HomeMy WebLinkAboutCity Council Resolution 1980-602After due consideration of the bids, Councilmember Hoyt
introduced the following resolution and moved its adoption:
RESOLUTION NO. 80- 602
RESOLUTION AWARDING THE SALE OF $6,660,000
GENERAL OBLIGATION BONDS OF 1980;
CONSISTING OF:
$5,900,000 GENERAL OBLIGATICN 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;
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 Piper, Jaffray & Hopwood, Inc. in association with
BancNorthwest
to purchase $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, 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 advertised notice of sale and shall be and is
hereby accepted, such bid being to purchase such bonds at a price of
$ 6,555,662.60 plus accrued interest to date of delivery,
such bonds to bear interest as follows:
E.50%
1982
6.60%
1983/84
6.70%
1985/86
6.75%
1987
6.90%
1988
7.00%
1989
7.20%
1990
7.40%
1991
7.60;
1992
7.75%
1993
7.90%
1994
8.00%
1995/96
*
The sum of $ 462.60 being the amount bid in excess of $6,555,200,
shall be credited to the respective bond sinking funds for the Improvement,
Storm Sewer, and Water and Sewer Revenue Bonds, respectively, as deter-
mined by the City's fiscal consultants, Ehlers and Associates. 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.
*$409.82 to Improvement Bond Fund; $26.74 to Storm Sewer Bond Fund;
$26.04 to Water and Sewer Revenue Bond Fund.
2. $5,900,000 GLNERAL OBTIGATION IMPROVEMENT BONDS OF 1980.
a. The City of Plymouth shall forthwith issue and sell its
General Obligation Improvement Bonds of 1980 (the "Improvement
Bonds"), in the principal amount of $5,900,000, dated September 1,
1980, the Improvement Bonds being 1,180 in number and numbered 1 to
1,180, both inclusive, in the denomination of $5,000 each, bearing
interest as above set forth, all interest payable March 1, 1981, and
semiannually thereafter on March 1 and September 1 in each year, and
which Bonds mature serially on March 1 in the years and amounts as
follows:
YEAR
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
The Bonds maturing after March 1,
tion in inverse order of serial
interest payment date thereafter
interest to date of redemption.
AMOUNT
$630,000
620,000
615,000
635,000
635,000
485,000
475,000
475,000
475,000
465,000
90,000
85,000
80,000
80,000
55,000
1990, are subject to prior redemp-
numbers on said date and on any
at a price of par plus accrued
b. Both principal of and interest on the Improvement Bonds
shall be payable at the main office of the Northwestern National Bank of
Minneapolis, Minnesota in Minneapolis, Minnesota
and the City of Plymouth shall pay the reasonable charges of said bank
for its services as paying agent.
C. The Improvement Bonds and the interest coupons to be thereto
attached shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION IMPROVEMENT BOND OF 1980
$;,000
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 Obliga-
tion Improvement Bonds of 1980 Fund the sum of FIVE THOUSAND DOLLARS on the
1st day of March, 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 March 1, 1981, and semi-
annually thereafter 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 prin-
cipal of and interest on this bond are payable at the main office of the
Northwestern National Bank of Minneapolis in Minneapolis, 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 March 1, 1990, are subject to
redemption at the option of the City in inverse numerical order on said
date and any interest payment date thereafter at a price of par plus
accrued interest to date of redemption.
This bond is one of an issue of bonds in the total principal
amount of $5,900,000, all of like date and tenor except as to maturity,
interest rate, redemption privilege and serial number, all issued by the
City for the purpose of providing money to defray the expenses incurred and
to be incurred in making local improvements, pursuant to and in full con-
formity with the Constitution and laws of the State of Minnesota, including
Minnesota Statutes, Chapter 429, and is payable primarily from special
assessments against property specially benefited thereby, but constitutes a
general obligation of the City, and, to provide moneys for the prompt and
full payment of said principal and interest on bonds as the same become
due, the full faith and credit of the City is hereby irrevocably pledged,
and the City Council will levy ad valorem taxes, if required for such
purpose, which taxes may be levied 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
thinks 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 City of Plymouth, Hennepin County,
Minnesota, by its City Council, has caused this bond to be executed by the
facsimile signatures of its Mayor and City Manager and sealed with a fac-
simile 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 sixnature
Mayor
(facsimile signature)
City Manager
(facsimile seal)
(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 Obliga-
tion Improvement Bonds of 1980 Fund at the main office of the Northwestern
National Bank of Minneapolis in Minneapolis, Minnesota
the amount shown hereon for interest then due on its General Obligation
Improvement Bond of 1980, dated September 1, 1980, No.
Mayor
(facsimile signature)
City Manager
facsimile signature)
d. The Improvement Bonds shall be payable from the General
Obligation Improvement Bonds of 1980 Fund hereby created, and the
proceeds of the general taxes hereinafter levied and special assess-
ments to be levied for the improvements (the "Improvements") financed
by the Improvement Bonds are hereby pledged to said fund. If any
payment of principal or interest on the Improvement Bonds shall become
due when there is not sufficient money in said fund to pay the same,
the City Finance Director shall pay such principal or interest from
the general fund of the City and such fund may be reimbursed for such
advances out of proceeds of the assessments and taxes for the Improve-
ments when collected.
e. It is hereby determined that the City will levy special
assessments for the Improvements in the principal amount of at 20% of
the cost of the Improvements. To pay the City's share of the cost of
the Improvements, 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.)
See attached computation
COMPUTE T IUN OF AND TAX LEVY ON:
$5.500. 000 GE NEPAL 0 1.-.IGATION IMPROVEME-NT BONDS
CITY Of' PLYMOUTH, MINNE' 01A
NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF 2405470.00
WILL BE USED TO PAY 2405470.00 OF INTR PAYMTS DUE
• 3-1-1981, 9-1-1981,
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN
PROGRAM PREPARED BY EHLERS & ASSOCIATES, INC-
LEVY
COLLECTION
AhOUNT
YEAR
YEAR
BOND PRI
P&I + 50
l3
8,38@/YR
NEST
LEVIED
1980
1981
2
1014995.00
2
1065745
2
1149953
sl;
84208
2
0
1981
1983
2
964060.00
2
10122x3
994431.
1;
17832
2
17900
1982
1983
2
918305.00
2
964220
2
944981.
2
19239
$
19300
1983
1984
2
896737.50
2
941j74
2
895532
2
4.6042
9c
4.6100
1984
198`;
2
854192.50
2
896902
2
846083
I>
50819
$
50906
85
1986
2
666551.25
2
699879
2
560134
2
131.74 f -F
. 11
131000
986
1987
2
623795.00
2
654985
2
537833
$
117151
2
117200
1987
1988
2
590782.50
2
620322
2
507532
IV
112789
2
112800
1988
1989
2
557057.50
2
584910
2
477231
1:
107679
$
107700
1989
1990
2
512752.50
2
538390
2
LE46930
2
9].460
$
91500
1990
1991
2
117127.50
2
122984
2
86498
2
36486
1>
36500
1991
1992
2
105413.75
$
110684
$
81390
2
29295
Ii
29300
1992
1993
2
93960.00
2
98658
2
76282
1:
22376
2
22400
1993
1994
2
87600.00
2
91980
2
71173
2
20807
1>
20800
1994
1995
2
57200.00
2
60060
2
66065
$—
6005
$
0
2
8060530.00
2
8463557
2
7750048
2
713508
NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF 2405470.00
WILL BE USED TO PAY 2405470.00 OF INTR PAYMTS DUE
• 3-1-1981, 9-1-1981,
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN
PROGRAM PREPARED BY EHLERS & ASSOCIATES, INC-
It is hereby determined that the estimated collection of special
assessments for the payment ,f the Bonds and the foregoing ad valorem
tax levies, will produce at east 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
resolution with the Finance 'Manager of Hennepin County and to obtain
the certificate required by Minnesota Statutes, Section 475.63.
f. It is hereby determined that the Improvements to be financed
by the Improvement Bonds will directly and indirectly benefit the
abutting property, and the City hereby covenants with the holders from
time to time of said Bonds as follows:
(i) The City will cause the assessments for the Im-
provements to be promptly levied so that the first install-
ment will be collectible not later than 1981 and will take
all steps necessary to assure prompt collection. The City
Council shall cause all further actions and proceedings
relative to the making and financing of the Improvements
financed hereby to be taken with due diligence that are
required for the construction of each Improvement financed
wholly or partly from the proceeds of the Improvement Bonds
issued hereunder, and for the final and valid levy of spe-
cial assessments and the appropriation of any other funds
needed to pay said Bonds and interest thereon when due.
(ii) In the: event of any current or anticipated defi-
ciency in said grants, pledged funds, investment income or
special assessments, the City Council will levy ad valorem
taxes in the amount of said current or anticipated defi-
ciency.
(iii) The City will keep complete and accurate books
and records showing all receipts and disbursements in con-
nection with the Improvements, the grants and pledged funds
and any taxes levied and the assessments levied therefor and
other funds appropriated for their payment., and all collec-
tions thereof and disbursements therefrom, moneys on hand
and balance of unpaid assessments.
f
g. The tax levy herein provided for the General Obligaton
Improvement Bonds shall be irrepealable until all of the General
1 Obligation Improvement Bonds are paid, provided that the City
Clerk may annually, prior to October 10th, certify to the Finance
Manager of Hennepin County the amount available in the General
Obligation Improvement Bonds of 1980 Fund to pay principal and
interest due during the ensuing year, and the Finance Manager
shall thereupon reduce the levy collectible during such year by
the amount so certified.
3. $385,000 GENERAL OBLIGATION STORM SEWER BONDS OF 1980.
a. The City of Plymouth shall forthwith issue and sell its
General Obliga:.ion Storm Sewer Bonds of 1980 (the "Storm Sewer
Bonds"), in the principal amount of $385,000, dated September 1, 1980,
the Bonds being 77 in number and numbered 1 to 77, both inclusive, in
the denomination of $5,000 each, bearing interest as set forth above
in paragraph 1 of this resolution, all interest payable March 1, 1981,
and semiannually thereafter on March 1 and September 1 in each year,
and which Bonds mature serially on March 1 in the years and amounts as
follows:
UVTIDJ-kvk
1982 $15,000
1983 15,000
1984 20,000
1985 20,000
1986 20,000
1987 20,000
1988 25,000
1989 25,000
1990 25,000
1991 30,000
1992 30,000
1993 35,000
1994 35,000
1995 35,000
1996 35,000
The Storm Sewer Bonds maturing after March 1, 1990, are subject to
prior redemption in inverse order of serial numbers on said date ind
on any interest payment date thereafter at a price of par plus accrued
interest to date of redemption.
b. Both principal of and interest on the Storm Sewer Bonds
shall be � payable at the mai 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.
`
C. The Storm Sewer Bonds and the interest coupons to be thereto
attached shall be in substantially the following form,
No
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION STORM SEWER BOND OF 1980
$5,000
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 Obliga-
tion Storm Setter Bonds of 1980 Fund the sum of FIFE THOUSAND DOLLARS on the
1st day of March, 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 March 1 1981, and semi-
annually thereafter 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 prin-
cipal of and interest on this bond are payable at the main office of the
Northwestern National Bank of Minneapolis in Minneapolis, 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 March 1, 1990, are subject
to redemption at the option of the City in inverse numerical order on said
date and any interest payment date thereafter at a price of par plus
accrued interest to date of redemption.
This bond is one of an issue of bonds in the total principal
amount of $385,000, all of like date and tenor except as to maturity,
interest rate, serial number and redemption privilege, all issued by the
City for the purpose of providing money to defray the expenses incurred and
to be incurred in making storm sewer improvements pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota, in-
cluding Minnesota Statutes, Sections 444.16 to 444.21, inclusive, and is
payable primarily from ad valorem taxes levied on property within the Storm
Sewer Tax Improvement District No. 1 duly created by City Ordinance No.
79-17 pursuant to Minnesota Statutes, Section 444.17, but constitutes a
general obligation of the City and, to provide moneys for the prompt and
full payment of said principal and interest on the bonds as the same become
due, the full faith and credit of the City is hereby 4rrevocably pledged,
and the City Council will levy ad valorem taxes; if required for such
purpose, which taxes may be levied 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 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 fac-
simile 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)
City Manager
(facsimile seal)
No
(facsimile signature)
Mayor
(Form of Coupon)
On the 1st day of March (September), 19, , the City of Plymouth,
Hennepin County, Minnesota, will pay to bearer, out of its General Obliga-
tion Storm Sewer Bonds of 1980 Fund at the
the amount shown hereon for interest then due on its General Obligation
Storm Sewer Bond of 1980, dated September 1, 1980, No.
(facsimile signature)
Mayor
V
(facsimile signature)
City Manager
d. The Storm Sewer Bonds shall be payable from the General
Obligation Storm Sewer Bonds of 1980 Fund hereby created, and the
proceeds of ad valorem taxes hereinafter levied upon the property
within Storm Sewer Tax Improvement District No. 1 (the "Storm Sewer
District"), duly created by Ordinance No. 79-17, are hereby pledged to
said fund. If any payment of principal or interest on the Storm Sewer
Bonds sl►all 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 may be reimbursed for
such advances out of proceeds of the aforesaid ad valorem taxes, when
collected.
e. To provide funds for the payment of principal and interest
amounts on the Storm Sewer Bonds as the same become due, there is
hereby levied a direct annual irrepealable ad valorem tax levy against
all taxable properties in the Storm Sewer District, which tax levies
shall be in the vears and amounts as follows: (year stated being year
of levy for collection the following year.)
See attached computation of 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
Storm Sewer Bonds. The City Clerk is directed to file a certified copy of
this resolution with the Finance Manager of Hennepin County and obtain the
certificate required by Minnesota Statutes, Section 475.63.
f. The City hereby covenants with the holders from time to time
of the Storm Sewer Bonds as follows:
(i) The City will cause the ad valorem taxes for the Storm
Sewer Improvements (the "Improvements") to be promptly levied so
that the first installment will be collectible not later than
1981 and will take all steps necessary to assure prompt collec-
tion. The City Council shall cause all further actions and
proceedings relative to the making and financing of the Improve-
ments financed by the Storm Sewer Bonds to be taken with due
diligence that are required for the construction of each improve-
ment financed wholly or partly from the proceeds of the Storm
Sewer Bonds issued hereunder, and for the final and valid levy of
ad valorem taxes and the appropriation of any other funds needed
to pay said Bonds and interest thereon when due.
(ii) In the event of any current or anticipated deficiency
i:i said ad valorem taxes, the City Council will levy additional
al valorem taxes upon all taxable property in the City in the
.mount of said current or anticipated deficiency.
(iii) The City will keep complete and accurate books and
records showing all receipts and disbursements in connection with
the Improvements, the ad valorem taxes levied therefor, ' other
funds appropriated for their payment, and all collections thereof
and disbursements therefrom, moneys on hand and balance of unpaid
tax levies.
(iv) The City will cause its books and records to be audi-
ted at least annually by qualified public accountants and will
furnish copies of such audit reports to any interested person
upon request.
",COMPUTATION
OF TAX LEVY
Oil:
$385,000 GENERAL OBLIGATION
STORM SEWER
BONDS
` CITY OF PLYMOUTH, MINNESOTA
LEVY
COLLEC:7
AMOUNT
AMOUNT +
5%
TAX
1980
1981
$
43168
$
45326
$
45400
1981
1982
$
42193
$
44302
$
44300
198.-2
1983
$
46203
$
48513
$
48600
1983
1984
$
44883
$
47127
$
47200
1984
1985
$
43543
$
45720
$
45800
1985
1986
$
42203
$
44313
$
44400
1986
1987
$
45853
$
4811+5
$
48200
1987
1988
$
44128
$
46334
$
464.00
1988
1989
$
42378
$
44496
$
44500
1989
1990
$
45578
$
47856
$
47900
1990
1991
$
43358
$
4.5525
$
45600
1991
1992
$
46078
$
48381
$
48400
1992
1993
$
43365
$
45533
$
45600
1993
1994
$
40600
$
42630
$
42700
1994
1995
$
37800
$
39690
$
39700
$
65135
$
684700
`NOTE: BOND
PROCEEDS (CAPITALIZED INTEREST)
OF $ 14083,'75
WILL
BE USED TO
PAY $
14083.75 OF
INTR
PAYMTS
DUE
3-1-19810
GRAM :PREPARED BY EHLERS R
ASSOCIATES,
INC
S. The tax levy herein provided for the Storm Sewer Bonds shall
be irrepealable until all of the Storm Sewer Bonds are paid, provided
that the City Clerk may annually, prior to October 10th, certify to
the Finance Manager of Hennepin County the amount available in the
Storm Sewer Bonds of 1980 Fund to pay principal and interest due
during the ensuing year, and the Finance Manager shall thereupon
reduce the levy collectible during such year by the amount so certi-
fied.
4. $375,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONUS OF 1980.
a. The City of Plymouth shall forthwith issue and sell its
General Ob�igation Water and Sewer Revenue Bonds of 1980 (the "Revenue
Bonds"), in the principal amount of $375,000, dated September 1, 1980,
the Bonds being 75 in number and numbered 1 to 75, both inclusive, in
the denomination of $5,000 each, bearing interest as above set forth,
all interest payable March 1, 1981, and semiannually thereafter on
March 1 and September 1 in each year, and which bonds mature serially
on March 1 in the years and amounts as follows:
YEAR AMOUNT
1982
$15,000
1983
15,000
1984
15,000
1985
20,000
1986
20,000
1987
20,000
1988
25,000
1989
25,000
1990
25,000
1991
30,000
1992
30,000
1993
30,000
1994
35,000
1995
35,000
1996
35,000
The Bonds maturing after March 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 to
date of redemvtion.
5. PROVISIONS APPLICABLE TO IMPROVEMENT BONDS, STORM SEWER BONDS,
AND REVENUE BONDS.
a. The City Clerk shall obtain a copy of the proposed opinions
of Messrs. LeFevere, Lefler, Kennedy, O'Brien and Drawz of
Minneapolis, Minnesota, approving the Improvement Bonds, the Storm
Sewer Bonds, and the Revenue Bonds, respectively, which opinions shall
be complete except as to dating thereof and shall cause said opinions
to be printed on the Bonds, respectively, together with certificates
to be signed by the facsimile signature of the City Clerk in substan-
tially 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-
icates in the name of the City upon receipt of such opinion and to file the
respective opinions in the City offices.
b. The Improvement Bonds, the Storm Sewer Bonds, and the Revenue
Bonds shall be executed o. behalf of the City by the facsimile signa-
tures of the Mayor and the City. Manager, and the interest coupons
shall be executed and authenticated by the printed facsimile signa-
tures of the Mayor and City Manager and the facsimile of the corporate
seal of the City may, but need not be, printed thereon; the facsimile
signatures of both the Mayor and the City Manger shall be duly authen-
ticated by the manual signature of an officer of the Northwestern
National Bank of Minneapolis hereby designated authenticating agent
,pursuant to Minnesota Statutes, Section 475.55, Subdivision l; and the
following shall be added to the reverse side of the bonds:
"This Bond is one of the Bonds of the series designated herein
issued pursuant to the resolution acthorizing its issuance and
delivery."
Northwestern National Bank
of Minneapolis.' Minnesota
As Authenticating Agent
By
Its Authorized Officer A
• F
} y`
" The Improvement Bonds, the Storm Sewer Bonds, and the Revenue Bonds,
i
' when fully executed, shall be delivered by the City Finance Director
to the purchaser thereof upon receipt of the purchase price, and the
said purchaser shall not be obligated to see to the proper application
thereof.
C. The officers of the City are hereby authorized and directed
to prepare and furnish to the purchaser of the Improvement Bonds, the
Storm Sewer Bonds, and the Revenue Bonds and to the attorneys
approving the same, certified copies of proceedings and records of the
City relating to the Bonds, respectively, and to the financial condi-
tion and affairs of the City, and such other certificates, affidavits
and transcript's 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
said Bonds and such instruments, including any heretofore furnished,
shall be deemed representations of the City as to the facts stated
therein.
f
d. The Mayor and City Manager are hereby authorized and directed
to certify that they have examined the official statement or prospec-
tus prepared and circulated in connection with :the issuance and sale
of the Improvement Bonds, the. Storm Sewer Bonds, and the Revenue
Bonds, and that to the best of their knowledge and belief said state-
ment is a-complete and accurate representation of the facts and repre-
sentations made therein as of the date of said official statement or
prospectus as it relates to the City.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Davenport , and upon vote being
taken thereon, the following voted in favor thereof: Mayor Hunt,
Councilmembers Davenport, Hoyt, Nei 1s Schneider
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.