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HomeMy WebLinkAboutCity Council Resolution 1982-593Regular Council Meeting November 15, 1982 After due consideration of the bids, Councilmember Neils introduced the following resolution and moved its adoption: RESOLUTION NO. 82- 593 RESOLUTION AWARDING THE SALE OF $3,900,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1982; 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: I. The bid of (the "Purchaser") to purchase $3,900,000 General Obligation Tax Incre- ment Bonds of 1982 (the "Bonds") 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 the Bonds at a price of $ plus accrued interest to date of delivery, the Bonds to bear interest as follows: Year of Maturity Interest Rate The sum of $ , being the amount bid in excess of $3,825,000, shall be credited to the Sinking Fund hereinafter created. The City Finance Director is directed to return the good faith checks of the unsuccessful bidders forthwith.' 2. The City shall forthwith issue and sell the Bonds in the total principal amount of $3,900,000, dated December 1, 1982, the Bonds being 780 in number and numbered 1 to 780, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable August 1, 1983, and semiannually thereafter on February 1 and August 1 in each year, and which Bonds mature serially on February 1 in the years and amounts as follows: Resolution No. 82-593 Page 2 YEAR AMOUNT YEAR AMOUNT 1985 $ 50,000 1990 $600,000 1986 50,000 1991 700,000 1987 200,000 1992 700,000 1988 400,000 1993 700,000 1989 500,000 All bonds maturing after February 1, 1990, are subject to redemption on said date and on any interest payment date thereafter at a price of par plus accrued interest to date of redemption. 3. Both principal of and interest on the Bonds shall be payable at the _ Bank of (the "Paying Agent"), in the City of Minnesota, and the City shall pay the reasonable charges of the Paying Agent for its services. 4. The Bonds and the interest coupons to be thereto at- tached shall be in substantially the following form: No. UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION TAX INCREMENT BOND OF 1982 $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, the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19_ , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of and hundredths percent ( %) per annum, interest to maturity payable August 1, 1983, and semiannually thereafter on the 1st day of February and the 1st day of August 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 Bank of in the City of 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 February 1, -1990, are subject to redemption at the option of the City on said date and on any interest payment date thereafter at a price of par plus accrued 10 interest to date of redemption. Rdsolution No. 82-593 Page 3 This bond is one of an issue of bonds in the total principal amount of $3,900,000, 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 finance Public Development Costs of a Project in an Economic Development Tax Increment Financing District (Development District No. 2) within the City and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto, enabling including Minnesota Statutes, Chapter 472A and Sections 273.71 to 273.78 (the Minnesota Tax Increment Financing Act), and is payable primarily from tax incre- ments resulting from increases in the valuation of property within said District, 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 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 things required by the Constitution and laws of the State of Hinnesota 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 limita- tion thereon. IN WITNESS WHEREOF, the the City of Plymouth, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the manual or facsimile signatures of its Mayor and its City Manager, and by the manual signature of at least one of said officers, to be 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, all as of December 1, 1982. (Facsimile Signature) Mayor manual signature) City Manager (FACSIMILE SEAL) (Form of Coupon) No. S On the 1st day of August (February), 19_ , (unless the bond to which th:" cou•ion appertains has previously been called for redemp- Resolution No. 82-593 Page 4 tion,) the City of Plymouth, Hennepin bearer, at the Bank of in Minnesota, the amount shown hereon General Obligation Tax Increment Bond Ne. (facsimile signature) City Manager County, Minnesota, will pay to the City of , for interest then due on its of 1982, dated December 1, 1982, (facsimile signature) Mayor 5. The City Clerk shall obtain a copy of the proposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, 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 signature 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 manual or facsimile signatures of the Mayor and the City Manager, and by the s`^nual signature of one of said officers, the interest coupons shall be executed and authenticated by the printed facsimile signa- tures of the Mayor an( City Manager, and a facsimile of the corporate seal of the City may, but need not be, printed thereon; provided, however, that the signatures of both the Mayor and the Citir Manager may be facsimile signatures, duly authenticated by the manual signa- ture of an officer of the Bank of hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision 1, and, if the Bonds are to be so executed and authenticated, the bond form set forth in paragraph 4 hereof shall be modified as follows: Rbsolution No. 82-593 Page 5 a) Substitute the following paragraph for the final paragraph of each of the Bonds: "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 to be 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, and such signatures to be authenticated by the manual signature of the City's duly authorized Authen- ticating Agent on the reverse side of this bond, all as of December 1, 1982." b) Add the following on the reverse side of each of the Bonds: "This bond is one of the bonds of the series designated herein issued pursuant to the resolution authorizing its issuance and delivery." Bank of _ As Authenticating Agent By is Authorized Officer The Bonds, when fully executed, shall be delivered by the City finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obligated to see to the proper application thereof. 7. The Bonds shall be -payable from the General Obligation Tax Increment Bonds of 1982 Fund hereby created (the "Sinking Fund"), and the proceeds of general taxes hereinafter levied for the payment of principal and interest on the Bonds, and so much of the tax incre- ments from increases in valuation of taxable property in Development District No. 2 ("Tax Increments") received by the City necessary to pay principal and interest on the Bonds are hereby pledged to the Fund, subject to the provisions of the Act. In addition, the City has duly ordered and has or will let contracts for the construction of various assessable improvements (the "Improvements") in the District in accordance with the Tax Increment Financing Plan for the District all as contemplated by Minnesota Statutes, Section 429.031; the levy of special assessments for the Improvements is hereby authorized and said special assessments are hereby pledged to the Sinking 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 Finance Director shall pay such principal and interest from the general fund of the City and the Sinking Fund may be reimbursed for such advances out of proceeds of Tax Increments when collected. Resolution No. 82-593 Page 6 8. It is hereby determined that Public Development Costs will be paid by the Tax Increments and special assessments hereby pledged to the Sinking Fund. It is hereby further determined that the estimated collection of the Tax Increments will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The Clerk is directed to file a certified copy of this resolution with the Director of Property Taxa- tion of Hennepin County and obtain the certificate required by Minnesota Statutes, Section 475.63. 9. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition 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 as to the facts stated therein. 10. The Mayor, City Manager and Finance Director are hereby authorized and directed to certify that they have examined the Offi- cial Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best 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 the Official Statement as it relates to the City. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Moen , and upon vote being taken thereon, the following votedin favor thereof: Mayor Davenport, Councilmembers Moen, Neils, Schneider and Threinen and the following voted against: none whereupon said resolution was declared duly passed and adopted.