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.