Res 1985 - 21 Accepting Bid on Sale of $1,275,000 General Obligation Improvement Bonds of 1985 Providing for Their Issuance & Levying a Tax for the Payment Thereofki
The Council then proceeded to consider and discuss
the bids, after which member W tt introduced
the following resolution and moved its adoption:
85-21
RESOLUTION ACCEPTING BID ON SALE OF
$1,275,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1985
PROVIDING FOR THEIR ISSUANCE AND LEVYING
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City of Mendota
Heights, Minnesota, as follows:
1. The bid of First Rank St_ Phil (the "Purchaser")
to purchase $1,275,000 General Obligation Improvement Bonds of
1985 of the City (hereinafter referred to as "Bonds" or
individually as 'Bond"), in accordance with the notice of bond
sale, at the rates of interest hereinafter set forth, and to
pay therefor the sum of $ 1,2fi2,2cf Ofl , plus interest accrued
to settlement is hereby found, determined and declared to be
the most favorable bid received and is hereby accepted, and the
Bonds are hereby awarded to said bidder. The City Clerk is
directed to retain the deposit of said bidder and to forthwith
return the good faith checks or drafts to the unsuccessful
bidders.
2. The Bonds shall be dated February 1, 1985, as the
date of original issue and shall be issued forthwith as fully
registered bonds. The Bonds shall be numbered from R-1 upward
in the denomination of $5,000 each or in any integral multiple
thereof. The Bonds shall mature on February 1 in 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
3. The Bonds shall provide funds to refund at
maturity the City's outstanding General Obligation Temporary
Improvement Bonds of 1982, dated May 1, 1982 (the "Prior
Bonds") (the "Refunding") and to provide funds for the construc-
tion of various improvements (the "Improvements") in the City.
The total cost of the Refunding and the Improvements, which
shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the Bonds herein authorized. Work on the Improvements shall
proceed with due diligence to completion.
4. The Bonds shall bear interest payable semi-
annually on February 1 and August 1 of each year commencing
August 1, 1985 at the respective rates per annum set forth
opposite the maturity years as follows:
Maturity Years Interest Rates
1986 8.00%
1987 8.00
1988 8.00
1989 8.00
1990 8.00
1991 8.00
1992 8.00
1993 8.4
1994 8.6
1995 8.75
1996 9
1997 9.20
1998 9.40
1999 9.60
2000 9.60
2001 9.60
2002 9.60
5. All Bonds of this issue maturing in the years
1996 to 2002, both inclusive, shall be subject to redemption
and prepayment at the option of the City on February 1, 1995
and on any interest payment date thereafter at par and accrued
interest. Redemption may be in whole or in part of the Bonds
subject to prepayment. If redemption is in part, those 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 Bond Registrar.
Published notice of redemption shall in each case be given in
accordance with law, and mailed notice of redemption shall be
given to the paying agent and to each registered holder of the
Bonds.
To effect a partial redemption of Bonds having a com-
mon maturity date, the Bond Registrar prior to giving notice of
redemption, shall assign to each Bond having a common maturity
date a distinctive number for each $5,000 of the principal
amount of such Bond. The Bond Registrar shall then select by
lot, using such method of selection as it shall deem proper in
its discretion, numbers so assigned to such Bonds, as many
numbers as, at $5,000 for each number, shall equal the
principal amount of such Bonds to be redeemed. The Bonds to be
redeemed shall be the Bonds to which were assigned numbers so
selected; provided, however, that only so much of the principal
amount of each such Bond of a denomination of more than $5,000
shall be redeemed as shall equal $5,000 for each number
assigned to it and so selected. If a Bond is to be redeemed
only in part, it shall be surrendered to the Bond Registrar
(with, if the City or the Bond Registrar so requires, a written
instrument of transfer in form satisfactory to the City and the
Bond Registrar duly executed by the holder thereof or his
attorney duly authorized in writing) and the City shall execute
and the Bond Registrar shall authenticate and deliver to the
holder of such Bond, without service charge, a new Bond or
Bonds of the same series having the same stated maturity and
interest rate and of any authorized denomination or
denominations, as requested by such holder, in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered.
