Res 1987 - 59 Extract of Minutes of a Meeting of the City Council of Mendota Heights (6/16/1987)RESOLUTION NO. '87-'59
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: June 16, 1987
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Mendota Heights,
Minnesota, was duly called and held at the City Hall in said
City on the 16th day of June, 1987, at - 7:.30' '. o'clock P.M.
The following members were present:
and the following were absent:
Member introduced the
following resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,950,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1987
BE IT RESOLVED by the City Council of the City of
Mendota Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that
this City should issue $1,950,000 General Obligation
Improvement Bonds of 1987 to defray the expense of various
improvements to be made within the City.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and
awarding the sale of $1,950,000 General Obligation Improvement
Bonds of 1987 of said City.
3. The City Clerk is hereby authorized and directed
to cause notice of the time, place and purpose of said meeting
to be published in the official newspaper of the City and in
Commercial West not less than ten days in advance of date of
sale, as provided by law,, which notice shall be in
substantially the form set forth in Exhibit A attached hereto.
4. The terms and conditions of said bonds and the
sale thereof are fully set forth in the "Official Terms of
Offering" attached hereto as Exhibit B and incorporated herein
by reference.
The motion for the adoption of the foregoing
resolution was duly seconded by member and
upon a vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
Z, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO
HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes with the original minutes of a
.
meeting of the City Council duly called and held on the date
therein indicated, which are on file and of record in my
office, and the same is a full, true and complete transcript
therefrom insofar as the same relates to $1r950'000 General
Obligation Improvement Bonds of 1987.
WITNESS my hand as such Clerk and the official seal
L
of the City this /1�� day of
(SEAL)
, 1987.
595Q
EXHIBIT A
NOTICE OF BOND SALE
$1,950,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1987
These Bonds will be offered , 1987, at
o'clock P.M., Central Time, at the City Hall, 750 So. Plaza
Drive, in Mendota Heights, Minnesota. The Bonds will have a
date of original issue of August 1, 1987 and interest will be
payable February 1, 1988 and semiannually thereafter. The
Bonds will be general obligations of the Issuer for which its
unlimited taxing powers will be pledged. The Bonds will
mature on February 1 in the amounts and years as follows:
Years Amounts
1989 $ 50,000
1990 150,000
1991 150,000
1992 150,000
1993 150,000
1994 150,000
1995 150,000
1996 150,000
1997 150,000
1998 150,000
1999 125,000
2000 90,000
2001 90,000
2002 90,000
2003 80,000
2004 75,000
All bonds maturing on or after February 1, 1998 are subject to
prior payment on February 1, 1997 and any interest payment
date thereafter at a price of par and accrued interest.
Sealed bids for not less than $1,930,500 and accrued interest
on the principal sum of $1,950,000 will be accepted. An
approving legal opinion will be furnished by Briggs and
Morgan, Professional Association, of St. Paul and Minneapolis,
Minnesota. The proceeds will be used for construction of
various improvements within the City.
Bidders should be aware that the Official Terms of Offering to
be published in the Official Statement for the Offering may
contain additional bidding terms and information relative to
the Issue. In the event of a variance between statements in
this Notice of Bond Sale and said Official Terms of Offering
the provisions of the latter shall be those to be complied
with.
Dated: June 16, 1987 BY ORDER OF THE CITY COUNCIL
/s/ Kevin Frazell
City Administrator
Additional information
may be obtained from:
SHAUGHNESSY & CO., INC.
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691
1
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,950,000
GENERAL OBLIGATION IMPRROVEMENT
BONDS OF 1987
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE:
TYPE OF BONDS:
DATE OF ORIGINAL
ISSUE OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
MATURITIES:
, 1987, at o'clock
_.M., Central Time at the Mendota
Heights City Hall, 750 So. Plaza
Drive, in Mendota Heights,
Minnesota.
Fully registered general
obligation bonds, $5,000 or larger
denominations at the option of
the bidder.
August 1, 1987.
The proceeds of the Bonds will be
used to defray the costs of
various improvements to be made
within the City.
February 1, 1988, and semi-
annually thereafter on August 1
and February 1.
February in each of the years and
amounts as follows:
1989
1990
1991
$ 50,000
150,000
150,000
REDEMPTION:
BOND REGISTRAR:
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
150,000
150,000
150,000
150,000
150,000
150,000
150,000
125,000
90,000
90,000
90,000
80,000
75,000
At the option of the Issuer, bonds
maturing on or after February 1,
1998 shall be subject to prior
payment, on February 1, 1997 and
any interest payment date
thereafter, at a price of par and
accrued interest. Redemption may
be in whole or in part of the
bonds subject to prepayment. If
redemption is in part, the
bondsremaining unpaid which have
the latest maturity date shall be
prepaid first and if only part of
the bonds having a common maturity
date are called for prepayment the
specific bonds to be prepaid shall
be chosen by lot by the Registrar.
The successful bidder will name
the Registrar and paying agent
which shall be subject to applic-
able SEC regulations and to the
approval of the Issuer. Principal
will be payable at the main
corporate office of the Registrar
and interest will be payable by
check or draft of the Registrar
mailed to the registered holder of
the bond at his address as it
appears on the books of the
Registrar. The Issuer will pay
reasonable and customary charges
for the services of the Registrar.
CUSIP NUMBERS:
DELIVERY:
TYPE OF BID:
If the bonds qualify for assign-
ment of CUSIP numbers such numbers
will be printed on the bonds, but
neither the failure to print such
numbers on any bond nor any error
with respect thereto shall
constitute cause for a failure or
refusal by the Purchaser thereof
to accept delivery of and pay for
the bonds in accordance with terms
of the purchase contract. The
CUSIP Service Bureau charge for
the assignment of CUSIP
identification numbers shall be
paid by the Purchaser.
Forty days after award subject to
approving legal opinion of Briggs
and Morgan, Professional
Association, of St. Paul and
Minneapolis, Minnesota. Bond
printing and legal opinion will be
paid by Issuer and delivery will
be anywhere in the continental
United States without cost to the
Purchaser. Legal opinion will be
printed on the bonds at the
request of the successful bidder.
Sealed bids of not less than
$1,930,500 and accrued interest on
the principal sum of $1,950,000
from date of original issue of the
bonds to date of delivery must be
filed with the undersigned prior
to the time of sale. Bids must be
unconditional except as to
legality. A certified or
cashier's check in the amount of
$39,000, payable to the order of
the Treasurer of the Issuer must
accompany each bid, to be
forfeited as liquidated damages if
bidder fails to comply with
accepted bid. Bids for the bonds
should be addressed to:
RATES:
AWARD:
Lawrence Shaugnessy, Treasurer
City Hall
750 S. Plaza Drive
Mendota Heights, Minnesota 55120
All rates must be in integral
multiples of 1/20th or 1/8th of 1%
and may not exceed the maximum
rate allowed by law at the time of
sale. No limitation is placed
upon the number of rates which may
be used.
Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of
any discount to and deduction of
any premium from the total
interest on all bonds from their
date to their stated maturity.
The net effective average rate of
the issue may not exceed the
maximum rate allowed by law at the
time of sale.
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: June 16, 1987
BY ORDER OF THE CITY COUNCIL
/s/ Kevin Frazell
City Administration
Additional information
may be obtained from:
SHAUGHNESSY & CO., INC.
596 Endicott on Robert Street
St. Paul, Minnesota 55101
Telephone No: 612-227-6691