HomeMy WebLinkAboutCity Council Resolution 1974-341i,�.¢ �Lr
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--REGULAR
EiTRJ= OF MINUTES OF
MEETING OF CITY COUNCIL OF
CITY OF PLYlDUTH. MINNESOTA
July 15. 1974
Parsuaot to dw call and rotice thereof a regular
ting of. the City COuncfl of the Cit of P1
City Plymouth was held on
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July 1S, 1974 at the Council Chambers. 14900 C 23rd Avenue North,'
HIMM&POI18- Minnesota, co mancirg ,_ 7:30 o'clock P.N. The
following_ members were present: Maya: Wilde. Councilmen Spaeth,
Neils and Seibold. The following s»mber was absents Councilman
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Sunt.
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Councilman Seibold introduced the following resolution
and moved its adoption:
RESOLUTION no. 74-341
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $4.000.000 GENERAL OBLIGATION
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IMPROVEMENT BONDS OF 1974
WKREAS, various public improvements are now being
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constructed within the City of Plymouth, and
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WHEREAS, contracts have been let or will be let prior to
the issuance of bonds for improvements consisting of construction.
sanitary sewers, water mains, storm sewers, sidewalks and
street improvements as follows.-
�� Hughes -Johnson Addition $253,993
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? c, Vicksburg Lane 367.233
Northwestern Bell Improvements 394,450
"Nathan Lanei
132,000
,{ F New Bops Storm Sewer,- 24,264
Sidewalks C ` 10,875
WHEREAS, it is deemed necessary and desirable to refund
Tasgsorary P:_lic Improvement Bonds of 1971 in the sum of
$215211000. and
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M REAS, the total financing required for all of these.
Projects and the refunding of the temporary bonds above referred
to requires that the City offer for sale $4,000,000 of public
improvement bonds, and
the City Council has further determined that the
rate of interest required by present market epuditigno shall be
represented impart by the issuance of.additional obligations in
the amount of $78,000, as authorized by Minnesota statutes
i4, the proceedings for such improvements havabeen
instituted under laws authorising the same at substantially tds
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9a106 dates and the Council dsterminea that pursuant to Minnesota
Statutes, Section 435.56 these improvements, although -separately.
s. instituted. can be mere economical)
- y completed if consolidated
and joined as one project=
MM, THERMRE. BH IT HEREBY RESOLVED: BY THE CITY COUNCIL.
OF THE CITY OF PLYMOUTH AS P0LLDWS2
1. It is hereby determined that -the -total cost of "the vario
Public improvements, pursuant to contracts heretofore let
or which will be let prior to delivery of bonds; together with the
refunding of the Temporary improvement Bonds of 1971 will be not
less than the sum of $3,922,000 and that of tfiw total cost of such
improvements more than 20.1 will .be paid.from assessments levied
against the property benefited by the construction theisof.
2. .It is bazeby determined to finance the +pest of said
isprovemants by the issuance of General Obligation
Improvement Bonds in the amount of $4,000,00C.'---
3. Said bonds of this series shall be soldin the amount og
$3,922,000. It is further determined that the,muniC pall y
shall sell additional bonds to, represent the higher.rata of interes
as authorized by Minnesota Statutes S475.56. Said'addtional.=bonds
&hall be<in the amount of $78,000, which does..not'excaed 2t 6f the .9%i.`
amount otherwise authorized: Bids may he submitted to purchase
•bonds in the total amount of $4,000,000 at a price not 'less than
$3,922,000. All amounts received by the Treasurer is excess of
$4022,000 shall be credited to the sM ng fund for payment of
interest. ,
t. The City Council shall meet at the Council Chambers,
14900 C'23rd Avenue _forth. Minneapolis, Minnesota, on
rths 5th day of August, 1974 at 7.30 o'clock P.M.for._the purpose.
seosiviwj and considering sealed bids Far the pu.:Chas4 of. said >?
ds. Tha City Clerk shall cause notice of Sale *: be pubiished
e not INse than ton (10)daysin advance of thi sale in the
icial newspaper of the City and in Commercial West, a financial
icdical ;published in Minneapolis. Minnesota.
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$411000i0oo Ge
HenneF
of SALE
cnareaxs@r 4n .lepie®[IC '_mRu on;r P
slatu{s, seri;lly;,on Dlaich .I in the yetis and: emouata as follows: ;
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Y6RR 7YE7NT YEXAJkliotIff
1977 #z»400 INC s3Qo;aoo
1971 30Qt000.•. 1993` 275 Goa
".
