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.