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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.