HomeMy WebLinkAboutCity Council Resolution 1985-146Extract of Minutes of Meeting
of the City Council of the City
of Plymouth, Hennepin County, Minnesota
Pursuant tn due call and notice thereof a regular meeting of the Citv
Council of the City of Plymouth, Hennepin County, Minnesota, was held at
the City Center in said City on Monday, February 25, 1985, commencing at
7:30 o'clock P.M.
The following members were present: Mayor Davenport, COuncilmembers
Schneider, Crain and Vasiliou
and the following were absent: Councilmember Neils
The following resolution was presented by Councilmember Schneider
who moved its adoption:
RESOLUTION NO. 85-146
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $8,900,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1985
BE IT RESOLVED By the City Council of the City of Plymouth, Hennepin
County, Minnesota as follows:
I. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements") have been made, duly ordered or contracts
let for the construction thereof, by the City pursuant to
the provision of Minnesota Statutes, Chapter 429:
Page 2
(b) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue $8,900,000
General Obligation Improvement Bonds of 1985 (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 $8,766,500. 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
$133,500. Any excess of the purchase price of the Bonds over the sum of
$8,766,500 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 Terms of Bond Sale:
Page 3
3. The City Clerk is authorized and directed to advertise the
. Bonds for sale in accordance with the foregoing Official Terms of Bond
Sale and to cause the abbreviated notice of sale attached hereto as
Exhibit A, to be published in the manner required by law. The City
Council shall meet on Monday, March 18, 1985, 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, Crain and Vasiliou
and the following voted against: none
whereupon said resolution was declared duly passed and adopted.
Project Designation b Description Total Project Cost
403
Hadley Woods Addition
$ 32,500
404
Sunrise Hills/Skyline Hills Addition
556,500
408
Dunkirk Lane - County Road 6 to
County Road 24
1,912,200
412
Zachary Hills 3rd 6 4th Additions
415,650
414
DeVries 3rd Addition
40,650
415
Greenwood School Sewer
73,000
432
Amhurst 8th Addition
24,900
448
Oakdale West 2nd Addition
60,550
451
Amhurst 9th Addition
122,300
426
Carlson Center 3rd Addition &
Adjacent Area
519,200
427
Schmidt Gardens Addition
499,300
459
Isiah Addition
69,300
501
Glen Echo Ponds 2nd Addition b
Adjacent Area
197,900
503
53rd Avenue/Nathan Lane Scherer Brothers
Addition
1,087,200
504
47th Avenue/Tammie Middlemist Addition
135,000
505*
Xenium Lane - 34th Avenue to Heritage
West Addition
589,500
507*
Parkers Woods Addition b Adjacent Area
144,800
509
Niagara Lane - Highway 55 to County
Road 6
1,536,000
517*
Revere Lane/Trenton Place Addition
61,100
518*
Woodlands Addition - Phasr A
521,700
*
Projects 517 and 518 will be duly
ordered on February 25, 1985.
Projects 505 and 507 will be duly
ordered on March 5, 1985.
Total Project Costs $ 8,599,250
Less: Cash on Hand in Storm Sewer b
Park Fund 43.550
Amount to finance $ 8,555,700
Net Capitalized Interest 165,800
Bond Discount 133,500
Finance b legal fees 45,000
Bond Issue $ 8,900,000
OFFICIAL
NOTICE OF SALE
$8,900,000 General Obligation Improvement Bonds of 1985
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that the City of Plymouth, Minnesota, will
receive and open bids in the office of the City Manager at the City Center
in the City of Plymouth on Monday, March 18, 1985, at 6:30 o'clock p.m.,
C.T., and the City Council consider bids at 7:30 p.m. on the same date for
the purchase of $8,900,000 general obligation improvement bonds of the
City un the following terms:
Pureose and Securit
The purpose of the bonds is to provide funds for the financing of
various assessable public improvementp in the City. The bonds will be
general obligations of the issuer, for which its full faith, credit and
taxing powers are pledged.
