HomeMy WebLinkAboutCity Council Resolution 1976-3770 CITY OF PLYMOUTH 0
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 of
Jul , 1976 . The following members were present:ani yor Hilde,
ounc -men Hunt, Neils, Seibold and Spaeth
The following were absent: None
RESOLUTION NO. 76-377
RESOLUTION AWARDING THE SALE OF $2,790,000
GENERAL OBLIGATION WATER REVENUE BONDS OF
1976
BE IT RESOLVED BY the Council of the City of Plymouth,
Minnesota, as follows:
1. The bid of
to purchase $2,790,000 General Obligation Water Revenue 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,
said bid being to purchase bonds bearing interest as follows:
at a price of $
2. 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 and to return the checks of the unsuccessful bidders
forthwith. The Mayor and the City Manager are authorized and directed
to execute on behalf of the City the purchase agreement submitted
by the successful bidder.
3. From the bond proceeds any amount in excess of $2,745,000
shall be credited to the bond sinking fund to pay in part interest
falling due in 1977. All bonds issued which exceed $2,745,000 shall
represent additional obligations in accordance with the provisions of
M.S.A. 475.56.
4. The City shall forthwith issue its negotiable coupon General
Obligation Water Revenue Bonds of 1976, in the total principal amount
of $2,790,000, dated September 1, 1976, said bonds being 558 in number
and numbered 1 to 558, both inclusive, in the denomination of $5,000
each, bearing interest as follows:
and maturing serially on March 1 in the years and amounts as follows:
Resolution N0. 76-377 .
Year
Amount
Year
Amount
1978
$125,000
1985
$175,000
1979
125,000
1986
200,000
1980
125,000
1987
200,000
1981
150,000
1988
225,000
1982
150,000
1989
225,000
1983
150,000
1990
250,000
1984
175,000
1991
250,000
1992
265,000
All bonds maturing after March 1, 1987 being subject to redemption I
on said date and any interest payment date thereafter at par and accrued
interest.
5. Both principal and interest on said bonds shall be payable at
in the City of
Minnesota, and the City shall pay the reasonable
charges of said bank for its services as paying agent.
6. The Council hereby finds and determines that the net
revenues from the water system pledged for the retirement of the
bonds hereby issued together with other revenues available for said
purposes and other taxes and special assessments so pledged are
adequate to provide at least 1058 of the principal and interest on such
bonds as they become due and that no tax levy is needed at this time.
7. The City Clerk is hereby directed to cause a certified copy
of this resolution and the resolution entitled "A Resolution Providing
for the Issuance and Sale of $2,790,000 General Obligation Water Revenue
Bonds of 1976 for the Purpose of Providing Money to Improve the Water
System of the City" passed by the Council on the 18th day of June, 1976,
to be filed in the office of the County Auditor of Rice County,
Minnesota, and to obtain from him the certificate required by
Minnesota Statutes, Section 475.63.
8. The City Clerk is hereby authorized and directed to prepare
and furnish to the purchaser of the bonds and the attorneys approving
the issue, certified copies of all proceedings and records of the City
relating to the issue of said bonds or to the right, power and authority
of the City to issue said bonds, and such certified copies and
certificates shall be deemed representations of the City as to all
facts stated therein.
9. The Mayor and City Clerk 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 the bonds 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.
Resolution No. 76-377
10. Resolution No. 76. , adopted by the Council on
June 18, 1976, and authorizing the issuance and sale of the General
Obligation Plater Revenue Bonds is amended as follows:
a) Paragraph 6 is amended to read as follows:
1) 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 des gnated
authen icating agent, 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 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.
b) In paragraph 4, in the Bond Form, amend the final
paragraph to read as follows:
1) 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.
-Resolution No. 76-377 •
Bank of —^� I
Authenticating Agent
By
Its
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: None
whereupon said resolution was declared duly passed and adopted.