HomeMy WebLinkAboutCity Council Resolution 1976-376CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of
the City Council of the City of Plymouth, Minnesota, was held on the
26th day ofJut , 1976 . The following members were present:
Ufa r Hilde, Councl 9wn Hunt, Neils, Seibold and Spaeth
The following members were absent: None
RESOLUTION NO. 76-376
RESOLUTION AWARDING THE SALE OF $4,045,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976,
FIXING THEIR FORM AND•SPECIFICATIONS,
DIRECTING THEIR EXECUTION AND DELIVERY, AND
PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. The bid of
to purchase $4,045,000 General Obligation Improvement Bonds of 1976,
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 $
plus accrued interest to date of delivery, such bonds to bear interest
as follows:
The City Clerk is directed to retain the good faith check of the
successful bidder pending completion of the sale and delivery of the
bonds, the City Clerk is directed to return the checks of the unsuccess-
ful bidders forthwith.
2. The City of Plymouth shall forthwith issue and sell its
General Obligation Improvement Bonds of 1976, in the principal amount
of $4,045,000 dated September 1, 1976, said bonds being 809 in number
and numbered 1 to 809, both inclusive, in the denomination of $5,000
each, bearing interest as above set forth, all interest payable March
1, 1977, and semiannually thereafter on September 1 and March 1 in the
years and amounts as follows: Two Hundred Seventy Five Thousand
Dollars ($275,000) in each of the years 1978 to 1991, both inclusive,
and One Hundred Ninety Five Thousand Dollars ($195,000) in the year
1992, all bonds maturing after March 1, 1987, being subject to prior
redemption at the option of the City on said date and any interest
payment date thereafter at par and accrued interest.
3. Both principal and interest shall be payable at
and the City of Plymouth shall pay the reasonable charges of said bank
for its services as paying agent.
Resolution No. 76-376 • •
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 HENNEPIfI
CITY OF PLYMOUTH
GENERAL OBLIGATION IMPROVEMEP:T BOND OF 1976
$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 1976 Fund, the sume of FIVE THOUSAND
DOLLARS on the 1st day of March, 1Q , and to pay interest thereon
from the date hereof until the principal amount is paid at the rate
of percent ( 8) per annum,
interest to maturity payable March 1, 1977, and semiannually there-
after on the 1st day of September and the lst day of March 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
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.
All bonds maturing on or after March 1, 1987, are subject
to redemption at the option of the City in inverse order of serial.
numbers on said date and any interest payment date thereafter, at a
price of par plus accrued interest.
This bond is one of an issue of bonds in the total principal
amount of $4,045,000, 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 in-
curred 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 is payable
primarily from special assessments against property specially benefited
thereby, but constitutes a general obligation 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 property in the City without limitation as to
rate or amount.
Resolution No. 76-376 • •
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and Things required by the Constitution and laws of the
State of Minnesota and 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 regular 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,
Minnesota, by its City Council, has caused this bond to be executed
by the facsimile signatures of its Mayor and City Manager and with
the facsimile of the corporate seal of the City imprinted thereon,
and the interest coupons hereto attached to be executed and authenticated
by the facsimile signatures of said officers, except for the manual
signature of its duly authorized Authenticating Agent on the face of
this bond, all as of , 19
(facsimile signature)
Mayor
(facsimile signature)
City Manager
Certificate of Authentication
This Bond is one of the Bonds of the series designated
herein issued pursuant to the resolution authorizing its issuance
and delivery.
Bank of
Authenticating Agent
By
Its
Resolution No. 76-376 •
(Form of Coupon)
lk�
•
on the 1st day of March (September), 19 , the City of
Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its
General Obligation Improvement Bonds of 1976 Fund at the
the amounts shown hereon for interest then due on its General Obligation
Improvement Bond of 1976, dated September 1, 1976, No.
(facsimile signature)
Mayor
_ (facsimile signatire)
City Manager
5. The City Clerk shall obtain a copy of the proposed approving
legal opinion of Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz,
of Minneapolis, Minnesota, which shall be complete except as tc, dating
thereof and shall cause said opinion to be printed on each bond,
. together with a certifi^ate 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 sinature)
City C I ;:.r
City of Plymouth, Minnesota
The Clerk i- 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 signatures of the Mayor and the City Manager and authentication
by an officer of the Bank of ,
hereby designated authenticating agent, and the interest coupons shall
IDbe executed and authenticated by the printed facsimile signatures of
Resolution No. 76-376 • •
the Mayor and City Manager and the facsimile of the corporate seal of
the City printed thereon. The bonds, when fully executed, shall be
delivered by the 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 1976 Fund hereby created, and the
proceeds n' general taxes hereinafter levied and special assessments
to be levied for the improvements financed by these bonds are hereby
pledged t, 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 Clerk 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 County Auditor 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 1977
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.
-Resolution No. 76-376 0 •
(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 tax levy herein provided shall be irrepealable until
all of said bonds are paid, provided that the City Clerk may annually,
prior to October 10th, certify to the County Auditor the amount
available in the sinking fund to pay principal and interest due during
the ensuing year, and the County Auditor shall thereupon reduce the
levy collectible during such year by the amount so certified.
11. 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
deemed representations of the City as to the facts stated therein.
12. The Mayor and City Manager are hereby authorized and directed
to certify that they have examined the official statement or prospectus
prepared and circulated in connection with the issuance and sale of
$4,045,000 General Obligation Improvement Bonds of 1476 and that to
the best of their knowledge and belief said statement is a complete and
accurate representation of the facts and representations made therein
as of the date of said official statement or prospectus as it relates
to the City of Plymouth.
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 Hunt, Neils, Seibold and Spaeth.
and the following voted against: Novze
whereupon said resolution was declared duly passed and adopted.
Whereupon Councilman introduced
the following resolution and moved its adoption: