HomeMy WebLinkAboutCity Council Resolution 1986-270Extract of Minutes of Meeting
of the City Council of the City
of Plymouth, Hennepin County, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Plymouth, Hennepin County, Minnesota, was held at
the City Hall in said City on Monday, May 5, 1986, commencing at 7:00
o'clock P.M.
The following members were present:
Mayor Schneider, Councilmembers Crain, Sisk, Vasiliou and Zitur
and the following were absent:
none
e*e *ee **e
The following resolution was presented by Councilmember Sisk
who moved its adoption:
RESOLUTION NO. 86-270
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $4,725,000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 198"
BE IT RESOLVED By the City Council of the City of Plymouth,
Hennepin County, Minnesota (City) as follows:
1. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements") have been made, duly ordered or con—
tracts let for the construction thereof, by the City
pursuant to the provisions of Minnesota Statutes,
. Chapter 429: '
(b) That it is necessary and expedient to the sound finan-
cial management of the affairs of the City to issue
;4,725,000 General Obligation Impravams: nt Bonds of 1966
(Bonds) to provide financing for the Improvements.
2. In order to provide financing for the Improwowe stop the City
shall therefore issue and sell Bonds in the amount of $4,654,125. in
order to provide in part the additional interest required to market
the Bonds at this time, additional Bonds shall be lased In the amount
of $70,875. Any excess of the purchase price of the Bonds over the
sum of ;4,654,125 shall be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on such
additional Bonds. The Bonds shall be issued and sold in accordance
with the terms of the following Official Notice of Sale:
Lateral i Area
Project Description Total Cost
Special Assess.
Term
324 34th Ave/Park Place Add
; 53,450
; 53,450
3 yrs.
530 Tyrell Addition
456,220
456,220
5 yrs.
534 Carlson Center 6th Add.
167,560
167,560
5 yrs.
539 Svan Lake Highlands
782,910
782,910
5 yrs.
542 Olive Lane
132,750
132,750
5 yrs.
544 Ferubrook Lane No. -
Co. Rd. 9
1,357,110
901,450
10 yrs.
566 Robert Middlemist/4th
St. Sever
4,480
4,480
5 yrs.
609 47th Ave. -West of
Middlemist
801000
80,000
15 yrs.
616 Scherer Bros. 2nd Add.
102,300
102,300
10 yrs.
011-
001 Bass Lake Plaza Area -
Streets 6 Utilities
1,300,000
1,300,000
10 yrs.
Total construction estimate
;4,436,750
$3,981,120
Less: Cash from Utility
trunk fund
4,415
Amount to finance
;4,432,365
Discount allowance
70,875
Finance related fees
.
33,000
Capitalized interest (.75 yr.)
204,000
Subtotal
$4,740,240
Less: Interest earned
15,240
Amount of bonds
;4,725,000
(b) That it is necessary and expedient to the sound finan-
cial management of the affairs of the City to issue
;4,725,000 General Obligation Impravams: nt Bonds of 1966
(Bonds) to provide financing for the Improvements.
2. In order to provide financing for the Improwowe stop the City
shall therefore issue and sell Bonds in the amount of $4,654,125. in
order to provide in part the additional interest required to market
the Bonds at this time, additional Bonds shall be lased In the amount
of $70,875. Any excess of the purchase price of the Bonds over the
sum of ;4,654,125 shall be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on such
additional Bonds. The Bonds shall be issued and sold in accordance
with the terms of the following Official Notice of Sale:
. OFFICIAL
NOTICE OF SALE
$4,725,000 General Obligation Improvement Bonds, Series 1986A
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the above bonds
will be received in the office of the Plymouth City Manager at the
City Center, 3400 Plymouth Boulevard, Plymouth, Minnesota 55447,
until 5:00 p.m. C.T. on Tuesday, May 20, 1986, at which time the bids
will be opened and tabulated for presentation to and consideration by
the City Council at a special meeting at 5:30 p.m. C.T. on the same
day. The bonds are offered on the following terms.
Purpose and Security
The purpose of the bonds is to provide funds for the finan-
cing of various assessable public improvements in the City. The bonds
will be general obligations of the issuer, for which its full faith,
credit and taxing powers are pledged together with special assessments
against benefitted property.
