HomeMy WebLinkAboutCity Council Resolution 1985-183After due consideration of the bids. Councilor ber Neils
introduced the following resolution and moved its adoptions
RESOLUTION NO. 85-183
RESOLUTION AVARDINC THE SALE OF $8.900.000
GENERAL OBLIGATION BONDS OF 1985;
FIXING THEIR YOM AND SPECIFICATIONS;
DIRECTING THEIR ETECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT.
BE IT 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. Jaffrey & Hopwood (pvN
-haser) to purchase $8.900.000 General Obligation Improvement Bonds of 1983
(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 $
plus accrued interest to date of delivery. for Bonds bearing interest as
follows:
Year of Interest
Maturity Rate
1987
1988
1989
1990
Year of Interest
Maturity Rate
1991
1992
1993
199A
1995
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 forth-
with. The sum of $ being the amount offered by the Purchaser in
excess of $8.766.500 shall be credited to the Debt Service Fund created by
Section 3.
1.02. The City shall forthwith issue and sell the Bonds in the total
principal amount of S8.900,000, originally dated as of April 1. 1985, 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:
Year
Principal
Year
Principal
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 11000,000
The City may elect on April 1, 1992, and on any interest payment date
thereafter, to prepay bonds due on or after April 1, 1993. Redemption may
be in whole or in part of the Bonds subject to prepayment. If redemption
is in part, Bonds remaining unpaid which have the latest maturity date will
be prepaid first. If only part of the Bonds having a zommon maturity date
are called for prepayment the specific bonds to be prepaid Will be chosen
by lot by the Registrar. 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 surr•.nder of each Bond,
the principal amount thereof shall be payable by check or draft issued by
the Registrar described herein.
2.02. Dates; Interest Payment 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 (i) 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, 1985, in which case such Bond shall
be dated as of April 1, 1985. The interest on the Bonds shall be payable
on October 1 and April 1 in each year, commencing October 1, 1985, to the
owner of record thereof as of the close of business on the fifteenth 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 paying 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 duly
authorized by the registered owner in writing, the Registrar shall
authenticate and 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 and 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 Destroved Bonds. In case any
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 indeemity in
form, substance and amount satisfactory to it, in which both the City
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
, Minnesota, as
the initial Registrar. The Mayor and the Manager are authorized to execute
and deliver, on behalf of the City, a contract with the Registrar. Upon
merger or consolidation of the Registrar with another corporation, if the
resulting corporation is a bank or trust company authorized by lar to
conduct such business, such corporation shall be authorized to act as
successor Registrar. 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 appointflent
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 data, without further order of this Council,
the Finance Director shall transmit to the Registrar moneys sufficient for
the payment of all principal and interest then due.
2.05. Execution Authentication and Volive . The fonds shall be
prepared under the direction of the Clark and shall be executed am behalf
of the City by the signatures of the Mayor and the Masager, presided that
all signatures may be printed, engraved or litbographod facia Um of the
originals. In case any officer whose signature or a facsis±ile of whose
signature shall appear on the fonds shall cease to be smeb officer betore
the delivery of any Bond, such signature or isesimile shah nererehele•e be
valid and sufficient for all purposes, the same " it he had remained to
office until delivery. Notwithstanding such execution, me fond shall be
valid or obligatory for any purpose or entitled to emir security or bemofit
under this Resolution unless and until a certificate of autbaoti"tion om
such Bond has been duly executed by the manual signature of a• awtheriged
representative of the Registrar. Certificates of amtbomtt"tiom an diffel—
ant fonds need not be signed by the same represemtative. The oxt auW
certificate of authentication on each fond shall be eemclmsive meidomce
that it has been authenticated and delivered under this Remeloties, W40
the bonds have been so prepared, executed and tie p
Director shall deliver the sass to the Tur€baser tbeemef wpm pgvw@%t o
the purchase price in accordanee with the costract of sale %*W torore wade
and executed. and the Purchaser Asti not bo obltgst@# to eme to obs
application of the purchase price.