6. First Bank St. Paul , in St. Paul
Minnesota is appointed to act as bond registrar and transfer
agent (the "Bond Registrar") and shall do so unless and until a
successor Bond Registrar is duly appointed, all pursuant to any
contract the City and Bond Registrar shall execute which is
consistent herewith. The Bond Registrar shall also serve as
paying agent unless and until a successor paying agent is duly
appointed. Principal and interest on the Bonds shall be paid
to the registered holders (or record holder) of the Bonds in
the manner set forth in the form of Bond and paragraph 12 of
this resolution.
7. The Bonds to be issued hereunder, together with
the Bond Registrar's Certificate of Authentication, the form of
Assignment and the registration information thereon shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
R- $
GENERAL OBLIGATION IMPROVEMENT
BOND OF 1985
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL ISSUE CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
February 1, 1985
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota (the "Issuer"),
certifies that it is indebted and for value received promises
to pay to the registered owner specified above, or registered
assigns, in the manner hereinafter set forth, the principal
amount specified above, on the maturity date specified above,
unless called for earlier redemption, and to pay interest
thereon semiannually on February 1 and August 1 of each year
(each, an "Interest Payment Date") commencing August 1, 1985 at
the rate per annum specified above, (calculated on the basis of
a 360 -day year of twelve 30 -day months) until the principal sum
is paid or has been provided for. This Bond will bear interest
from the most recent Interest Payment Date to which interest
has been paid or, if no interest has been paid, from the date
of original issue hereof. The principal of and premium, if
any, on this Bond are payable upon presentation and surrender
hereof at the principal office of
, a
duly organized and validly existing under the laws of
(the "Bond Registrar"), acting as paying
agent, or any successor paying agent duly appointed by the
Issuer. Interest on this Bond will be paid on each Interest
Payment Date by check or draft mailed to the person in whose
name this Bond is registered (the "Holder" or "Bondholder") on
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the registration books of the Issuer maintained by the Bond
Registrar and at the address appearing thereon at the close of
business on the fifteenth day of the calendar month next
preceding such Interest Payment Date (the "Regular Record
Date"). Any interest not so timely paid shall cease to be
payable to the person who is the Holder hereof as of the
Regular Record Date, and shall be payable to the person who is
the Holder hereof at the close of business on a date (the
"Special Record Date") fixed by the Bond Registrar whenever
money becomes available for payment of the defaulted interest.
Notice of the Special Record Date shall be given to Bondholders
not less than ten days prior to the Special Record Date. The
principal of and premium, if any, and interest on this Bond are
payable in lawful money of the United States of America.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH
HERE. .
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 Bond, have
been done, have happened and have been performed, in regular
and due form, time and manner as required by law, and this
Bond, together with all other debts of the Issuer outstanding
on the date of original issue hereof and the date of its
issuance and delivery to the original purchaser 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
Bond to be executed in its behalf by the facsimile signatures
of the Mayor and the City Clerk, the corporate seal of the
Issuer having been intentionally omitted as permitted by law.
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Date of Registration: Registrable by:
Payable at:
BOND REGISTRAR'S
CERTIFICATE OF
AUTHENTICATION
This Bond is one of the
Bonds described in the
within mentioned
Resolution.
Bond Registrar
By
Authorized Signature
CITY OF MENDOTA HEIGHTS,
DAKOTA COUNTY, MINNESOTA
/s/ Facsimile
Mayor
/s/ Facsimile
Clerk
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ON REVERSE OF *BOND
All Bonds of this issue maturing in the years 1996 to
2002, both inclusive, are subject to redemption and prepayment
at the option of the Issuer on February 1, 1995 and on any
Interest Payment Date thereafter at par and accrued interest.
