HomeMy WebLinkAboutCity Council Resolution 1980-476.r
Extract of Minutes of Meeting
of the City Council of the City
of Plymouth, Hennepin County, Minnesota
Pursuant to due call and notice thereof a regular meeting of the
City Council of the City of Plymouth, Hennepin County, Minnesota, was
held at the City Hall in said City on Monday, July 21, 1980, commenc-
ing at 7:30 o'clock P.M.
The following members were present: Mayor Hunt, Councilmembers
Davenport, Neils, Schneider
and the following were absent: Councilmember Hoyt
'.Y.rk
The following resolution was presented by Councilmember
Davenport who moved its adoption:
RESOLUTION NO. 80- 476
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $6,660,000 GENERAL OBLIGATION
BONDS OF 1980
consisting of
$5,900,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980,
$385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980,
AND
$375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1980.
BE IT RESOLVED By the City Council of the City of Plymouth,
Hennepin County, Minnesota as follows:
• I. $6,660,000 General Obligation Bonds of 1980.
1. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements") have been made, duly ordered or con-
tracts let for the construction thereof, by the City
pursuant to the provisions of Minnesota Statutes,
Chapter 429:
Project
Number
Ero ject Name
Estimated Cost
002
Vicksburg -Hwy 55 -Co. Rd. 6-Str./Util.
$1,574,778
004
55th Av-Nathan-W. Cul-de-sac - Str/Util.
146,301
005
Larch Cul-de-sac N. Co. Rd. 9 - Str./Util.
106,680
006
Empire-Plym. Frwy. Ctr. 2nd Add. - Str.
47,752
007
10th Ave -Nathan -W1320 Ft. - Str/Util.
345,429
008
Pike Lk. Dist. 2/3-Interc. San. Sewer
358,642
009
Harbor - San. Sewer Ext. S.L.P. Med.
18,288
010
New Co. Rd. 9 - Vicksburg - Watermain
88,392
013
Faber Pl. Add. Str/Util.
159,506
022
Amhurst - 2nd Add. - Str.
149,548
904
49th Av. Nathan to Zachary
369,409
917
Baldwin Chev. - Storm Sewer
36,575
920
Turtle Lake - Area Sewer
1.013,952
925
Criterion MPD - Str/Util.
1,032.640
925-001
Criterion MPD. Fox Glen II - Str/Util.
148,329
933
18th Av. Watermain - Co. Rd. 18 - E. Med.
Lk. 99,568
943
Schiebe Business Park
69,086
944
Windsong Addition
33,529
950
Intersec. Co. Rd. 6 b Vicksburg
101,596
$5,900,000*
*Includes 92,800 for bonds issued pursuant to M.S. Section 475.56
(allowance for discount bidding)
(b) That it is necessary and expedient to the sound finan-
cial management of the affairs of the City to issue
$5,900,000 General Obligation Improvement Bonds of
1980, (the "Improvement Bonds") to provide financing
for the Improvements.
2. It is hereby determined and recited:
(a) That the following storm sewer improvements (the "Storm
Sewer Project") have been initiated in cooperation with
the City of Golden Valley, Minnesota, and the Bassett
Creet Watershed Commission for the benefit of the
City's duly created Storm' Sewer Improvement Tax Dis-
trict No. 1 (Bassett Creek):
Project Designation & Description Total Project Cost
929 Bassett Creek Project #1 $385,000*
TOTAL
$ 385,000 ;
*Includes bond discount and capitalized interest.
(b) The City has, pursuant to Minnesota Statutes Sections
444.16 to 444.21, established Storm Sewer Improvement
Tax District No. 1, and has, pursuant to Laws 1979,
Chapter 303, Section 15, duly adopted a -capital
improvement program for said District, of which program
the abovementioned Storm Sewer Project is a part;
(c) That contracts for part or all of the construction of
the aforesaid improvemens have been or will be let;
(d) That it is necessary and expedient to the sound finan-
cial management of the affairs of the City to issue
$385,000 General Obligation Storm Sewer Bonds of 1980,
(the "Storm Sewer Bonds") pursuant to Minnesota Sta-
tutes, Section 444.16, et sem. to provide financing for
the Storm Sewer Project; and
(e) That the City has held, or will hold prior to the
issuance of the Storm Sewer Bonds, a public hearing on
the Storm Sewer Project in accordance with Minnesota
Statutes, Chapter 429.
