HomeMy WebLinkAboutCity Council Resolution 1975-321HE IT RESOLVED By the City Council of the City of
Plymouth, Minnesota. as follows:
1. The bid of Piper, Jaffray 6 Hopwood, Inc• to
purchase $6,050000.00 General Obligation Improvement Bonds of
1975, of the City described in the notice of sale thereof is
hereby found and determined to be the highest and best bid
received pursuant to duly advertised notice of sale and shall be
and is hereby accepted, such bid being to purchase such bonds at
a price of $5,942,600 plus accrued interest to date of delivery,
such bonds to bear interest as follows:
5.300
1977/78
6.250
1986
6.400
1979/81
6.400
1987
5.601
1982
6.500
1988
5.800
1983
6.600
1989
6.000
1984
6.700
1990
6.100
1985
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. The City Manager is directed to return the checks
of the unsuccessful bidders forthwith.
2. The City of Plymouth shall forthwith issue and sell
its General Obligation Improvement Bonds of 1975, in the
principal amount of $6,050,000.00 dated August 1, 1975, said
bonds being 1210 in number and numbered 1 to 1210, both
inclusive, in the denomination of S5,000 each, bearing interest
as above set forth, all :interest payable February 1, 1976, and
semiannually thereafter on August 1 and February 1 in each year,
and which bonds mature serially on February 1 in the years and
amounts as follows:
J
Rpso. 75-321
Page 2.
YEAR
AMOUNT
YEAR
AMOUNT
1977
S 75,000
1984
$425,000
1978
700,000
1985
375,000
1979
700,000
1986
250,000
1980
725,000
1987
250,000
1961
725,000
1988
200,000
1982
750,000
1989
225,000
1983
425,000
1990
225,000
3. Both principal and interest shall be payable at
Northwestern National Bank of Minneapolis, Minneapolis,
Minnesota, and the City of Plymouth shall pay the reasonable
charges of said bank for its services as paying agent.
4. The bonds and the interest coupons to be thereto
attached shall be in substantially the following form=
No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION IMPROVEMENT.BOND OF 1975
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of
Plymouth, Hennepin County, Minnesota, acknowledges itself to be
indebted and, for value received, hereby promises to pay to
bearer, out of its General Obligation Improvement Bonds of 1975
Fund, the sum of FIVE THOUSAND DOLLARS on the lot day of
February, 1977, and to pay interest thereon from the date hereof
until the principal amount is paid at the rate of Five and
thirty -hundredths percent (5.30%) per annum, interest to maturity
payable February 1, 1976, and semiannually thereafter on the lot
day of. August and the 1st day of February in each year in
accordance with and upon presentation and surrender of the
interest coupons hereto attached as they severally become due.
Both principal of and interest on this bond are payable at the
Northwestern National Bank of Minneapolis, Minneapolis,
Minnesota, in any coin or currency of the United States of
America which on the date of payment is legal tender for public
and private debts.
Reso. 75-321
Page 3.
All bonds maturing in the years 1986
subject to redemption at the option of the City
of serial numbers on February 1, 1985, and any
date thereafter, at par and accrued interest.
through 1990, are
in inverse order
interest payment
This bond is one of an issue of bonds in the total
principal amount of $6,050,000.00, all of like date and tenor
except as to maturity, interest rate, redemption privilege and
serial number, all issued by the City for the purpose of
providing money to defray the expenses incurred and to be
incurred in making local improvements, pursuant to and in full
conformity with the Constitution and laws of the State of
Minnesota, including Minnesota Statutes, Chapter 429, and the
home rule charter of the City, and is payable primarily from
special assessments against property specially benefited thereby,
but constitutes a general obligaticn 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 ad valorem taxes, if required for such purpose, which taxes
may be levied on all of the taxable p.operty 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 and the home rule charter of the City to
be done, to happen and to be performed precedent to and in the
issuance of this bond have been done, have happened and'have been
performed in regalar 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 on the date of its
actual issuance and delivery does not exceed any constitutional
or statutory limitation thereon.
