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HomeMy WebLinkAboutCity Council Resolution 1977-700After due consideration of said bids, Councilmember a Spaeth introduced the following resolution and moved its adoption: RESOLUTION NO. 77-700 RESOLUTION AWARDING THE SALE OF $3,100,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1977, 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 Piper, Jaffray $ Hopwood Incorporated, Minneapolis, Minnesota, and associates, to purchase $3,100,000 General Obligation Improvement Bonds of 1977, 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 $3.067,450.00 1 plus accrued intarest to date of delivery, such bonds to bear interest as follows: 3.80% 1979 4.10% 1981 4.30% 1983 4.50% 1985 4.60% 1987 4.00% 19F) 4.20% 1982 4.40% 1984 4.55% 1986 4.65% 1988 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 unsuccessful bidders forth:viLh. rhe sum of $_18.450.00__, being the amount raid for the bonds in excess of $$3,649,GUu shall be deposited in the debt service fund hereinafter created for the bonds and shall be used to pay interest first coming due on the bonds. 2. The City of Plymouth shall forthwith issue and sell its General Obligation Improvement Bonds of 1977 (the "Bonds"), in the principal amount of $3,100,000 dated December 16, 1977, said Bonds being 620 in number and numbered 1 to btu, both inclusive, in the denomination of $5,00u each, oearing interest as above set forth, all interest payable August 1, 1976, anis semiannually thereafter on February 1 and August 1 in each year, and which Donds mature serially on February 1 in the years and amounts as follows: YEAR AMOUNT 1979 $250,Uu0 1980 250,000 1981 275,006 1982 300 , UUU 1983 300,000 1984 325,000 1985 35U,O00 1986 350,000 1987 350,000 1988 350,000 The Bonds are issued without option of prior payment. 3. Both principal and interest on the Bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, and the City of Plymouth shall pay the reasonable charges of said bank for its services as paying agent. 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 HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION IMPROVEMENT BOND OF 1977 $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 1977 Fund, without option of prior payment, the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19 , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of percent ( %) per annum, interest to maturity payable August 1, 1978, and semiannually thereafter on the first day of February and the first day of August in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become oue. Both principal of and interest on this bond are payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, 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. This bond is one of an issue of bonds in the total principal amount of $3,100,00U, all of like date and tenor except as to maturity, interest rate, and serial number, all issued by the City for the purpose of providing money to defray the expenses incurred 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 425, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a jeneral 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. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota 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 WF EREOF, the City of Plymouth, Hennepin County, Minnesota, by its City Council, ham^ caused t" is wand to be executed by the facsimile signature of the r:ayor and the manual signature of the City Manager (and sealed with a facsimile of the corporate seal of the City,) and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of December 16, 1577. (Facsimile) Mayor City Manager (facsimile seal) (Form of Coupon) No. $ On the 1st day of August (February), 19 , the City of Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Improvement Bonds of 1977 Fund at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, the amount shown hereon for interest then due on its General Obligation Improvement Bond of 1977, dated December 16, 1977, No. (facsimile signature) Mayor (facsimile signature) City Manager 5. The City Clerk shall obtain a copy of the proposed approving legal opinion of Messrs. LeFevere, Lefler, Pearson, O'Brien and Drawz of Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each bond, together with a certificate to be signed by the facsimile signature of the City 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 signature) City Clerk City of Plymouth, Minnesota The City Clerk is 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 the City offices. 6. The Bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Manager, 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 may, but need not be, printed thereon; provided, however, that the signatures of both the Mayor and City Manager may be facsimile signatures, duly authenticated by the manual signature of an officer of the Bank of hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision 1, and, if the Bonds are to be so executed and authenticated, the bond form set forth in paragraph 4 hereof shall be modified as follows: a) Substitute the following paragraph for the final paragraph of the bond: "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 saiu officers, except for the manual signature of its duly authorized Authenticating Agent an the reverse side of this bond, all as of December 16, 1977." b) Add the following on the reverse side of the bond: "This Bond is one of the Bonds of the series designated herein issued pursuant to the resolution authorizing its issuance and delivery." Bank of y As Authenticating Agent By Its Authorized Officer The Bonds when fully executed, shall be delivered by the City 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 Ouligation Improvement Bonds of 1977 Fund hereby created, and the proceeds of general taxes hereafter levied and special assessments levied or to be levied for the improvements (the "Improvements") financed by the Bonds are hereby pledged to 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 City Finance Director 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 improvements when collected. 8. It is hereby determined that the estimated collections of special assessments for the payment of the Bonds will produce at least 58 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 Director of Finance 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 the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the assessments for the Improvements to be promptly levied so that• the first installment will be collectible not later than 1978 and will take all steps necessary to assure prompt collection. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements financed hereby to be taken with due diligence that are requireu for the construction of each improvement financed wholly or partly from the proceeds of obligations issued hereunder, and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon when due. (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 Improvements, 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. (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. 1U. 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 the 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 the Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 11. The Mayor, City tanager and City Finance Director 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 $3,100,000 General Obligation Improvement Bonds of 1977 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 Councilmember Seibold , and upon vote being taken thereon, the following voted in favor thereof: Hilde, Hunt, Seibold and Spaeth; and the following voted against: none; whereupon 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 Clerk of the City of Plymouth, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council held on Monday, December 5, 1977, with the original thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $3,100,000 General Obligation Improvement Bonds of 1977, of the City. WITNESS My hand as City Clerk and the corporate seal of the City this y 4� day of December , 1977. City CNerk City of Plymouth, Minnesota (SEAL)