HomeMy WebLinkAboutCity Council Resolution 1976-336W W
CITY Of PLYMOUTH
Pursuant -to due call and notice thereof, a regular meeting of the City
Council of the City of Plymouth, Minnesota, was hiTa on the 21st day of
lune , 19 76 . The following members were present:
,eeyo 7A�,owlnmemberspeye31abt Seihold and Spaeth__
oN;were sent: (nunrilman Hunt
Councilman Spaeth introduced the following Resolution and moved
Its adoption:
RESOLUTION NO. 76-336
A RESOLUTION PROVIDING FOR THE ISSUANCE AND
SALE OF $4,045,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1976
WHEREAS, various assessable public improvements are now being constructed within
the City of Plymouth, and
WHEREAS, contracts have been let or will be let prior to the issuance of bonds for
improvements consisting of the following improvement projects:
PROJECT DESCRIPTION COST
Project No.
602
3rd Avenue/Queensland
$ 120,000
603
Nathan Lane
27,000
604
14th.Avenue/Zanzibar
200,000
607
Bass Lake Area
2,373,000
609
Reinhard Industrial Park
92,000
610
At -The -Place Storm Sewer
25,000
520
12th Avenue/Harbor Lane
45,000
523
Boardman Acres
18,000
TOTAL $2,900,000
WHEREAS, it is demeed necessary and desirable to refund a portion of the General
Obligation Temporary Improvement Bonds of 1974 in the sum of $1,080,000, and
WHEREAS, the total financing required for all of these projects and the refunding
of the temporary bonds above referred to requires that the City offer for sale
$4,045,000 of General Obligation Improvement Bonds pursuant to Minnesota Statutes,
Chapter 429 and Section 444.075, and
WHEREAS, the City Council has further determined that the rate of interest required
by present market conditions shall be represented in part by the issuance of
additional obligations in the amount of $65,000, as authorized by Minnesota
Statutes, Section 475.56.
Resolution No. 76-336 • •
Page 2
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH AS
FOLLOWS:
1. It is hereby determined that the total cost of the various
public improvements, pursuant to contracts heretofore let
or which will be let prior to delivery of bonds, together
with the refunding of above stated portion of the General
Obligation Temporary Improvement Bonds of 1974 will be not
less than the sum of $3,980,000 and that the total cost of
such improvements more than 20% will be paid from assess-
ments levied against the property benefited by the
construction thereof.
2. It is hereby determined to finance the cost of said improve-
ments by the issuance of General Obligation Improvement
Bonds in the amount of $4,045,000.
3. Said bonds of this series shall be sold in the amount of
$3,980,000. It is further determined that the City shall
sell additional bonds to represent the higher rates of
interest as authorized by Minnesota Statutes 1475.56.
Said additional bonds shall be in the amount of $65,000,
which does not exceed 2% of the amount otherwise authorized.
Bids may be submitted to purchase bonds in the total amount
of $4,045,000 at a price not less than $3.980,000. All
amounts received by the Treasurer in excess of $3,980,000
shall be credited to the sinking fund for payment of
interst first coming due on said bonds.
4. The City Council shall meet at the Council Chambers, the
26th day of July, 1976 at 7:30 o'clock P.M. for the purpose
of receiving and considering sealed bids for the purchase
of said bonds. The City Clerk shall cause Notice of Sale
to be published once not less than ten (10) days in advance
of the sale in the official newspaper of the City and in
Commercial West, a financial periodical published in
Minneapolis, Minnesota.
5. The specifications for such bond sale shall be as set forth
in the Notice of Bond Sale: Attached hereto as Exhibit "A".
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, Councilmen Neils, Seibold and Spaeth.
The following voted against or abstained: None.
Whereupon the Resolution was declared duly passed and adopted.