HomeMy WebLinkAboutCity Council Resolution 1981-278After due consideration of the bids, Councilmember Schneider
introduced the following resolution and moved its adoption:
RESOLUTION No. 81- 278
RESOLUTION AWARDING THE SALE OF $2,625,000
GENERATION OBLIGATION IMPROVEMENT BONDS OF 1981;
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 and The First National Bank of
Saint Paul
to purchase $2,625,000 General Obligation Improvement Bonds of 1981,
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 $ 2.598,000.00
plus accrued interest to date of delivery, such bonds to bear interest
as follows:
9.20%
1983-89
9.407
1990
9.60%
1991
9.80%
1992
The sum of $ 0 , being the amount bid in excess of $2,598,000,
shall be credited to the bond sinking fund hereinafter created. The
City Clerk is directed to retain the good faith check of the success-
ful 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 issi►e and sell its
General Obligation Improvement Bonds of 1981 (the "Bonds"), in the
principal amount of $2,625,000, dated June 1, 1981, the Bonds being
525 in number and numbered 1 to 525, both inclusive, in the denomin-
ation of $5,000 each, bearing interest as above set forth, all
interest payable March 1, 1982, and semiannually thereafter on March I
and September 1 in each year, and which Bonds mature serially 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
3. Both principal of and interest on the Bonds shall be
payable at First Trust Company of Saint Paul, in Saint Paul, 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 IMPROVEMENT BOND OF 1981
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 without option of
prior payment, out of its General Obligation Improvement Bonds of 1981
Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of March, 198_,
and to pay interest thereon from the date hereof until the principal
amount is paid at the rate of percent (_a;) per annum,
interest to maturity payable March 1, 1982, and semiannually there-
after on the 1st day of !larch 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 of and interest on this bond are payable at the First Trust
Company of Saint Paul, in Saint Paul, 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.
This bond is one of an issue of bonds in the total principal
amount of $2,625,000, all of like date and tenor except as to
maturity, interest rate and serial number, all issued by the City for
the purpose of providing coney to defray the expenses incurred and to
be incurred in making local improvements, pursuant to and in full
conformity 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 the principal of and
interest on the bonds as the same become die, 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 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 HWEREOF, 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 facsimile of the corporate seal of the City, and the interest
coupons hereto attached to be executed and authenticated by the fac-
simile 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 June 1, 1981.
(facsimile signature)
Mayor
(facsimile signature)
City Manager
*" (facsimile seal)
(Form of Coupon)
No.
On the lst day of March (September), 19l, the City of
Plymouth, Hennepin County, Minnesota, will pay to bearer, out of its
General Obligation Improvement Bonds of 1981 Fund at the First Trust
Company of Saint Paul, in Saint Paul, Minnesota
the amount shown hereon for interest then due on its General Obliga-
tion Improvement Bond of 1981, dated June 1, 1981, No.
(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, Kennedy, 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 signa-
ture 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
certificate 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 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; the facsimile signatures of the Mayor and City
Manager shall be duly authenticated 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 1; and the following shall be added to the
reserve side of the bond:
"This Bond is one of the Bonds of the series
designated herein pursuant to the resolution author-
izing its issuance and delivery."
Northwestern National Bank
of Minneapolis
As Authenticating Agent
By
Its Authorized Officer
The Bonds, when fully executed, shall be delivered by the City to the
purchaser thereof upon receipt of the purchase price, and the pur-
chaser shall not be obligated to see to the proper application
thereof.
7. The Bonds shall be payable from the General Obligation
Improvement Bonds of 1981 Fund (the "Sinking Fund") hereby created,
and the proceeds of the general taxes hereinafter levied and special
assessments to be levied for the improvements (the "Improvements")
financed by the Bonds are hereby pledged to the Fund. If any payment
of principal or interest on the Bonds shall become due when there is
not sufficient money in the Sinking Fund to pay the same, the City
Finance Director shall pay such principal or interest from the genera)
fund of the City, and such fund may be reimbursed for such advances
out of proceeds of assessments for the Improvements or the general
taxes levied therefor, when collected.
8. It is hereby determined that the City will levy special
assessments for the Improvements in the principal amount of at least
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 the
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 AMOUNT YEAR AMOUNT
See attached schedule.
