HomeMy WebLinkAboutCity Council Resolution 1974-371i�
After due consideration of said bids, Councilman
Spaeth introduced the following Resolution and moved
its adoption.
RESOLUTION NO, 74_71
RESOLUTION AWARDING SALE ARID FIXING THE
FORM AND SPECIFICATIONS FOR $4,000,000
..GENERAL OBLIGATION IMPROVEMENT BONDS OF
1974, DIRECTING THEIR EXECUTION AND
DELIVERY AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED by the•City founcil of the City of Plymouth,
Minnesota, as follows:
1. The bid of Piper, Ja'°fray s Hopwood, Inc.
to purchase $4,000,000 General Obligation Improvement
Bonds of 1974 at a price of $3,923,000 , is hereby found
and determined to be the highest and best bid received, pursuant
" duly advertised notice of sale and shall be and is hereby
accepted. The city treasurer is directed to retain the good faith
check of the successful bidder pending completion of the .sale and
delivery of the bonds and the city clerk is directed to return
the check of the unsuccessful bidder forthwith.
2. The city'shall forthwith issue its negotiable General
Obligation Improvement Bonds of 1974, in the principal
amount of $4,000,000 duted September 1, 1974 being 800 in number
and numbered 1 to 800, both inclusive, in the denomination of
$5,000 earn, bearing interest as follows-
- Bonds Maturing
77 to 198 6.50% per annum;
1987 to 1990 6.60% per annum.
All interest shall be payable each year until maturity. Such
bonds shall mature serially on March 1 in the years and amounts as
follows: $275,000 in each of the years 1977, 1979, 1981, 1983,
1905, 1987, 1989 and 1990•' and $300,000 in each of the years 1978,
1980, 1982, 1984, 1986, and 1988. All bonds maturing on or after
March 1, 1986 shall be subject to prior payment, at the option of
the issuer, in inverse numerical order of serial numbers on March
1& '1985 and any interest payment date thereafter at par and accrued
interest.
'3. Both principal and interest shall be payable at American
National Bank b Trust Company of sh. Paul, Minnesota
and the city shall pay the reasonable charges of said bank for
its seivices as paying agent.
4. The bonds and interest coupons to be thereto attached
shall be in substantially the following form:
No.
$5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION IMPROVEMENT BOMD OF 1974
KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth,
Hennepin County, Minnesota, acknowledges its,:If to be indebted
and, snr value received, hereby promises to pay to bearer out of
its 1974 General Obligation Improvement Bond Fund the sum of FIVE
THOUSAND DOLLARS on the 1st day of March, 11 , and to pay interest
thereon from the date hereof until the principal sum is paid at
the rats: of percent ( ®) per annum, all interest to
maturity payable March 1, 1975 and semiannually thereafter on the
1st day of September and the 1st day of March in each year in
accore3ance with and upon presentation and surrender of the attached
interest coupons as they severally become Sue. Both principal and
interest on this bond are payable at ttie American National Bank and
Trust Company in St: Paul, Minnesea;
in any coin or currency of the United States of America which at
the time of payment is legal tender for public and private debts.
All bonds of this issue maturing on or aster January 1,
1986 shall be subject to prior payment, at the option of the
issuer,.in inverse numerical order of serial nu;nbers on January 1,
1985 and any interest payment date thereafter at par and accrued
interest upon thirty days prior notice given in the manner provided
by law.
This bond is one of an issue f bonds in the total
principal amount of $4,000,000, all of like date and tenor except
as to interest rate, maturity and redemption privilege, all issued
by the city for the purpose of r-oviding money to defray the
expenses incurred and to be incurred in construction of various
local improvements, pursuant to and in full conformity with the
Constitution and Laws of the State of Minnesota, including
Minnesota Statutes, Chapter 429, and is payable primarily from
..pecial assessments against property specially benefited thereby,
but constitute general obligations of the city., and to provide
moneys for the prompt and full payment of said principal and
interest as the same become due, the full faith and credit of the
city is hereby irrevocably pledged and the city council will levy
additional ad valorem taxes, if required for such nurpose, which
maybe levied on all of the taxable property in the city without
limitation as to rate or amount.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions 'and things required by the Constitution and laws of the
State Of Minnesota to be done, tc;,happen and to be performed
precedent to and in the issuan;:e of this bond have been done, have
happened and have been performed in regular and due form, time and
manner as required by law; and that this bond, together with all
other indebtedness of the city outstanding on the date hereof and
the date of its actual issuance and deliver; does not exceed any
constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the City of Plymouth, Hennepin _
County, Minnesota, by its City Ca,.ncil, ha caused this bond to
be executed by the facsimile sig.iature of ie Mayor and the manual
signature of the Manager and sealei with t':e printed facsimile
corporate seal and the interest COUonnS a eto attached to be
executed and authenticated by the facsi.:ile .ignatures of said
officers, all as of Septe::iber 1, 1974.
