HomeMy WebLinkAboutCity Council Resolution 1981-204Extract 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, March 23, 1981, commencing at 7:30
o'clock P.M., C.T.
The following members were present: Acting Mayor Neils,
Councilmembers Hoyt, Schneider and Threinen
and the following were absent: None.
The following resolution was presented by Councilmember Hoyt
who moved its adoption:
RESOLUTION N0. 81- 204
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $2,625,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1981
BE IT RESOLVED By the City Council of the City of Plymouth, Hennepin
County, Minnesota as follows:
1. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements") have been made, duly ordered or contracts
let for the construction thereof, by the City pursuant to
the provisions of Minnesota Statutes, Chapter 429:
Project
No.
Project Name
606
Parkers Lake Addition
915
45th Ave/Galilee
101
Carlson 2nd Addition
103
Ridgemount Watermain
104
19th Ave/Oakdale West Addn
112
Lost Lake Woods Addition
901
North Central San. Sewer
Total
Estimated Cost
$860,000
580,000
168,000
162,000
160,000
168,000
500,000
$2,598,000
(b) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue $2,625,000
General Obligation Improvement Bonds of 1981, (the 'Bonds")
to provide financing for the Improvements.
2. In order to provide financing for the Improvements, the City
shall therefore issue and sell Bonds in the amount of $2,598,000. 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 $27,000. Any
excess of the purchase price of the Bonds over the sum of $2,598,000 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
$2,625,000 General Obligation Improvement Bonds of 1981
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
$2,625,000 negotiable coupon, general obligation bonds (the "Bonds") of the
City will be received until 5:00 P.M., C.T. on Monday, May 4, 1981, 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:
Purpose and Securit
The purpose of the Bonds is to provide funds for the financing of
various assessable public improvements in the City. The 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 June 1, 1981, will be in denomination of
$5,000 each and will mature on March 1 in the following years and amounts:
Year
Amount
Year
Amount
1983
$100,000
1988
$275,000
1984
300,000
1989
250,000 '
1985
300,000
1990
250,000
1986
325,000
1991
250,000
1987
325,000
1992
250,000
Redemption Feature
All Bonds of this issue will be without right of prior redemp-
tion.
Interest
Interest on the Bonds will be payable on March 1, 1982, and
semiannually thereafter on each March 1 and September 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. Each rate Aust be in an integral multiple of
5/100 of 1%, and no rate of interest nor the net effective average 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 approved by the Council, and the City will
pay the customary charges for this service provided that such recommenda-
tion 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 punting
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 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, Minne-
sota. 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, payable primarily from special
assessments against benefited property, 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 $52,500, 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 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 $2,625,000 bid for principal)
will be deemed �he most favorable. No oral bid and no bid of less than
$2,598,000 for I incipal 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
Dated: March Za, 1981
3. 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 Monday,
May 4, 1981, at 7:30 o'clock p.m. for the purpose of considering sealed
bids on the Bonds and taking any other appropriate action.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Threinen , and upon vote being
taken thereon, the following voted in favor: Acting Mayor Neils,
Councilmembers Hoyt, Schneider and Threinen
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
Exhibit "A"
NOTICE OF SALE
$2,625,000 General Obligation Improvement Bonds of 1981
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN tht sealed bids for the above bonds wiil
be received until 5:00 o'clock P.M., C.T. on Monday, May 4, 1981, 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 June 1, 1981,
the bonds will mature on March 1 in the years and amounts as follows:
Year
Amount
Year
Amount
1983
$100,000
1988
$275,000
1984
300,000
1989
250,000
1985
300,000
1990
250,000
1986
325,000
1991
250,000
1987
325,000
1992
250,000
All bonds are issued without right of prior redemption. Interest will be
payable on March 1, 1982, 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, $2,598,000. An unqualified legal opinion will be
furnished by Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz of Minne-
apolis, Minnesota. The purpose of the bonds is to finance various assess-
able public improvements in the City.
BY ORDER OF THE CITY COUNCIL
/s/ Loretta Garrit
City Clerk
Dated: March 23, 1981.