HomeMy WebLinkAboutCity Council Resolution 1978-779EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, HENNEPIN 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, 14900 C 23rd Avenue
North, in said City on Monday, November 20, 1978, commencing at 7:30
o'clock P.M.
The following members were present: Mayor Hunt,
Councilmembers Hoyt, Neils, Seibold and Spaeth
and the following were absent: None.
The following resolution was presented by Councilmember
Seibold who moved its adoption:
RESOLUTION NO. 78-779
RESOLUTION PROVIDING FOR THE ISSUANCE AND
SALE OF $6,800,000 GENERAL OBLIGATION
X14PROVENENT BONDS OF 1978
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
(the "Improvements") have been made, duly ordered
or contracts let for the construction thereof,
by the City pursuant to the provisions of Minnesota
.Statutes, Chapter 429:
Project Designation & Description Total Estimated Project Cost
702-805 & 817-841
23rd & 25th Cheshire Lane $ 295,502
0
.1
J
1W
(continued)
Project Designation & Description
801 - Vicksburg Lane - Co. Rd. 9
to Co Rd 47
803 - Lancaster Lane
804 - Fernbrook Lane
806 - Pineview Lane
809 - Pike Lake Area
811 - Lost Lake Area
813 - Oak View Lane
815 - Lancaster - 36th Avenue
to County Road 9
816 - 13th Avenue west of
County Road 18
829 - Ridgecrest Addition -
Utilities
853 - Vicksburg Lane - Co. Rd. 9
MW
Total Estimated Project Cost
$ 864,214
42,506
1,436,085
1,300,542
602,363
299,419
129,182
125,012
53,739
450,777
to Co. Rd 55 1s 083,324
$6,682,665
(b);' That it is necessary and expedient to the sound
financial management of the affairs of the City
to issue $6,800,000 General Obligation Improvement
Bonds of 1978 (the "Bonds") to provide financing
for the Improvements.
2. In order to provide financing for the Improvements, the
City shall therefore issue and sell its General Obligation improvement
Bonds of 1978 in the amount of $6,682,665. In order to provide in
part the additional interest required to market such bonds at this
time, additional bonds shall be issued in the amount of $117,335. Any
excess of the purchase price over the sum of $6,682,665 shall be
credited to the sinking fund for the purpose of paying interest first
'homing due on the bonds. 'The $6,800,000 General Obligation Improvement
Bonds of 1978, shall be issued and sold together with and not separately
from the General Obligation Water and Sewer Revenue Bonds of the City
authorized this date and in accordance with the terms and conditions
of the Official Notice of Sale attached hereto as Exhibit A.
3. The City Clerk is authorized and directed to advertise the
Bonds for sale in accordance with the abbreviated notice of sale
attached hereto as Exhibit B and shall cause said abbreviated notice
to be published in the mr.nner required by law. The City Council shall
meet on Monday, December 18, 1978, at 7:30 o'clock P.M. for the
purpose of considering sealed bids on tae Bonds and taking any other
appropriate action.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember Neils and upon vote
being taken thereon, the following voted in favor of the motion:
Mayor Hunt, Councilmembers Hoyt, Neils, Seibold and Spaeth
and the following voted against; None.
whereupon said resolution was declared duly passed and adopted.
Whereupon Councilmember Seibold F
introduced the following resolution and moved its adoption: