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