Redemption may be in whole or in part of the Bonds subject to
prepayment. If redemption is in part, those 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 Bond Registrar.
Published notice of redemption shall in each case be given in
accordance with law, and mailed notice of redemption shall be
given to the paying agent and to the Holders of the Bonds.
To effect a partial redemption of Bonds having a
common maturity date, the Bond Registrar shall assign to each
Bond having a common maturity date, a distinctive number for
each $5,000 of the principal amount of such Bond. The Bond
Registrar shall then select by lot, using such method of
selection as it shall deem proper in its discretion from the
numbers assigned to the Bonds, as many numbers as, at $5,000
for each number, shall equal the principal amount of such Bonds
to be redeemed. The Bonds to be redeemed shall be the Bonds to
which were assigned numbers so selected; provided, however,
that only so much of the principal amount of such Bond of a
denomination of more than $5,000 shall be redeemed as shall
equal $5,000 for each number assigned to it and so selected.
If a Bond is to be redeemed only in part, it shall be
surrendered to the Bond Registrar (with, if the Issuer or the
Bond Registrar so requires, a written instrument of transfer in
form satisfactory to the Issuer and the Bond Registrar duly
executed by the Holder thereof or his attorney duly authorized
in writing) and the Issuer shall execute and the Bond Registrar
shall authenticate and deliver to the Holder of such Bond,
without service charge, a new Bond or Bonds of the same series
having the same stated maturity and interest rate and of any
authorized denomination or denominations, as requested by such
Holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Bond so
surrendered.
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This Bond is one of an issue in the total principal
amount of $1,275,000 all of like date of original issue and
tenor, except as to number, maturity, interest rate,
denomination and redemption privilege, which Bond has been
issued pursuant to and in full conformity with the Constitution
and laws of the State of Minnesota and pursuant to a resolution
adopted by the City Council on March 19, 1985 (the
"Resolution") for the purpose of providing money to refund at
maturity the Issuer's outstanding General Obligation Temporary
Improvement Bonds of 1982, dated May 1, 1982, and to provide
funds to finance the construction of various improvements in
the City and is payable out of the General Obligation
Improvement Bonds of 1985 Fund of the Issuer. This Bond
constitutes a general obligation of the Issuer, 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 Issuer have been and are hereby
irrevocably pledged.
The Bonds are issuable solely as fully registered
Bonds in the denominations of $5,000 and integral multiples
thereof and are exchangeable for fully registered Bonds of
other denominations in equal aggregate principal amounts and in
authorized denominations at the principal office of the Bond
Registrar, but only in the manner and subject to the
limitations provided in the Resolution. Reference is hereby
made to the Resolution for a description of the rights and
duties of the Bond Registrar. Copies of the Resolution are on
file in the principal office of the Bond Registrar.
This Bond is transferable by the Holder in person or
by his attorney duly authorized in writing at the principal
office of the Bond Registrar upon presentation and surrender
hereof to the Bond Registrar, all subject to the terms and
conditions provided in the Resolution and to reasonable regula-
tions of the Issuer contained in any agreement with the Bond
Registrar. Thereupon the Issuer shall execute and the Bond
Registrar shall authenticate and deliver, in exchange for this
Bond, one or more new fully registered Bonds in the name of the
transferee (but not registered in blank or to "bearer" or
similar designation), of an authorized denomination or
denominations, in aggregate principal amount equal to the
principal amount of this Bond, of the same maturity and bearing
interest at the same rate.
•
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of this
Bond.
The Issuer and the Bond Registrar may treat the
person in whose name this Bond is registered as the owner
hereof for the purpose of receiving payment as herein provided
(except as otherwise provided on the reverse side hereof with
respect to the Record Date) and for all other purposes, whether
or not this Bond shall be overdue, and neither the Issuer nor
the Bond Registrar shall be affected by notice to the contrary.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any security unless the
Certificate of Authentication hereon shall have been executed
by the Bond Registrar.
