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