1979.:, 37�a'r400 1986, 30Qs'00Q
"Z'JS'.Q00
198¢ -300' OW, 1497
" 148175y400," 198E 300jr
3982 ",3001040 1989. 145 00A
197!$ P31000 Zito,:- 3$5,000
ail";bonds^jsaturing in the years 1486 through 1990 ars. subject to
sediiiption and prepayment at the option of the City, in inveras order
fof,aerial
n`wabars.on March I. 1985, and any, .interest payment date
thereafter at psr p1ua.accrued;'iptereit. Both, principal and, interest
rill ba made payable at a suitable bank sighated by the_purah"or
and"approved.by=the,Gity withl'n t8 boors aFtar:the.award otherwise
at the:ae3eoton of the City. The proeeeds'`of Ctie bonds will beuaed
to fin"ease various public improvements in•the Gity,, `"
"
nomination
- The borrower will furnish pririte$ bonds 3n the danominat on"
pf $5,000 a{ch (or .other denominatiaA,.at purchaser's reggeat wi-thin-
hinarso
........ Minneapols§,Mtaaesota, both
ithot�t expenseto purchaser; ; oe�iVa will lee _.P 09W
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to the purchaser anywhere in.the continental:;.Unitea States "witi►#si
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forty, days a#tar'the date of ■":aegompanied by,esatomary f oak.
alt.
,.
Se11i►asy; papeza iAcluding'a certificate "`showing• absence. of; iitigatian.
Sha text of the legal opinion will be printed on'.the.bask We 11
an officer'i# requested by the purohitssr.
bond and certified,
,by
Bids`ihill state one basic rate " of, inta'c.* fraa.dats of
issue to maturity for -all bonds having a commoa,Oatprit' data not
'
exceeding the"rate specified for any 'subsiquani maturitx'., Tat mors..
than ten ;suei►'rates shall be specified for"tbe ispiie and, the
maturities may be split not more than ten wage for the purpose pf
designation of such "rates. "X11 rates must b6l, stated in integral
as- of one twentieth o! one percent. The bid oFFering the
lowest nett"interest cost (total interest from September 1"r 197i to'
stated maturities• less any premium of fired, plus. any discount);
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will. be, deemed the'most favorable. No bid.of'less.than $1,952.404-
for all bonds or providing For a total interest rate op., bond !or _
any period exceeding 7,f will ,be considered. Oral'atuction bids will
Ill be received. No "B• coupons.
The issuer'viil assume no obligation for the"assignment or`
p;toting of GU&IP numbers ,on the .bands oz ".%r the'cS>zz - C, , se eF. any .
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nuAbers printed thereoki, but will permit,. such printiAtf to Ilse dare at.
th; expense of 'the purchaser, if the purchaser waives any extension
of the time of_delivery caused. thereby.
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All bids must be enclosed in a sealed envelope marked
'aid for,$4000r000 General obligation improvement Bonds' and
delivered to,the undersigned prior to•the above stated time. Each
b'd.anut be uelccndit gnal except as provided in this notice and
mist lis accompanied'by a cashier's check, certified check or bank
draft payable -,to -the order of the Treasurer, in the amount of at
10400, $00,000, to I* forfeited as 1'iquidated damages in event the
bi41-is accepted and'the bidder fails to ccbply therewith. Bidders
are also asked to, to,gtsta..,total amount of interest and, average -sate.
The -right to w' ve�any, informali"ty, to reject any and all bids and to
-aolouri'the sale is reserved.
•t ` 010t oP MW CITI- t7002M
Ilei1 P.. Tsebich
city Clerk
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+ Council Chambers located at 14900 23rd Avenue North, Plymouth,
Minnesota'i'
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The motion for the adoption of the foregoing resolution
was.:recondad by Counoilman Spaeth and upon vote being taken
tGereon the following voted in favor thereof: Mayor Hlde,
Councilmen Spaeth, Neils and'Seibold. The following voted
gainsts it,
Whereispoa skid resclution was declared duly passed and
adopted:
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<QiM� Vi +'AFM SSOTA ) :
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coUAln or'Xzra Pix ) SS.
-qM: of PLVHOUTH )
I, the undersigned, being the duly qualified and acting
City Clerk of the City of Plymouth, Minnesota, hereby %ertify;
that.I have-carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of
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said'City held July 15. 1974 with the original. thereof on file
in my office and: the same is at full, true and complete transcript
therefrom insofar as the same relates to providing for the-:
issuanep and sale of $9,000,000 General Obligation Improvement
Sonds.of 1974.
is
KI SS.- My hand officially as such City Clerk and +he
carpotato seal of, the City this Aay of July, 1974.
is
—�'CCyty Clerk
City of Plymouth,Minnesota
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