Res 1982 - 91 Extract of Minutes of Meeting of the City Council of MH (11/16/1982)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE•CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: NOVEMBER -16, 1982,
Pursuant to due call and notice thereof, a
meeting of the City Council of the City of Mendota He ghts,
Dakota County, Minnesota, was duly held at the City Hall in
said City on the 16th day of November /6_, 1982, at 7:3 M. for
the purpose of authorizing the issuance of and awarding the
sale of $170,000 General Obligation Certificates of
Indebtedness of 1982 of said City.
ga-9/
aL
The following members were present:
and the following were absent:
Member 4s/den introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF
$170,000 GENERAL OBLIGATION
CERTIFICATES OF INDEBTEDNESS OF 1982
AND LEVYING A TAX FOR THE PAYMENT THEREOF
A. The City Council has heretofore determined that it is
necessary and expedient to issue $170,000 General Obligation
Certificates of Indebtedness of 1982, pursuant to M.S.A. 475
and M.S.A, 412.301 to finance the acquisition of street
maintenance, fire and police equipment for the.City;
B.
expense
No other obligations have been issued to defray the
of purchasing said equipment;
C. The Council finds that it is necessary, desirable
and expedient to issue certificates to defray the costs of said
equipment; and
D. No other obligations have been sold pursuant to a
private sale within three (3) calendar months of the date
hereof which when combined with this issue would exceed
$300,000 as required by Minnesota Statutes, Section 475.60,
subdivision 2(2);
BE IT RESOLVED by the Council of the City of Mendota
Heights, Minnesota, as follows:
1. That the offer of fir A/f}T/oA✓ /G��s�EA�KEE i o
purchase $170,000 General Obligation Certif cates of
Indebtedness of 1982 of the City in accordance with the terms
and att`the rates of interest hereinafter set forth and to pay
therefor the sum of $ , plus interest accrued to
settlement 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 $170,000 negotiable coupon general obligation
certificates of the City shall be dated December 1, 1982 and
shall be issued forthwith. The certificates shall be 34 in
numberhand numbered from 1 to 34, both inclusive, in the
denomination of $5,000 each. The certificates shall mature
serially, lowest numbers first, without option of prepayment,
on December 1 in the amounts and years as follows:
$ 70,000 in the year 1985; and
$ 50,000 in the years 1986 and 1987.
All dates are inclusive.
3. The certificates shall provide funds for the
acquisition of street maintenance, fire and police equipment
for the City, pursuant to the provisions of Minnesota Statutes,
Section 412.301. The total cost of said acquisition which
shall include all costs enumerated in Minnesota Statutes,
Section 475.65, is estimated to be at least equal to the amount
of the certificates herein authorized. The principal amount of
the certificates issued to finance said acquisition does not
exceed, one percent of the assessed valuation of the City,
excluding money and credits.
4. The certificates shall mature in the years and
bear the serial numbers set forth below, and shall bear
interest payable June 1, 1983 and semiannually thereafter on
December 1 and June 1 of each year at the respective rates per
annum set opposite the maturity years and serial numbers:
Serial Numbers Interest Rate
Maturity Years
1985 1-14
1986 15-24
1987 25-34
5.. The certificates and interest coupons 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 CERTIFICATE
OF INDEBTEDNESS OF 1982
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that itis
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 December, 19 and to pay interest thereon
from the date hereof until the principal is paid at!the rate of
percent ( %) per
annum, payable on the first day of June, 1983 and semiannually
thereafter on t'ne first day of December and the first day of
June in each year, interest to maturity being represented by
and payable in accordance with and upon presentation and
surrender of the interest coupons hereto attached, as the same
severally become due. Both principal and interest are payable
at +
or any successor paying agent duly appointed by thelCity, 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 $170,000 all of like date and tenor, except
as to serial number, maturity and interest rate which
certificate has been issued pursuant to and in full4conformity
with the Constitution and laws of the State of Minnesota for
the purpose of providing money to finance the acquisition of
street maintenance, fire and police equipment for the City and
is payable out of the General Obligation Certificates of
Indebtedness of 1982 Fund of the City. 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, 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, and has caused the interest coupons to be
executed and authenticated by the facsimile signatures of said
officers, all as of December 1, 1982.
/s/ Facsimile
City Clerk Mayor
No.
(Form of Coupon)
On the first day of June (December), 19_, the City
of Mendota Heights, Dakota County, Minnesota, will pay to
bearer at .
or any successor paying agent duly appointed by thelCity, the
sum shown hereon for interest then due on its General
Obligation Certificate of Indebtedness of 1982, No.
dated December 1, 1982.
/s/ Facsimile /s/ Facsimile
City Clerk 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 certificates are also signed manually by at least one
such officer); and provided further that the corporate seal may
be omitted on the certificates ag-permitted by law. The
interest coupons pertaining thereto shall be executed by the
printed, engraved or lithographed facsimile signatures of the
Mayor and Clerk.
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.
8. There is hereby created a special fund to be
designated "General Obligation Certificates of Indebtedness of
1982 Fund" to be held and administered by the CityjTreasurer
separate and apart from all other accounts of the City. The
Fund shall be maintained in the manner herein specified until
all of the certificates herein authorized and the interest
thereon have been fully paid. There shall be maintained in the
Fund two separate accounts, to be designated the "Capital
Account" and the "Debt Service Account", respectively. The
proceeds of the sale of the certificates herein authorized,
less any accrued interest received thereon and less capitalized
interest in the amount of $11,900 (subject to suchiadjustments
as are appropriate to provide sufficient funds to pay interest
_due on the certificates on or before December 1, 1983), shall
be credited to the Capital Account, from which there shall be
paid all costs and expenses of purchasing said equipment and
all other costs incurred and to be incurred of thelkind
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 thatIthe
certificates proceeds may also be used to the extent necessary
to pay interest on the certificates due prior to the
anticipated date of commencement of the collectionlfof taxes
herein levied. There is hereby pledged and there shall be
credited to the Debt Service Account (a) all accrued interest
received upon delivery of the certificates, (b) capitalized
interest in the amount of $11,900 (subject to such'ladjustments
as are appropriate to provide sufficient funds to pay interest
due on the certificates on or before December 1, 1983), (c). any
collections of all taxes herein levied the'payment!the
certificates; and (d) all funds remaining in the Capital
Account after completion of the payment of the costs thereof.
The Debt Service Account herein created shall be used solely to
pay the principal and interest and any premiums for redemption
of the certificates issued hereunder and any other general
obligation certificates 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 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 said arbitrage regulations on such
investments.
9. To provide moneys for payment of the principal
and interest on the certificates 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
Levy
Year of Tax
Collection
1983 1984
1984 1985
1985 1986
Amount
The tax levies are such that if collected in full
they, together with estimated collections of other revenues
herein pledged for the payment of the certificates,, will
produce at least five percent in excess of the amount needed to
meet when due the principal and interest payments on the
certificates. •The tax levies shall be irrepealable so long as
any of the certificates 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 certificates, 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 certificates 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.
10. 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, and that The tax levy required by law
has been made.
11. 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 J and
upon 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.
et r
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 the authorizing the issuance
of and awarding the sale of $170,000 General Obligation
Certificates of Indebtedness of 1982 of said City.
r
WITNESS my hand and the seal of said City
day of
Ahem b.P,T , 1982.
this
City Clerk