3. It is hereby determined and recited:
(a) That the City of Plymouth owns and operates a water and
sewer system; and
(b) That the City Engineer has recommended improvements and
extensions of the water and sewer system (the "Water and
Sewer Project") as follows:
Well No. 6 -- boring, casing, pumping, equipment
installation, design and all other fees, including
legal, fiscal and administrative $243,000
Remodeling and expansion of city utility building 125,000
368,000
Plus bonds issued pursuant to M.S. Sect. 475.56 7,000
_f3 .30
(c) That the Council determines that it is necessary to make the
foregoing Water and Sewer Improvements;
(d) That it is necessary that the City borrow $375,000 to pro-
vide for construction, engineering, fiscal and legal
expenses and to provide interest during construction;
(e) That it is necessary to provide the required amount by the
issuance and sale of $375,000 General Obligation Water and
Sewer Revenue Bonds of 1980 (the "Water and Sewer Revenue
Bonds") to be payable out of sewer and water revenues; and
(f) That the City is authorized under the provisions of 11-1inne-
sota Statutes, Section 444.075, to issue revenue bonds for
such purpose, with such bonds also supported by a pledge of
the full faith and credit of the City and such bonds can be
sold to provide necessary funds.
4. In order to provide financing for the Improvements, the
Water and Sewer Project, and the Storm Sewer Project, the City shall
therefore issue and sell Bonds in the amount of $6,555,200. 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
$104,800. Any excess of the purchase price of the Bonds over the sum
of S6,555,200 shall be credited, as determined by the City's fiscal
consultant, Ehlers and Associates, to the debt service funds for the
respective 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
$6,660,000 General Obligation Bonds of 1980
cansisting of
$5,900,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980,
$385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980,
AND
$375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1980.
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $6,660,000
negotiable coupon, general obligation bonds (the "Bonds") of the City, consisting
of $5,900,000 General Obligation Improvement Bonds of 1980 (the "Improvement
Bonds"), $385,000 General Obligation Storm Sewer Bonds of 1980 (the "Storm
Sewer Bonds"), and $375,000 General Obligation Water and Sewer Revenue Bonds
of 1980 (the "Water and Sewer Revenue Bonds") will be received until 7:00 P.M.,
C.T. on Monday, August 25, 1980 at which time they will be opened and tabulated.
The City Council will meet at the City Hall in the City of Plymouth at 7:30 P.M.,
C.T. on the same day to consider the bids and award the sale of the Bonds on
the following terms:
Puraose and Securit
The purpose of the Improvement Bonds is to finance various assess-
able public improvements in the City; the purpose of the Water and Sewer
Revenue Bonds is to finance various improvements to the City's water and
sewer system; and the purpose of the Storm Sewer Bonds is to finance storm
sewer improvements for the City's Storm Sewer Improvement Tax District No. 1
(Bassett Creek). Tt:e Bonds will be general obligations of the issuer, for
which its full faith, credit and taxing powers are pledged.
Date and Maturities
The Bonds will be dated September 1, 1980, will be in denomination
of $5,000 each and will mature on March 1 in the following years and amounts:
Improvement
Storm Sewer
Water & Sewer
Year
Bonds
Bonds
Revenue Bonds
Combined
1982
$630,000
$15,000
$15,000
$660,000
1983
620,000
15,000
15,000
650,000
1984
615,000
20,000
15,000
650,000
1985
635,000
20,000
20,000
675,000
1986
635,000
20,000
20,000
675,000
1987
485,000
20,000
20,000
525,000
1988
475,000
25,000
25,000
525,000
1989
475,000
25,000
25,000
525,000
1990
475,000
25,000
25,000
525,000
1991
465,000
30,000
30,000
525,000
1992
90,000
30,000
30,000
150,000
1993
85,000
35,000
30,000
150,000
Redemption Feature
All Bonds of this issue maturing after March 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 redemp-
tion.
Interest
Interest on the Bonds will be payable on March 1, 1981, and
semiannually thereafter on each March 1 and September I. 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. Each rate must be in an integral
multiple of 5/100 of 1%, and no rate of interest nor the net effective
averase rate of the issue may exceed 12% per annum.