The following abbreviations, when used in the inscription
on the face of this Bond, shall be construed as though they
were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
UNIF GIFT MIN ACT Custodian
(Cust) (Minor)
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used
though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
the within Bond and does
hereby irrevocably constitute and appoint
attorney to transfer the Bond on the books kept for the
registration thereof, with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the within Bond in every
particular, without alteration or any
change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of
the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond
unless the information concerning the transferee requested
below is provided.
Name and Address:
(Include information for all joint owners
if the Bond is held by joint account.)
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8. The Bonds shall be executed on behalf of the City
by the signatures of its Mayor and City Clerk and be sealed
with the seal of the City; provided, however, that the seal of
the City may be a printed facsimile; provided further that both
of such signatures may be printed facsimiles and the corporate
seal may be omitted on the Bonds as permitted by law. In the
event of disability or resignation or other absence of either
such officer, the Bonds may be signed by the manual or
facsimile signature of that officer who may act on behalf of
such absent or disabled officer. In case either such officer
whose signature or facsimile of whose signature shall appear on
the Bonds shall cease to be such officer before the delivery of
the Bonds, such signature or facsimile shall nevertheless be
valid and sufficient for all purposes, the same as if he or she
had remained in office until delivery.
9. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit under this
resolution unless and until a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth,
shall have been duly executed by an authorized representative
of the Bond Registrar. Certificates of Authentication on
different Bonds need not be signed by the same person. The
Bond Registrar shall authenticate the signatures of officers of
the City on each Bond by execution of the Certificate of
Authentication on the Bond and by inserting as the date of
registration in the space provided the date on which the Bond
is authenticated, except that for purposes of delivering the
original Bonds to the Purchaser, the Bond Registrar shall
insert as a date of registration the date of original issue,
which date is February 1, 1985. The executed Certificate of
Authentication on each Bond shall be conclusive evidence that
it has been authenticated and delivered under this resolution.
10. The City will cause to be kept at the principal
office of the Bond Registrar a bond register in which, subject
to such reasonable regulations as the Bond Registrar may
prescribe, the Bond Registrar shall provide for the
registration of Bonds and the registration of transfers of
Bonds entitled to be registered or transferred as herein
provided.
Upon surrender for transfer of any Bond at the
principal office of the Bond Registrar, the City shall execute
(if necessary), and the Bond Registrar shall authenticate,
insert the date of registration (as provided in paragraph 9)
and deliver, in the name of the designated transferee or
transferees, one or more new Bonds of any authorized
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denomination or denominations of a like aggregate principal
amount, having the same stated maturity and interest rate, as
requested by the transferor; provided, however, that no bond
may be registered in blank or in the name of "bearer" or
similar designation.
At the option of the holder, Bonds may be exchanged
for Bonds of any authorized denomination or denominations of a
like aggregate principal amount and stated maturity, upon
surrender of the Bonds to be exchanged at the principal office
of the Bond Registrar. Whenever any Bonds are so surrendered
for exchange, the City shall execute (if necessary), and the
Bond Registrar shall authenticate, insert the date of
registration of, and deliver the Bonds which the holder making
the exchange is entitled to receive.
All Bonds surrendered upon any exchange or transfer
provided for in this resolution shall be promptly cancelled by
the Bond Registrar and thereafter disposed of as directed by
the City.
All Bonds delivered in exchange for or upon transfer
of Bonds shall be valid general obligations of the City
evidencing the same debt, and entitled to the same benefits
under this resolution, as the Bonds surrendered for such
exchange or transfer.
Every Bond presented or surrendered for transfer or
exchange shall be duly endorsed or be accompanied by a written
instrument of transfer, in form satisfactory to the Bond
Registrar, duly executed by the holder thereof or his attorney
duly authorized in writing.
The Bond Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge
payable in connection with the transfer or exchange of any
Bond.
Transfers shall also be subject to reasonable regula-
tions of the City contained in any agreement with the Bond
Registrar, including regulations which permit the Bond
Registrar to close its transfer books between record dates and
payment dates.
