HomeMy WebLinkAboutCity Council Resolution 1991-766RESOLUTION NO. 91-766
RESOLUTION RELATING TO GENERAL OBLIGATION
PARK IMPROVEMENT BONDS OF 1980: CALLING
BONDS FOR REDEMPTION AND PREPAYMENT:
AUTHORIZING THE ISSUANCE AND SALE
OF GENERAL OBLIGATION REFUNDING BOND
(SPECIAL SERIES 1992)
BE IT RESOLVED By the City Council of the City of Plymouth, Minnesota
(City) :
Section 1. Background: Findings.
1.01. The City has issued and sold its $2,950,000 General Obligation Park
Improvement Bonds of 1980 (Prior Bonds), dated May 1, 1980. The Prior Bonds
mature serially on February 1, in the years 1992 through 1996, both inclusive. The
outstanding balance of the Prior Bonds is $1, 500, 000. The Prior Bonds maybe called
for prepayment and redemption on February 1, 1992 ( Call Date) and on any interest
payment date thereafter.
1.02. It is found and determined that there are on hand in City Fund 403
(Utility Trunk Fund) adequate monies that can be made available to provide funds
to redeem and prepay the Prior Bonds on the Call Date.
1.03. Pursuant to the Section 475.61, Subdivision 1 Act the resolution
awarding the sale of the Prior Bonds levied ad valorem taxes (Taxes) on all taxable
property in the City to pay when due the principal of and interest on the Prior
Bonds. Section 475.61, Subdivision 4 of the Act authorizes the City to use the
proceeds of the Taxes to repay advances tvde by other City funds used for
payments of principal of and interest on bonds for which the Taxes were levied.
1.04. It is further found and determined that pursuant to Section 475.67 of
the Act that the City may issue and sell its general obligationw bonds and
that pursuant to Minnesota Statutes 471.56, such refunding bonds a proper
Investment for available City funds.
1.05. It is further found and determined that it is in the best financial
interests of the City and its sound financial management that:
(a) the Prior Bonds be called for redemption on the can Fate;
(b) funds to redeem and prepay the Prior Bonds be made available from
City Fund No. 403;
(c) the City issue and sell its General Obligation Refunding Bonds (Special
Series 1992) (Refunding Bond) to refund the Prior Bonds; and
(d) City Fund No. 403 purchase the Refunding Bonds.
0=4877
nioo-u9
Sec. 2. Authorization: Directions.
2.01 The Prior Bonds are called for redemption and prepayment on February
1, 1992. The Clerk is authorized and directed to publish the Notice of Call in
substantially the form attached hereto as Exhibit A and to send copies of the notice
to the paying agent for the Prior Bonds and to the Original Purchaser of the Prior
Bonds.
2.02. The City will issue and sell the Refunding Bonds to City Fund No. 403
at a price of par. The Refunding Bonds will be a single typewritten bond in
substantially the following form:
UNITED STATES OF AWRICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH, MINNESOTA
GENERAL OBLIGATION REFUNDING BOND
(SPECIAL SERIES 19921
$1,305,000
The City of Plymouth, Minnesota ( City) acknowledges itself to be indebted and
for value received promises to pay to the City Fund 403 (Utility Trunk Fund) the -
principal amount of $1,305,000 on February 1, 1996, and to pay interest on the
unpaid installment amounts on February 1 of each year commencing on February 1,
1993, at the rate of 7.00% per annum, all principal and interest payable at the office
of the City Finance Director. This bond is subject to prepayment in whole or in part
on any date at a price of par plus accrued interest to date of redemption.
This bond is issued pursuant to a resolution of the City Council adopted on
December 2, 1991 (Resolution) for the purpose of (i) refunding a portion of the
principal amount of certain general obligation bonds of the City (more fully described
in the Resolution) which have been issued by the City to finance all or a portion of
the costs of park improvements constructed by the City and is payable primarily
from ad valorem tax levies, and (ii) to repay advances from City Fund 403 made by
the City to pay principal and interest on the obligations described in the Resolution.
