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HomeMy WebLinkAboutCity Council Resolution 1988-379Extract 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 the City on Monday, June 27, 1988, commencing at 7:30 P.M. The following members of the Council were present: Councilmembers Vasiliou, Ricker, Zitur and Sisk and the following were absent: None eee ref Mayor Schneider, ee• The following resolution was presented by Councilmember 'Sisk who moved its adoption: RESOLUTION NO. 379 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,950,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A BE IT RESOLVED By the City Council of the City of Plymouth, Hennepin Canty, Minnesota (City) as follows: 1. It is hereby determined that: (a) 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 provisions of Minnesota Statutes, Chapter 429 (Act): ,. Project Designation 6 Description: 1988 Improvement Projects 630 Harrison Hills Sanitary Sewer 655 Fernbrook Lane Adj. to Ring North Addn. 660 Woodcreek Addn. Drainage Improvements 720 Fernbrookwoods Addn. Improvements 737 Tyrell 5th Addition Improvements 751 Carlson Center 8th Addn. Improvements 813 22nd Ave. in Steeplechase Addn. 815 Revere Lane Improvements 816 West Med. Lake Dr./Hly. 55 Frontage Rd. Amount to Finance Dis. unt Allowance Finance related fees Capitalized Interest Subtotal Less: Interest warned Amount of 429 Bond Issue (b) it is necessary and expedient management of the affairs $3,950,000 General Obligation 1988A (Bonds) pursuant to the for the Improvements. Total Project Cost $ 91,000 106,000 60,000 560,000 141,000 202,500 262,500 1,774,000 732.000 $3,929,000 $3,929,000 69,125 28,500 0 4,026,625 76,625 #3,950,000 to the sound financial of the City to issue Improvement Bonds, Series Act to provide financing 2. In order to provide financing for the Improvements, the City will therefore issue and sell Bonds in the amount of #3,880,875. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $69,125. The excess of the purchase price of the Bonds over the sum of $3,880,875 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $3,950.000 General Obligation Improvement Bonds, Series 1988A City of Plymouth Hennepin County, Minnesota (Global Book Entry System) NOTICE IS HEREBY GIVEN that sealed bids for the above bonds will be received until 6:30, p.m., C.T. on Monday, August 1. 1988, in the offices of the City Manager, City Hall, 3400 Plymouth Boulevard, Plymouth, Minnesota 55447, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:30 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 assessable public improvements in the City. The bonds will be general obligations of the City, for which its full faith, credit and taxing powers are pledged together with special assessments against benefitted properties. Date and Maturities The bonds will be issued only in fully registered global book entry form, will be dated August 16, 1988, will be in denomina- tions of integral multiples of $5,000 each and will mature on February 1, in the years and amounts as follows: Year Amount 1991 $775,000 1992 800,000 1993 850,000 1994 825,000 1995 700,000 Redemption The City may elect on February 1, 1993 or on any interest payment date thereafter to redeem and prepay bonds of this issue maturing on or after February 1, 1994 at a price of par plus accrued interest to data of redemption. Prepayment may be in whole or in part and will be In inverse order of maturities and by lot within maturities. Interest Interest on the bonds will be payable on August 1, 1989, and semiannually thereafter on each February 1 and August 1. 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 1/20 or 1/8 of 1%. Registration: Book Entry . The Bonds when issued will be registered in the name of Cede 6 Co., as nominee of the Depository Trust Company, New York, New York (DTC). DTC will act as securities depository for the Bonds. Individ- ual purchases will be made in book entry form only in principal amounts of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing their interest in the Bonds pur- chased. Principal and interest will be paid by the City to DTC who will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds. 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 deliver the bonds to DTC, the unqualified opinion thereon of bond counsel, and a certif- icate 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 & Drawz,.a Professional Associa- tion, 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 benefitted properties and that the City is required by law 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 established above for the opening of bids. Each bid must be unconditional. A good faith deposit in the amount of $79,000 must be submitted with each bid. The good faith deposit must be in the form of a certified or cashier's check or bank draft or a wire transfer of funds to Resource Bank 6 Trust Company, ABA X109-19-0550-6 for further credit to Ehlers and Associates, Inc., Bond Issue Escrow Account #850-788-1, attention Nancy Allen. The good faith deposit will be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the bonds. The bid authorizing the lowest net interest cost (total interest from date of bonds to stated maturities less any cash premium or plus any discount) will be deemed the most favorable. No oral bid and no bid of less than $3,880,875 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. a• . BY ORDER OF THE CITY COUNCIL /s/ Laurie Rauenhorst City Clerk Dated: June 27, 1988. 3. The Clerk is authorized and directed to advertise the Bonds for sale in accordance with 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 law. The City Council will meet at 7:30 p.m. on Monday, August 1, 1988, to consider bids on the Bonds and take any other appropriate action with respect to the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Zitur , and upon vote being taken thereon the following members voted' in favor of the motion: Mayor Schneider, Councilmembers Vasiliou, Ricker, Zitur and Sisk and the following voted against: None whereupon the resolution was declared duly passed and adopted. Exhibit A NOTICE OF BOND SALE $3,950,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A CITY OF PLYMOUTH, HENNEPIN COUNTY, MINNESOTA (GLOBAL BOOR ENTRY SYSTEM) NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 6:30, p.m., C.T. on Monday, August 1, 1988, In the offices of the City Manager, City Hall, 3400 Plymouth Boulevard, Plymouth, Minnesota 55447, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:30 p.m. on the same day. The bonds are offered on the following terms. The bonds will be dated August 16, 1.988, will bear interest payable semiannually on each August 1 and February 1, com- mencing August 1, 1989, and will mature on February i in the years and amounts as follows: Year Amount 1991 ;775;000 1992 800,000 1993 850,000 1994 825,000 1995 700,000 The City may elect on February 1, 1993 or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after February 1, 1994 at a price of par plus accrued interest to'date of redemption. The bonds will be issued in Global Book Entry form only. Bidders must specify a price of not less than $3,880,875 plus accrued interest. A legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien 6 Drawz, a Professional Association, Minneap- olis, Minnesota. The proceeds of the bonds will be used to finance a portion of the costs of various assessable public improvements 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 bidders must comply with the terms of the latter. BY ORDER OF THE CITY COUNCIL /s/ Laurie Rauenhorst City Clerk Dated: June 27, 1988.