Paying Agent
Principal and interest will be made payable at any suitable
bank recommended by the purchaser and appro7ed 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 Bonds, the unqualified opinion thereon of
bond counsel, and a certificate stating that no litigation in any
manner questioning their validity is then threatened or pending. The
charge of the delivery agent must be paid by the purchaser, but all
other costs will be paid by the City. The purchase price must be paid
1994 80,000
35,000
35,000
150,000
1995 80,000
35,000
35,000
150,000
1996 55,000
35,000
35,000
125,000
$5,900,000
$385,000
$375,000
$6,660,000
Redemption Feature
All Bonds of this issue maturing after March 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 redemp-
tion.
Interest
Interest on the Bonds will be payable on March 1, 1981, and
semiannually thereafter on each March 1 and September I. 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. Each rate must be in an integral
multiple of 5/100 of 1%, and no rate of interest nor the net effective
averase rate of the issue may exceed 12% per annum.
Paying Agent
Principal and interest will be made payable at any suitable
bank recommended by the purchaser and appro7ed 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 Bonds, the unqualified opinion thereon of
bond counsel, and a certificate stating that no litigation in any
manner questioning their validity is then threatened or pending. The
charge of the delivery agent must be paid by the purchaser, but all
other costs will be paid by the City. The purchase price must be paid
i
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 Bonds will be furnished
by Messrs_ LeFevere, Lefler, Kennedy, O'Brien & 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 $133,200, payable to the City
Clerk, to be retained by the City as liquidated damages if the bid is
accepted and the bidder fails to comply therewith. The bid author-
izing the lowest net interest cost (total interest from date of bonds
to stated maturities, less any cash premium or plus any amount less
than $6,660,000 bid for principal) will be deemed the most favorable.
No oral bid and no bid of less than $6,555,200 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 infor-
mality in any bid.
BY ORDER OF THE CITY COUNCIL
/s/ Loretta Garrity
City Clerk
Dated: July 21, 1980
5. The City Clerk is authorized and directed to advertise the
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 Thursday, August 28, 1980, at 7:30 o'clock p.m. for the pur-
pose of considering sealed bids on the Bonds and taking any other
appropriate action.
II. $375,000 General Obligation Water and Sewer Revenue Bonds of
1980.
1. The Water and Sewer Revenue Bond% to be issued hereunder, 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 WATER AND SEWER REVENUE BOND OF 1980.
KNOW ALL MEN BY THESE PRESENTS That the City of Plymouth,
Hennepin County, Minnesota, hereby acknowledges that it is obligated
and, for value received, promises to pay to bearer out of its General
Obligation Water and Sewer Revenue Bond Sinking Fund the sum of FIVE
THOUSAND DOLLARS, on the 1st day of March, 19 , and to pay inter-
est thereon out of said fund frog the date hereof until the principal
sum is paid at the rate of
interest to maturity payable March 1, 1981, and semiannually there-
after on the 1st day of March and the 1st day of September in each
year, in accordance with and upon presentation and surrender of the
interest coupons hereto attached as they severally become due. Both
principal and interest are payable at
in any coin or currency of the United States of America which at the
time of payment is legal tender for public and private debts.
All bonds of this issue maturing after March 1, 1990, are
subject to redemption at the option of the City on said date and any
interest payment date thereafter, in inverse numerical order, at par
and accrued interest.
This bond is one of an issue in the total principal amount
of $375,000, all of like date and tenor except as to serial number,
maturity, interest rate and redemption privilege, all issued for the
purpose of providing money to aid in financing water and sewer system
improvements, or parts thereof, as authorized by Minnesota Statutes,
Section 444.075, and the principal thereof and interest thereon are
payable primarily from the net revenues of the water and sewer system
of the City in a special sinking funs] of the City, as set forth in
Resolution 80-476 (the "Authorizing Resolution"), adopted by the City
Council on July 21, 1980, and providing for the issuance and sale of
$375,000 General Obligation Water and Sewer Revenue Bonds of 1980, to
which Rescltuion reference is made for a full statement of rights and
powers hereby conferred. The full faith and credit of the City is
pledged for the payment of the principal of and interest on the bonds,
and the City Council has obligated itself to levy ad valorem taxes on
all of the taxable property in the City in the event of any defi-
ciency, which taxes may be levied without limitation as to rate or
amount.
