HomeMy WebLinkAboutCity Council Resolution 1974-372COUNCIL OF THE CITY OF PLYMOUTH
;IEI:VEPIN COUNTY, MINNESOTA
Purar-3:.t tc due call and notice thereof, a regular
meeting of the Counc�i of the City of Plymouth, Minnesota, was
duly held at the Cou.ail Chambers in.said City on Monday,•the
Sth day of August, 1974, at 7:30 o'clock P.M.
The following members dere presents Mayor Hilde,
Councilman Spaeth, Hunt, and Seibold
and the following were absent: Councilman Mails
-The mayor then announced that the next order of business
would 'je the consideration of bids for the purchase of $4,075,000
General Obligation Temporary Improvement Bonds of 1974, as
advertised for sale.
The city manager presented affidavits showing publication
of notice of bond sale more than ten days in advance of sale in the
official newspaper and in Commercial Nest, a financial paper
published in Minneapolis, Minnesota, which affidavits were examined
and found satisfactory and ordered placed on file.
The city m.nager then presented the sealed bids which had
been delivered to him prior to the time specified in the notice of
sale and that said bids were opened, examined, tabulated and found
to be as -follows:
i< -
,
SCVIFDULr OF PIPS
"
HNS. S GF
f AVERAME �
PRII-IEPI
OP.
! INTFRRST PRT??.S
TOTAL
SIDD£RS
xE : W
INTPRFST
! RAM
DISrOUPT
-Piper, Jaffrey
All bands due
$794,625
6.50%
$61,125
t Nogwood
August 1, 2977
6.00!
After due consideration, Councilnau Hunt
introduced the following resolution and moved its adoption;
RESOLUTION 140. 74-372
RESOLUTION AWARDING SALE AND FIXING
THE FORM AND SPECIFICATIONS OF
$4,075,000 GENERAL OBLIGATIC1 TEMPORARY.
IMPROVERENT BONDS OF 1974; CIRECTING
THIS EXECUTION AND DELIVERY AND PRO-
VIDING FOR THEIR PAYMENT.
BE IT RESOLVED by the City Council of the City of
Plymouth, Hennepin county, titnnesota,'as follows:
2. The bid of Piper, Jaffray & Hopwood, Incorporated,
to purchase $4,075,000 General Obligation Temporary Improvemeur.
Bonds of the City dated August 1, 1974, bearing interest at the
rate of six percent per annum, at a Price of $4,013,675.00
is hereby accepted. The city treasurer is directed to retain the
good faith check of the successful bidder pending completion of
the 1 d d li f th b d d i f th di t d t
sae an a very o e on s an s ur er rec e o
return the checks of the unsuccessful bidders forthwith.
2. The city shall forthwith issue its General Obligation
Temporary Improvement Bonds of 1974 in the principal amount
of $4,025,000, dated August 1, 1974, bearing interest payable
February 1, 1975 and semiannually thereafter on August 1, and
February 1. All bonds are callable on February 1, 1975 at par and
accrued interest.
3. ^hc Temporary Improvement Bonds -ball be in such
denomination as requested by the purchaser, numbered
consecutively from l up, and shall bear interest at the rate df
six percent per annum, and shall be payable at the American
National Bank and Trust Conpany. in St, Paul, Minnesota.
and in substantially the following forma
No. $5,000
UNITED STATES OF AMERICA -
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1974
KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth,
a duly ;organized municipal corporation of Hennepin County,
Minnesota, acknowledges itself to' be indebted and, for value re-
ceived, promises to pay to bearer from the Temporary Improvement
Bond Fund of 1974 the sum of Five Thousand Dollars 05,000) on the
first day of August, 1977, and to pay interest thereon from the
date hereof until the principal amount is paid at the rate of
six per cent (6%) per annum, interest
-
to maturity payable May 1, 1975 and semiannually in each year on
the first day of November, and the first day of May. Both
principal aKd interest are payable at the American National Bank and
Trust Company, in St. Paul, Minnesota, in r:ny
coin or currency of the United States of America which at the time
of payment is legal tender for public and private debts. For tho
prompt and full payment of such principal and interest as the s -^.e
become due the full faith, credit and taxing powers of the city are
hereby irrevocably -pledged.
The bonds of this issue are subject to redemption at
the option of the city at par and accrued interest on February 1, -
1977. Thirty days prior notice will be given as required by law.
All interest shall cease on date fixed for redemption unless the
bond is presented for payment and payment is refused.