IN WITNESS WHEREOF, the City of Plymouth, Hennepin
County, Minnesotaf by its City Council, has caused this bond to
be executed by the facsimile signature of the Mayor and the
manual signature of the City Manager and sealed with the
facsimile seal of the City, and the interest coupons hereto
•
Peso. 75-321 •
Page 4.
• attached to be executed and authenticated by the facsimile
signatures of said officers, all as of August 1, 1975.
City
(SEAL)
(facsimile seal)
No.
(Facsimile)
Mayor
(Form of Coupon)
S
On the 1st day of August (February), 19 , the City of
10 Plymouth, Hennepin County, Minnesota, will pay to bearer, out of
its General Obligation Improvement Bonds of 1975 Fund at the
Northwestern National Bank of Minneapolis, Minneapolis,
Minnesota, the amount shown hereon for'interest then due on its
General Obligation Improvement Bonds of 1975, dated August 1,
1975, No -
J
(facsimile signature)
Mayor
(facsimile sianature)
City
5. The City of Plymouth shall obtain a copy of the
proposed approving legal opinion of Messrs. LeFevere, Lefler,
Hamilton and Pearson of Minneapolis, Minnesota, 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 City Clerk in
substantially the following form:
E
•
•
Reso. 75-321 •
Page 5.
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 signature)
.City Clerk
City of Plymouth, Minnesota
The City Clerk is hereby authorized and directed to execute such
certificate in the name of the City, upon receipt of such opinion .
and to file the opinion in his office.
6. The bonds 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 interest coupons shall be executed
and authenticated by the printed facsimile signatures of the
mayor and City Manager and the facsimile of the corporate seal of
the City affixed thereto printed thereon. The bonds, when fully
executed, shall be delivered by the City Treasurer to the
purchaser thereof upon receipt of the purchase price, and the
said purchaser shall not be obligated to see to the proper
application thereof.
7. The bonds issued hereunder shall be payable from
the General Obligation Improvement Bonds of 1975 Fund hereby
created, and the proceeds of general taxes hereinafter levied and
special assessments to be levied for the improvements financed by
these bonds are hereby pledged to said 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, the City
Treasurer shall pay such principal or interest from the general
fund of the City and such fund may be reimbursed for such
advances out of proceeds of assessments for said improvement when
collected.
8. It is hereby determined that the estimated
collections of special assessments for the payment of said bonds
will produce at least 5% in excess of the amount needed to meet,
when due, the principal and interest payments on the bonds and
that no tax levy is needed at this time. The City Clerk is
directed to file a certified copy of this resolution with the
Reso. 75-321 •
Page 6.
County Finance Director of Hennepin County and to obtain from him
his certificate as required by Minnesota Statutes, Section
475.63.
9. It is hereby determined that the improvements to be
financed by the issuance of bonds hereunder will directly and
indirectly benefit the abutting property, and the City hereby
covenants with the holders from time to time of said bonds as
follows:
(a) The City will cause the assessments for said
improvement to be promptly levied so that the first
installment will be collectible not later than 1976 and
will take all steps necessary to assure prompt
collection.
(b) In the event of any current or anticipated
deficiency in said special assessments, the City
Council will levy ad valorem taxes in the amount of
said current or anticipated deficiency.
(c) The City will keep complete and accurate
books and records showing all receipts and
disbursements in connection with the improvement, the
taxes levied and the assessments levied therefor 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 and will furnish copies of such
audit reports to any interested person upon request.
10. The officers of the City are hereby
authorized and directed to prepare and furnish to the
purchaser of the 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 may be required to show the
facts within their knowledge or as shown 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
The motion for the adoption of the foregoing,Resolution
was duly seconded by Councilman Neils, and upon vote being
taken thereon, the following voted in favor thereof: Mayor
Hilde, Councilman Hunt, Neils and Spaeth. The following
voted against or abstained: none. Whereupon the Resolution
was declared duly passed and adopted.
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