Res 1981 - 21 Extract of Minutes of Meeting of City Council of MH (3/17/1981)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: MARCH 17, 1981
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 17th day of March, 1981; at 7:30 o'clock P.M.
for the purpose of opening and considering bids for and
awarding the sale of $2,270,000 General Obligation Improvement
Bonds of 1980 of the City.
The following members were present: Mayor Lockwood
Council Persons Witt, Losleben, Mertensotto, Hartmann
-and the following were absent: none
The Clerk presented affidavits showing publication of -
notice of call for bids on $2,270,000 General Obligation
Improvement'Bonds of the City, for which bids were I.to be
received at this meeting, in accordance with the resolution
adopted by the City Council on October 21, 1980. The
affidavits were examined, found to comply with theiprovisions
of Minnesota Statutes, Chapter 475, and were approied 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
U'IDS RECEIVED
CITY OF MENDOTA HEIGHTS, (MINNESOTA
$2,270,000 It'PROVEtIENT BONDS
of 1980
MARCH 17, 1981
ACCOUNT
RATE
BANC NORTHWEST
7.60
% 1982-83
Ninneapolis, Minn.
7,70
1984
Ferrill Lynch White Weld Capital
7.75
1985-86
American National Bank & Trust
7.90
1987
Cronin Varcotte Inc.
8
1988
Blunt Ellis & Loewi Co.
8.10
1989
Dean Witter Reynolds Inc.
8.20
1990
Miller Schroeder Municipals
8.30
1991
8.50
1992
8.70
1993
8.90
1994
9.
1995
9.20
1996
9.40
1997
9.60
1998
FIRST NATIONAL BANK
7.80
% 1982-85
St. Paul, tlinn.
7.90
1986-87
First National Bank Minneapolis,
8
1988
Doughery Dawkins Strand & Ekstrom
8.10
1989
M.H.Novic Co.
8.20
1990
�Ibert S.C.Peterson
8.30
1991
Cherokee State Bank
8.50
1992
8.70
1993
8.90
1994
9
1995
9.20
1996
9.30
1997
9.40
1998
DAIN BOSWORTH INCORPORATED
7.50
% 1982
Minneapolis, Vinn.
8
1983-86
Allison Hilliams Co.
8.10
1987-89
Piper Jaffray Hopwood Onc.
8.20
1990
Moore Juran Inc.
8.30
1991
8.550
1992
8.70
1993
8.90
1994
9
1995
9.10
1996
9.25
1997
9.40
1998
FIRST NATIONAL BANK
8.20%
1982-86
_ Chicago, Ill.
8.375
1987
Continential Illinois National Bank
8.60
1988-90
& Trust Company
8.80
1991
Harris Trust & Savings Bank
9.0
1992
I'ercantile Trust Co. N.A.
9.20
1993
Kidder Peabody Inc.
9.40
1994
La Salle National Bank
9.60
1995
Chicago Corp.
9.80
1996
10.00
1997-98
AWARD "!ADE TO THE BANK NORTHJEST ACCOUNT
DISCOUNT $ COST %RATE!
22,°299.02
22,700.E
)0
$1,400,709.02
.J
1,402,347.50
8.464
8.474
22,582.78
1,410,031.53
8.521
22,275.
1,483,481.34
S/ a r
The Council then proceeded to consider and discuss
the bids, after which member Losleben I introduced
the following resolution and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$2,270,000 BONDS OF 1980
PROVIDING FOR THEIR ISSUANCE AND LEVYI
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City
Heights, Minnesota, as follows:
1. The bid of Banc Northwest
purchase $2,270,000 of the City, in accordance with
of bond sale, at the rates of interest hereinafter
and to pay therefor the sum of $2,247;700.98 is her
determined and declared to be the most favorable bi
and is hereby accepted and the bonds are hereby awa
bidder. The City Clerk is directed to retain the d
said bidder and to forthwith return the good faith
drafts to the unsuccessful bidders. The bonds shal
as to principal and interest at American National Bank
St. Paul Minnesota , or any successor paying agent
appointed y the -City.
2. The $2,270,000 negotiable coupon gene
tion bonds of the City shall be dated November 1, 1
shall be issued forthwith. The bonds shall be 454
and numbered from 1 to 454, both inclusive, in the
of $5,000 each. The bonds shall mature serially, 1
numbers first, on February 1 in the years and amoun
follows:
$100,000 in the year 1982;
$150,000 in the year -1983;
$200,000 in the year 1984;
$220,000 in each of the years
both years inclusive;
$150,000 in the year 1991;
$ 50,000 in each of the years
both years inclusive.