11. Each Bond delivered upon transfer of or in
exchange for or in lieu of any other Bond shall carry all the
rights to interest accrued and unpaid, and to accrue, which
were carried by such other Bond.
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12. Interest on any Bond shall be paid on each
interest payment date by check or draft mailed to the person in
whose name the Bond is registered (the "Holder") on the
registration books of the City maintained by the Bond Registrar
and at the address appearing thereon at the close of business
on the fifteenth day of the calendar month next preceding such
interest payment date (the "Regular Record Date"). Any such
interest not so timely paid shall cease to be payable to the
person who is the Holder thereof as of the Regular Record Date,
and shall be payable to the person who is the Holder thereof at
the close of business on a date (the "Special Record Date")
fixed by the Bond Registrar whenever money becomes available
for payment of the defaulted interest. Notice of the Special
Record Date shall be given by the Bond Registrar to the Holders
not less than 10 days prior to the Special Record Date.
13. The City and the Bond Registrar may treat the
person in whose name any Bond is registered as the owner of
such Bond for the purpose of receiving payment of principal of
and premium, if any, and interest (subject to the payment
provisions in paragraph 12 above) on, such Bond and for all
other purposes whatsoever whether or not such Bond shall be
overdue, and neither the City nor the Bond Registrar shall be
affected by notice to the contrary.
14. The Bonds when so prepared and executed shall be
delivered by the City Treasurer to the Purchaser upon receipt
of the purchase price, and the Purchaser shall not be obliged
to see to the proper application thereof.
15. Refunding of General Obligation Temporary
Improvement Bonds of 1982. Pursuant to the resolution adopted
by the City Council on April 20, 1982 (the "Prior Resolution"),
there has heretofore been created a Debt Service Account in the
General Obligation Temporary Improvement Bonds of 1982 Fund.
The Debt Service Account was established for the purpose of
paying the principal and interest on the Prior Bonds. Of the
proceeds derived from the Bonds herein authorized, $ snn,nnn 00
shall be credited to the Debt Service Account (which sum,
together with sums already held in the Debt Service Account, is
sufficient to pay all principal and interest to become due on
the Prior Bonds on May 1, 1985). Any surplus in the Debt
Service Account in excess of such requirements is hereby
pledged and shall be credited to the Debt Service Account
hereinafter created in the General Obligation Improvement Bonds
of 1985 Fund. Upon payment of the Prior Bonds, all uncollected
special assessments and taxes, heretofore pledged to the Debt
Service Account are hereby pledged and shall thereafter be
credited to the Debt Service Account created in the General
Obligation Improvement Bonds of 1985 Fund.
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16. Financing of Improvements. There is hereby
created a special fund to be designated "General Obligation
Improvement Bonds of 1985 Fund" (the "Fund") to be held and
administered by the City Treasurer separate and apart from all
other funds of the City. The Fund shall be maintained in the
manner herein specified until all of the Bonds herein
authorized and the interest thereon have been fully paid.
