HomeMy WebLinkAboutCity Council Resolution 1990-702W
Extract 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, October 15, 1990, commencing at 7:00 P.M.
The following members of the Council were present: Mayor Bergman, Helliwell,
Ricker, Vasiliou and Zitur
and the following were absent: None
•ss
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The following resolution was presented by Councilmember Ricker who moved its
adoption:
RESOLUTION NO. 90-702
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $5,000,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1990
BE IT RESOLVED By the City Council of the City of Plymouth, Hennepin County,
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);
Proiect Designation & Description:
Total Project Cost
Project Number
945 15th Ave. No. of South Shore Drive $ 12,600
947 9th Ave./Ranchview Lane 84,500
948 Rockford Road Plaza Improvements 1,186,000
008 Bass Creek Business Park Improvements 1,720,000
011 Northwest Blvd./Schmidt Lake Road 304,500
012 County Road 101/Country Road 9 Watermain 84,100
014 Northwest Trunk Sanitary Sewer 869,000
015 North Central Trunk Sanitary Sewer 210,900
016 Drainage Pond BC -P1 115,800
025 25th Ave. Watermain-Lancaster to Kilmer 11,000
034 Schmidt Gardens Addition Watermain 22,100
Net Amount to Finance $4,620,500
Discount Allowance 60,000
Finance Related Fees 32,000
Capitalized Interest 380,000
Subtotal $5,092,500
Less: Interest Earned (92,500)
Total $5,000,000
(b) it is necessary and expedient to the sound financial management of the affairs of
the City to issue $5,000,000 General Obligation Improvement Bonds of 1990
(Bonds) pursuant to the Act to provide financing for the Improvements.
2. To provide financing for the Improvements, the City will issue and sell Bonds in
the amount of $4,940,000. To provide in part the additional interest required to market the
Bonds at this time, additional Bonds will be issued in the amount of $60,000. The excess of
the purchase price of the Bonds over the sum of $4,940,000 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
$5,000,000 General Obligation Improvement
Bonds of 1990
City of Plymouth
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds
will be received until 11 :oo am, C.T. on Monday, November 19, 1990, in the offices of the
City Manager in the Plymouth 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 7:00 p.m. 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 financing 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 in fully registered form, will be dated December 16,
1990, will be in denominations of integral multiples of $5,000 each and will mature on
February 1, in the years and amounts as follows:
Year
Amount
Year
Amount
11993
$600,000
1998
$400,000
1994
675,000
1999
400,000
1995
725,000
2000
450,000
1996
400,000
2001
475,000
1997
400,000
2002
475,000
Reds
The City may elect on February 1, 1995 or on any interest payment date thereafter to
redeem and prepay bonds of this issue maturing on or after February 1, 1996 at a price of
par plus accrued interest to date 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, 1991, 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 h Co., as nominee
of the Depository Trust Company, New York, New York (DTC). DTC will act as securities
depository for the Bonds. Individual 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 purchased. 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 assumes no obligation for the assignment or printing of CUSIP numbers
on the bonds or for the correctness of any num-bers 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 Holmes & Graven,
Chartered, 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.
Official Statement
The City has authorized the preparation of an Official Statement containing
pertinent information relative to the Bonds, and said Official Statement will serve as a
nearly -final Official Statement as required by Rule 15e2-12 of the Securities and Exchange
Commission. The Official Statement, when further supplemented by an addendum or
addenda specifying the interest rates of the Bonds, together with any other information
required by law, shall constitute a Final Official Statement of the City with respect to the
Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or
underwriting syndicate submitting an Official Bid Form therefor, the City agrees that, no
more than seven business days after the date of such award, it shall provide without cost to
the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies
of the Official Statement and the addendum or addenda described above. The City
designates the senior managing underwriter of the syndicate to which the Bonds are awarded
as its agent for purposes of distributing ccr°cs of the Final Official Statement to each
Participating Underwriter. Any underwriter executing and delivering an Official Bid Form
with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall
accept such designation and (ii) it shall enter into a contractual relationship with all
Participating Underwriters of the Bonds for purposes of assuring the receipt by each such
Participating Underwriter of the Final Official Statement.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must be received
prior to the time specified above for the opening of bids. Each bid must be unconditional. A
good faith deposit in the amount of $100,000 must be submitted with each bid. The good
faith deposit must be in the form of a certified or cashiers check or bank draft or a wire
transfer of funds to Rescurce Bank & Trust Company, ABA $09-10-0550-6 for further credit
to Ehlers and Associates, Inc., Bond Issue Escrow Account 11850-788-1, attention Molly
Majerle. 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
$4,940,000 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 Rauenhorst
City Clerk
Dated: October 15, 1990.
3. The Clerk is authorized and directed to advertise the Bonds for sale in
accordance with the foregoing Official Notice of Sale and to publish the abbreviated notice
of sale attached hereto as Exhibit A in the manner required by law. The City Council will
meet at 7:00 p.m. on Monday, November 19, 1990, 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 Vasiliou, and upon vote being taken thereon the following members voted in
favor of the motion: Mayor Bergman, Helliwell, Ricker, Vasiliou and Zitur
and the following voted against: None
whereupon the resolution was declared duly passed and adopted.
Exhibit A
NOTICE OF BOND SALE
$5,000,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1990
CITY OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will
be received until 11:00 am , C.T. on Monday, November 19, 1990, in the offices of
the City Manager in the Plymouth 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 7:00 p.m. C.T. on the same day. The bonds are offered on the
following terms. The bonds will be dated December 16, 1990, will bear interest payable
semiannually on each February 1 and August 1, commencing August 1, 1991, and will mature
on February 1 in the years and amounts as follows:
Year
Amount
Year
Amount
1993
$600,000
1998
400,000
1994
675,000
1999
400,000
1995
725,000
2000
450,000
1996
400,000
2001
475,000
1b 1997
400,000
2002
475,000
The City may elect on February 1, 1995 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, 1996 at a price of par plus
accrued interest to date of redemption.
Bidders must specify a price of not less than $4,960,000 plus accrued interest. A legal
opinion on the bonds will be furnished by Holmes do Graven, Chartered, Minneapolis,
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 Rauenhotst
City Clerk
Dated: October 15, 1990.
.W
NSTATE OF MINNESOTA )
COUNTY OF HENNEPIN )
CITY OF PLYMOUTH )
1, the undersigned, being the duly qualified and acting Clerk of the City of
Plymouth, Minnesota, hereby certify that i have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council of the City held on
Monday, October 15, 1990, with the original minutes on file in my offlee and the extract is a
full, true and correct copy of the minutes, insofar as they relate to the issuance and sale of
$5,000,000 General Obligation Improvement Bonds of 1990 of the City.
�k
n /WITNESS My hand as City Clerk and the corporate seal of the City this / � day
of 1990.
(SEAL)
RES10.
Citj Clerk
City of Plymouth, Minnesota