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HomeMy WebLinkAboutCity Council Resolution 1979-344EXTRACT 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 City Hall in said City on Monday, June 25, 1979, commencing at 7:30 o'clock P.M. The following members were present: Mayor Hunt, Councilmembers Davenport, Hoyt, Neils and Spaeth and the following were absent: None. The following resolution was presented by Councilmember Neils who moved its adoption: RESOLUTION NO. 79 - 344 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $7,000,000 GENERAL OBLIGATION IMPF0704ENT BONDS OF 1979 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 No. Project Description Total Project Cost 707 Seven fonds - Sewer and Water $ 372,129 802 Larch Lane - Co. 9 to Soo Line $ 476,865 807 & 911 Downtown Plymouth $2,632,350 832 Schmidt Lake Hills $ 485.300 846 Rappaport Addition $ 298,281 901 Dbrth Central Interceptor $ 551,914 905 Fernbrook Lane 55 to F $ 856,810 906 Ameriks 1st Addition $ 262,490 908 Medina Road $1,054,028 909 26th Avenue $ 100,723 914 16th Avenue $ 191.162 916 Shedd-Brown/Honeywell $ 240,107 919 Medicine Ridge Addition $ 413,734 921 Hadley Place/Queensland $ 162.645 922 Hwy. 101 Watermain $ 28.244 924 13th Avenue $ 76.610 ?btal $8,203,392 (b) That it is necessary and expedient to the sound financial management of the affairs of the City to issue -0,000,000 General Obligation Improvement Bonds of 1979, (tie "Bonds) to provide, together with other funds available to the city, financing for the Improvements. 2. In order to provide financing for the Improvements, the City shall therefore issue and sell Bonds in the amount of $6,883,660. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $116,340. Any excess of the purchase price of the Bonds over the sum of $6,883,660 shall be credited to the debt service fund for the Bonds for the purpose"of paying interest first coming due on the Bonds. The Bonds shall be issued in accordance with the terms of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $7,000,000 General Obligation Improvement Bonds of 1979 City of Plymouth Hennepin County, Minnesota NOTICE IS HEREBY GIVEN, that sealed bids for the purchase of $7,000,000 General Obligation Improvement Ponds of 1979 will be received at the office of the City Manager, in the City Hall in the City of Plymouth, Minnesota until 5:00 p.m. C.T. on Monday, August 6 , 1979 when the bids will be opened, tabulated and prepared for presentation to the City Council for consideration at its regular meeting at 7:30 p.m. C.T. on the same day. Puroose and Securit The purpose of the bonds is to provide funds for the financing of various assessable public improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. Date and Maturities The bonds will be dated September 1, 1979, will be in denomination of $5,000 each and will mature on March 1 in the following years and amounts: YEAR 1981 AMOUNT $ 375,000 YEAR 1986 AMOUNT $475,000 1982 800,000 1987 450,000 1983 1,200,000 1988 450,000 1984 1,175,000 1989 450,000 1985 1,175,000 1990 450,000 Redemntion Feature All bonds of this issue maturing after March 1, 1989 will be 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. y Interest Interest on the bonds will be payabl, on March 1, 1980, and semiannually thereafter on each September 1 and March 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed 7% per annum. Paying Agent Principal and interest will be made payable at a suitable bank recommended by the purchaser and approved by the Council, and the City will pay customary charges for this service provided that such recommendation is received within 48 hours after the sale and the Council will select the paying agent if the recommendation is not approved. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the bored. or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and delivery to the office of the purchaser or, at his option, will deposit with a bank in the United States selected by him and approved by the city as its agent to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid ty the City. The purchase price must be paid upon delivery of the bonds, or within five days after deposit with the delivery agent, in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City, payable primarily from special assessments against benefited property, and the city is obligated and required by levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $140,000, payable to the City Clerk, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid authorizing the lowest net interest cost cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $7,000,000 bid for pricipal) will be deemed the most favorable. No oral bid and no bid of less than $6,883,660 for principal plus accrued interest on all of the bonds will be considered, and the City reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COMICIL /s/ Loretta Garrity City Clerk Dated: June 25, 1979 