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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.