2.06. Poem of fonds. The Sov4s shall he pelog" im oihsr4pgfallr tbt
following forst
[Face of the Bond]
UNITED STATES OR AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
GENERAL OBLIGATION IMPROVEMENT BOND OF 1985
Date of
Rate Maturity Original Issue
April 1, 1985
No. R-
CUSiP
KNOW EVERYONE BY THESE PRESENTS that the City of Plymouth, a duly
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 $ on the maturity date
specified above, with interest thereon from the date hereof at the annual
rate specified above, payable October 1 and April 1 in each year,
commencing October 1, 1985, 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
Minnesota, as Bond Registrar,
Authenticating Agent and Paying Agent, or its designated successor 1►neer
the Resolution described herein. For the prompt and 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 are hereby
irrevocably pledged.
The City may elect on April 1, 1992, and on any interest payment date
thereafter, to prepay bonds of this issue due on or after April 1, 1993.
Redemption may be in whole or in part of the Bonds subject to prepayment.
If redemption is in part, Bonds remaining unpaid which have the latest
maturity 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. All prepayments shall be
at a price of par and accrued interest.
Additional provisions of this Bond are contained on the reverse bereof
and such provisions shall for all purposes have the same affect as though
fully sat forth to this place.
This Bond shall not be valid or become obligatory for any purpose or
be entitled to any security or bewfit under the Resolution until the
Certificate of Authentication bereom shall have been executed by the Bond
Registrar by manual signature of one of its authorised representatives.
IN WITNESS IMME07. the City of Plymouth, Hennepin County, Minnesota,
by its City Council@, has caused this Bond to be executed on its behalf by
the facsinile signature* of the Mayor and City Manager and has caused this
Pond 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 Bondl
This Bond is one of an issue in the aggregate principal amount of
S8,900,000, all of like original date and tenor, except as to number.
maturity date. interest rate, and provision for redemption. issued pursuant
to a resolution adopted by the City Council on March 18. 1985 (the Resolu-
tion), for the purpose of providing money to defray the expenses incurred
in making local improver-ents, pursuant to and in full conformity with the
Constitution and laws 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 of 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 reimbursement 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, COVFNANTED 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 bin:'ing
general obligation of the City in accordance with its terns, have b,.�n
done, do exist, have happened and have been performed as so required, ad
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 Signature)
City Clerk
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) (14inor
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 . e 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 owners if
the Bonds are held by joint account)
?lease insert social security or
other identifying number of assignee
2.07. The Clerk shall obtain a copy of the proposed approving legal
opinion of LeFevere, Lefler, Kennedy, O'Brien b Drawz, a Professional
Association, Minneapolis, Minnesota, which shall be complete accept as to
dating thereof and shall cause the opinion to be printed on each Bond,
together with a certificate to be signed by the facsimile signature of the
Clerk in substantially the form set forth in the fors of Bond. The 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.
Section 3. Security: Payment.
3.01. The Bonds shall be payable from the General Obligation Improve -
rent Bonds of 1985 Fund (Debt Service Fund) hereby created, and the pro-
ceeds of general taxes (Taxes) hereafter levied and special assessments
(Assessments) levied and 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 not sufficient money in the Debt Service Fund to pay the same, the
Finance Director 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. Is is hereby determined that the City will levy Assessments in
the principal amount of at least 202 of the cost of the Improvements. 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 said City, which Tax levies shall be in the years and amounts
as follows (year stated being year of levy for collection the following
year) :
Year Levy Year Lever
It is hereby determined that the estimated collection of Assesavents and
Taxes for the payment of the Bonds will produce at least five percent 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 Taxation of Aennepin County
and obtain the certificate required by Minnesota Statutes, Section 475.63.
The taxes may be redeemed annually as provided to Minnesota Statutes,
rSection 475.61.
. 3.03. It is hereby determined that the Improvements to be financed by
the Bonds 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 has caused or will cause the Assessments
for the Improvements to be promptly levied will take all
steps necesscry to assure prompt collection, and the levy of
the Assessments is hereby authorized. The City Council
shall cause all further actions and proceedings 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, 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 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 Rouds a -id 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 Bonds and such instruments, including any heretofore fur-
nished, shall be deemed representations of the City as to the facts stated
therein.
