HomeMy WebLinkAboutCity Council Resolution 1984-100Extract 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 Citv
Council of the City of Plymouth, Hennepin Countv, Minnesota, was held at
the City Hall in said City on Monday, February 27, 1984, commencing at 7:30
o'clock P.M.
The following members were present:
Mayor Davenport, Councilmembers
Schneider and Crain
and the following were absent: Councilmembers Moen and Neils
The following resolution was presented by Councilmember Schneider
who moved its adoption:
RESOLUTION NO. 84-100
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $4,900,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1984
BE IT RESOLVED By the City Council of the City of Plymouth,
Hennepin County, Minnesota (City) as follows:
1. It is hereby determined:
(a) That the following assessable public improvements
(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:
RES N0; 84-100
Project Designation b Description Total Proiect Cost
003 Dunkirk Lane Co. Rd 47 to
Bond Issue $4,900,000
(b) That it is necessary an expedient to the sound
financial management of the affairs of the City to
issue $4,900,000 General Obligation Improvement Bonds
of 1984 (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 $4,827,590. 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 $72,410. Any excess of the purchase price of the Bonds over the
sum of $4,827,590 shall be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on such
additional Bonds. The Bonds shall be issued and sold in accordance
with the terms of the following Official Notice of Sale:
Page 2
Soo Line Railroad
$ 33,010
122
18th Ave/Fox Forest Addition
503,000
231
6th Avenue/Humphrey Estates
740,000
232
Mt. Olivent Church Sewer Lateral
52,800
244
Amhurst 5th Addition
137,000
304
41st Avenue
262,100
05
Co. Rd. 61 (Assessment Project)
915,250
903
HE Sanitary Sewer Trunk Sewer
187,000
225
45th Avenue
682,865
246
Carlson Center Addition
1,067,030
327
Devries 2nd Addition
218,620
Subtotal
Project Costs
4,798,675
Fiscal
Fees
28,915
Subtotal
4,827,590
Allowance for discount bidding
72,410
Bond Issue $4,900,000
(b) That it is necessary an expedient to the sound
financial management of the affairs of the City to
issue $4,900,000 General Obligation Improvement Bonds
of 1984 (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 $4,827,590. 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 $72,410. Any excess of the purchase price of the Bonds over the
sum of $4,827,590 shall be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on such
additional Bonds. The Bonds shall be issued and sold in accordance
with the terms of the following Official Notice of Sale:
Page 2
n _
RES NO. 84-100 Page 3
OFFICIAL
NOTICE OF SALE
$4,900,000 General Obligation Improvement Bonds of 1984
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
the above bonds will be received until 6:30 p.m. C.T. on Mondav,
March 26, 1984 at the office of the City Manager in City Hall in
Plymouth, Minnesota, at which time the bids will be opened and
tabulated for presentation to the City Council at a regular meeting at
7:30 p.m. C.T. on the same day. The bonds are offered on the
following terms:
Purpose and Securitv
The purpose of the bonds is to provide funds for the finan—
cing 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 together with special assessments
against benefitted properties.
Date and Maturities
qW The bonds will be issued in fully registered form, will be
dated April 1, 1984, will be in the denomination of integral multiples
of $5,000 each and will mature on April I in the following years and
amounts:
Year
Amount
Year
Amount
1985
$ 75,000
1990
$725,000
1986
400,000
1991
625,000
1987
750,000
1992
500,000
1988
750,000
1993
300,000
1989
750,000
1994
25,000
Redemption Feature
All bonds of this issue maturing after April 1, 1991 will be
subject to prior redemption at the option of the City in inverse order
of maturities to be selected by lot by the Registrar on said date and
any interest payment date thereafter at a price of par plus accrued
interest to date of redemption.
RES N10-.84-100
Interest
Interest on the bonds will be payable on October 1, 1984,
and semiannually thereafter on each April 1 and October 1. All bonds
maturing on the same date must bear in�_rest from date of issue until
paid at a single, uniform rate, na' exceeding the rate specified for
bonds of any subsequent maturity. Each rate must 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 the maximum rate of interest
permitted by law on the day of sale.
Paying Agent -Registrar
The City will name the Registrar. Principal will be payable
at the principal office of the Registrar and interest will be payable
by check or draft of the Registrar mailed to the registered holder of
a bond. The City will pay the reasonable and customary charges for
the services of the Registrar.
CUSIP Numbers
The City will assume no obligation for the assignment or
printing 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, 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 LeFevere, Lefler, Kennedy, O'Brien S Drawz, a Professional. Associa-
tion, Minneapolis, Minnesota. 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, 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.
Page 4
Page 5
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 $98,000, payable to the City
Finance Director, 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 $4,900,000 bid for principal) will be deemed the most
favorable. No oral bid and no bid of less than $4,827,590 for prin-
cipal plus accrued interest on all of the bonds will be considered,
and the City reserves the right to reject any and all bid's and to
waive any informality in any bid.
Dated: February 27, 1984
BY ORDER OF THE CITY COUNCIL
/s/ Laurie Houk
City Clerk
' RES NO. 84-100 Page 6
• 3. The City Clerk is authorized and directed to advertise the
Bonds for sale in accordance with the foregoing Official Notice of
Sale and to cause the abbreviated notice of sale attached hereto as
Exhibit A, to be published in the manner requried by law. The City
Council shall meet on Monday, March 26, 1984, 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 Crain and upon vote
being taken thereon, the following voted in favor of the motion: Mayor Davenport,
Councilmembers Schneider and Crain
and the following voted against: none I
L_J
whereupon said resolution was declared duly passed and adopted.
L ibit A
NOTICE OF SALE
.gation Improvement Bond of 1984
City of Plymouth
Hennepin County, Minnesota
Sealed bids for these bonds will bs opened by the City
Manager on Monday, March 26, 1984, at 6:30 o'clock p.m., C.T., for
consideration and award by the City Council at 7:30 o'clock p.m., C.T.
at the City Hall in Plymouth, Minnesota. Dated April 1. 1984, the
bonds will mature on April 1 in the years and amounts as follows:
Year
Amount
Year
Amount
1985
$ 75,000
1990
$725,000
1986
400,000
1991
625,000
1987
750,000
1992
500,000
1988
750,000
1993
300,000
1989
750,000
1994
25,000
Bonds maturing after January 1, 1991 are subject to prior redemption
on said date and any interest payment date thereafter at par plus
accrued interest. Interest will be payable on October 1, 1984, and
semiannually thereafter. Each rate must be in an integral multiple of
5/100 of 11 and no rate may exceed the maximum rate of intaroo, gar=
witted by law on the day of sale. Minimum price, $4,827.590. An
unqualified legal opinion will be furnished by LeFevere, Lefler,
Kennedy, O'Brien b Drawz, a Professional Association, Minneapolis,
9innesota. The purpose of the bonds is to finance a portion of t'.r;
costs of various assessable public improvements in the City.
Dated: February 27, 1984
BY ORDER OF THE CITY COUNCIL
/a/ Laurie Houk
City Clerk
Page 7
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
meeting of the City Council of said City held on ,
, 1984, with the original thereof on file in my office and
the same is a full, true and complete transcript thereof, insofar as
the same relates to the issuance and sale of 54,900,000 General
Obligation Improvement Bonds of 1984, of the City.
WITNESS My hand as such City Clerk and the corporate seal of
_0 the City this day of
(SEAL)
, 1984.
City Clerk
City of Plymouth, Minnesota