Res 1983 - 14 Extract of Minutes of Meeting of the City Council of MH (3/1/1983)1
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: March 1, 1983
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 1st day of March, 1983, at 7.ln P.M. for the
purpose of authorizing the issuance of and awarding the sale of
$525,000 General Obligation Tax Anticipation Certificates of
1983 of said City.
The following members were present:
members Hartmann, Losleben and Mertensotto
and the following were absent:
Mayor Lockwood, Council -
Councilwoman Witt
Member Lockwood introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF
$525,000 GENERAL OBLIGATION
TAX ANTICIPATION CERTIFICATES OF 1983
The City Council has heretofore determined that it is
necessary and expedient to issue $525,000 General Obligation
Tax Anticipation Certificates of 1983 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 such certificates may not
be issued in a total principal amount in excess of $
which is the City's anticipated cumulative cash flow deficit
computed in accordance with the regulations promulgated under
Section 103(c) of the Internal Revenue Code of 1954, as
amended.
BE IT RESOLVED by the Council of the City of Mendota
Heights, Minnesota, as follows:
1. That the offer of to
purchase $525,000 General Obligation Tax Anticipation
Certificates 1983 of the City in accordance with the terms and
at the rates of interest hereinafter set forth and to pay there-
for the sum of $ plus interest accrued to settle-
ment is hereby accepted. Said certificates shall be payable as
to principal and interest at or any
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 15,
1983 and shall be issued forthwith. The certificates shall be
105 in number and numbered from 1 to 105, both inclusive, in
the denomination of $5,000 each. The certificates shall mature
on March 15, 1984.
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-
cate 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 15, 1984
and bear the serial numbers 1 through 105, and shall bear
interest payable at maturity at the annual rate of
percent ( %).
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. $5,000
GENERAL OBLIGATION TAX
ANTICIPATION CERTIFICATES OF 1983
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that it is
indebted and for value received promises to pay to the order of
the principal
sum of
FIVE THOUSAND DOLLARS
on the fifteenth day of March, 1984, and to pay interest
thereon from the date hereof until the principal is paid at the
rate of percent
( %) per annum, payable on the 15th day of March, 1984,
both the principal and interest being payable upon presentation
and surrender of this certificate at maturity. The total
dollar amount of interest payable hereon at maturity is
Dollars ($ .00). Both principal
and interest are payable at
, 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 bond is one of an issue in the total principal
amount of $525,000 all of like date and tenor, except as to
serial number, 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 and not yet collected. The total amount of taxes levied
for the general fund for the year 1983 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 certificates
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
bond 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 15, 1983.
i.ty Clerk
/s/ Facsimile
Mayor
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 bonds are also signed manually by at least one such
officer); and provided further that the corporate seal may be
omitted on the bonds 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 -"1983 Certificate 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 1982, payable in 1983 (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 15, 1984 and thereafter all Taxes
shall be paid over to the "1983 Certificate of Indebtedness
Debt Service Account" (the "Debt Service Account") hereby
created, until there is on hand an amount equal to the
principal of and interest on the certificates due on March 15,
1984. 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
bonds) 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.
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 Bond 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 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, 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 Losleben and
upon vote being taken thereon, the following voted in favor
thereof: Lockwood, Mertensotto, Hartmann, Losleben
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 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 1983 of said City.
WITNESS my hand and the seal of said City this
/Sr day of A41/ GF} , 1983.
(SEAT,)
4
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City Clerk