3. The City Clerk is authorize9 and directed to advertise the Bonds for sale in accordance with the foregoing notice of sale and to cause the abbreviated notice of sale attached hereto P_s EXhibit "A", to be published in the manner required by law. The City Council shall meet on Monday F August 5 1979, at 7:30 o'clock p.m. for the purpose of considering bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Hoyt and upon vote being taken thereon, the following voted in favor: Mayor Hunt, Counci'members Davenport, Hoyt and Neils and the following voted against: Councilmember Spaeth whereupon said resolution was declared duly passed and adopted. Exhibit A NOTICE OF SALE $7,000,000 General Obligation Improvement Ponds of 1979 City of Plymouth Hennepin County, Minnesota NOTICE IS HEREBY GIVEN, that sealed bids for the purchase of $7,000,000 General Obligation Improvement Bonds of 1979 will be received at the office of the City Manager, in the City Hall in the City of Plymouth, Minnesota until 5:00 p.m. C.T. on Monday, August 6 , 1979 when the bids will be opened, tabulated and prepared for presentation to the City Council for consideration at its regular meeting at 7:30 p.m. C.T. on the same day. YEAR AMOUNT YEAR AMOUNT 1981 $ 375,000 1986 $475,000 1982 800,000 1987 450,000 1983 1,200,000 1988 450,000 1984 1,175,000 1989 450,000 1985 1,175,000 1990 450,000 All bonds maturing after March 1, 1989 subject to prior redemption on said date and any interest payment date thereafter at par plus accrued interest. Interest will be payable on March 1, 1980, and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed 7% per annum. Minimum price, $6,883,660. An unqualified legal opinion will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Minnesota. The purpose of the bonds is to finance various assessable public improvements in the City. BY ORDER OF THE CITY COUNCIL /s/ Loretta Garrity City Clerk Dated: June 25, 1979 STATE OF MINNESOTA ) COUI\TYY OF HENNEPIN ) SS. CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Plymouth, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of a regular meeting of the City Council of said City held on Monday, June 25, 1979, with the original thereof on file in my office and the same is a full, true and correct copy thereof, insofar as the same relates to the issuance and sale of $7,000,000 General Cbligation Improvement Ponds of 1979, of the City. WITNESS My hand as such Clerk and the corporate seal of the City this 25th day of June , 1979. ;J City Clerk / City of Plymouth, M nnesota (SEAL) EXTRACT 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 City Hall in said City on Monday, June 25, 1979, commencing at 7:30 o'clock P.M. The following members were present: Mayor Hunt, Councilmembers Davenport, Hoyt, Neils and Spaeth and the following were absent: None. The following resolution was presented by Councilmember Neils who moved its adoption: RESOLUTION NO. 79 - 344 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $7,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979 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 No. Project Description Total Project Cost 707 Seven Ponds - Sewer and eater $ 372,129 802 Larch Lane - Co. 9 to Soo Line $ 476,865 807 & 911 Downtown Plymouth $2,632,350 832 Schmidt Lake Hills $ 485,300 846 Rappaport Addition $ 298,281 901 North Central Interceptor $ 551,914 905 Fernbrook Lane 55 to 6 $ 856,810 906 Ameriks 1st Addition $ 262,490 908 Medina Road $1,054,028 909 26th Avenue $ 100,723 914 16th Avenue $ 191,162 916 Shedd-Brown/Honeywell $ 240,107 919 Medicine Ridge Addition $ 413,734 921 Hadley Place/Queensland $ 162,645 922 Hwy. 101 Watermain $ 28,244 924 13th Avenue $ 76,610 Total $8,203,392 (b) That it is necessary and expedient to the sound financial management of the affairs ,of the City to issue $7,000,000 General Obligation Improvement Bonds of 1979, (the "Bonds) to provide, together with other funds available to the city, financing for the Improvements. 2. In order to provide financing for the Improvements, the City shall therefore issue and sell Bonds in the amount of $6,883,660. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $116,340. Any excess of the purchase price of the Bonds over the sum of $6,883,660 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the Bonds. The Bonds shall be issued in accordance with the terms of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $7,000,000 General Obligation Improvement Bonds of 1979 City of Plymouth Hennepin County, Minnesota NOTICE IS HERESY GIVEN, that sealed bids for the purchase of $7,000,000 General Obligation Improvement Bonds of 1979 will be received at the office of the City Manager, in the City Hall in the City of Plymouth, Minnesota until 5:00 p.m. C.T. on Monday, August 6 , 1979 when the bids will be opened, tabulated and prepared for presentation to the City Council for consideration at its regular meeting at 7:30 p.m. C.T. on the same day. Purpose and Security The purpose of the bonds is to provide funds for the financing of various assessable public improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. Date and Maturities The bonds will be dated September 1, 1979, will be in denomination of $5,000 each and will mature on March 1 in the following years and amounts: YEAR 1981 AMOUNT $ 375,000 YEAR 1986 AMOUNT $475,000 1982 800,000 1987 450,000 1983 1,200,000 1988 450,000 1984 1,175,000 1989 450,000 1985 1,175,000 1990 450,000 Redemption Feature All bonds of this issue maturing after March 1, 1989 will be 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. 