® Date and Maturities
The bonds will be issued in fully registered form, will be
dated June 1, 1986, will be in integral multiples of $5,000 each and
will mature on March 1 in the following years and amounts:
Year
Amount
Year
Amount
1988
$250,000
1993
$800,000
1989
400,000
1994
700,000
1990
500,000
1995
300,000
1991
600,000
1996
375,000
1992
800,000
Redemption
The City may elect on March 1, 1994 to redeem and prepay
bonds of this issue in whole or in part, in inverse order of
maturities and by lot within maturities, maturing in the years 1995
and 1996 at a price of par plus accrued interest to date of redemp-
tion.
Interest
Interest on the bonds will be payable on March 1, 1987, and
. semiannually thereafter on each September 1 and March 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 prin-
cipal 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 its option, will deposit with a
bank in the United States selected by it 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 i Drawz, a Professional Associa-
tion 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 bondi are valid and binding general obligations of the
City, payable from special assessments against benefited property, and
that the City is obligated and required to levy taxes for the princi-
pal and Interest thereon as the same become due without limit as to
rate or amount.
Type of Sid - 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 $94.500, payable to the City
Finance Director. to be retained by the City as liquidated damages if
the bid is accepted and the bidder fails to comply therewith. The bid
authorizing the lowest net interest cost (total interest from date of
bonds to stated maturities, less any cash premium or plus any amount
less than $4,725,000 bid for principal) will be deemed the most
favorable. No oral bid and no bid of less than $4,654.125 for princi-
pal 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
/s/ Laurie Houk
City Clerk
Dated: May 5. 1986.
. 3. The City Clerk is authorized and directed to advertise the
Bonds for sale in accordance pith the foregoing Official Notice of
Sale and to cause the abbreviated notice of sale attached hereto as
Exhibit A, to be published in the manner required by lar. The City
Council shall meet on Tuesday, May 20, 1986, at 5:30 o'clock p.m. for
the purpose of considering bids on the Bonds and taking any other
appropriate action.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilaembar Zitur and upon vote
being taken thereon, the following voted in favor of the motion:
Mayor Schneider, Councilmembers Crain, Sisk, Vasiliou and Zitur
and the following voted against:
none
Dwhereupon said resolution was declared duly passed and adopted.
EXHIBIT A
NOTICE OF BOND SALE
$4,725,000
GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1986A
CITY OF PLYMOUTH, M11,iNESOTA
HENNEPIN COUNTY
NOTICE IS HEREBY GIVEN that sealed bids for the above bonds
will be received in the office of the Plymouth City Manager at the
City Center, 3400 Plymouth Boulevard, Plymouth, Minnesota 55447,
until 5:00 p.m. C.T. on Tuesday, May 20, 1986, at which time the bids
will be opened and tabulated for presentation to and consideration by
the City Council at a special meeting at 5:30 p.m. C.T. on the same
day. The bonds are offered on the following terms. The Bonds will be
dated June 1, 1986, will bear interest payable semiannually on each
March 1 and September 1 to maturity, commencing March 1, 1987, and
gill on March 1 in the year and amounts as follows:
Year
Amount
Year
Amount
1988
$250,000
1993
$800,000
1989
400,000
1994
700,000
1990
500,000
1995
300,000
1991
600,000
1996
375,000
1992
800,000
The City may elect on March 1, 1994 to redeem ane{ prepay bonds of this
Issue in whole or in part, in inverse order of maturities and by lot
within maturities, maturing in the years 1995 and 1996 at a price of
par plus accrued interest to data of redemption.
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 than $4,654,125 plus accrued interest. A legal opinion on
the Bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien 6
Drawn, a Professional Association, Minneapolis, Minnesota. The
proceeds of the Bonds will be used to finance a portion of the costs
of various assessable improvement projects in the City.
Bidders should be aware that the Official• Statement to be distributed
for the Bonds may contain additional bidding terms and information
relative to the Bonds. In the event of a variance between statements
In this Notice of Bond Sale and the Official Statement, the provisions
of the latter shall be those to be complied with.
BY ORDER OF THE CITY COUNCIL
/s/ Laurie Houk
City Clerk
• Dated: May 5, 1986.
• STATE OF MINNESOTA )
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
special meeting of the City Council cf said City hold on Monday, May
5, 1986, 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 $4,725,000 General Obligation Improvement
Bonds, Series 1986A, of the City.
DWITNESS My hand as such City Clerk and the corporate seal of
the City this day of
(SEAL)
, 1986.
City Clerk
City of Plymouth, Minnesota