IT IS HEREBY CERTIFIED AND RECITED That in and by the Auth-
orizing Resolution, the City has covenanted and agreed that it will
continue to own and operate the water and sewer system free from
competition by other like utilities; that adequate insurance on said
and suitable fidelity bonds on employees will be carried; that proper
and adequate books of account will be kept showing all receipts and
disbursements relating to the Water and Sewer Utility Fund, into which
it will pay all of the gross revenues from the water and sewer system
and any special assessments levied for these improvements; that it
will also create and maintain a General Obligation Water and Sewer
Revenue Bond Sinking Fund, into which it will pay, out of the net
revenues from the water and sewer system, a sum sufficient to pay
principal hereof and interest hereon when due; and that it will pro-
vide, by ad valorem tax levies, for any deficiency in net water and
sewer revenues.
IT IS FURTHER CERTIFIED AND RECITED That all acts, con-
ditions 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 due form, time and manner as required by law.
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 the Mayor and 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, except for the manual signature of its
duly authorized authenticating agent on the reverse side of this bond,
all as of September 1, 1980.
(facsimile signature)
Mayor
(facsimile signature
City Manager
(facsimile city seal)
2._,
(Form of Coupon)
No.
On the 1st day of March (September), 19 , the City of
Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its
General Obligation Water and Sewer Revenue Bond Sinking Fund, at
the amount shown hereon for interest then due on its General Obli-
gation Water and Sewer Revenue Bond of 1980, dated September 1, 1980.
(facsimile signature)
MAYOR
(Facsimile signature)
City Manager
2. The City shall continue to operate its Water and Sewer
Utility Fund to which shall be credited all gross revenues of the
water and sewer system and out of which shall be paid all normal and
reasonable expenses of current operations of the water and sewer
system. Any balance therein shall be deemed net revenues and shall be
transferred, from time to time, in sufficient amounts, to a General
Obligation Revenue Bond Sinking Fund hereby created, which fund shall
be used to pay the Water and Sewer Revenue Bonds issued hereunder and
any other bonds similarly authorized.
There shall always be retained in such fund an amount sufficient
to pay principal of and interest on all bonds payable from said fund,
and the City Treasurer shall report any current or anticipated defi-
ciency in such fund to the Council.
3. The City Council covenants and agrees with the holders of
the Water and Sewer Revenue Bonds issued hereunder that so long as any
of said Bonds remain outstanding and unpaid, it will keep and enforce
the following covenants and agreements:
(a) The Cite will continue to maintain and efficiently
operate the municipal water ,:,-.d sewer system as a
public utility and conve:niencc: and will cause all
revenues therefrom to be deposited in a bank
account and credited to the Water and Sewer- Util-
ity Fisnd as hereinabove provided, and will make no
expenditures from said account except for a duly
authorized purpose and in accordance with this
resolution.
(b) The City will also maintain a separate account for
the General Obligation Water and Sewer Revenue
Bond Sinking Fund and will cause money to be
credited to said account, from time to time, out
of net revenues from the water and sewer system,
in sums sufficient to pay principal of and inter-
est on all bonds issued hereunder when due.
(c) The City will keep and maintain proper and ade-
quate books of record and account separate from
all other records of the City in which will be
complete and correct entries as to all transac-
tions relating to the water and sewer system and
which shall be open to inspection and copying by
any bondholder, his agent or attorney, at any
reasonable time, and it will furnish certified
transcripts therefrom upon request and upon pay-
ment of a reasonable fee therefor, and said
accounts shall be audited at least annually by a
qualified public accountant and statements of such
audit and report will be furnished to all bond-
holders upon request.
(d) The City Council will cause all persons handling
revenues of the water and sewer system to be
bonded i,n reasonable amounts for the protection of
the City and the bondholders and will cause the
funds collected on account of the operations of
the water and sewer system to be deposited in a
bank or banks whose deposits are guaranteed under
the Federal Deposit Insurance Law.
(e) The Council will keep the water and sewer system
insured at all times against loss by fire, tornado
and other risks customarily insured against, with
an insurer or insurers in good standing, in such
amounts as are customary for like plants, to
protect the holders, from time to time, of the
bonds issued hereunder and the City from any loss
due to any such casualty and will apply the pro-
ceeds of such insurance to make good any such
loss.
(f) The City and each and all of its officers will
punctually perform all duties with reference to
the water and sewer system as required by the laws
of the State of Minnesota.
(g) The City will impose and collect charges of the
nature authorized by Minnesota Statutes, Section
444.075, at the times and in the amounts required
to produce net revenues adequate to pay all prin-
cipal and interest when due on the Water and Sewer
Revenue Bonds and to create and maintain such
reserves securing said payments as may be provided
in the authorizing resolution.
