Loading...
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