HomeMy WebLinkAboutCity Council Resolution 1974-340Aw
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BxTItACT OP, MINUTES OF REGULAR
WTING OP CITY COUNCIL OF
CITY OF,PLYMDUTH, MINNESOtA
July 35, 1974
Ppsauant to due call, and notice thereof a kvgular--seetin
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of the City Council of the City of Plymouth was held on July 15,
197rt at the Council Chambers,; 14900 C ,23rd Avenue North, llinneepoli
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ta,.'cammancinq at`700 o'clock P.M. The following members
r."psessats M" Hilde, Councilmen'Spaeth,•ble$Is and Seibold
lollowing siembera .,vrase absent: Coui►ciipa► Hunt.
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"OilmanSeibold introduced the foilowing resolution
and moved its adaptions
1t88QLUTIWI NO. 74-340
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A RZSOLUTSON PADVIDING;FOR TNE'ISSUANCE AND,
4ALS,QF'$4;075,000 GENERAL OHLZGATION TEMPORARY
21P1OVkJMNT M;DS OP 1974
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ORRZ 1S, various public<Jagraysment projects are now
ing vont iOcted within tta City, and
NHBRLAB, soatraots have been iat or will be 3A prigs to
th#isauaace:of bonds fos improvements coa�aistiriq of construct on,
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f tanita_y;sewers, water mina, storm sewers,,watar tower, water
traa#sent plant as followss
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Worthiest Se.240
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;1lortheast Trunk 544,3!0
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L107 410e""d --water Tank k V se3,700
.34th Avenue aiidxxilmer �ifG4 23,898.
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CZk Nater Treatment .Plant
ZeeiamZane 6/Gy Glos,' 218,300
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A� proceedings for such
e i1HERBAS, the P iinprovemnnts have been
instituted vndar laws authotizing.the. Sam* at Substantially the
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sago=dates ani the Conacil-, detesmnea that pursuant to MinnesoaF;,,
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Statutes; S®GtLon 435.56' -these improvements, alttiowjh separately
inatituted;'can be' more eoonmically eompleted'if consolidated
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and joined as, one pro- ject,,=and
WHEREAS, upon the recommendation of the City fiscal
isultants and because of the unsettled market for municipal
Agations, the City Council has determined to issue and sell
iporary Improvement Bonds maturing three (3) years from date of
ue as authorized by Minnesota Statutes, Section 429.091,
division 3 in the amount of $3,995,500, and
WHEREAS, it is the intention of the City Council to rep,
Temporary Improvement Bonds from the proceeds of definitive
ds issued under the provisions of Minnesota Statutes 5444.075
able from the proceeds of special assessments, taxes and net
anises of the improvements derived from service charges for
purpose of paying the cost of acquiring and constructing
d improvements, and
WHEREAS, the City Council has further determined that
rate of interest required by present mark, --t conditions shall
represented in part by the issuance of additional obligations
the amount of $79,500 as authorized by Minnesota Statutes,
tion 475.56,
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNC
THE CITY OF PLYMOUTH AS FOLLOWSr
1. It is hereby determined that the total cost of the
various public improvements, pursuant to contracts
retofore let or which will be let prior to delivery of bonds,
11 be not less than the sum of $3,99;,000 and that of the total
st of such improvements more than 205 will be paid from assess-
nts levied against property benefited by the construction
areof.
2. It is hereby determined to finance the cost of said
improvements by the issuance of General Obligation
Improvement Bonds in the amount of $4,075,000.
3. Said bonds of this series shall be sold in the amount
of $3,995,500. It is further determined that the
municipality shall sell additional bonds to represent the -higher
rate of interest as authorized by Minnesota Statutes, Section
475.56. Said additional bonds shall be in the amount of $79,500
Which does not exceed 29 of the amount otherwise authorized.
Bids may be submitted to purchase bonds in the total amount of
$4,075,000 at a price not less than $3,995,500. All amounts
received by the Treasurer in excess of $3,995,500 shall be credi
to the sinking fund for payment of interest.
