HomeMy WebLinkAboutCity Council Resolution 1977-651EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE CITY
OF' PLYP OUTFI, FENLNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof a regular meeting of the
City Council of the City of Plymouth, Hennepin County, Minnesota, was
held at the Council Chambers, 149UU-C, 23rd Avenue North, in said City
on Monday, November 7, 1977, conanencing at 7:30 o'cicx-k P.M.
The following members were present: Mayor Hilde, Councilmen Hunt,
Neils, Seibold and Spaeth
and the following were absent: None.
The following resolution was presented by Councilmewer
Hunt who moved its adoption:
RESOLUTION N.O. 77-651
RESOLUTION PFDVIDING FOR THE ISSUANCE
AND SALE OF $3,lUU,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1977
BE IT RESOLVED By the City Council of the City of Plymouth,
Hennepin County, Minnesota as follows:
1. It is hereby determined:
(a) That the following assessable public improvements
have been duly ordered, made, or contracts let for the
construction thereof, by the City pursuant to the pre-
visions of Minnesota Statutes, Chapter 429:
OFFICIAL
NO 'ICE OF SALE
$3,10U,Uu�, General Obligation Improvement Bonds of 1977
City of Plymouth
!;annepin County, Minnesota
WTICE IS HEREBY GIVEN that the City Council of the City of
Plymouth, Minnesota will meet at the Council Chambers at 149UU-C, 23rd
Avenue North in the City of Plymouth, on Monday, December 5, 1977, at
7:3U o'clock p.m., to receive, open and consider bids for the purchase
of �3,10U,0UU negotiable coupon, general obligation bonds of the City
on the following terms:
Purpose and Securit
Tte purpose of the bonds is to provide funds for the
financing of various assessable public improvements in the City. T'he
bonds will be general obligations of the issuer, for which its full
faith, credit and taxing powers are pledged.
Date and Maturities
The borers will be dated December 16, 1977, will be in
denomination of $5,000 each (unless other denouinations are specified
by Purchaser within 48 hours of the award) and will mature on February
1 in the following years and amounts:
Year
Amount
Year
Amount
1979
$250,000
1984
�325,Wa
1980
250,000
1985
35U,UUU
1581
275,000
1966
350,000
1982
3UU,UUU
1987
35u,UUu
1983
30U,UOU
1988
35U,60U
Redemption Feature
All bonds of this issue will be without right of. prior
redemption.
Interest
Interest on the bores will be payable on Auqust 1, 197b, and
semiannually thereafter on each February 1 August 1. All bonds
maturing on the sane date must bear interest from nate of issue until
paid at a single, uniform rate, not exceeding the rate specified for
bonds of any subsequent ,-maturity. No limit on the number of interest
rates that may be specified for the issue. Each rate must be in an
integral multiple of 5J10G of 1%, and no rate of interest nor the net
effective average rate of the issue may exceed /% per annum. No
supplemental or "B" coupons will be permitted.
t:�ving Agent
Principal and interest will be made payable at any suitable
bank in the United States designated by the successful bidder within
48 hours after award of sale, subject to approval by the City, and the
City will pay the reasonable and customary paying agency charges.
CUSIP Numbers
The City will assume no obligation for the assignment or
printing of CUSIP numbers on the bonds or for the correctness of any
numbers printed thereon, but will permit such numbers to be assigned
:rte printed at the expense of the purchaser, if the purchaser waives
any extension of the time of delivery caused thereby.
Delivery
Within 4U days after sale, the City will furnish and
delivery to the office of the purchaser or, at his option, will
deposit wit', a bank in the United States selected by him and approved
by the City s its agent to permit examination by and to deliver to
the purchaser, the printed and executed bonds, the unqualified opinion
thereon of bond counsel, and a certificate stating that no litigation
in any manner questioning their validity is then threateners or
pending. The charge of the delivery agent must be paid by the
purchaser, but all other coats will be paid by the City. The purchase
price must be paid upon delivery of the bonds, or within five days
after deposit with the delivery agent, in funds available for
expenditure by the City on the day of payment.
LDal Opinion
An unqualified legal opinion on the bonds will be furnished
by Messrs. Lerevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis,
Minnesota. The legal opinion will be printed on the bonds at the
request of the purchaser. Ifie legal opinion will state that the nonia
are valid and binding general obligations of the City, payable
primarily from special assessments against benefited property, and the
City is obligated and requireu to levy taxes for the principal ana
3. The City Clerk is authorized and directed to advertise such
bonds for sale in accordance with the foregoing notice of sale and to
cause the abbreviated notice of sale attached hereto as Exhibit "A",
to be published in the manner required by law. The City Council shall
meet on Monday, December 5, 1977, at 7:3U o'clock p.m. for the purpose
of considering sealed bids on such bonds and taking any other
appropriate action.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilaoember Neils - and upon vote
being taken thereon, the following voted in favor of the motion:
Mayor Hilde, Councilmen Hunt, Neils, Seibold and Spaeth
and the following voted against: None.
tereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF PLYMOUTH )
I, the undersigned, being the duly qualified and acting City
Clerk of the City of Plymouth, Minnesota, do hereby certify that I
have carefully compared the attached and foregoing extract of a
z
regular meeting of the City Council of said City held on Monday,
November 7, 1977, with the original thereof on file in my office and
the same is a full, true and correct copy thereof, insofar as the same
relates to the issuance and sale of $3,100,000 General Obligation
Improvement Bonds of 1917, of the City.
WITNESS My hand as such Clerk and the corporate seal of the
City this 7th day of November , 1977.
City Clerk ,,J
City of Plymouth, Minnesota
(SEAL)
Exhibit A
NOTICE OF SAL:
$3,1UU,000 General Obligation Improvement Fonds of 1977
City of Flyaocl-h
Hennepin County, %,innesota
'hese bonds will be offered on Monday, December 5, 1977, at
7:30 o'clock p.m. C.T., at the Council Chambers, 149UU-C, 24th Avenue
North in Plymouth, Minnesota 55441. Dated December 16, 1977, the
bonds will mature on July 1 in the years and amounts as follouG :
Year.
Amount
Year
Amount
1979
$250,U00
1964
$325,UUU
1980
25U,UU0
1985
35u,UU0
1981
275,00
1986
350,000
13$2
300,UUU
1967
350,UUU
1983
30U,00u
1968
35u,UUU
All bonds issued without right of prior redemption. Interest will be
payable on August 1, 1978, and semiannually thereafter. Each rate
:rust be in an intejral multiple of 5/lUU of 1% and no rate may exceed
7% per annum; minimum price s3,049,Uou. An unqualified legal opinion
will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien &
Drawz of Minneapolis, Minnesota. The purpose of the bonds is to
finance various assessable public improvements in the City.
BY ORDER OF THE CITY COUNCIL
/s/ Loretta Garrity
City Clerk
Dated: November 7, 1917
Further information may be obtained from and bids may be delivered to:
Ehlers and Associates, Inc., Financial Specialists to the City of
Plymouth, First National -Soo Line Concourse, 5U7 harquette Avenue,
Minneapolis, Minnesota 554U2. Telephone: (612) 339-8291.