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HomeMy WebLinkAboutCity Council Resolution 1980-199EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF PLYMOUTH, HENNEPIN COUNTY, MINNESOTA special Pursuant to due call and notice thereof a iXg��AW meeting of the City Council of the City of Plymouth, Hennepin County, Minnesotrk, was held at the City Hall in said City on Monday, March 29, commencing at 7:30 o'clock P.M. The following members were present: Mayor Howard Hunt, Councilmembers Hoyt, Neils, Schneider and the following were absent: Counci lmember Davenport The following resolution was presented by Councilmember Gerald Neils who moved its adoption: RESOLUTION NO. 80-199 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE -OF $2,950,000 GENERAL OBLIGATION PARK IMPROVEMENT BONDS OF 1980. BE IT RESOLVED By the City Council of the City of Plymouth, Hennepin County, Minnesota, as follows: 1. At a duly called and regularly held special election on March 18, 1980, the voters of the City of Plymouth approved, by more than the requisite majroity vote the issuance and sale of not to exceed $2,950,•000 General Obligation Bonds for the purpose of providing moneys for the improvement and development of public parks and playgrounds (the "Project"). 2. It is hereby found and determined that it is necessary and desirable for the sound financial management of the City to issue and sell General Obligation Park Improvement Bonds pursuant to the authority granted by the voters to provide funds to finance all or a part of the estimated costs of the Project. 4. The City Clerk is authorized and directed to advertise they 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, April 21, 1980, 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 Virgil Schneider , and upon vote being taken thereon, the following voted in favor: Mayor Hunt, Councilmembers Hoyt, Neils, Schneider and the following voted against: None (Councilmember Davenport being absent). whereupon said resolution was declared duly passed and adopted. 09 NOTICE OF SALE Exhibit A $2,950,000 General Obligation Park Improvement Bond: of 1980 City of Plymouth Hennepin County, Minnesota NOTICE IS HEREBY GIVEN That sealed bids for the above bonds will be received until 5 o'clock P.M., C.T. on Monday, April 21, 1980, at which time they will be opened and tabulated. The City Council will meet in the City Hall in Plymouth, Minnesota at 7:30 o'clock P.M., C.T. the same day to consider the bids and award thou safe of the bonds on the following terms: Year Amount Year Amount 1983 $ 75,000 1990 $225,000 1984 100,000 1991 250,000 1985 125,000 1992 250,000 1986 150,000 1993 275,000 1987 150,000 1994 300,000 1988 175,000 1995 325,000 1989 200,000 1996 350,000 All bonds maturing after June 1, 1990 subject to prior redemption on said date and any interest payment date thereafter at par plun accrued interest. Interest will be payable on E`ubtuary 1, 1901, and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed the maximum rate permitted by law. Minimum price, $2,892,200. An unqualified legal opinion will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien 6 Drawz of Minneapolis, Minnesota. The purpose of the bonds is to finance the improvements and development of public parks and playgrounds in the City. BY ORDER OF THE CITY COUNCIL /s/ Loretta Gerrity City Clerk Dated: March 24, 1980 3. In order to provide such financing for the Project, the City shall therefore issue and sell Bonds in the amount of $2,892,000. 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 $58,000. Any excess of the purchase price of the Bonds over the sum of $2,892,000 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 and sold in accordance with the terms of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $2,950,000 GENERAL OBLIGATION PARK IMPROVEMENT BONDS OF 1980 CITY OF PLYMOUTH HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the above bonds will be received until 5:00 o'clock P.M., C.T. on Monday, April 21, 1980, at which time they will be opened and tabulated. The City Council will meet in the City Nall in Plymouth, Minnesota at 7:30 o'clock P.M., L.T. on the same day to consider the bids and award the sale of the bonds on the following terms: Purpose and Security The purpose of the bonds is to prov-.de funds for the financing of the improvement and development of public parks and playgrounds in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. e and Maturities The bonds will be dated May 1, 1980, will be in denomination of $5,000 each and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1983 $ 75,000 1990 $225,000 1984 100,000 1991 250,000 1985 125,000 1992 250,000 1986 150,000 1993 275,000 1987 150,000 1994 300,000 1988 175,000 1995 325,000 1989 200,000 1996 350,000 Redemption Feature All bonds of this issue maturing after February 1, 1990 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. Interest Interest on the bonds will be payable on February 1, 1981 and semiannually thereafter on each August 1 and February 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. There is no limit on the number of interest rates that may be specified for the issue. Each rate must be in an inteerai multiple of 5/100 of 1%, and no rate of interest nor the net effective avp:age rate of the issue may exceed the maximum rate specified by law. Pain 9 Agent Principal and interest will be made payable at any suitable bank recommended by the purchaser and approved by the Council, and the City will pay the 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 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 deliver 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 bonus, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation ;n any manner questioning their validity is then threatened or pending. The charge of the deliver, 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 bond issue will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien and 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 and that the City is obligated and required to 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 of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $59,000, payable to the City Finance Director, 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 (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $2,950,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $2,892,200 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 Further information may be obtained from and bids may be delivered to: EHLERS AND ASSOCIATES, INC., Financial Specialists, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291.