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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 W'W WW 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 W1qW W 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.