Date and Maturities
The bonds will be issued in fully registered form, will be dated
April 1, 1985, will be in integral multiples of $5,000 each and will
mature on April 1 in the following years and amounts:
Year
Amount
Year
Amount
1987
$600,000
1992
$1,250,000
1988
750,000
1993
1,500,000
1989
750,000
1994
1,150,000
1990
900,000
1995
1,000,000
1991
1,000,000
Redemption Feature
All bonds of this issue maturing after April 1, 1992 will be
subject to prior redemption at the option of the City in inverse order of
bond maturities on said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
Interest
Interest on the bonds will be payable on October 1, 1985, and
semiannually thereafter on each April 1 and October 1. All bonds maturing
on the same date must bear interest from date of issue until paid at a
single, uniform rate, not 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
The City will name the Registrar which shall be subject to
applicable SEC regulations. Principal will be payable at the principial
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 b Drawz, a Professional Association of
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, payable primarily
from special assessments against benefited property, 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.
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 $178,000, 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 $8,900,000
bid for principal) will be deemed the most favorable. No oral bid and no
bid of than $8,766,500 for principal plus accrued interest on all of the
bonds will be considered, and the City reserves the right to reject any
and all bids and to waive any informality in any bid.
BY ORDER OF THE CITY COUNCIL
City Clerk
Dated: February 25, 1985
STATE OF MINNESOTA )
ID COUNTY OF HENNEPIN )
CITY OF PLYMOUTH )
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 a regular meeting
of the City Council of said City held on Monday, February 25, 1985, with
the original thereof on file in my office and the same is a full, true and
correct copy thereof, insofar as the same relates to the issuance and sale
of $8,900,000 General Obligation Improvement Bonds of 1985, of the City.
WITNESS My hand as such City Clerk and the corporate seal of the
City this day of , 1985.
,._amity Clerk
City of Plymouth, Minnesota
(SEAL
EXHIBIT A
NOTICE OF BOND SALE
.
$8,900,000
GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1985
CITY OF PLYMOUTH, MINNESOTA
HENNEPIN COUNTY
These bonds will be offered for sale on sealed bids on Monday,
March 18, 1985.
Bids will be accepted by the City Manager until 6:30 P.M., Central Time at
the City Center, when they will be opened and tabulated for consideration
and award by the City Council at 7:30 P.M. on the same day. The Bonds
will be dated April 1, 1985, will bear interest payable semiannually on
each October 1 and April 1 to maturity, commencdng October 1, 1985, and
will mature on April 1 in the amounts and years as follows:
Year
Amount
Year
Amount
1987
$600,000
1992
$1,250,000
1988
750,000
1993
1,500,000
1989
750,000
1994
1,150,000
1990
900,000
1995
1,000,000
1991 1,000,000
. Bonds maturing after April 1, 1992, will be subject to redemption and
prepayment on that date and thereafter at par plus accrued interest. No
rate of interest nor the net effective rate of the issue may exceed the
maximum rate permitted by law. Bidders must specify a price of not less
that $8,766,500 plus accrued interest. A legal opinion on the Bonds will
be furnished by LeFevere, Lefler, Kennedy, O'Brien b Drawz, a Professional
Association, Minneapolis, Minnesota. The proceeds of the Bonds will be
used to finance a portion of the costs of various Improvement projects in
and for the City.
Bidders should be aware that the Official Statement of Offering to be
published in the Official Statement for the Offering may contain
additional bidding terms and information relative to the Issue. In the
event of a variance between statements in this Notice of Bond Sale and
said Official Terms of Offering, the provisions of the latter shall be
those to be complied with.
BY ORDER OF THE CITY COUNCIL
/s/ Laurie Houk
City Clerk
Dated: February 25, 1985.
Further Information:
10Ehlers and Associates
First National -Soo Line Concourse
507 Marquette Avenue
Minneapolis, Minnesota 55402