Res 1982 - 30 Extract of Minutes of Meeting of the City Council of MH (3/16/1982)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: MARCT 16, 1982
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Mendota Heights,
Minnesota, was duly held at the City Hall in saidlCity on the
16th day of March, 1982, at 7:30 P.M.
The following members were present:
Lockwood, hitt, Hartmann, Losleben, Mertensotto
and the following were absent: ,
none
Member Mertensotto introduced the
following resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,400,000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS OF 1982
BE IT RESOLVED by the City Council of
Mendota Heights, Minnesota, as follows:
the City of
1. It is hereby found, determined and declared
that this City should issue $1,400,000 General Obligation
Temporary Improvement Bonds of 1982 to defray the expense of
various -improvements in the City.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $1,400,000 General Obligation Temporary
Improvement Bonds of 1982 of said City.
3. The City Clerk is hereby authorized and dir-
ected to cause notice of the time, place and purpose of said
meeting to be published in the official newspaper of the City
and in Commercial West not less than ten days in advance of
date of sale, as provided by law, which notice shall be in
substantially the form set forth in Exhibit A attached -hereto.
EXHIBIT A
NOTICE OF BOND SALE
$1,400,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF
1982
These bonds will be offered nesday_ r~Apr11,20 ,--1982 at 7:30
P.M., Central Time, at the City Hall, in Mendota Heights,
Minnesota. The bonds will be dated May 1, 1982, and interest
will be payable November 1, 1982 and semiannually thereafter.
The bonds will be general obligations of the Issuer for which
its unlimited taxing powers will be pledged. The bonds will
mature, without right of prior redemption, on May 1, 1985.
Sealed bids for not less than $1,393,000 and accrued interest
on the principal sum of $1,400,000 will be accepted. 'The rate
of interest and the net effective average rate of the issue may
not exceed 12% per annum. An acceptable approving legal
opinion will be furnished by Briggs and Morgan, Professional
Association, of St. Paul and Minneapolis, Minnesota. ,The
proceeds will be used to defray the expense of the construction
of various improvements in the City.
Dated: March 16, 1982
Additional information
may be obtained from:
Shaughnessy & Co., Inc.
151 Endicott Arcade
St. Paul, Minnesota 55101
Telephone No.: 612-227-6691
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen" M. 'Swanson
City Clerk
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,400,000
GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1982
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale
according to the following terms:
TIME AND PLACE:
TYPE OF BONDS:
DATE OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
MATURITY:
REDEMPTION:
PAYING AGENT:
CUSIP NUMBERS:
Tuesda=y', =April 2071982 at the
City Hall, at 7:30 P.M., Central
Time, Mendota Heights, Minnesota.
Negotiable coupon general
obligation temporary improvement
bonds, $5,000 or larger denomina-
tions at the option of the
bidder.
May 1, 1982.
To defray the expense of the
construction of various
improvements in the City.
November 1, 1982, and semi-
annually thereafter,on May 1, and
November 1.
May 1, 1985.
All bonds shall be without option
of prior payment.
Bidder's discretion.
It is anticipated that CUSIP
numbers will be printed on said
bonds, but neither the failure to
print such numbers on any bond
nor any error with respect
thereto shall constitute cause
DELIVERY:
TYPE OF BID:
RATE:
for a failure or refusal by the
purchaser thereof to, accept
delivery of and pay for said
bonds in accordance with terms of
the purchase contract.
Forty days after award subject to
approving legal opinion of Briggs
and Morgan, Professional
Association, of St. Paul and
Minneapolis, Minnesota. Bond
printing and legal opinion will
be paid by issuer and delivery
will be anywhere in the
continental United States without
cost to the purchaser. Legal
opinion will be printed on the
bonds at the request of the
successful bidder. 1
Sealed bids of not less than
$1,393,000 and accrued interest
on the principal sum of
$1,400,000 from date' of bonds to
date of delivery must be.filed
with the undersigned prior to the
time of sale. Bids must be
unconditional except as to
legality. A certified or
cashier's check in the amount of
$14,000, payable to the order of
the Treasurer of the' issuer must
accompany each bid, to be
forfeited as liquidated damages
if bidder fails to comply with
accepted bid. Bids for the bonds
should be addressed to:
Ms. Kathleen M. Swanson
City Clerk
City Hall
750 South Plaza Drive
Mendota Heights, MN 55120
The rate must be in integral
multiple of 1/20th or 1/8th of 1%
and may not exceed 12% per annum.
Additional interest coupons may
not be used. 1
1
AWARD:
Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of
any discount to and deduction of
any premium from the total
interest on all bonds from their
date to their stated maturity.
The net effective average rate of
the issue may not exceed 12% per
annum.
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: March 16, 1982
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen M. Swanson
City Clerk
Additional information
may be obtained from:
Shaughnessy & Co., Inc.
151 Endicott Arcade
St. Paul, Minnesota 55101
Telephone No. 612-227-6691
4. The terms and conditions of said bonds and
the sale thereof are fully set forth in the "Official Terms
of Bond Sale" attached hereto as Exhibit B and incorporated
herein by reference.
The motion for the adoption of the foregoing
resolution was duly seconded by member Losleben and
upon a vote being taken thereon, the following voted in favor
thereof:
all yea
and the following voted against the same:
and adopted.
none
Whereupon said resolution was declared duly passed
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I the undersigned, beingthe dulyqualified and
9
acting Clerk of the City of Mendota Heights, Minn jsota, DO HERE-
BY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes with the original minutes of a
meeting of the City Council held on the date therein indicated,
which are on file and of record in my office, and
the same is a
full, true and complete transcript therefrom insofar as the
same relates to the proposed sale of $1,400,000 General
Obligation Temporary Improvement Bonds of 1982 of
WITNESS my hand as such Clerk and the.
of the City this 1,4 day of ,,,,e , 1982.
said City.
official seal
�cdJ J 7-17-
City Clerk