HomeMy WebLinkAboutCity Council Resolution 1975-274r�L
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CITY OF PLYMOUTH
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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.