This bond is one of an issue in the aggregate principal
amount of $4,075,000, all of a like tenor, all issued by the city
for the purpose of defraying expenses incurred and to be incurred
in the construction of various public improvements in the city
and is issuedpursuantto and in full conformity with the
Constitution and laws of the State of Minnesota thereunto enabling,
Including Minnesota Statutes, Section 429.091, Subd. 3.. This
bond is payable primarily from the proceeds of special assessments
bo"be'levied by the city against property benefited by the making
of such improvement, but constitutes a general obligation of the
cityl and the city is required -to pay the principal thereof and
interest thereon from any funds in the treasury in the event the
moneys on hand in said General Obligation Temporary Bond Fund of
-1974 are insufficient to pay principal of and interest when due,
find at or prior to maturity of this bond, the city is 'further
kequired to sell definftivn bonds to pay this bond and interest
thereon to the extent that this bond cannot be paid out of assess-
ments and taxes theretofore collected or out of any other municipal
funds which are properly available and appropriated by the city for
auoh purpose.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED
that all acts, conditions and things required by the Constitution and
laws of the State of Minnesota to be done, to happen and to be
performed preliminary to and in the issuance.of this bond, in order
to -make it a valid and binding obligation of the city according to
its terms, hRve been done, do exist, have happened and have been
performed as so required; that the city council haz duly determined
-the necessity of and provided for the construction of the improve-
ments to .be financed hereby; that the Temporary Improvement Bond
Fund has been duly created and provision has been made for support
thereof; and the holder hereof may enforce by appropriate pro-
feedings all duties imposed by Minnesota Statutes upon the city
and its officers with reference to the levy and collection of
assessments and taxes and the issuance of definitive bonds; and
that the issuance of this bond did not cause the indebtedness of
the`city to exceed any constitutional or statutory limitation.
IN WITNESS %=REOF, the city of Plymouth, Hennepin County,
Minnesota, by its city council, has caused this bond to be
executed in its behalf by the facsimile signature of its mayoar
and manual signature of its city mznager, and sealed with the
facsimile of its official seal and has caused this bond to be
dated as of August 1, 1974.
(facsimile signature)
Mayor
' d
1
(Form of Coupon)
No. $
Onthe first day of August (February) 19 , the cit
oz Plymouth, Hennepin County, FSinnesota will pay to bearer cut
Y
of its General obligation Temporary Bond Furd of 1974 at the American
(lational Bank and Trust Company, in $'!. Paul, Minnesota,
the amount shown hereon in lawful money of the United States of
America, for interest then due on its General Obligation
Temporary Improvement Bond of 1974, dated August 1, 1974-, No.
(facsimile signature)
C��y Manager
(facsimilesignature)
Mayor
a. The bonds shall he 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 manager and the facsimile corporate seal of the city shall
be'affixed thereto. when said bonds have been executed and
authenticated, they shall be delivered by the clerk to the 'pur-
chaser thereof, upon payment of the pvrshase price heretofore
agreed upon, and said purchaser shall nat be obligated to see to
.the applica*�lon thereof.
S. The'city herewith covenants and agrees that, in
accordance with its statutory duties as provided in
Minnesota Statutes, section429.091, it will pay and retire the
Temporary Improvement Bonds issued hereunder and interest thereon
out of proceeds of definitive improvement bonds which the council
will issue and sell at or prior to the maturity of the Temporary
Improvement Bonds authorized by this resolution, to the extent
that these Temporary -Improvement Bonds cannot be paid out of funds
available in the sinking fund account or out of other municipal
funds which are properly ,available for such purposes and are .
appropriated for such purposes by the council.
6. It is hereby determined, declared and covenanted that
the city will levy special assessments against property
benefited by reason of the making of such improvements in the,
amount of at least 208 of the principal amount of this bond issue
and ad valorem taxes will be levied so that the combined proceeds
of ad valorem taxes and special assessments willbesufficient to
Provide at least 58 in excess of the sums necessary to pay principal
and interest, when due, on the Temporary Improvement Bonds and on
any definitive bonds to be issued as herein provided, with such
special assessments and ad valorem tax levies, if any, shall be
Placed on the tax rolls subsequent to the time when said projects
have been completed and the total cost has been determined.
7. The city clerk is hereby authorized and directed to
file a certified copy of this resolution with the
county auditor of Hennepin county, together with such other
information as he shall require and to obtain from said county
Auditor a certificate that said bonds have been entered on his
bond register in accordance with Minnesota .statutes, Section 475.63.
B. The city clerk shall obtain a copy of the.proposed
approving legal opinion of Messrs. LeFevere, Lefler,
Hamilton and Pearson, which shall be complete except as to dating
thereof and shall cause said opiniGn 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 named 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 si ature)
CtyCr.
9. The officers of the city and.the county auditor of
Hennepin County are hereby authorized -and directed to
prepare and furnish to the purchaser of said bonds and to the
attorneys approving the legality of the issuance thereof, certified
copies of all proceedings and records relating to said bonds and
to the financial affairs of said city, and such other affidavits,
r-srt#.ficates and information as may be required to show the facts
relating to the legality and marketability of said bor[:s as the
lame appear from the books and records under their custody and
control.or as otherwise known to them, and such certificates,
certified copies and affidavits, including any heretofore
furnished, shall be deemed representations of the city as to the
eorrectness.of all statements contained therein.
The -)tion for the adoption of, the foregoing resolution
was duly seconded by Councilman Siebold and upon
vote being taken thereon, the following voted in favor thereof:
!Mayor Hilda, Councilman Spaeth, Hunt, and Siebold
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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