Res 1982 - 25 Extract of Minutes of Meeting of the City Council of MH (3/2/1982)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: March 2, 1982
Pursuant to due call and notice thereof, a reqular meeting
of the City Council of the City of Mendota Heights, Dakota
County, Minnesota, was duly held at the City Hall 1 in
said City on the 2nd day of March, 1982, at 7:30 o'clock P.M.
for the purpose of awarding the sale of $350,000 General
Obligation Tax Anticipation Certificates of 1982 of said City.
The following members were present: Lockwood, Witt, Hartmann
Mertensotto
and the following were absent: Losleben
Member Witt introduced the
resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF
$350,000 GENERAL OBLIGATION
TAX ANTICIPATION CERTIFICATES OF 1982
following
The City Council has heretofore determined that it is
necessary and expedient to issue $350,000 General Obligation
Tax Anticipation Certificates of 1982 pursuant to Minnesota
Statutes, Section 412.261 in anticipation of the collection of
taxes levied for the general fund and not yet collected by the
City;
BE IT RESOLVED by the Council of the City of Mendota
Heights, Minnesota, as follows:
1. That the offer of First National Bank St. Paul to
purchase $350,000 General Obligation Tax Anticipation
Certificates 1982 of the City in accordance with the items and,
at the rates of interest hereinafter set forth and to pay there-
for the sum of $ 347, 550.00 is hereby accepted. Said
certificates shall be payable as to -principal and interest at
First National Bank, St. Paul or any successor paying agent duly
appointed by the City.
2. The $350,000 negotiable general obligation tax
anticipation certificates of the City shall be dated March 15,.
1982 and shall be issued forthwith. The certificates shall be
70 in number and numbered from 1 to 70, both inclusive, in the
denomination of $5,000 each. The certificates shall mature on
March 15, 1983.
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 fortthe
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, 1983
and bear the serial numbers set forth below, and shall bear
interest payable at maturity at the annual rate of Eight and One
Half percent (8.50 %) .
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. $5,000
GENERAL OBLIGATION TAX
ANTICIPATION CERTIFICATES OF 1982
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that it is
indebted and for value received promises to pay to the order of
the principal
sum of
FIVE THOUSAND DOLLARS
on the fifteenth day of March,/ 1983, and to pay interest
thereon from the date hereof until the principal is paid at the
rate of percent
%) per annum, payable on the 15th day of March, 1983,
both the principal and interest being payable upon presentation
and surrender of this certificate at maturity. The total
dollar amount of interest payable hereon at maturity is Foul ,'lvnc/re,c1
d F/vim Dollars ($ t{-. S .00). Both principal
and interest are payable at Films r 449T/o;VAG /FAx/iK a'A-Ste'`• s Z-
, 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 $350,000 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. The total amount of taxes levied for the general fund
for the year 1982 is $ 75 - , This certificate
constitutes a general o igation o 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.
ity Clerk
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..
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 1981, payable 1982 (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, 1983 and thereafter all Taxes
shall be paid over to a special Debt Service Account hereby
created for the Tax Anticipation Certificates, until there is
on hand an amount equal to the principal of and interest on the
certificates due on March 15, 1983. Thereafter the' City shall
be entitled to receive and retain all Taxes and apply them to
purposes for which they were levied. 1
1
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-
1 tations of the City as to the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by member Hartmann and
upon vote being taken thereon, the following voted in favor
thereof: al lyes
and•the following voted against the same: mune
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 the awarding the sale of
$350,000 General Obligation Tax Anticipation Certificates of
1982 of said City.
WITNESS my hand and the seal of said City this
_? tj6 day of
'_.(SEATO
/K)41 -,A
, 1982.
/1;;Zeee,,,,
City Clerk