It is hereby determined that the estimated collection of special
assessments for the payment of the Bonds and 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
resolution with the Director of Property Taxation of Hennepin County,
or his assistant, and obtain the certificate required by Minnesota
Statutes, Section 475.63.
9. It is hereby determined that the Improvements to be
financed by the Bonds will directly and indirectly benefit the
abutting property, and the City hereby covenants with the holders from
time to time of the Bonds as follows:
(a) The City will cause the assessments for the
Improvements to be promptly levied so that the first
installment will be collectible not later than 1982 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 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 Bonds and for the final and valid levy
of special assessments and the appropriation of any
other funds needed to pay the Bonds and interest:
thereon when due.
OMRUTATION OF ASSESSMENTS AND TAX LEVY ON:
\ $2.625,000 G.O. IMPROVEMENT BONDS OF 1981
\ CITY OF PLYMOUTH. MINNESOTA
,EVY rm.LECTION
FEAR YEAR
$ 2078883
ASSMTS
nONO RaI P&I + S@ A 10.50@ZYR
1982
$
3¥%50§.00
$
361725
$
267078
1963
$
535300,00
$
562065
$
490642
1984
$
507700.00
$
533085
$
442831
1985
$
505,100,00
$
530355
$
Ll. 1R§1+m
1986
$
¥75200.00
$
498960
$
386858
1987
$
395300.00
$
415065
$
295944
1988
1;
345000.00
$
362250
$
220186
1989
$
322000,00
$
338100
$
2014-516
1990
$
298500.00
$
3131+25
$
188847
1991
$
27¥500.00
$
288225
$
173177
$ 4.003100.00 $ 4203235 $ 309292#
AMOUNT
NET LEVIED
$ 91+6¥7
$
91+700
$ 63¥23
$
63500
$ 9025¥
$
90300
$ 115511
$
115600
$ 112102
$
112100
$ !!2121
$
119208
$ ILl, 206w
$
142100
$ 133584
$
133600
$ 12578
$
1214600
$ 115048
$
115100
$ 111033!
!OTE: BOND RROCEE)S (CAPITALIZED INTEREST) OF $I103375,00
WILL BE USED TO PAY $183375.00 'OF IMTR PAYMTS DUE
3-1-1982,
COMPUTER ROUMBING MAY CAUSE DIFFERENCE OF A FE\ aOLtARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN
� �
(b) In the event of any current or anticipated
deficiency in any grants, funds, investment income or
special assessments pledged or.appropriated for payment
of the principal.of and interest on the Bonds, the City
Council will levy ad .valorem taxes in the amount of
said current or anticipated`deffciency.
(c) The City will keep complete and accurate
books and records showing all receipts and disburse-
ments relating to the Improvements, grants and pledged
funds, any taxes or assessments levied therefor and
other funds appropriated for Bond payment, and all
collections thereof and disbursements therefrom, moneys
on hand and balance of unpaid absessments.
(d) The City will cause it books and records to
be audited at least annually by qualified public
accountants and will furnish copies of such audit
reports to any interested person upon request.
10. The tax levy herein provided shall be irrepealable.
until all of the Bonds are paid, provided the the City-. Clerk may
annually, prior to October 10th, certify to the Hennepin County
Director of Property Taxation the amount available in the Sinking Fund
to pay principal and interest due.durbig the ensuing yeah, and the
Hennepin County Director of Property Taxation shall thereupon reduce
the levy collectible during such year t,y the amount so certified.
11. 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 condi-
tion 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 furnished,: shall
be deemed representations of the City is to the facts stated therein.
12. The Mayor and City Manager 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 hest of their knowledge and belief
said statement is a complete and accurate representation of the facts
and representations 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 Threinen , and upon vote being
taken thereon, the following voted in favor thereof:
Gerald Neils, Virgil Schneider, James Threinen
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
I
STATE OF MINNESOTA j
COUNTY OF HENK`.'IN ) SS.
CITY OF PLYMOUTH )
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 held on May 4, 1981, with the
original thereof on file in my office and the same is a full, true and
complete transcript therefrom insofar as the same relates to the
issuance and sale of $2,625,000 General Obligation Improvement Bonds
of 1981, of the City.
WITNESS. My hand as City Clerk and the corporate seal of the
City this 24 4r day of 1981.
City Clerk
City of Plymouth, Minnesota
(SEAL)