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HomeMy WebLinkAboutCity Council Resolution 1975-274r�L `J W CITY OF PLYMOUTH LJ Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Plymouth, Minnesota, was held on t e .9th day of June , 1975 . The following members were present: Mayor e, Councilmen Hunt, Spaeth and Seibold owing members were a Councilman Spaeth introduced the following Resolution and moved is adoption: RESOLUTION NO. 75-274 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $6,050,000 GENERAL OBLIGATIONS IMPROVEMENTS BONDS OF 1975 AND AUTHORIZING ADVERTISEMENT FOR BIDS WHEREAS, pursuant to resolutions heretofore adopted by the Council ordering the following described public improvements, contracts have been entered into for consideration thereof as authorized by Sec. 429.011 to 429.111, Minnesota Statutes, and said improvements.have been completed or are in the process of being completed, and that at least 20% of the costs of such projects have either been assessed or will be assessed against benefited properties, the number of each improvement and the estimated total cost of each improvement being as follows: Project No. Project Designation Amount 306 Xenium Lane - South of Railroad Tracks $."293,475 413 Circle Star Bus Center Second Addition .266,568 415 21 st & Kilmer Lane Water 24,100 416 CArlson Company Addition 776,052 417 Imperial Hills Sixth Addition 73,217 501 Fernbrook Lane - North of Highway 55 86,897 502 Maplede11 Add.(Comb. 517 (Assessed Portion) 411,338 503 Nathan Lane - North of County Road 9 109,591 504 Zachery Lane - 36th to County Road 9 372,443 505 Schmidt Lake - Sewer and Water 786,299 506 Trunk Highway 101 & C. R. 6 Fed. Aid Urban 453,458 508 Peony Lane Resurfac'ng 12,002 514 Greentree West Add _on 917,211 515 County Road 9 Service Drive Water 22,492 516 36th Ave. Zachary In to W Line Mission Ridge Add. 38,640 518 Plymouth Freeway Center (Lomb. 501) 101,214 519 Playhouse Ind. Park Second. Addition 142,880 502 Mapledell Addition Trunk Sewer and Water (Comb. 517) 104,084 507 Well 0o. 4 52,128 507-001 Well No. 4 Pumphouse 108,252 507-002 Well No. 4 Pump 23,646 513 Interceptor Sewer - Trunk Highway 55 632,674 302-001 Watermain Trunk - Treatment Plant (Comb. 416) 142,293 Total: $5,942,600 RESOLUTION NO. 75-274 Page 2 and WHEREAS, it is necessary that the City borrow the sum of $6,050,000 to finance construction of the aforesaid improvements by the issuance of General Obligation Improvement Bonds as authorized by Chapter 429 and 475 of the Minnesota Statutes, NOT, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota, as follows: 1. It is hereby -determined that it is necessary to sell bonds to provide funds for the purpose of financing the aforedescribed public improvements and that the sum of $5,942,600 is necessary to defray the expenses of said projects. 2. It is further determined that the amount of $5,942,600 should be supplemented by the issuance of additional bonds as authorized by Minnesota Statutes 475.56 and that the City shall sell and issue $6,050,000 of General Obligation Improvement Bonds of 1975 with $107,400 of said bonds being considered as additional interest. The sale resolution selling these bonds shall contain a statement indicating the sum considered necessary to finance public improvements, and further indicating that the City is selling additional bonds to represent the higher rate of interest as authorized by Minnesota Statutes and that such additional bonds in the aforementioned amount does not exceed 2% of the amount otherwise authorized. That bids submitted to purchase bonds in the amount of $6,050,000 shall be at a price of not less than $5,942,600 and that all amounts received by the Treasurer in excess of said sum shall be credited to a sinking fund -for the payment of interest on these obligations. 3. That the City Clerk is hereby directed to cause notice of said sale to be given by publication at least 10 days in advance of the sale in the official newspaper and in Finance and Commerce, a financial paper published in Minneapolis, Minnesota, with general circulation throughout the State of Minnesota, which notice shall recite that the City of Plymouth proposes to issue and sell its bonds in denominations of $5,000 or such higher denominations as requested by the successful bidder within 48 hours after sale of the bonds, and that the bonds shall .)e numbered consecutively commencing with number 1, shall be dated August 1, 1975, to bear interest on February 1, 1975, and semi-annually thereafter on the first day of August and Fcbruary in each year, maturing serially on February 1 in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1977 $ 75,000 1984 $425,000 1978 700,000 1985 .375,000' 1979 700,000 1986 250,000 1980 725,000 1987 250,000 1981 725,000 1988 200,000 1982 750,000 1989 225,000 1983 425,000 1990 225,000 .RE: OIUTION NO. 75-274 _.. Page 3 Bonds maturing in the years 1986 through 1990, will be subject to redemption in inverse numerical order on February 1, 1985, and any interest payment date thereafter at par and accrued interest. Said notice shall recite that the City within 40 days from date of sale will furnish the printed bonds and approving legal opinion of Messrs. LeFevere, Lefler, Hamilton and Pearson, 1100 First National Bank Building, Minneapolis, Minnesota, both without cost to purchaser, and that the bonds will be made payable at any suitable bank or trust company designated by the successful bidder, all bids to be accompanied by a good faith check in the amount of at least $121,000 to be forfeited as liquidated damages in the event the bid is accepted by the City and the bidder fails to comply therewith; that no bid of less than $5,942,600 will be accepted; that the Council reserves the right to reject any and all bids, to waive informalities; and to adjourn the sale if deemed expedient. 4. The City Council shall meet at the Council Chambers in said City on Monday, the 23rd day of June, 1975, at 7:30 p.m. for the purpose of considering sealed bids for the purchase of said bonds and take such other action in respect thereto as may be found necessary or expedient. The motion for the adoption of the foregoing Resolution was duly seconded by . Councilman Huntand upon vote being taken thereon, the following voted in or thereof: Mayor Hilde, Councilmen Hunt, Seibold and Spaeth The folding voted against or abstained: none Whereupon the Resolutlon was declared duly passed and adopted.