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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: