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HomeMy WebLinkAboutCity Council Resolution 1984-160After due consideration of the bids, Councilmember Patricia Hoyt Neils introduced the following resolution and moved its adoption: RESOLUTION NO. 84-160 RESOLUTION AWARDING THE SALE OF $4,900,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE Ii RESOLVED By the City Council of the City of Plymouth, Minnesota, (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of Piper, Jaffray & Hopwood, Inc., Mpls., MN (Pur- chaser) to purchase $4,900,000 General Obligation Improvement Bonds of 1984 (Bonds) of the City described in the Official Notice of Sale thereof is hereby found and determined to be the highest and best bid received pur- suant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 4,827,590.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1985 6.20% 1990 7.90% 1986 6.500% 1991 8.10% 1987 7.00% 1992 8.40% 1988 7.30% 1993 8.70% 1989 7.60% 1994 9.00% The City Finance Director is directed to retain the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forthwith. The sum of $ 0 being the amount offered by the Purchaser in excess of $4,827,590 shall be credited to the Debt Service Fund created by Section 6. 1.02. The City shall forthwith issue an: sell the Bonds in the total principal amount of $4,900,000, originally dated as of April 1, 1984, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered no. 1 upward, bearing interest as above set forth, and which Bonds mature serially on April 1 in the years and amounts as follows: YFAR AMOUNT YEAR AMOUNT 1985 $ 75,000 1990 $725,000 1986 400,000 1991 625,000 1987 750,000 1992 500,0^) 1988 750,000 1993 300,000 1989 750,000 1994 25,000 The City may elect on April 1, 1991, and on anv interest payment date thereafter, to prepay Bonds due on or after April 1, 1992, Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturitv date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar named in Section 2. All prepayments shall be at a price of par and accrued interest. Section 2. Form: Registration. 2.01. Registered Form. The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Pavment Dates. Each Bond shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (f) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to October 1, 1984, in which case such Bond shall be dated as of April ', 1984. The interest on the Bonds shall he payable on April 1 and October 1 in each year, commencing October 1, 1984, to the owner of record thereof as of the close of business on the :.fteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paving agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corpo- rate trust office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, trans- ferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney du, authorized by the registered owner in writing, the Registrar shall authenticate the deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered owner for exchange the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is pre- sented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy the discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof suffi- cient to reimburse the Registrar for any tax, fee or other govern- mental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Vestroved Bonds. In case anv Bond shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond destroyed, stolen or lost, upon the payment of the reason- able expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the Citv and the Registrar shall be named as obligees. All Bonds so sur- rendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. 2.04. Appointment of Initial Registrar. The City hereby appoints Norwest BankOt Minneap0 15 Minnesota, as the initial Regis- trar. The Mayor and the Manager are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or con- solidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Regis- trar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Finance Coordinator shall transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds shall be prepared under the direction of the !tanager and shall be executed on behalf of the City by the signatures of the Mayor and the Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory for any purp.,se or eititled to any security or benefit under this Resolution unless and until a certificate of authentication on such Bond has been duly executed :,y the manual signature of an authorized representative of the Registrar. Certificates of authentication on 'ifferent Bonds need not be signed by the same representative. The exe- cuted certificate of authentication on each Bond shall he conclusive evidence that it has been authenticated and delivered under this Resolu- tion. When the Bonds have been so prepared, executed and authenticated, the Manager shall deliver the same to the Purchaser thereof upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.06. Form of Bonds. The Bonds shall be printed in substantially the . following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH GENERAL OBLIGATION IMPROVEMENT BOND OF 1984 Date of Rate Maturitv Original Issue April 1, 1984 No. CUSIP KNOW ALL MEN BY THESE PRESENTS that the City of Plymouth, a drly organized and existing municipal corporation in Hennepin County, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to or registered assigns, the principal sum of S on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable October 1 and April l in each year, commencing October 1, 1984, to the person in whose name this Bond is regis- tered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by Norwest Bank Minneapolis , orMinnesota. as Bond Registrar, ay Authenticating Agent and Ping Agentits de toasted successor under the Resolution described herein. For the prompt v..l full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and ere hereby irrevocably pledged. The City may elect on April 1, 1991. and on any interest payment date thereafter, to prepay Bonds of this issue due on or after April 1, 199:. Redemption any be in whole or in part of the Bonds subject to prapsymnt- If redemption to in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If aaly part of the Bonds having a common maturity date are called for prepayment the specific Brads to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued intereat. Additional provisions of this Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effect as though fully set forth in this place. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Plymouth, Hennepin County, Minnesota, by its City Council, has caused this Bond to be executed of its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF PLYMOUTH, MINNESOTA (facsimile) (facsimile) City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By Authorized Representative [Reverse of the Bond) This Bond is one of an issue in the aggregate principal amount of $4,900,000, all of like original date and tenor, except as to number, maturity date, interest rate and redemption privilege, issued pursuant to Resolution No. 84-160 adopted by the City Council on March 26, 1984 (the Resolution), for the purpose of providing money to defray the expenses Incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and lava 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 said principal and interest 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. The bonds of this series are issued only as fully registered bonds in denominations of $5,000 or any integral multiple thereof, of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds o' other authorized denomina- tions. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimoursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota, to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with, its terms, have been done, do exist have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion.) I certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Plymouth, Minnesota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. (Facsimile SIVaturs) City Manager The following abbreviations, when used in the inscription of the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Cust) (Minor) TEN ENT -- as tenants by entireties under Uniform Gifts to Minors JT TEN -- as joint tenants with right of survivorship and Act . . . . . . . . not as tenants in common (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, with- out alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint overs if the Bonds are held by joint account) Please insert social security or other identifying number of assignee 2.07. The Manager shall obtain a copy of th opinion of LeFevere, Lefler, Kennedy, O'Brien Association, Minneapolis, Minnesota, which shall dating thereof and shall cause the opinion to together with a certificate to be signed by the Manager in substantially the form set forth i Manager is hereby authorized and directed to e the name of the City upon receipt of such opinio in the City offices. Section 3. Security: Payment. e proposed approving legal S Drawz, a Professional be complete except as to be printed on each Bond, facsimile signature of the n the form of Bond. The xecute such certificate in n and to file the opinion 3.01. The Bonds shall be payable from the General Obligation Improve- ment Bonds of 1984 Fund (Debt Service Fund) hereby created, and the pro- ceeds of general taxes hereinafter levied and special assessments (Assess- ments) to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds shall become due when there is rot sufficient money in the Debt Service Fund to pay the same, the Finance Coordinator shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of Assessments for the Improvements when collected. 