Manager
(SEAL)
(faccsi ,ile signature)
Mayor
(Form of Coupon)
No. $
On the 1st day of September (March), 19 , the City of
Plymouth, Hennepin County, Minnesota, will pay to bearer out of
its 1974 General Obligation Improvement Bond Fund at the American
National Bank and Trust Company, in St. Paul, Minnesota,
the amount shown hereon in lawful money of the United States of
America, for interest then due on its General Obligation
Improvement Bond of 1974, dated September 1,••1974, No.
(facsimile signature)
Mayor
(facsimile signature)
Manager
S. The bonds of this issue raturirg on or after January 1,
1986 shall be e,ibject to prior payment, at the option
of the issuer, in inverse n,:nerical order of serial numbers on
January 1, 1985 and any interest payment date thereafter at par and
accrued interest.
6. The city clerk shall obtain a copy of the proposed �
approving legal opinion of Piessrs. LeFevere, Lefler,
Hamilton and Pearson, which shall be complete except as to dating
thereof and shall cause said opinion to be printed on each bond,
together with a certificate to be signed by the facsimile
signature of the clerk in substantially the following form:
I hereby certify that the foregoing is a full,
true and correct copy of the legal opinion executed
by.the_above narrd attorneys, except as to the dating
thereof, which opinion has been handed to me for
filing in my office prior to the time of bond delivery.
(facsimile signature)
City clerk
•ani3 at the time of delivery the clerk shall prepare a similar _
beparate certificate and the clerk is hereby authorized and
directed to execute such certificate in the name of the city upon
receipt of sudh opinion a,., to file the opinion in his office.
7; -The bonds shall be prepared under the direction of the
city clerk and shall be executed on behalf of the city
by the facsimile signature of the Mayor and the manual signature
Of the city manager and the facsimile corporate seal of the city
shall be printed on each thereof, and -the interest coupons shall be
executed and authenticated by the printed facsimile signatures of
said mayor and manager.. The said bonds, when fully executed, shall
h9_43P-i„i_tered by the... treasurer to the purchaser thereof upon receipt
Of the purchase price, and the purchaser shall not be obligated to
see to the proper application thereog.
8. Tlie=honds issued hereunder shall be payabl-: from the
1974 General Obligation Improvement Bond Fund. If any
payment of principal or interest -on said bonds shall become due
when there is not sufficient money in said fund to pay the same,
Ehe treasurer shall pay such principal or interest from the general
fund of the city and such fund shall be reimbursed 2or such
advances out of proceeds of assessments for said improvements when
Collected.
9. it is hereby determined that more than 20% of the
Principal amount of this bond issue has been or will be
assessed 'against property specially benefited by the improvements
financed by this bond issue, and that the -Payments of said
special assessments and interest thereon will be sufficient to
provide 1058 of the funds needed to pay principal and interest
on said bonds as they become due and payable, and that no ad
valOren trix levy is needed at this time.
The -city clerk shall deliver a certified copy of this resolution
tO'the cowity auditor of Hennepin County and obtain his certificate
ib -required by Section 475.63, Minnesota Statutes. ' . . - 'ti
- 10. It is hereby determined that the"improvements 'to be
financed by the issuance of bonds hereunder will benefit
the Property abutting thereon andthe city hereby covenants with
the holders from time to time of said bonds as follows:
(a) The cite will. cause the assessnents :or said
improvements to be promptly levied so that the first in
stallr..e.^.t will 5e callectible no later thin 1977, and will
take all steps necessary to assure.pro;npt coliection.
(b) That if any assessment is for any reason set aside
by.a court o` competent jurisdiction or if any part of the
proceedings are invalid fox any reason, the city council
will make a reassessment or a new assessment as to such
parcel or parcels.
(e) The city will keep complete and accurate books
and records showing all receipts and disbursements in con-
nection with each inprovement, the assesc.nents levied there -
for and other funds appropriated for their payment and all
collections thereof and disbursements therefrom, moneys on
hand and balance of unpaid assessments.
(d) The-city will cause its said books and records to
be audited at least annually by qualified public accountants
ant. will furnish copies of such audit reports to any interested
person upon request.
11. The officers of the city are hereby -.uthorized and
directed to prepare and furnish to the purchaser of the
„y bonds and to the attorneys approving the same certified copies of
proceedings and records of the .city relating to said bonds and to
the financial condition and affairs of the city, and such other
certificates, affidavits and transcripts as ma.y be required to
show the facts within their knowledge or as st.own by the books
and records in their custody and under their control relating to
the validity and marketability of said bonds, and such instruments,
including any heretofore furnished, shall be deemed representations
of the city as to the facts stated therein.
The motion for the foregoing resolutiuc: was uuly seconded
by Councilman Siebold , and upon vote being taken
thereon, the following voted in favor thereof:
. Mayor Hilde,- Councilman Spaeth, Hunt, Sie-bold .
and the following voted against: None
whereupon the resolution was declared adopted.