Res 1985 - 06 Extract of Minutes of Meeting of the City Council of MH (1/15/1985)RESOLUTION NO. 85-06
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: JANUARY 15, 1985
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Mendota Heights,
Minnesota, was duly held at the City Hall in said City on the
15th day of January, 1985, at 7:45 P .M.
The following members were present:
LOCKWOOD, BLESENER, CUMMINS, HARTMANN, WITT
and the following were absent:
Member WITT
resolution and moved Its adoption:
NONE
introduced the following
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,275,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1985
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 $1,275,000 General Obligation Improvement
Bonds of 1985 to defray the expense of refunding the City's
outstanding General Obligation Improvement Bonds of 1982 and
financing additional various improvements in 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 award-
ing the sale of $1,275,000 General Obligation Improvement Bonds
of 1985 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 Bond Sale" attached hereto as Exhibit B and incorporated
herein by reference.
The motion for the adoption of the foregoing resolution
was duly seconded by member HARTMANN and upon a vote
being taken thereon, the following voted in favor thereof:
- LOCKWOOD, BLESENER, CUMMINS, HARTMANN, WITT -
and the following voted against the same:
NONE
Whereupon said resolution was declared duly passed and
adopted.
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, 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 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 the proposed sale of $1,275,000 General
Obligation Improvement Bonds of 1985 of said City.
WITNESS my hand as such Clerk and the official seal of the
City this /5 day of , 1985.
(SEAL)
�:��� 7777 ��� .ec�.a."----
City Clerk
EXHIBIT A
NOTICE OF BOND SALE
$1,275,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1985
These bonds •will be offered
1985, at .M., Central Time, at the City Hall, in
Mendota Heights, Minnesota. The bonds will be dated
February 1, 1935 and interest will be payable August 1, 1985
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:
1986 $ 65,000
1987-1991 $110,000
1992-1993 $100,000
1994-1996 $ 70,000
1997-1998 $ 45,000
1999-2002 $ 40,000
All bonds maturing on or after February 1, 1996 are subject to
prior payment on February 1, 1995 and any interest payment date
thereafter at a price of par and accrued interest. Sealed bids
for not less than $1,262,250 and accrued interest onthe
principal sum of $1,275,000 will be accepted. No rate of
interest nor the net effective average rate of the issue may
exceed the maximum rate allowed by law at the time of sale. An
acceptable approving legal opinion will be furnished by Briggs
and Morgan, Professional Association, of St. Paul and
Minneapolis, Minnesota. The proceeds will be used to refund
the City's outstanding General Obligation Improvement Bonds of
1982 and to finance additional various improvements in the
City.
Bidders should be aware that the Official Terms of Bond Sale to
be published in the Official Statement for the sale 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 Bond Sale the provisions
of the latter shall be those to be complied with.
Dated: January 15, 1985 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
City Clerk
Additional information
may be obtained from:
SHAUGHNESSY & CO., INC.
151 Endicott Arcade
St. Paul, Minnesota 55101
Telephone No: 612-227-6691
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,275,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1985
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:
, 1985, at
.M., Central Time at the City Hall
in Mendota Heights, Minnesota.
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of the bidder.
February 1, 1985.
To refund the City's outstanding
General Obligation Improvement
Bonds of 1982 and to finance
additional various improvements in
the City.
August 1, 1985, and semiannually
thereafter on February 1 and
August 1.
February 1 in each of the years and
amounts as follows:
1986 $ 65,000
1987-1991 $110,000
1992-1993 $100,000
1994-1996 $ 70,000
1997-1998 $ 45,000
1999-2002 $ 40,000
REDEMPTION:
BOND REGISTRAR:
CUSIP NUMBERS:
At the option of the Issuer, bonds
maturing on or after February 1,
1996 shall be subject to prior
payment, on February 1, 1995 and
any interest payment date there-
after, at a price of par and
accrued interest. Redemption may
be in whole or in part of the bonds
subject to prepayment. If redemp-
tion is in part, the bonds
remaining 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 applicable 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.
If the bonds qualify for assignment
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.
DELIVERY:
TYPE OF BID:
RATES:
AWARD:
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
$1,262,250 and accrued interest on
the principal sum of. $1,275,000
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 $25,500,
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:
Larry Shaughnessy, Jr., Treasurer
City Hall
750 South Plaza Drive
Mendota Heights, Minnesota 55120
All rates must be in integral
multiples of 1/20th or 1/8th of l%
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
The Issuer reserves the
waive informalities and
Dated: January 15, 1985
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.
right to reject any and all bids, to
to adjourn the sale.
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen Swanson
City Clerk
Additional information
may be obtained from:
SHAUGHNESSY & CO., INC.
151 Endicott Arcade
St. Paul, Minnesota 55101
Telephone No: 612-227-6691