HomeMy WebLinkAboutCity Council Resolution 1979-432After due consideration of the bids, Councilmember Patricia Hoyt
introduced the following resolution, and moved its adoption:
RESOLUTION NO. 79-432
RESOLUTION AWARDING THE SALE OF $7,000,000
GENERAL OBLIGATION IMPROVEHENT BONDS OF 1979;
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. The bid of Banc Northwest of Minneapolis, Minnesota and
the First National Bank of St. Paul, Minnesota
to purchase $7,000,000 General Obligation Improvement Bonds of 1979, 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 accepted, such bid being to purchase
such bonds at a price of $ 6,940,499.95 plus accrued interest to
date of delivery, such bonds to bear interest as follows:
5.10% 1981 5.40% 1989
5.15% 1982 5.45% 1990
5.20% 1983
5.25% 1984/85
5.30% 1986/87
5.35% 1988
The sum of $ 2,061-975.05 , being the amount bid in excess of $6,881,600,
shall be credited to the bond sinking fund hereinafter created. The City
Clerk 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. The City of Plymouth (the "City") shall forthwith issue and
sell its General Obligation Improvement Bonds of 1979 (the "Bonds"), in the
principal amount of $7,000,000 dated September 1, 1979, the Bonds being
1400 in number and numbered 1 to 1400, both inclusive, in the denomination
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of $5,000 each, bearing interest as above set forth, all interest payable
March 1, 1980, and semiannually thereafter on September 1 and March 1 in
each year, and which Bonds mature serially on March 1 in the years and
amounts as follows:
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 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.
3. Both principal and interest shall be payable at the Northwestern
National Bank of Minneapolis, Minnesota
and the City of Plymouth shall pay the reasonable charges of said bank for
its services as paying agent.
4. The 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 1979
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth,
Hennepin County, Minnesota, acknowledges itself to be indebted and, for
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value received, hereby promises to pay to bearer out of its General Obliga-
tion Improvement Bonds of 1979 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 ( %) per annum, interest to maturity payable March 1, 1980,
and semiannually thereafter on the 1st day of September and the 1st day of
March in each vear in accordance wish and upon presentation and surr-nder
of the interest coupons hereto attached as they severally become due. Both
principal of and interest on this bond are payable at the main office of the
Northwestern National Bank of Minneapolis, Minnesota
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 $7,000,000, all of like date and tenor except as to maturity,
interest rate, redemption privilege and serial number, 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 con-
formity 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 purpose,
which taxes may 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.
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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 September 1, 1979.
/s/ James G. Willis
City Manager
(facsimile seal)
No
(Facsimile)
Mayor
(Form of Coupon)
On the 1st day of March (September), 19 , the City of Plymouth,
Hennepin County, Minnesota, will pay to bearer, out of its General
Obligation Improvement Bonds of 1979 Fund, at the main office of the
Northwestern National Bank of Minneapolis, Minnesota
the amount shown hereon for interest then due on its General Obligation
Improvement Bond of 1979, dated September 1, 1979, No.
(facsimile signature)
Mayor
(facsimile signature)
City Manager
5. 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 bond, together with a
certificate to be signed by the facsimile signature of the Clerk-Tressurer—
in substantially the following form:
i
I h b f
ere y cern y 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 Clerk is hereby authorized and directed to execute such certificate in
the name of the City, upon receipt of such opinion and to file the opinion
in the City offices.
6. The 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
facsimile of the corporate seal of the City may, but need not 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 Northwestern National Bank of
Minneapolis- Minnesota 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 with
the facsimile of the corporate seal of the city
imprinted thereon) and the interest coupons hereto
attached to be executed and authenticated by the
facsimile signatures of said officers, except for
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the manual signature of its duly authorized
Authenticating Agent on the reverse side of this
bond, all as of September 1, 1979."
b) Add the following on the reverse side of the bond:
"This Bond is one of the Bond of the series
designated herein issued pursuant to the
resolution authorizing its issuance and delivery."
Northwestern National Bank.
of Minneapolis, Minnesota
As Authenticating Agent
By
Its Authorized Officer
The Bonds when fully executed, shall be delivered by the City Treasurer to
the purchaser thereof upon receipt of the purchase price, and the said
purchaser shall not be obligated to see to the proper application thereof.
7. The Bonds shall be payable from the General Obligation
Improvement Bonds of 1979 Fund hereby created, and the proceeds of special
assessments to be levied for the improvements (the "Improvements") financed
by the Bonds are hereby pledged to said fund. If any payment of principal
or interest on the Bonds shall become due when there is not sufficient
money in said fund to pay the same, the Finance -Director Treasurer 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.
8. It is hereby determined that the estimated collections of
special assessments for the payment of said bonds will produce at least 5%
in excess of the amount needed to meet, when due, the principal and in-
terest 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
Finance Director of Hennepin County and to obtain the certificate required
by Minnesota Statutes, Section 475.63.
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9. It is hereby determined that the Improvements to be financed
by the Bonds will directly and indirectly benefit the abutting property,
and the City hereby covenants with the holders from time to time of the
Bonds as follows:
(a) The City will cause the assessments for the
Improvements to be promptly levied so that the first instal-
lment 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 cw struction of each Improvement financed
wholly or partly from the proceeds of obligations issued
hereunder, and for the final and valid levy of special
assessments and the appropriation of any other funds needed
to pay the obligations and interest thereon 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 pay-
ment, and all collections thereof and disbursements there-
from, 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 in-
terested person upon request.
10. The officers of the City are hereby authorized and directed
to prepare and furnish to the purchaser of the Bonds and to the attorneys
approving the same, certified copies of proceedings and records of the City
relating to the Bonds and to the financial condition and affiars 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 Bonds and such instruments, including any
heretofore furnished, shall be deemed representations of the City as to the
facts stated therein.
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11. The Mayor, Manager, Clerk and Finance Director -Treasurer 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 Bonds and that to the best of their knowledge
and belief said statement is a compleLe 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.
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:
Mayor Hunt, Councilmembers Davenport, Hoyt, Neils
and the following voted against: None (Councilmember Spaeth being absent).
whereupon said resolution was declared duly passed and adopted.
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STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF PLYMOUTH )
I, the undersigned, being the duly qualified and acting Clerk of
the City of Plymouth, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a regular meeting
of the City Council held on Monday, August 6, 1979, with the original
thereof on file in my office and the same is a full, true and complete
transcript therefrom 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 Clerk and the corporate seal of the City this
_ day of , 1979.
(SEAL)
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Dl U-c�2��r
City Clerk
City of Plymouth, Minnesota