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