HomeMy WebLinkAboutResolution No. 2009-039 City of Edina Limited Use Permit with the State of Minnesota Department of Transportation for a Pedestrian Trail in the Right-of-Way of Trunk Highway 100 at Benton Avenue S.A.P. NOS. 120-010-011 and 120-146-005 RESOLUTION NO. 2009-39
w91NA, CITY OF EDINA LIMITED USE PERMIT
w WITH THE STATE OF MINNESOTA
cin DEPARTMENT OF TRANSPORTATION
ay FOR A PEDESTRIAN TRAIL IN THE RIGHT-OF-WAY OF
rtiOA"�
TRUNK HIGHWAY 100 AT BENTON AVENUE
S.A.P. NOS. 120-010-011 AND 120-146-005
City of Edina
WHEREAS, the City of Edina is a political subdivision, organized and existing under the laws of
the State of Minnesota; and
WHEREAS, the City Council of the City of Edina has approved a plan to construct a pedestrian
trail in the right-of-way of Trunk Highway 100 to promote the orderly and safe crossing of the highway;
and
WHEREAS, the State of Minnesota, Department of Transportation requires a Limited Use
Permit for the construction and utilization of said pedestrian trail.
NOW, THEREFORE, IT IS THEREBY RESOLVED that the City Council of the City of Edina,
hereby authorizes the Mayor and City Manger to enter into a Limited Use Permit with the State of
Minnesota, Department of Transportation for the following purpose:
To construct, operate and maintain a pedestrian trail within the right-of-way of Trunk
Highway 100 of the State of Minnesota on Benton Avenue, between Josephine Avenue
and Normandale Road (Trunk Highway 100 West Frontage Road); then heading north
along Normandale Road (Trunk Highway 100 West Frontage Road/Trunk Highway 100
South Bound Off Ramp) to a point approximately 375 feet north near the intersection of
• Normandale Road and Trunk Highway 100 South Bound Off Ramp. The City of Edina
shall construct, operate and maintain said trail in accordance with the Limited Use Permit
granted by the Minnesota Department of Transportation.
The pity Council of the City of Edina adopted this re I ti n n the 7`h day of April, 2009, by a
vote of y— Ayes and �_Nays.
Attest
Debra A. Mangen, C*Cleire James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached
and foregoing Resolution is a true and correct copy of the Resolution duly adopted by the Edina City Council at its
regular meeting of April 7, 2009, and as recorded in the Minutes of said regular meeting.
WITNESS, my hand and seal of said City this day of 2009.
Debra A. Mangen, City Clerk
•
City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA,MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379
1
• CERTIFICATION OF MINUTES RELATING TO
$14,000,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS,
SERIES 2009A
Issuer: City of Edina, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on April 7, 2009
at 7:00 o'clock P.M., at the City Hall, Edina, Minnesota.
Members present: Bennett, Brindle, Housh, and Swenson,
Members absent: Mayor Hovland
Documents Attached:
Minutes of said meeting (including): Pages 1 through 19
RESOLUTION NO. 2009-40
RESOLUTION AUTHORIZING ISSUANCE, AWARDING
• SALE, PRESCRIBING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $14,000,000 GENERAL
OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES
2009A
I,the undersigned, being the duly qualified and acting recording officer of the
public corporation issuing the bonds referred to in the title of this certificate, certify that the
documents attached hereto, as described above,have been carefully compared with the original
records of said corporation in my legal custody, from which they have been transcribed; that said
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of said corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at said meeting, so far as they relate
to said bonds; and that said meeting was duly held by the governing body at the time and place
and was attended throughout by the members indicated above,pursuant to call and notice of such
meeting given as required by law.
WITNESS my hand officially as such recording officer this 7 day of April,
2009.
Debra Mangen, City Cl tk
s
• It was reported that ei ght 8 proposals had been received prior to 10:00 A.M.,
Central Time today for the purchase of the $14,000,000 General Obligation Capital Improvement
Bonds, Series 2009A of the City in accordance with the Official Statement distributed by the
City to potential purchasers of the Bonds. The proposals have been read and tabulated, and the
terms of each have been determined to be as follows:
Bid for Interest Net Interest
Name of Bidder Principal Rates Cost
[See Attached]
•
•
BID TABULATION
$14,000,000" General Obligation Capital Improvement Plan Bonds, Series 2009A
• CITY OF EDINA, MINNESOTA
SALE: April 7, 2009
AWARD: RBC CAPITAL MARKETS
RATINGS: Moody's Investors Service, Inc. "Aaa" BBI: 4.92%
Standard& Poor's Credit Markets"AAA"
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
RBC CAPITAL MARKETS 2011 3.000% 1.000% $14,063,235.00$6,697,879.78 3.7867%
Minneapolis, Minnesota 2012 3.000% 1.200%
2013 3.000% 1.600%
2014 3.000% 2.000%
2015 3.000% 2.200%
2016 3.000% 2.400%
2017 3.000% 2.600%
2018 3.000% 2.850%
2019 3.100% 3.100%
2020 3.300% 3.300%
2021 3.450% 3.450%
2022 3.600% 3.600%
2023 3.750% 3.750%
2024 3.900% 3.900%
2025 4.000% 4.000%
2026 4.125% 4.125%
2027 4.250% 4.250%
2028 4.300% 4.300%
2029 4.350% 4.350%
2030 4.400% 4.400%
`Subsequent to bid opening the 2011 maturity increased$135,000 to $510,000,the 2012 maturity decreased $25,000 to$525,000,
the 2013 maturity decreased$20,000 to $540,000,the 2014 maturity decreased$15,000 to$555,000,the 2015 maturity decreased
$15,000 to$570,000,the 2016 maturity decreased$5,000 to$590,000, the 2017 maturity decreased$5,000 to$605,000,the 2024
maturity decreased$5,000 to$760,000,the 2025 maturity decreased$5,000 to$790,000,the 2026 maturity decreased$5,000 to
$825,000,the 2027 maturity decreased$5,000 to$860,000,the 2028 maturity decreased$5,000 to$895,000,the 2029 maturity
decreased$10,000 to$935,000 and the 2030 maturity decreased$15,000 to$990,000 in maturity value.
