City
open and award bids on the bonds at its September 22 meeting. The City then
would receive the bond proceeds in late October. A representative of
SPRINGSTED Incorporated will be in attendance at the sale to assist in its
conduct and make recommendations as to acceptability of the bids received.
Respe tfully submitted,
PRINGSTED Incorporated
/mgh
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OFFICIAL TERMS OF OFFERING
$575,000
CITY OF ALBERTVILLE, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A
Sealed bids for the Bonds will be opened by the City Council on Monday, September 22, 1986, at 7:30
P.M., Central Time, at the Albertville City Hall. Consideration for award of the Bonds will
immediately follow the opening of bids.
DETAILS OF THE BONDS
The Bonds will be dated October I, 1986, as the date of original issue, and will bear interest payable
on February I and August I of each year, commencing August I, 1987. Interest will be computed
upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the
MSRB. The Bonds will be issued in integral multiples of $5,000 of a single maturity, as requested by
the Purchaser, and fully registered as to principal and interest. Principal will be payable at the main
corporate office of the Registrar and interest on each Bond will be payable by check or draft of the
Registrar mailed to the registered holder thereof at his address as it appears on the books of the
Registrar as of the 15th of the calendar month next preceding the interest payment.
The Bonds will mature February I in the amounts and years as follows:
$45,000 1988 $50,000 1991 $45,000 1995 $45,000 1997
$50,000 1989 $45,000 1992 $50,000 1996 $50,000 1998-1999
$45,000 1990 $50,000 1993-1994
MANDATORY REDEMPTION
In the event that pursuant to federal laws and regulations the City is required to use unexpended
Bond proceeds for early redemption of Bonds in order to continue exemption of the Bonds from
federal taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date
after notice is given pursuant to law. Those Bonds remaining unpaid which have the latest maturity
date will be prepaid first. If only part of the Bonds having a common maturity date are called for
prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All such
prepayments shall be at a price of 102% plus accrued interest.
OPTIONAL REDEMPTION
The City may elect on February I, 1993, and on any interest payment date thereafter, to prepay
Bonds due on or after February I, 1994. Redemption may be in whole or in part of the Bonds subject
to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity
date will be prepaid first. If only part of the Bonds having a common maturity date are called for
prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments
shall be at a price of par and accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge special
_ assessments against benefited property. The proceeds will be used to finance improvement projects
within the City.
TYPE OF BID
A sealed bid for not less than $565,225 and accrued interest on the total principal amount of the
3onds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to
the time set for bid opening, a certified or cashier's check in the amount of $5,750, payable to the
order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's
Financial Advisor. No bid will be considered for which said check has not been filed. The check of
the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to
comply with the accepted bid. The City will deposit the. check of the Purchaser, the amount of which
will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless
the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates offered by Bidders shall be in
integral multiples of 5/100 or 1 /8 of 1 %. No rate for any maturity shall be more than 1 % lower than
any prior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the
date of maturity.
•I•:S
The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by
the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total
dollar interest on the Bonds from their date to their final scheduled maturity. The City's
computation of the total net dollar interest cost of each bid, in accordance with customary practice,
will be controlling.
The City will reserve the right to: (i) waive non -substantive informalities of any bid or of matters
relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii)
reject any bid which the City determines to have failed to comply with the terms herein.
REGISTRAR
The City will name the Registrar which shall be subject to applicable SEC regulations. The City will
pay for the services of the Registrar.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will
constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP
Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the
Purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
Purchaser at a place mutually satisfactory to the City and the Purchaser. A single typewritten Bond
for each maturity may be provided at settlement, which Bonds will be exchanged for printed Bonds
within said 40-day period. Delivery will be subject to receipt by the Purchaser of an approving legal
opinion of Holmes & Graven, Chartered of Minneapolis, Minnesota, which opinion will be printed on
the Bonds, and of customary closing papers, including a no -litigation certificate. On the date of
settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be
received at the offices of the City, or its designee, not later than 1:00 P.M., Central Time of the day
of settlement. Except as compliance with the terms of payment for the Bonds shall have been made
impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss
_suffered by the City by reason of the Purchaser's non-compliance with said terms for payment.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the
City, to the effect that the Official Statement did not as of the date of the Official Statement, and
- does not as of the date of settlement, contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor
prior to the bid opening. The Purchaser will be provided with 15 copies of the Official Statement.
Dated August 28, 1986
/s/ Donald Berning
Clerk -Treasurer
BY ORDER OF THE CITY COUNCIL