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)