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Res 1982 - 40 Extract of Minutes of Meeting of the City Council of MH (4/20/1982)EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF MENDOTA HEIGHTS, MINNESOTA HELD: APRIL 20, 1982 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 the City on the 20th day of April, 1982, at 7:30 P.M. for the purpose of opening and considering bids for and awarding the sale of $1,350,000 General Obligation Improvement Bonds of 1982 of the City. The following members were present: Lockwood, Witt Hartmann, Mertensotto and the following were absent: Losleben The Clerk presented affidavits showing publication of notice of call for bids on $1,350,000 General Obligation Improvement Bonds of 1982 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on March 16, 1982. 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 BIDS RECEIVED CITY OF MENDOTA HEIGHTS $1,350,000 IMPROVEMENT BONDS OF 1982 April 20, 1982 ACCOUNT BANC NORTHWEST Minneapolis, Minn. MERRILL LYNCH WHITE WELD CAPITAL American Notional Bank & Trust Co. Juran & Moody Inc. Cronin Marcotte Co. Blunt Ellis Loewi Co. Dean Witter Reynolds Inc. Marquette National Bank Miller Schroeder Municipals DAIN BOSIIORTH CO. Minneapolis, Minn. FIRST NATIONAL BANK St. Paul, Minn. First National Bank Minneapolis Dougherty Dawkins Strand & Ekstrom M.H. Novic Co. Paine Webber Jackson Curtis Inc. Robert S.C. Peterson Inc. Cherokee State Bank PIPER JAFFRAY & HOPW000 INC. Minneapolis, Minn Allison Williams Co. E. F. Hutton Co. R.W. Baird & Co. RATES DISCOUNT 9.25% 1983-85 $13,438 9.30 1986 9.50 1987-88 9.75 1989 10.00 1990 10.25 1991 10.50 1992 10.75 1993 10.00% 1983-85 9.50 1986-88 9.75 1989 10.00 1990 10.25 1991 10.50 1992 10.75 1993 13,500 9.40% 1983-85 13,500 9.70 1988 10.00 1989 10.25 1990 10.50 1991 10.75 1992 11.00 1993 11.00% 1983 10.4 1984 9.00 1985 9.25 1986 9.50 1987 9.75 1988 10.00 1989 10.25 1990 10.50 1991 10.75 1992 11.00 1993 Award made to the Banc Northwest Account 13,454 $ COST % RATE $995,291.45 10.247% 1,000,375.00 10.299% 1,015,753.13 10.458% 1,017,504.00 10.476% The Council then proceeded to consider and discuss the bids, after which member Hartmann introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $1,350,000 GENREAL OBLIGATION IMPROVEMENT BONDS OF 1982 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 Banc Northwest to' purchase $1,350,000 General Obligation Improvement Bonds of 1982 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 1,336,562.00 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. The bonds shall be payable as to principal and interest at First Trust Company 1 St. Paul, Minnesota , or any successor paying agent duly appointed by the City. 2. The $1,350,000 negotiable coupon general obliga- tion bonds of the City shall be dated May 1, 1982 and shall be issued forthwith. The bonds shall be 270 in number and numbered from 1 to 270, both inclusive, in the denomination of $5,000 each. The bonds shall mature serially, lowest numbers first, on August 1 in the amounts and years as follows: $50,000 in the year 1983; $75,000 in the year 1984; $100,000 in the years 1985 and 1986; $125,000 in each of the years 1987 to 1989; $150,000 in the years 1990 and 1991; and $175,000 in the years 1992 and 1993. All dates are inclusive. 3. The bonds shall provide funds to refund at maturity the City's outstanding General Obligation Temporary Improvement Bonds of 1979 dated June 1, 1979. The total cost of the refunding which shall include all costs enumerated in Minnesota Statutes, Section 475.65 is estimated tolbe at least equal to the amount of the bonds herein authorized. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable February 1, 1983 and semiannually thereafter on August 1 and February 1 of each year at the respective rates per annum set opposite the maturity years and serial numbers: Maturity Years Serial Numbers 1983 1-10 1984 11-25 1985 26-45 1986 46-65 1987 66-90 1988 91-115 1989 116-140 1990 141-170 1991 171-200 1992 201-235 1993 236-270 Interest Rate 9.25% 9.25 9.25 9.30 9.50 9.5Q 19.7;5 10.00 10.2;5 10.5'0 10.75 5. All bonds of this issue maturing in the years 1989 to 1993, both inclusive (bonds numbered 116 to 270, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on August 1, 1988 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. 6. The bonds 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 IMPROVEMENT BOND OF 1982 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 the principal sum of FIVE THOUSAND DOLLARS on the first day of August, 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 February, 1983 and semiannually thereafter on the first day of August and the first day of February 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 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. All bonds of this issue maturing in the years 1989 to 1993, both inclusive (bonds numbered 116 to 270, both inclusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on August 1, 1988 and on any interest payment'date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. This bond is one of an issue.in the total principal amount of $1,350,000 all of like date and tenor, except as to serial number, maturity, interest rate and redemption privi- lege, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money