Res 1985 - 17 Extract of Minutes of Meeting of the City Council of MH (2/19/1985)V
4
RESOLUTION NO. :8,5:--;17
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: February 19, 1985
Pursuant to,due call and notice thereof, a regular meeting
of the City Council of the City of Mendota Heights, Dakota
County, Minnesota, was duly held at the City Hall in said City
on the 19th day of February, 1985, at 7:30 P.M. for the
purpose of authorizing the issuance of and awarding the sale of
$525,000 General Obligation Tax Anticipation Certificates of
1985 of said City.
The following members were present: Acting Mayor Witt, Hartmann,
Blesener, Cummins
and the following were absent: Lockwood
Member Hartmann introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF
$525,000 GENERAL OBLIGATION
TAX ANTICIPATION CERTIFICATES OF 1985
WHEREAS: The City Council has heretofore determined that
it is necessary and expedient to issue $525,000 General
Obligation Tax Anticipation Certificates of 1985 pursuant to
Minnesota Statutes, Section 412.261 and Chapter 475 in
anticipation of the collection of taxes levied for the general
fund and not yet collected by the City; provided that the total
amount of all certificates issued against the general fund for
the year and the interest to accrue thereon to maturity,
together with all orders outstanding against the general fund
may not exceed the total current taxes for the fund uncollected
at the time of issuance plus the cash on hand in the fund.
NOW THEREFORE BE IT RESOLVED by the City Council of the {
City of Mendota Heights, Minnesota, as follows:
1. That the offer of Norwest Bank of Minneapolis
, in Minneapolis , Minnesota (the "Purchaser")
to purchase $525,000 General Obligation Tax Anticipation
Certificates of 1985 of the City in accordance with the terms
and at the rate of interest hereinafter set forth and to pay
therefor the sum of $ 522,900 00 plus interest accrued to
settlement is hereby accepted. Said certificates shall be
payable as to principal and interest at
in M;nneapo.lis• Minnesota or any apolis
successor paying agent duly appointed by the City.
2. The $525,000 negotiable general obligation tax
anticipation certificates of the City shall be dated March 1,
1985 and shall be issued forthwith. The certificates shall be
in the denomination of $5,000 and shall be one hundred five
(105) in number. The certificates shall mature, without option
of prepayment, on March 1, 1986.
3. The certificates shall provide funds in anticipa-
tion of the collection of taxes levied for the general fund and
not yet collected. The total'principal amount of the certifi-
cates plus the interest accruing thereon to maturity does not
exceed the total current uncollected taxes levied for the
general fund plus any cash on hand in the general fund. There
are no orders outstanding against the general fund.
4. The certificates shall mature on March 1, 1986
and bear the serial numbers 1 to 105, and shall bear interest
payable at maturity at the annual rate of five and Nin' Tenths
percent (5.q %) .
5. The certificates to be issued hereunder shall be
in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
NO. $5,000
GENERAL OBLIGATION TAX
ANTICIPATION CERTIFICATE OF 1985
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that it is
indebted and for value received promises to pay to bearer,
without option of prepayment, the principal sum of
FIVE THOUSAND DOLLARS
on the first day of March, 1986, and to pay interest thereon
from the date hereof until the principal is paid at the rate of
percent ( %) per annum, payable
on the 1st day of March, 1986, both the principal and interest
being payable upon presentation and surrender of this
certificate at maturity. The total dollar amount of interest
payable hereon at maturity is
Dollars ($ ). Both
principal and interest are payable at
, in , Minnesota, or any
successor paying agent duly appointed by the City, in any coin
or currency of the United States of America which at the time
of payment is legal tender for public and private debts.
This certificate is one of an issue in the total
principal amount of $525,000, which certificate has been issued
pursuant to and in full conformity with the Constitution and
laws of the State of Minnesota for the purpose of anticipating
the receipt of general taxes heretofore levied by the City for
the general fund for the year 1985 and not yet collected. The
total amount of taxes levied for the general fund for the year
1985 is $ . This issue in the total principal
amount of $525,000 is the total amount of certificates issued
against the general fund. This certificate constitutes a
general obligation of the City, and to provide moneys for the
prompt and full payment of the principal and interest when the
same become due, the full faith and credit and taxing powers of
the City have been and are hereby irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota to be done, to happen and to be
performed, precedent to and in the issuance of this
certificate, have been done, have happened and have been
performed, in regular and due form, time and manner as required
by law, that the taxes levied for the general fund shall be
irrevocably appropriated to the redemption of the certificate
and the interest thereon, and this certificate, together with
all other debts of the City outstanding on the date hereof and
the date of its actual issuance and delivery does not exceed
any constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF, the City of Mendota Heights,
Dakota County, Minnesota, by its City Council has caused this
certificate to be executed in its behalf by the facsimile
signature of the Mayor and the manual signature of the City
Clerk, the corporate seal of the City having been intentionally
omitted as permitted by law, all as of March 1, 1985.
n
qity Clerk Mayor
/s/ Facsimile
41.