1 a Interest Interest on the bonds will be payable on March 1, 1980, and semiannually thereafter on each September 1 and March 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 18, and no rate of interest nor the net effective average rate of the issue may exceed 7% per annum. Paying Agent Principal and interest will be made payable at a suitable bank recommended by the purchaser and approved by the Council, and the City will pay customary charges for this service provided that such recommendation is received within 48 hours after the sale and the Council will select the paying agent if the recommendation is not approved. CUSIP Numhprc The Citv will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and delivery to the office of the purchaser or, at his option, will deposit with a bank in the United States selected by him and approved by the city as its agent to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the City. The purchase price must be paid upon delivery of the bonds, or within five days after deposit with the delivery agent, in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City, payable primarily from special assessments against benefited property, and the city is obligated and required by levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $140,000, payable to the City Clerk, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewitti. The bid authorizing the lowest net interest cost cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $7,000,000 bid for pricipal) will be deemed the most favorable. No oral bid and no bid of less than $6,883,660 for principal plus accrued interest on all of the bonds will be considered, and the City reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL /s/ Loretta Garrity City Clerk Dated: June 25, 1979 3. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing notice of sale and to cause the abbreviated notice of sale attached hereto as Exhibit "A", to be published in the manner required by law. The City Council shall meet on Monday , August 6 , 1979, at 7:30 o'clock p.m. for the purpose of considering bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Hoyt and upon vote being taken thereon, the following voted in favor: Mayor Hunt, Councilmembers Davenport, Hoyt and Neils and the following voted against: Councilmember Spaeth whereupon said resolution was declared duly passed and adopted. Exhibit A NDTICE OF SALE $7,000,000 General Obligation Improvement Ponds of 1979 City of Plymouth Hennepin County, Minnesota NOTICE IS HEREBY GIVEN, that sealed bids for the purchase of $7,000,000 General Obligation Improvement Bonds of 1979 will be received at the office of the City Manager, in the City Hall in the City of Plymouth, Minnesota until 5:00 p.m. C.T. on Monday, August 6 , 1979 when the bids will be opened, tabulated and prepared for presentation to the City Council for consideration at its regular meeting at 7.30 p.m. C.T. on the same day. YEAR AMOUNT YEAR AMOUNT 1981 $ 375,000 1986 $475,000 1982 800,000 1987 450,000 1983 1,200,000 1988 450,000 1984 1,175,000 1989 450,000 1985 1,175,000 1990 450,000 All bonds maturing after March 1, 1989 subject to prior redemption on said date and any interest payment date thereafter at par plus accrued interest. Interest will be payable on March 1, 1980, and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed 78 per annum. Minimum price, $6,863,660. An unqualified legal opinion will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Minnesota. The purpose of the bonds is to finance various assessable public improvements in the City. BY ORDER OF THE CITY COUNCIL /s/ Loretta Garrity City Clerk Dated: June 23, 1979 STATE OF MINNESOTA } COUI\7Y OF HENNEPIN ) ES. CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Plymouth, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of a regular meeting of the City Council of said City held on Monday, June 25, 1979, with the original thereof on file in my office and the same is a full, true and correct copy thereof, insofar as the same relates to the issuance and sale of $7,000,000 General Obligation Improvement Bonds of 1979, of the City. WITNESS My hand as such Clerk and the corporate seal of the City this 25th day of June , 1979. (SEAL) t 4::i=:� City Clerk City of Plymouth, M nnesota