3.02. It is hereby determined that the City will levy special assess- ments for the Improvements in the principal amount of at least 20% of the cost of the Improvements and the levy of such special assessments is hereby authorized. 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 levy shall be in the years and amounts as follows (year stated being year of levy for collection the following year): YEAR LEVY YEAR LEVY See attached computation of levy and assessments. It is hereby determined that the estimated collections of special assess- ments for the payment of the Bonds and the foregoing ad valorem tax levy will produce at least five percent in excess of the amount .seeded to meet, when due, the principal and interest payments on the Bonds. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City Finance Director may annually, prior to October 10th, certify to the Hennepin County Director of Property Taxation (Director) the amount available in the Debt Service Fund to pay principal COMPUTATION OF ASSESSMENTS AND TAX LEVY ON: $4,900,000 G. 0. IMPROVEMENT BONDS OF 1984 PLYMOUTH, MINNESOTA $ 4466966 LEVY COLLECTION ASSMTS AMOUNT YEAR YEAR BOND PRI PRI + 5% @ 9.15%/YR NET LEVIED* 1985 $ 445825.00 $ 468116 $ 364042 $ 104075 $ 104100 1986 $ 755500.00 $ 793275 $ 651986 $ 141289 $ 141.300 1987 $ 1066250.00 $ 1119563 $ 1032683 $ 86879 $ 86900 1988 $ 1012625.00 $ 1063256 $ 934720 $ 12B537 $ 126600 1989 $ 956750.00 $ 1004588 $ 876342 $ 128245 $ 128300 1990 $ 874612.50 $ 918343 $ 811225 $ 107118 $ 107200 1991 $ 720662.50 $ 756696 $ 671969 $ 84727 $ 84800 1992 $ 549350.00 $ 576817 $ 555365 $ 21452 $ 21500 1993 $ 315300.00 $ 331065 $ 305179 $ 25866 $ 25900 1994 $ 26125.00 $ 27431 $ 27070 $ 361 $ 400 $ 6723000.00 $ 7059150 $ 6230582 $ 828568 NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF $186575.00 WILL BE USED TO PAY $186575.00 OF INTR PAYMTS DUE 10-1-1984, COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN COMPUTER PROGRAM COPYRIGHT, EHLERS AND ASSOCIATES, INC., 1981 *Annual tax levies will be reduced by funds available, including annual appropriations 40 from the sewer and eater trunk fund and MSA funds. and interest due during the ensuing year, and the Director shall thereupon reduce the levy collectible during such year by the amount so certified. The City Manager is directed to file a certified copy of this resolution with the Director, and obtain the certificate required by Minnesota Statutes, Section 475.63. 3.03. 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 Im- provements to be promptly levied so that the first install- ment will be collectible not later than 1985 if necessary and will take all steps necessary to assure prompt collec- tion, and the levy of the Assessments is hereby authorized. The City Council shall cause all further actions and pro- ceedings 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. (b) In the event of any current or anticipated defi- ciency in the Assessments and taxes levied herein, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the Improvements, the taxes and Assessments levied therefor and other funds appropriated for their payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any in- terested person upon request. Section 4. Authentication of Transcript. 4.01. The officers of the City are herebv 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 market- ability of the Ronds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 4.02. The Mayor, City Manager, and Finance Director are hereby authorized and directed to certify that they have examined the Official Statement dated March 9, 1984 prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is, as of the date thereof, a complete and accurate representation of the facts and representations made therein as it relates to the City. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Dave Crain and upon vote using taken thereon, the following voted in favor thereof: Neils, Moen, Schneider, Crain and the following voted against: None whereupon said resolution was declared duly passed and adopted. SCHEDULE OF PRINCIPAL AND INTEREST PAYMENTS $4,900,000 GENERAL OBLIGATION IMPROVEMENT BONDS CITY OF PLYMOUTH, MINNESOTA PAGE 1 DATE PRINCIPAL RATE: INTEREST TOTAL, REGI£TRAP FEES 10/1/1984 186,575.00 186,575.00 4/1/1985 75,000 6.200 186,5755.00 261,575.00 10/1/1985 184,250.00 184,250.00 41/]./1986 400,000 6.500 184,250.00 584,250,^0 101'1/1986 171,250.00 171,250.00 4/1/1987 750,000 7.000 171,250.00 921,250.00 10/i/1987 145,000.00 145,000,00 4/1/1988 750,000 7,300 145,000.00 895,000.00 -------------- 10/1./1988 117,625,00 117,625,011 -- - 4/1/1989 750,000 7.600 117,625.00 867,625.00 10/1/1989 891125.00 89,125.00 4/1/1990 725,000 7,900 89,1'5.00 814,125.00 10/1/1990 60,467.50 60,487.50 4/1/1991 625,000 8.100 60,487.50 685,487.50 -------------- 10/1/1991. 35,175.00 35,175.00 4/1/1992 5$10,000 8.400 35,175,00 535,175.00 ------------- 10/1/1992 14,175,00 14,175.00 -------------- 4/1/1993 300,000 8.700 14,175.00 314,175.00 -------------- 10/1/1993 1,125.00 1,125.00 4/1/1994 25,000 9.000 11125.00 26,125.00 TOTALS 4,900,000 2,009,575,00 6,909,575.00 STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) SS. CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and acting 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 Monday, March 26, 1984, with the original thereof on file in my office and I further certif•, that the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of the City's $4,900,000 General Obligation Improvement Bonds of 1984. WITNESS My hand as Clerk and the corporate seal of the City this day of , 1984. City Clerk City of Plymouth, Minnesota (SEAL) EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF PLYMOUTH HE'iiNEPIN COUNTY, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Plymouth, Minnesota, was duly held in the City Hall in the City of Plymouth, on Wednesday, March 26, 1984, commencing at 7:30 o'clock p.m., C.T. The following members were present: Council Members Patricia Hoyt Neils, Patricia Moen, Virgil Schneider, Dave Crain and the following were absent: Mayor David Davenport **,t zt• •,tt The Mayor announced that the meeting was convened for the consid- eration of the bids which had been received for the purchase of $7,000,000 General Obligation Tax Increment Bonds of 1984, as adver- tised for sale. The City Clerk presented affidavits showing publica- tion of notice of sale in the official newspaper and in Commercial West, a financial paper published in Minneapolis, Minnesota, which affidavits were examined and found satisfactory and ordered placed on file. The City Clerk presented a tabulation of the bids which had been received, opened and tabulated in the manner specified in the notice of sale of the Bonds. The bids were as follows: See attached "Bid Tabulation” BID TABULATION $7,000,000 General Obligation Tax Increment Bonds Plymouth, Minnesota SALE: Monday, March 26, 1984 AWARD: DILLON, READ d COMPANY, INC. RATINGS: Moody's "A-1" S S P "A" COUPON NET INTEREST COST NAME OF BIDDER RATE YEAR S RATE PRICE DILLON, READ 6 COMPANY, INC. 7.00% 198 $6,190,208.75 New York, New York 7.40% 1988 7.70% 1989 8.9843% 8.00% 1990 8.30% 1991 8.60% 1992 8.75% 1993 8.85% 1994 PIPER, JAFFRAY b HOPWOOD, INC. 7.00% 1987 $6,283,598.00 Minneapolis, Minnesota 7.30% 1988 Allison -Williams Company 7.60% 1989 9.1198% rican National Bank 6 Trust Company 7.90% 1990 ly th Eastman, Paine Webber, Inc. 8.102 1991 irst National Bank of Minneapolis 8.40% 1992 E.F. Hutton S Company, Inc. 8.70% 1993 Juran 6 Moody, Inc. 9.002 1994 Miller 6 Schroeder Municipals, Inc. Robert W. Baird b Company, Inc. Craig Hallum, Inc. F 6 M Marquette National Bank Miller Securities, Inc. Robert S.C. Peterson, Inc. Dean Witter Reynolds, Inc. -IN ASSOCIATION WITH- NORWEST SECURITIES THE FIRST NATIONAL BANK OF ST. PAUL Dougherty, Dawkins, Strand d Yost, Inc. Moore, Juran 6 Company M.H. Novick 6 Company, Inc. Channer Newman Securities Company .....Bid Tabulation continued on the reverse side..... �1 $6,896,603.75 $6,896,552.00 $7,000,000 G.O. Tax Increment Bonds Plymouth, Minnesota March 26, 1984 • Page 2 COST RATE THE FIRST NATIONAL BANK OF CHICAGO 7.10% 1987 $6,419,000.00 $6,898,500.00 Chicago, Illinois 1988 7.40% 1988 HARRIS TRUST & SAVINGS COMPANY 7.70% 1989 9.3164% Chicago, Illinois MERRILL LYNCH WHITE WELD CAPITAL MARKETS 8.00% 1990 SMITH BARNEY, HARRIS UPHAM & COMPANY, INC. 8.30% 1991 New York, New York 1993 8.60% 1992 Kidder, Peabody & Company, Inc. 8.90% 1993 Chemical Bank 9.20% 1994 Lehman Brothers Kuhn Loeb, Inc. Clayton Brown & Associates, Inc. LaSalle National Bank InterFirst Bank Dallas Hutchinson, Shockey, Erley & Company Marine Bank, N.A. -IN E'SOCIATION WITH - CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY • Chicago, Illinois THE NORTHERN TRUST COMPANY Chicago, Illinois PRUDENTIAL-BACHE SECURITIES, INC. Chicago, Illinois A.G. Becker Paribas, Inc. L.F. Rothschild, Unterberg, Towbin ` Bear, Stearns & Company Mercantile Trust Company, N.A. The First National Bank & Trust Company - Oklahoma Bank of Oklahoma, N.A. First Wisconsin National Bank of Milwaukee Matthews & Wright, Inc. Blunt, Ellis & Loewi, Inc. Commerce Bank of Kansas City, N.A. Van Kampen & Merritt, Inc. Sauerman Securities, Inc. CRONIN & MARCOTTE, INC. 7.00% 1987 $6,419,200.00 $6,897,100.00 Minneapolis, Minnesota 7.30% 1988 BAIN BOSWORTH, INC. 7.60% 1989 9.3166% Minneapolis, Minnesota 7.90% 1990 MERRILL LYNCH WHITE WELD CAPITAL MARKETS 8.10% 1991 Minneapolis, Minnesota 8.40% 1992 • 8.90% 1993 9.20% 1994 Ehlers and Associates, Inc. 507 Marquette Avenue Minneapolis, Minnesota 55402