There shall be maintained in the Fund two separate accounts to
be designated the "Construction Account" and the "Debt Service
Account", respectively. The proceeds of the sale of the Bonds
herein authorized, less (i) the $ 800,000 credited to the 1982
Debt Service Account, (ii) any accrued interest received on the
Bonds herein authorized, and (iii) any amount paid for the
Bonds in excess of $1,262,250; and (iv) capitalized interest in
the amount of $ 53.887.50 (together with interest earnings
thereon and subject to such other adjustments as are
appropriate to provide sufficient funds to pay interest due on
the Bonds on or before Aug. 85 ), plus any special
assessments levied with respect to Improvements financed by the
Bonds and collected prior to completion of the Improvements and
payment of the costs thereof, shall be credited to the
Construction Account, from which there shall be paid all costs
and expenses of making the Improvements listed in paragraph 18,
including the cost of any construction contracts heretofore let
and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65; and the
moneys in said account shall be used for no other purpose
except as otherwise provided by law; provided that the Bond
proceeds may also be used to the extent necessary to pay
interest on the Bonds due prior to the anticipated date of
commencement of the collection of taxes or special assessments
herein levied or covenanted to be levied; and provided further
that if upon completion of the Improvements there shall remain
any unexpended balance in the Construction Account, the balance
(other than any special assessments) may be transferred by the
Council to the fund of any other improvement instituted
pursuant to Minnesota Statutes, Chapter 429; and provided
further that any special assessments credited to the
Construction Account are hereby pledged and shall be used only
to pay principal and interest due on the Bonds. There is
hereby pledged and there shall be credited to the Debt Service
Account (a) all collections of special assessments herein
covenanted to be levied and either initially credited to the
Construction Account and required to pay any principal and in-
terest due on the Bonds or collected subsequent to the com-
pletion of the Improvements and payment of the costs thereof;
(b) all accrued interest received upon delivery of the Bonds;
(c) all funds paid for the Bonds in excess of $1,262,250; (d)
15
capitalized interest in the amount of $ p(together with
interest earnings thereon and subject to such other adjustments
as are appropriate to provide sufficient funds to pay interest
due on the Bonds on or before Ang.Rg ); (e) collections of
all taxes herein levied for the payment of the principal and
interest on the Bonds; (f) all funds remaining in the
Construction Account after completion of the Improvements and
payment of the costs thereof, not so transferred to the account
of another improvement; (g) all funds remaining in or payable
to the Debt Service Account created pursuant to the Prior
Resolution for the payment of the Prior Bonds after provision
for payment of all principal and interest due on the Prior
Bonds; and (h) all investment earnings on funds held in the
Debt Service Account. The Debt Service Account herein created
shall be used solely to pay the principal and interest and any
premiums for redemption of the Bonds issued hereunder and any
other general obligation bonds of the City hereafter issued by
the City and made payable from said account as provided by law.
Any sums from time to time held in the Debt Service Account (or
any other City account which will be used to pay principal or
interest to become due on the bonds payable therefrom) 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 said 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 Fund 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.
17. Pursuant to the Prior Resolution, the City has
covenanted to levy special assessments for the payment of the
Prior Bonds. The assessments were pledged to the payment of
the principal and interest on the Prior Bonds and are now
pledged to the payment of principal and interest on the Bonds
herein authorized. Said assessments were levied in the years
1983 to2001 . The balance of said special assessments levied in
1984 and collectible in 1985 and all assessments collectible
thereafter including any delinquent assessments shall be
payable in equal, consecutive, annual installments, with
general taxes for the years shown below and with interest on
the declining balance of all such assessments at the rate shown
opposite such years:
Improvement
Designation Amount Rate Levy Years
81 - 6 $686,500 11.5% 1983-2001
81 - 8 129,374 11.5 1983-2001
18. It is hereby determined that no less than 20% of
the cost to the City of each Improvement financed hereunder
within the meaning of Minnesota Statutes, Section 475.58,
Subdivision 1(3) shall be paid by special assessments to be
levied against every assessable lot, piece and parcel of land
benefited by the Improvements. The City hereby covenants and
agrees that it will let all construction contracts not here-
tofore let within one year after ordering each Improvement
financed hereunder unless the resolution ordering the
Improvement specifies a different time limit for the letting of
construction contracts and will do and perform as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that
any such assessment be at any time held invalid with respect to
any lot, piece or parcel of land due to any error, defect, or
irregularity in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and
this Council will forthwith do all further acts and take all
further proceedings as may be required by law to make the
assessments a valid and binding lien upon such property. The
special assessments have not heretofore been authorized, and
accordingly, for purposes of Minnesota Statutes, Section
475.55, Subdivision 3, the special assessments are hereby
authorized. Subject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
the assessments are hereby authorized and it is hereby
determined that the assessments shall be payable in equal,
consecutive, annual installments, with general taxes for the
17
years shown below and with interest on the declining balance of
all such assessments at a rate per annum not greater than the
maximum permitted by law and not less than 10 % per annum:
Improvement
Designation
83 -4
84 - 3
Amount Levy Years
$452 Q00 1986-2004
25,000 1986-2004
At the time the assessments are in fact levied the
City Council shall, based on the then current estimated col-
lections of the assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the
City continues to be in compliance with Minnesota Statutes,
Section 475.61, Subdivision 1.
