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HomeMy WebLinkAboutCity Council Resolution 1980-272After due consideration of the bids, Councilmember _ Hoyt introduced the following resolution and moved its adoption: Resolution Number 80-272 RESOLUTION AWARDING TIL; SALE OF $2,950,000 GENERAL OBLIGATION PARK IMPROVEMENT BONDS OF 1980; 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 BANCNORTHWEST, MINNEAPOLIS, MINNESOTA to purchase $2,950,000 General Obligation Park Improvement Bonds of 1980, 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 adver- tised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of $ 2,914,600.00 plus accrued interest to date of delivery, such bonds to bear interest as follows: See attached bid tabulation The sum of $ 222600.00 , being the amount bid in excess of $2,892,000, 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 shall forthwith issue and sell its General Obligation Park Improvement Bonds of 1980 (the "Bonds"), in the principal amount of $2,950,000, dated May 1, 1980, the Bonds being 590 in number and numbered 1 to 590, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable February 1, 1981, and semiannually thereafter on February 1 and August 1 in each year, and which Bonds mature serially on February l in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1983 $ 75,000 1990 $225,000 1984 100,000 1991 250,000 1985 125,000 1992 250,000 YEAR AMOUNT YEAR AMOUNT 1986 150,00u 1993 275,000 1987 150,000 1994 300,000 1988 175,000 1995 325,000 1989 200,000 1996 350,000 The Bonds maturing after February 1, 1990 are subject to redemption in inverse order of serial numbers on said date and on any interest payment date thereafter at a price of par plus accrued interest. 3. Both principal of and interest on the Bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, in 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. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION PARK IMPROVEMENT BOND OF 1980 KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer, out of its General Obli- gation Park Improvement Bonds of 1980 Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 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 February 1 1981, and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presenta- tion and surrender 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, Mpls., 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. All bonds of this issue maturing after February 1, 1990, are subject to 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 recemption. This bond, being one of an issue of bonds in the total print,pal amount of $2,950,000, all of like date and tenor except as to maturity, interest rate, redemption privilege and serial number, is issued by the City for the purpose of providing funds to finance the improvement and development of public parks and playgrounds within the City, is issued pursuant to the authority conferred by the requisite majority vote of the qualified electors of the City voting on the question of the issue at an election duly and regularly called and held, and is issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto enabling, and this bond constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of said prin- cipal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council has levied ad valorem taxes for such purpose and, in event of any deficiency, has obli- gated itself to levy additional ad valorem taxes 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. IN WITNESS WHEREOF, the 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 Man- ager 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 May 1, 1980. City Manager (SEAL) (facsimile seal) Mayor (Form of Coupon) acsimile No. $ On the 1st day of February (August), 19_ , the City of Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its General Obliga- tion Park Improvement Bonds of 1980 Fund at the the amount shown hereon for interest then due on its General Obligation Park Improvement Bond of 1980, dated May 1, 1980, No. V (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 City Clerk in substantially the following form: I hereby certify 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 City Clerk is hereby authorized and directed to execute such certif- icate 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 the City Manager may be facsimile signatures, duly authenticated by the manual signature of an officer of the Northwestern National Bank of Minneapolis, MN 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 exe- cuted by the facsimile signatures of its Mayor and City Manager and with the facsimile of the corporate seal of the city im- printed thereon and the interest coupons hereto attached to be s executed and authenticated by the facsimile signatures of said officers, except for the manual signature of its duly authorized Authenticating Agent on the reverse side of this bond, all as of May 1, 1980." b) Add the following on the reverse side of the bond: "This Bond is one of the Bonds 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 Clerk to the purchaser thereof upon receipt of the purchase price, and the said pur- chaser shall not be obligated to see to the proper application thereof. 