to refund at maturity the City's outstanding General Obligation Temporary Improvement Bonds of 1979 dated June 1, 1979 and is payable out of the General Obligation Improvement Bonds of 1982 Fund of the City. This bond 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 beenand 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 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 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 May 1, 1982. /s/ Facsimile City Clerk Mayor No. (Form of Coupon) On the first day of February (August), 19 , unless the bond described below is called for earlier redemption, the City of Mendota Heights, Dakota County, Minnesota, will pay to bearer at 1 - or any successor paying agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Improvement Bond of 1982, No. , dated May 1, 1982. /s/ Facsimile /s/ Facsimile City Clerk Mayor 7. The bonds 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. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The bonds 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. 9. There has heretofore been created a Debt Service Account in the "General Obligation Temporary Improvement Bonds of 1979 Fund". Said account was established solely for the purpose of paying the principal and interest on the temporary improvement bonds authorized in the resolution creating said account. Of the proceeds derived from the bonds herein authorized, $ 1,336,562 shall be credited to the Debt Service Account of the General Obligation Temporary Improvement Bonds of 1979 Fund (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 $1,500,000 General Obligation Temporary Improvement Bonds of 1979, which mature On June 1, 1982). 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 established; and, upon determination of such surplus all uncollected special assessments and taxes payable to the 1979 Debt Seryice Account are hereby pledged and shall thereafter also be credited to the Debt Service Account hereinafter established for the bonds herein authorized. 10. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1982 Fund Debt Service Account", to be held and administered by the City Treasurer separate and apart from all other accounts 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 is hereby pledged and there shall be credited to the Debt Service Account (a) all special assessments heretofore levied and pledged to the Debt Service Account of the General Obligation Temporary Improvement Bonds of 1979 Fund, (b) all accrued interest received upon delivery of the bonds, (c) all funds paid for the bonds in excess of $1,336,500, (d) any collections of all taxes herein levied for the payment of the bonds, and (e) all funds remaining in or payable to the Debt Service Account of the General Obligation Temporary Improvement Bonds of 1979 after provision for payment of all principal and interest due on the bonds payable therefrom. The Debt Service Accountlherein 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 Cityjiereafter 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) 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. 11. The City has heretofore levied special assess- ments pursuant to resolution which assessments were pledged to the payment of the principal and interest on the General Obligation Temporary Improvement Bonds of 1979 and' are now pledged to the payment of principal and interest on the bonds herein authorized. Said assessments were levied in the years to . The balance of said special assessments levied in 1981 and collectible in 1982 and all assessment's 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 Gold Madellion Ind. Pk. 78-5 Water & Sewer $163,698.88 0% Street 118,876,61 9 Rolling Green 78-1. Water & Sewer 421,611.11 -9 Street 193,174.71 9 Eide Subdivision 79-2 Water & Sewer 222,266.56 9 Street 93,190 9 Ivy Creek Drainage 78-14 170,000.00 9 Levy Years 81-99 81-90 81-99 81-90 81-99 81-90 81=99 12. 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 collectedwith 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 1982 1983 $17,000 1983 1984 17,000 1984 1985 18,790 1985 1986 45,005 1986 1987 44,320 1987 1988 66,580 1988 1989 61,640 1989 1990 59,100 1990 1991 84,470 1991 1992 110,157 1992 1993 123,922 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 bonds, will :produce at least five percent in excess of the amount neededto 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 without interest from the Debt Service Account when a sufficient balance is available therein. 13. 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 bonds have been entered in the Auditor's Bond Register, and that the tax levy required by law has been made. 14. 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. Witt ] and upon vote being taken thereon, the following voted in favor thereof: All Yea 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 said City, insofar as of the minutes of a meeting of the City Council of duly called and held on the date therein indicated, such minutes relate to the opening and considering of bids for, and awarding the sale of $1,350,000 General Obligation Improvement Bonds of 1982 of said City. WITNESS my hand and the seal of said City this -(SEAL) day of , 1982. City Clerk