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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.