19. To provide moneys for payment of the principal
and interest on the Bonds there is hereby levied upon all of
the taxable property in the City a direct annual ad valorem tax
which shall be spread upon the tax rolls and collected with and
as part of other general property taxes in the City for the
years and in the amounts as follows:
Year of Tax Year of Tax
Levy
Collection Amount
1985 1986 Cap
1986 1987 0
1987 1988 $ 8,700
1988 1989 9,400
1989 1990 11,500
1990 1991 12,200
1991 1992 2,000
1992 1993 2,800
1993 1994 1,700
1994 1995 2,000
1995 1996 0
1996 1997 1,000
1997 1998 0
1998 1999 0
1999 2000 0
2000 2001 0
The tax levies are such that if collected in full
they, together with estimated collections of special
assessments and other revenues herein pledged for the payment
of the Bonds, will produce at least five percent in excess of
18
the amount needed to meet When due the principal and interest
payments on the Bonds. The tax levies shall be irrepealable so
long as any of the Bonds are outstanding and unpaid, provided
that the City reserves the right and power to reduce the levies
in the manner and to the extent permitted by Minnesota
Statutes, Section 475.61(3).
For the prompt and full payment of the principal and
interest on the Bonds, as the same respectively become due, the
full faith, credit and taxing powers of the City shall be and
are hereby irrevocably pledged. If the balance in the Debt
Service Account is ever insufficient to pay all principal and
interest then due on the Bonds payable therefrom, the
deficiency shall be promptly paid out of any other funds of the
City which are available for such purpose, and such other funds
may be reimbursed with or without interest from the Debt
Service Account when a sufficient balance is available therein.
20. The 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 Bonds have been entered in the Auditor's Bond Register
and that the tax levy required by law has been made.
21. The officers of the City are hereby authorized
and directed to prepare and furnish to the Purchaser of the
Bonds, and to the attorneys approving the legality of the
issuance thereof, certified copies of all proceedings and
records of the City relating to the Bonds 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 Bonds 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, including any heretofore
furnished, shall be deemed.representations of the City as to
the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by member Lockwood and
upon vote being taken thereon, the following voted in favor
thereof: All Yea
19
and the following voted against the same:
none
Whereupon said resolution was declared duly passed
and adopted.
20
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 opening and considering bids
for, and awarding the sale of $1,275,000 General Obligation
Improvement Bonds of 1985 of said City.
WITNESS my hand and the seal of said City this day of of 7771104Uk , 1985.
(SEAL)
(derizeste_i 7#1 tett,444.44.4fr*-..
Clerk
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EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: MARCH 19, 1985
85-a1
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 called and held at the City
Hall in said City on the 19th day of March, 1985, at 7:30 P.M.
for the purpose of opening, considering bids for, and awarding
the sale of $1,275,000 General Obligation Improvement Bonds of
1985 of the City.
The following members were present: Mayor Lockwood
Council Witt, Hartmann, Blesener
and the following were absent: Cummins
The Clerk presented affidavits showing publication of
notice of call for bids on $1,275,000 General Obligation
Improvement Bonds of 1985 of the City, for which bids were to
be received at this meeting, in accordance with the resolution
adopted by the City Council on January 15, 1985. The
affidavits were examined, found to comply with the provisions
of Minnesota Statutes, Chapter 475, and were approved and
ordered placed on file.
The Council proceeded to receive and open bids for
the sale of the Bonds. The following bids were received:
Bidder Interest Rate Net Interest Cost