7. The Bonds shall be payable from the General Obligation Park Improvement Bonds of 1980 Fund hereby created, and the proceeds of the general taxes hereinafter levied for the payment of principal and interest on 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 City Clerk shall pay such principal or interest from the general fund of the City and such fund shall be reim- bursed for such advances out of moneys appropriated by the City Council for such purpose. 8. For the purpose of paying the principal of and interest on the Bonds there is hereby levied a direct annual irrepealable ad valorem tax levy against all taxable properties in said City, which tax levies shall be in the years and amounts as follows: (year stated being year of levy for collection the following year.) YEAR LEVY YEAR LEVY It is hereby determined that the estimated collection of the foregoing ad valorem tax levies will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The City Clerk is directed to file a certified copy of this reso- lution with the Finance Director of Hennepin County and obtain the certif- icate required by Minnesota Statutes, Section 475.63. 9. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City Clerk may annually, prior to October 10th, certify to tate Finance Director the amount available in the sinking fund to pay principal and interest due during the ensuing year, and the Finance Director shall thereupon reduce the levy collectible during such year by the amount so certified. 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 affairs 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 furn-ished, shall be deemed representations of the City as to the facts stated therein. 11. The Mayor and City Clerk 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 complete and accurate rzpresentation of the facts and representations made therein as of the date of said official statement or prospectus as it relates to the City. 12. The award and the sale of these bonds is conditioned upon the Governor of the State of Minnesota signing into law a bill adopted by the 1980 Minnesota legislature. Said bill increases the interest limita- tion allowed on municipal obligations from 7% to 12%. The rate authorized by state law must be effective prior to delivery of the bonds Cr the award shall be null and void. 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 thereof: Mayor Hunt, David Davenport, Patricia Hoyt, Gerald Neils, Virgil Schneider and the following voted against: none whereupon said resolution was declared duly passed and adopted. i y S { C . GOi�t'I.ITATION C+C" TA:x LEVY Cly! ; �$2, 950, 000 G.O. PARK .IMPROVE ME:'Nl' BONTIS CITY OF PLYMOUTH, MINNE^aC1T(4 ,-,PROGRAM PREPARED BY EHLr'RS ASSOCIATES, INC LEVY COLLECT AMOUNT AMOUNT + 51 TAX t 1980 19BI 1; 21.0125 220631 $ 220700 1981 19E.►2 $ 282613 l> 29674.3 $ 296800 " 1982 1983 $ 301725 $ 316811 $ 316900 19€13 1984 319131 $ 335068 $ 335100 ' 1984 1985 $ 334.812 $ 351.553 $ 351600 1985 1986 $ 324612 $ 340843 $ 340900 ► 1986 1987 $ 3384.75 $ 355399 $ 355400 1987 1988 $ 350537 $ 368064 $ 368.00 r 1988 1989 $ 360762 $ 375801 $ 378800 1'. 1989 1990 $ 369012 $ 387463 $- 387500 1990 1991 $ 351137 $ 368694 $ 368700 1991 1992 $ 357169 $ 375027 $ 375100 Y.:, 1994 1993 $ 361250 $ 379312 $ 379400 1993 1994 363275 $381439 381500 1994 1995 $ 36312,75 $ 381281 $ 381300 $ 4987762 $ 5237800 'MOTE; BOND PROCEEDS (CAPITALIZED INTEREST) OF $262656.75 Wyf..,!.. BE USED TO PAY $262656,75 OF INTR PAYMTS DUE ,-,PROGRAM PREPARED BY EHLr'RS ASSOCIATES, INC B I D T A B U L A T I O N $2,950,000 General Obligation Improvement Bonds City of Plymouth, Minnesota r - i SALE: Monday, April 21, 1980 AWARD: BANCNORTHWEST, MINNEAPOLIS, MINNESOTA Moody's Rating: A-1 NET INTEREST COST SIE OF BIDDER RATES YEARS & RATE PRICE -71 0ANCNORTHWEST 6.70% 1983 $2,335,818.75 $2,914,600.00 7 0;onin& Marcotte, Inc. 6.75% 1984/85° Merrill Lynch White Weld Capital 6.80% 1986/87 7.3194% ,.Markets Group 6.90% 1988/89 Mbore, uran & Co., Inc. 7.00% 1990 Holdahl & Associates, Inc. 7.10% 1991 „"P. k-Minneapolis, Minnesota 7.20% 1992 porthwestern State Bank Northwest 7.25% 1993 Maple Grove, Minnesota 7.30% 1994 Novick & Co., Inc. 7.40% 1995 0gherty, Dawkins, Strand & 7.50% 1996 :Ekstrom, Inc.. ?A Minneapolis, Minnesota P#ia ,JAFFRAY & HOPWOOD, INC. 6.80% 1983/84 $2,416,431.00 $2,907,431.50 ian D. Beh Company 6.90% 1985/86 a"Bosworth, Inc. 7.00% 1987 7.5721% Fi"rst National Bank of Minneapolis 7.10% 1988 Blythe Eastman Paine Webber, Inc. 7.15% 1989 Miller & Schroeder Municipals, Inc. 7.20% 1990 Marquette National Bank 7.30% 1991 Robert W. Baird & Co.-, Inc. 7.40% 1992 .Roan 4litter Reynolds, Inc. 7.50% 1993 Allison-Williams Company 7.60% 1994 Minneapolis, Minnesota 7.70% 1995/96 GONT.INENTAL ILLINOIS NATIONAL BANK 7.00% 1983/85 $2,439,151.22 $2,898,998.75 THE.NORTHERN TRUST COMPANY 7.10% 1986 A -.G:` Becker,.Inc. 7.20% 1987 7.6432% Chicago, Illinois 7.25% 1988 Bank of Oklahoma 7.30% 1989 City, Oklahoma 7.35% 1990 ,,-Oklahoma Punt Ellis & Loewi, Inc. 7.40% 1991 `:�A�7maiYfrwo- Wicrnncin 7.5n% 1992/93