The City Council in and by the Resolution has made provision for the payment of the
obligations described in the Resolution and has estimated that the primary source of
payment for this bond is sufficient to pay when due the principal of and interest on
this bond. The full faith, credit and taxing powers of the City are pledged in and
by the Resolution to the payment of this bond.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED 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 preformed preliminary to and
int he issuance of this Bond in order to make it a valid and binding general obligation
of the City in accordance with its terms, have been done, do exist, have happened
and have been performed as so required, and that the issuance of this Bond does not
cause the indebtedness of the City to exceed any constitutional or statutory
limitation of indebtedness.
0JR24077
nioo-iis
IN WITNESS WHEREOF, the City of Plymouth, Hennepin County, Minnesota,
by its City Council, has caused this Bond to be executed on its behalf by the manual
signatures of the Mayor and City manager and has caused this Bond to be dated as
of the date set forth below.
Dated:
CITY OF PLYMOUTH, MINNESOTA
City Manager Mayor
2.03. The Refunding Bond is to be executed by the manual signature of the
Mayor and the City Manager.
2.04. The Refunding Bond is payable from the proceeds of the Taxes. The
Taxes are pledged a special account in City Fund 403 hereby designated as the
Special Series 1992 Debt Service Fund for the Refunding Bond. If any payeuatt of
principal or interest on the Refunding Bond becomes due and payable when there is
not sufficient monies in the Special Series 1992 Debt Service Fund to pay the suet the
Finance Director must pay such principal and interest from the general fund of the
City and the agreed fund may be reimbursed for such payments form ad valomm
taxes levied for that purpose or from other revenues properly available to the City
for that purpose.
2.05. It is determined that the estimated collection of the Taxes will produce
at least 105% of the amount needed to pay the principal of and interest on the
Refunding Bond as the same becomes due and that no tax levy is needed at this time.
2.06. The Clerk is authorized and directed to file a certified copy of this
resolution with the Director of Property Taxation of Hennepin County and to obtain
the certificate required by Section 475.83 of the Act.
Mayor
Attest:
City Clerk
DM24V7
Wino -us
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$2,950,000 GENERAL OBLIGATION PARK
IMPROVEMENT BONDS OF 1980
CITY OF PLYMOUTH, MINNESOTA
Notice is hereby given that by order of the City Council of the City of
Plymouth, Minnesota, there have been called for redemption and prepayment on
FEBRUARY 1, 1992
all outstanding Bonds of the City designated as General Obligation Park Improvement
Bonds of 1980, dated May 1, 1980, and having stated maturity dates of February 1
in the years 1993 through 1996, both inclusive, totaling $1,250,000 in principal
amount, bearing serial numbers 341 to 590, both inclusive, and with CUSIP numbers
as shown below:
Year of Maturity CUSIP
1993
729773
PC9
1994
729773
PD7
1995
729773
PE5
1996
729773
PF2
The Bonds are being called at a price of par plus accrued interest to February 1,
1992, on which date all interest on the Bonds will cease to accrue. Holders of the
Bonds hereby called for redemption are requested to present their Bonds for
payment with coupons attached at Norwest Bank Minnesota, National Association
( successor to Northwestern National Bank of Minneapolis) , paying agent, in the City
of Minneapolis, Minnesota, on or before February 1, 1992.
Bondholders presenting Bonds and coupons for payment must include their taxpayer
identification number to award withholding under the Interest and Dividend
Compliance Act.
BY ORDER OF THE CITY COUNCIL
/s/ Laurie Rauenhorst
City Clerk
DJU24077
PLIOD-119
STATE OF MINNESOTA DIRECTOR OF PROPERTY
TAXATION'S CERTIFICATE AS
COUNTY OF HENNEPIN TO REGISTRATION WHERE NO
AD VALOREM TAX LEVY
I, the undersigned Director of Property Taxation of Hennepin County,
Minnesota, hereby certify that a resolution adopted by the City Council of the City
of Plymouth, Minnesota, on December 2nd , 1991, relating to General Obligation
Park Improvement Bonds of 1980 in the amount of $2,950,000, dated May 1, 1980, has
been filed in my office and said obligations have been registered on the register of
obligations in my office.
WITNESS My hand and official seal this 9th day of December , 1919.
(SEAL)
DM4n7
n1w-119
Director of Property Taxation
Hennepin County, Minnesota
By
Deputy