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NOTICE OF SALE
$4,075,000 General Obligation Temporary
Improvement Bonds of 1974
City of Plymouth
Hennepin County, Minnesota
NOTICE'IS HEREBY GIVEN That the City Council of the City
)f Plymouth, Minnesota, will meet at the Council Chambers 14900
!3rd Avenue North, Plymouth, Minnesota, on Monday, the 5th day of
lugust, 1974, at 7:30 o'clock P.M., C.D.S.T., for the purpose of
�aeeiving and considering sealed bids for the purchase of
4,075,000 General Obligation Temporary Improvement Bonds of the
!ity dated August 1, 1974, bearing interest payable Feb
ruary 1.
.975, and semiannually thereafter on August 1 and February 11 in
ach year, and which bonds mature serially on August 1, 1977. All
ends are callable on February 1, 1977, at par plus accrued in-
arest. Both principal and interest will be made payable at a
citable bank designated by the purchaser and approved by the City
ithin 48 hours after the award or otherwise at the selection of
he City. The proceeds of the bonds will be used to finance
arious Public improvements in the City.
be borrower will furnish printed bonds in the denomination of
5,000 each (or other denomination at purchaser's request within
8 hours after award), and the approving lega:. opinion of Messrs.
aFevere, Lefler, Hamilton and Pearson, Minnesota, Minnesota, both
ithout expense to purchaser. Delivery will be made without
apense to the purchaser anywhere in the continental United States
Rhin forty days after the.date of sale, -accompanied by customary
lnal delivery papers, including a certificate showing absence of
ltigation. The text of the legal opinion will be printed on the
ick of each bond and certified by an officer if requested by
ie purchaser.
ids shall state one basic rate of interest from date of issue to
kturity for all bonds. The bid offering the lowest net interest
est (total interest from August 1, 1974 to stated maturity, less
:y premium offered, plus any discount), will be deemed the most
:vorable. No bid of less than $3,995,500 for all bonds or pro -
,ding for a total interest rate on any bond for any period
=eeding 79 will be considered. Oral auction bids will not be
:oeived. No "e" coupons will be permitted.
e issuer will assume no obligation for the assignment or printing
CUSIP numbers on the bonds or for the correctness of any numbers
inted thereon, but will permit such printing to be done at the
pence of the purchaser, if the purchaser waives any extension of
e time of delivery caused thereby.
1 bids must be enclosed in a sealed envelope marked "Bid for
,075,000 General Obligation Temporary Improvement Bonds" and
livered to the undersigned prior to the above stated time. Each
d must be unconditional except as provided in this notice and
at be accompanied by a cashier's check, certified check or bank
aft payable to the order of the Treasurer, in the amount of at
Mgt $81,500, to be forfeited as liquidated damages in event the
I is accepted and the bidder fails to comply therewith. Bidders
R also asked to state total amount of interest and average rate.
s �}ght to waive any informality, to reject any and all bids and
adjourn the sale is reserved.
BY ORDER OF THE CITY COUNCIL
Nell F. Prebich, City Clerk
er information may be obtained from and bids may.be delivered
EHLERS AND ASSOCIATES, INC., Finanacial Consultants to the
First National -Soo Line Concourse, 507 Marquette Avenue,
apolis, Minnesota 55402. Telephone: 339-891 (Area Code
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The motion for tho adoption of the foregoing resolution
was pecotidrd by Councilman Neils and upon vote being taken
thereon thefollowin# voted in favor thereof: Xayor.Nilde,
Councilman, Spaeth, !Neils and Seibold. The following vo"d
�igainats ' eone.
Nhaieupon said resolution was. declared_ duly passed and
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tTATE dip, 111Z7$1zsm-.)
Cow" OF BQNNaPIN :). SS.:. '
I, the undersigned, being the duly qualified and acting
City'Clerk of the City of Plymouth, Minnesota, hereby certify
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that;1 have carefully- ,compared:the attached and -foregoing
extreet of•minutes. A a regular -meating'of the City Council of
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said'=City held July 15, 1974 with the original 'thereof on file
in' -m �o#five and the esme is a frill, true and campZete: ranscript
tharefroo insofar as the same relates to :providing for the
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iaeuahce.and sale of $4,075,000 Genekal Obligation Temporary ,.
IaProvement.Bonds of 1974.
ilITNBSS, My hand officially as such City Cl e k and the
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corporate seal of the City this/4, of
,day
1974.
Cleric
City of Plymouth; Ntnneeot
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(Seal)
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