4.02. The Mayor, Manager and Finance Director are hereby authorized
and directed to certify that they have examined the Official Statement
prepared and circulated in connection with the issuance and sale of the
10 Bonds and that to the beat of their knowledge and belief the Official
Statement is, as of the date thereof, a complete and accurate repro-
sentation 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 Crain and upon vote being taken thereon, the
following voted in favor thereof:
Mayor Davenport, Councilmembers Crain, Neils, Schneider and Vasiliou
and the following voted against:
None
whereupon said resolution wan declared duly passed and adopted.
STATE 0:' MINNESOTA )
COUNT'_' 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 18, 1985, with the original
thereof on file in my office and I further certify 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 $8.900.000 General Obligation Improvement
Bonds of 1985.
WITNESS My hand as Clerk and the corporate seal of the City this
. _ day of , 1985.
City Clerk
City of Plymouth, Minnesota
(SEAL)
STATE OF MINNESOTA DIRECTOR OF PROPERTY TAXATION'S
CERTIFICATE AS
COUNTY OF HENNEPIN TO REGISTRATION
AND TAF. LEVY
I. the undersigned Director of Property Taxation of Hennepin County,
Minnesota, hereby certify that a certified copy of a resolution adopted by
the governing body of the City of Plymouth. Minnesota. on Monday, March 18,
1985, providing for the issuance of the City's General Obligation
Improvement Bonds of 1985, in the total principal amount of $8,900,000, and
dated April 1, 1985, and levying taxes therefor, has been filed in my
office, and I further , !rtify that said Bonds have been registered on the
register of obligations in my office and that the taxes have been levied as
required by law.
WITNESS My hand and official seal this day of
, 1985.
(SEAL)
Director of Property Taxation
Hennepin County, Minnesota
COMPUTATION OF TAX LEVY
ON —
Exhibit A
00,000 GENERAL OBLIGATION IMPROVEMENT BONDS
OF PLYMOUTH, MINNESOTA
SPECIAL
LEVY
P&I PLUS 5 %
ASSESSEMENTS
MSA PAYMENTS
UTILITY TRUNK
NET TAX
1985
$1,37.3,452.50
$1,527,259.00
$170,037.00
$30,751.00
$354,594.49 $0
1986
$1,484,962.50
$1,447,328.00
$173,223.00
$33,397.00
$523,579.99 $0
1987
$1,427,475.00
$1,367,397.00
$171,115.00
$37,143.00
$671,759.99 $0
1988
$1,526,700.00
$1,287,465.00
$173,589.00
$35,470.00
$641,583.99 $0
1989
$1,560,825.00
$1,207,534.00
$170,227.00
$33,798.00
$492,317.99 $0
1990
$1,741,950.00
$850,043.00
$171,446.00
$37,125.00
$191,018.00- $191,100
1991
$1,899,450.00
$796,101.00
$171,829.00
$35,035.00
$896,485.00- $896,500
1992
$1,402,012.50
$648,382.00
$171,376.00
$37,944.00
$544,310.50- $544,400
1993
$1,141,875.00
$603,216.00
$170,087.00
$35,436.00
$333,136.00- $333,200
0
$13,558,702.50
$9,734,725.00
$1,542,929.00
$316,099.00
$1,965,200
NOTE: SPECIAL ASSESSMENTS OF $1,290,272 WILL BE
RECEIVED IN 1994
THROUGH 2000
FOR CREDIT TOWARDS THIS SINKING FUND. THE CITY
WILL REDUCE LEVIES BY FUNDS
AVAILABLE IN THE SINKING FUNDS
IN THE YEARS
1990 THROUGH 1993.
NOTE: BOND PROCEEDS
(CAPITALIZED INTEREST) OF $708050.00
WILL BE USED TO PAY $708050.00
OF INTEREST
PAYMENTS DUE
10/1/1985 b 4/1/1986.
CAPITALIZED INTEREST, FUNDS AVAILABLE & FUNDS ON HAND
HAVE BEEN DEDUCTED FROM THE FIRST YEAR LEVY SHOWN ABOVE.
COMPUTER ROUNDING MAY CAUSE DIFFERENCE OF A FEW DOLLARS
WHEN CHECKING COLUMN TOTALS WITH TOTALS SHOWN.
PROGRAM 'LEVYCALC', COPYRIGHT, EHLERS 6 ASSOCIATES, INC., 10/15/1984
04952