6. The certificates shall be executed on behalf of
the City by the signatures of its Mayor and Clerk and be sealed
with the seal of the City; provided, that one (or both) of the
signatures and the seal of the City may be printed facsimiles
(if the certificates are also signed manually by at least one
such officer); and provided further that the corporate seal may
be omitted on the certificates as permitted by law.
7. The certificates when so prepared and executed
shall be delivered by the Treasurer to the purchaser thereof
upon receipt of the purchase price, and the purchaser shall not
be obliged to see to the proper application thereof. Any
accrued interest received upon delivery of the certificates
shall be credited to the "1985 Certificates of Indebtedness
Debt Service Account" hereinafter created.
8. To provide for the payment of principal and
interest on the certificates, the City shall retain all taxes
levied by it for the general fund in 1984, payable in 1985 (the
"Taxes") received by the City until there remains unpaid Taxes
in an amount equal to 110% of the principal and interest due on
the certificates on March 1, 1986 and thereafter all Taxes
shall be paid over to the "1985 Certificates of Indebtedness
Debt Service Account" (the "Debt Service Account") hereby
created, until there is on hand in the fund an amount equal to
the principal of and interest on the certificates due on
March 1, 1986. Thereafter the City shall be entitled to
receive and retain all Taxes and apply them to purposes for
which they were levied.
The moneys in the Debt Service Account shall be used
solely to pay the principal of and interest on the certificates
or any other certificates hereinafter issued and made payable
from the Debt Service Account. Any sums from time to time held
in the Debt Service Account (or any other City account which
will be used to pay principal and interest to become due on the
certificates) in excess of amounts which under the applicable
federal arbitrage regulations may be invested without regard as
to yield shall not be invested at a yield in excess of the
applicable yield restrictions imposed by the arbitrage
regulations on such investments after taking into account any
applicable "temporary periods" made available under the federal
arbitrage regulations. In addition, money in the Account shall
not be invested in obligations or deposits issued by,
guaranteed by or insured by the United States or any agency or
instrumentality thereof if and to the extent that such
investment would cause the Bonds to be "federally guaranteed"
within the meaning of Section 103(h) of the Internal Revenue
Code of 1954, as amended.
For the prompt and full payment of the principal and
interest on the certificates, as the same respectively become
due, the full faith, credit and taxing powers of the City shall
be and are hereby irrevocably pledged.
9. The City Clerk is hereby directed to file a
certified copy of this resolution with the County Auditor of
Dakota County, Minnesota, together with such other information
as he shall require, and to obtain from the Auditor his
certificate that the certificates have been entered in the
Auditor's Register.
10. The officers of the City are hereby authorized
and directed to prepare and furnish to the Purchaser of the
certificates, and to the attorneys approving the legality of
the issuance thereof, certified copies of all proceedings and
records of the City relating to the certificates and to the
financial condition and affairs of the City, and such other
affidavits, certificates and information as are required to
show the facts relating to the legality and marketability of
the certificates as the same appear from the books and records
under their custody and control or as otherwise known to them,
and all such certified copies, certificates and affidavits, in-
cluding any heretofore furnished, shall be deemed represen-
tations of the City as to the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by member Witt and
upon vote being taken thereon, the following voted in favor
thereof: Al 1 Yea
and the following voted against the same:
ndne
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 compared the attached and foregoing
extract of minutes with the original thereof on file in my
office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council of
said City, duly called and held on the date therein indicated,
insofar as such minutes relate to authorizing the issuance of
and awarding the sale of $525,000 General Obligation Tax
Anticipation Certificates of 1985 of said City.
WITNESS my hand and the seal of said City this
day of February, 1985.
(SEAL)
797
J City Clerk
BIDS RECIEVED
$525,000 City of Mendota Heights
Tax Anticipation Certificates
Feb. 19, 1985
BIDDER
NORWEST BANK MINNEAPOLIS
RATE DISCOUNT $ COST % RATE
5.9% $2,100.00 $33,075.00 6.30%
FIRST BANK MINNEAPOLIS 6 1,837.50 33,337.50 6.35
FIRST BANK ST. PAUL 6 2,362.50 33,862.50 6.45
AMERICAN NATIONAL BANK &
TRUST COMPANY 6 2,572.50 34,072.50 6.49