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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.