Adjusted Price-$14,064,040.15
Adjusted Net Interest Cost-$6,653,376.01
Adjusted TIC -3.7845%
•
mmehlers-inc,com
0 E H L E RS Minnesota phone 651-697-8500 3060 Centre Pointe Drive
LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 55113-1122
$14,000,000 General Obligation Capital Improvement Plan Bonds,Series 2009A Page 2
City of Edina, Minnesota r
NET TR
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTE
(February 1) YIELD COST RATE
PIPER JAFFRAY & CO. 2011 3.000% $14,141,598.41 $6,798,721.37 3.8358%
Minneapolis, Minnesota 2012 3.000%
2013 3.000%
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.250%
2019 3.500%
2020 3.750%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.125%
2027 4.250%
2028 4.250%
2029 4.375%
2030 4.375%
MORGAN KEEGAN &CO., INC. 2011 2.000% $14,025,108.54$6,793,917.46 3.84*
Memphis, Tennessee 2012 2.000%
2013 2.000%
2014 2.500%
2015 2.500%
2016 2.750%
2017 3.000%
2018 3.500%
2019 3.500%
2020 3.750%
2021 3.750%
2022 3.750%
2023 3.800%
2024 4.000%
2025 4.050%
2026 4.100%
2027 4.250%
2028 4.300%
2029 4.375%
2030 4.375%
$14,000,000 General Obligation Capital Improvement Plan Bonds,Series 2009A Page 3
City of Edina, Minnesota
NET TRUE
SE OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
BMO CAPITAL MARKETS GKST INC. 2011 2.000% $13,958,282.20$6,789,668.97 3.8498%
Chicago, Illinois 2012 2.000%
2013 2.125%
2014 2.375%
2015 2.500%
2016 3.125%
2017 3.125%
2018 3.125%
2019 3.125%
2020 3.250%
2021 3.375%
2022 3.625%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.125%
2027 4.250%
2028 4.375%
2029 4.375%
2030 4.375%
oNIN &COMPANY, INC. 2011 3.000% $14,154,634.31 $6,837,691.58 3.8545%
eapolis, Minnesota 2012 3.000%
2013 3.000%
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.250%
2019 3.500%
2020 4.000%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.125%
2027 4.250%
2028 4.300%
2029 4.375%
2030 4.500%
•
$14,000,000 General Obligation Capital Improvement Plan Bonds, Series 2009A Page 4
City of Edina, Minnesota
NET T
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTT
(February 1) YIELD COST RATE
MERRILL LYNCH &CO. 2011 3.000% $14,210,865.85$6,931,491.15 3.9092%
New York, New York 2012 3.000%
2013 3.000%
2014 3.500%
2015 3.500%
2016 3.500%
2017 3.750%
2018 4.000%
2019 4.000%
2020 4.000%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.125%
2027 4.250%
2028 4.250%
2029 4.375%
2030 4.500%
ROBERT W. BAIRD & CO. 2011 2.000% $14,017,253.85$6,913,516.95 3.91
Milwaukee,Wisconsin 2012 2.000%
2013 3.000% 0
2014 3.000%
2015 3.000%
2016 3.000%
2017 3.000%
2018 3.125%
2019 3.250%
2020 4.000%
2021 4.000%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.125%
2027 4.250%
2028 4.350%
2029 4.375%
2030 4.375%
•
$14,000,080 General Obligation Capital Improvement Plan Bonds,Series 2009A Page 5
City of Edina, Minnesota
NET TRUE
01 OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
FIDELITY CAPITAL MARKETS SERVICES 2011 2.000% $13,947,690.15$6,977,521.68 3.9586%
Boston, Massachusetts 2012 2.000%
2013 2.000%
2014 2.500%
2015 2.500%
2016 2.750%
2017 3.000%
2018 3.250%
2019 3.500%
2020 3.750%
2021 3.750%
2022 4.000%
2023 4.000%
2024 4.000%
2025 4.000%
2026 4.200%
2027 4.300%
2028 4.375%
2029 4.500%
2030 4.500%