(h) The City Council will levy general ad valorem
taxes on all taxable property in the City, when
required to meet any deficiency in net revenues.
4. With respect to the Water and Sewer Revenue Bonds all the
terms and provisions of this resolution shall be and constitute a
covenant on the part of the City to and with each and every holder
from time to time of said Bonds issued hereunder.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember Schneider , and upon vote
being taken thereon, the following voted in favor: Mayor Hunt,
Councilmembers Davenport, Neils, Schneider
and the following voted against: None (Councilmember Hoyt being absent)
whereupon said resolution was declared duly passed and adopted.
NOTICE OF SALE
$6,660,000 General Obligation Bonds of 1980,
consisting of
$5,900,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980,
$385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980, AND
$375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1980.
City of Plymouth
Hennepin County, Minnesota
NOTICE. IS HEREBY GIVEN that sealed bids for the above bonds will
be received until 7:00 o'clock P.M., C.T., on Monday, August 25, 1980, at
which time they will be opened and tabulated. The City Council will meet at
the City Hall in Plymouth, Minnesota at 7:30 o'clock P.M., C.T., the same day
to consider the bids and award the sale of the Bonds. Dated September 1, 1980,
the bonds will mature on March 1 in the years and amounts as follows:
All bonds maturing after March 1, 1990, are subject to prior redemption on
said date and any interest payment date thereafter at par plus accrued interest.
Interest will be payable on March 1, 1981, and semiannually thereafter. Each
rate must be in an integral multiple of 5/100 of 1% and no rate may exceed
12% per annum. Minimum price, $6,555,200. An unqualified legal opinion will
be furnished by Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz of Minneapolis,
Minnesota. The purposes of the bonds are to finance various assessable public
improvements, to finance storm sewer improvements, and to finance improvements
to the City's water and sewer system, respectively.
BY GADER OF THE CITY COUNCIL
/s/ Loretta Garrity
City Clerk
Improvement
Stora.. Sewer
Water b Sewer
Year
Bonds
Bonds
Revenue Bonds
Combined
1982
$630,000
$15,000
$15,000
$660,000
1983
620,000
15,000
15,000
650,000
1984
615,000
20,000
15,000
650,000
1985
635,000
20,000
20,000
675,000
1986
635,000
20,000
20,000
675,000
1987
485,000
20,000
20,000
525,000
1988
475,000
25,000
25,000
525,000
1989
475,0004
25,000
25,000
525,000
1990
475,000
25,000
25,000
525,000
1991
465,000
30,000
30,000
525,000
1992
90,000
30,000
30,000
150,000
1993
85,000
35,000
30,000
150,000
1994
80,000
35,000
35,000
150,000
1995
80,000
35,000
35,000
150,000
1996
55,000
35,000
35,000
125,000
$5,900,000
$ 385,000
$375,000
$6,66o,000
All bonds maturing after March 1, 1990, are subject to prior redemption on
said date and any interest payment date thereafter at par plus accrued interest.
Interest will be payable on March 1, 1981, and semiannually thereafter. Each
rate must be in an integral multiple of 5/100 of 1% and no rate may exceed
12% per annum. Minimum price, $6,555,200. An unqualified legal opinion will
be furnished by Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz of Minneapolis,
Minnesota. The purposes of the bonds are to finance various assessable public
improvements, to finance storm sewer improvements, and to finance improvements
to the City's water and sewer system, respectively.
BY GADER OF THE CITY COUNCIL
/s/ Loretta Garrity
City Clerk
STATE OF MINNESOTA )
COUNTY OF HEN'NEPIN ) SS.
CITY OF PLVMOUTH )
I, the undersigned, being the duly qualified and acting City
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 of said City held on Monday,
July 21, 1980, with the original thereof on file in my office and the
same is a full, true and complete transcript thereof, insofar as the
same relates to the issuance and sale of $6,660,000 General Obligation
Bonds of 1980, consisting of $5,900,000 General Obligation Improvement
Bonds of 1980, $385,000 General Obligation Storm Sewer Bonds of 1980,
aria $375,000 General Obligation Water and Sewer Revenue Bonds of 1980
of the City.
WITNESS My hand as such City Clerk and the corporate seal of
the City this day of , 1980.
City Clerk
City of Plymouth, Minneso a
(SEAL)