HomeMy WebLinkAboutCity Council Resolution 1978-815!'w W'
After due consideration of the bids, Councilmember
Spaeth introduced the following resolution and moved
its adoption:
RESOLUTION NO. 78-815
RESOLUTION AWARDING THE SALE OF $8,250,000
GENERAL OBLIGATIOP BONDS OF 1978;
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. Sale of Bonds.
1.01. The bid of BANC NORTHWEST & FIRST NATIONAL BANK OF ST. PAUL
to purchase $8,250,000 General Obligation Bonds of 1978, (the
"Bonds") 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 accented, such bid being to purchase such bonds at
a price of $ 8,111,555.63 plus accrued interest to date of
delivery, such bonds to bear interest as follows:
YEAR RATE
1981/88
5.60%
1989/90
5.70%
1991
5.75%
1992
5.80%
1993
5.90%
1994/95
6.00%
1.02. The sum of $ being the amount bid in
excess of $8,108,027, shall be cr�i ed to the bond sinking funds
hereinafter created as follows: $ to the General
Obligation Improvement Bonds of 19 S� Fund; and
$ to the General Obligation water and Sewer _Revenue
Bonds of 1978 Sinking Fund. The City Finance Director 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 forthwith.
2. Improvement Bonds.
2.01. The City of Plymouth shall forthwith issue and
sell its General Obligation Improvement Bonds of 1978 (the
"Improvement Bonds"), in the principal amount of $6,800,000 dated
December 1, 1978, the Bonds being 1,360 in number and numbered 1
to 1,360, both inclusive, in the denomination of $5,000 each,
bearing interest as above set forth, all interest payable
September 1, 1979, and semiannually thereafter on March 1 and
September 1 in each year, and which Bonds mature serially on
March 1 in the years and amounts as follows:
YEAR AMOUNT
1981
$460,000
1982
460,000
1983
480,000
1984
500,000
1985
500,000
1986
500,000
1987
500,000
1988
500,000
1989
500,000
1990
500,000
1991
400,000
1992
400,000
1993
400,000
1994
400,000
1995
300,000
The Improvement Bonds maturing after March 1, 1990 are subject to
prior redemption at the option of the city in inverse order of
serial numbers on said date and any interest payment date
thereafter at a price of par plus accrued interest to date of
redemption..
2.02. Both principal and interest shall be payable at
Bank of
and the City of Plymouth shall pay the reasonable charges of said
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bank for its services as paying agent.
2.03. The Improvement 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 1978
$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 1978
Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of March,
19 , and to pay interest thereon from the date hereof until the
principal amount is paid at the rate of
percent ( 8) per annum, interest to maturity
payable September 1, 1979, and semiannually thereafter on the 1st
day of March and the lst day of September in each year in
accordance with and upon presentation and surrender of the
interest coupons hereto attached as they severally become due.
Both principal of and interest on this bond are payable at the
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 $6,800,000, all of like date and tenor except
as to maturity, interest rate, serial number, and redemption
privilege, 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 429, and is payable
primarily from special assessments against property specially
benefited thereby, but constitutes a general 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
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Purpose, which taxes !7imiy 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 WHEREOF, the City of Plymouth, Hennepin
County, Minnesota, by its City Council, has caused this bond to
be executed by the facsimile signature of the Mayor 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 1, 1978.
City Manager
(SEAL)
(facsimile seal)
No.
(Facsimile)
Mayor
(Form of Coupon)
On the 1st day of September (March), 19 , the City of
Plymouth, Hennepin County, Minnesota, will pay to bearer, out of
its General Obligation Improvement Bonds of 1978 Fund at the
the amount shown hereon for interest then due on its General
Obligation Improvement Bond of 1978, dated December 1, 1978, No.
(facsimile signature)-
Mayor
i nature)Mayor
(facsimile signature)
City Manager
2.04. 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 of the Bonds, together with a
certificate to be signed by the facsimile signature of the 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 ClPrk is hereby authorized and directed to execute such
certi`f-- _ in the name of the City, upon receipt of such opinion
and t- Lie the opinion in the City offices.
2.05. The Improvement 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 facsin;ile of
the corporate seal of the City shall 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 the interest coupons hereto
attached to be executed and authenticated by the
facsimile signatures of said officerz, and such
signatures to be authenticated by the manual signature
of its duly authorized Authenticating Agent on the
reverse side of this bond, all as of "
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
0
As Authenticating Agent
By
Its Authorize O ricer
2.06. The Improvement Bonds shall be payable from the
General Obligation Improvement Bonds of 1978 Fund hereby created,
and the proceeds of any taxes hereafter levied and special
assessments to be levied for the improvements (the
"Improvements") financed by the Improvement Bonds are hereby
pledged to said fund. If any payment of principal or interest on
the Improvement Bonds shall become due when there is not
sufficient money in said fund to pay the same, the 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 the Improvements when
collected.
2.07. It is hereby determined that the estimated
collections of special assessments for the payment of said
Improvement Bonds will produce at least 5% 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 Clerk is directed to file a certified copy of this
resolution with the County Auditor of Hennepin County and to
obtain the certificate required by Minnesota Statute, Section
475.63.
2.08. It is hereby determined that the Improvements to be
financed by the Improvement Bonds will directly and indirectly
benefit the abutting property, and the City hereby covenants with
the holders from time to time of the Improvement Bonds as
follows:
(a) The City will cause the assessments for the
Improvements to be promptly levied so that the fir -m+-
installment will be collectible not later than 1980 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 required for the
construction of each Improvement financed wholly or
partly from the proceeds of the Improvements Bonds, and
for the final and valid levy of special assessments and
the appropriation of any other funds needed to pay the
principal of and interest on the Improvement Bonds 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 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.
2.09. The officers of the City are hereby authorized
and directed to prepare and furnish to the purchaser of the
Improvement Bonds and to the attorneys approving the same,
certified copies of proceedings and records of the City relating
to the Improvement 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 Improvement Bonds and such instruments,
including any heretofore furnished, shall be deemed
representations of the City as to the facts stated therein.
2.10. The Mayor, City Manager and 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 Improvement Bonds
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.
3. Water and Sewer Revenue Bonds.
3.01. The City shall forthwith issue and sell its
$1,450,000 General Obligation Eater and Sewer Revenue Bonds of
1978 (the "Water and Sewer Revenue Bonds") in accordance with
this council's resolution of November 20, 1978, Resolution
78-779, authorizing their sale.
3.02. It is hereby determined that the estimated
collection of service charges for use of the water and sewer
utility system of the City pledged to the payment of the Water
and Sewer Revenue Bonds will produce at least 5% in excess of the
amount needed to pay, when due, the principal and interest on the
Water and Sewer Revenue Bonds, and that no tax levy is needed at
this time.
3.03. The City Clerk is directed to file a copy of
this resolution and Resolution 78-779 referred to above and
obtain the certificate required by Minnesota Statutes, Section
475.63,
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 thereof:
Mayor Hunt, Councilmembers Hoyt, Neils, Seibold and Spaeth
and the following voted against: None.
whereupon said resolution was declared duly passed and adopted.