0
outstanding
1978 of the
improvements
of Mendota
to
the notice
et forth,
by found,
received,
ded to said
posit of
hecks or
be payable
Trust Company
u. y
al obliga=
80 and
n number
enomination
west
s as,
1985 to 1990,
1992 to 1998,
The bonds shall provide funds for ref
General Obligation Temporary Improvem
City and to complete the financing of
in the City. The total cost of the
nt Bonds
I
various
the
of
ts,
all the costs of the refunding which shall include all costs
i
enumerated in Minnesota Statutes, Section 475.65, is estimated
to be at least equal to the amount of the bonds herein
authorized. Work on the improvements shall proceed, with due
diligence to completion.
4. The bonds shall mature in the years and bear the
serial numbers set forth below, and shall bear interest payable
August 1, 1981 and semiannually thereafter on February 1 and
August 1 of each year at the respective rates per annum set
opposite the maturity years and serial numbers:
Maturity Years
Serial Numbers
Interest Rate
1982
1-20
7.6 .%
1983
21-50
7.6
1984
51-90
7.7
1985
91-134
7.75;
1986
135-178
7.75'.
1987
199-222
7.9
1988
223-266
8
1989
267-310
8.1
1990
311-354
8.2
1991
355-384
8.3
1992
385-394
8.5
1993
395-404
8.7
1994
405-414
8.9
1995
415-424
9
1996
425-434
9.2
1997
435-444
9.4
1998
445-454
9.6
5. All bonds of this issue maturing on
February 1, 1991 (bonds numbered 355 to 454, both
shall be subject to redemption and prepayment at t
the City in inverse order of serial numbers, on Fe
1990 and on any interest payment date thereafter a
accrued interest. Published notice of redemption
case be given in accordance with law, and mailed n
redemption shall be given to the bank where the bo
payable.
or after
inclusive),
hie option of
b'ruary 1,
tpar and
shall in each
otice of
rids are
6. The bonds and interest coupons to belissued
hereunder shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
No. $5,00
GENERAL OBLIGATION IMPROVEMENT
BOND OF 1980
KNOW ALL PERSONS BY THESE PRESENTS that
Mendota Heights, Dakota County, Minnesota, certifi
indebted and for value received promises to pay to
principal sum of
FIVE THOUSAND DOLLARS
on the first day of February, 19 and to pay int
from the date hereof until the p it ncipal is paid a
percent
annum, payable on the first day of August, 1981 an
semiannually thereafter on the first day of Februa
first day of August in each year, interest to matu
represented by and payable in accordance with and
presentation and surrender of the interest coupons
attached, as the same severally become due. Both
interest are payable at
V- n successor a in- agent
City of
that it is
arer the
est thereon
the rate of
%) per
y and the
ity being
ereto
incipal and
o a y p yII-- -.L
appointed by the City, in any coin or currency of t'he United
States of America which at the time of payment is legal tender
for public and private debts.
All bonds of this issue maturing on or after February
1, 1991 (bonds numbered 355 to 454, both inclusive), are
subject to redemption and prepayment at the optioniof the City
in inverse order of serial numbers, on February 1,11990 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 $2,270,000 all of like date and tenor, e'ept as to
serial number, maturity, interest rate and redemption privi-
lege, which bond has been issued pursuant to and iI full
conformity with the Constitution and laws of the State of
Minnesota for the purpose of providing money to refund the
outstanding General Obligation Temporary ImprovemenIt Bonds of
1978 of the City and to complete the financing of various
improvements in the City and is payable out of General
Obligation Improvement Bonds of 1980 Fund of the City. This
bond constitutes a general obligation of. the City, land 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 dare hereby
irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution land 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 facsimilelsignature 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 November 1, 1980.
/s/ Facsimile
City Clerk Mayor
(Form of Coupon)
No.
ES
On the first day of August (February), 1
the bond described below is called for earlier red
City of Mendota Heights, Dakota County, Minnesota,
bearer at
Or any successor paying agent duly appointed by tr
sum shown hereon for interest then due on its Gene
Obligation Improvement Bond of 1980, No. ,
November 1, 1980.
/s/ Facsimile /s/ Facsimile
City Clerk Mayor
unless
ption, the
ill pay to
City, the
1
ated
1
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 signa-
tures and the seal of the City may be printed facsimiles (if
the bonds are also signed manually by at least oneisuch
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. (a) There has heretofore been created a "Debt
Service Fund" in the "General Obligation Temporary Improvement
Bonds of 1978 Account". Said fund was created solely for the
purpose of paying the principal and interest on the temporary
improvement bonds authorized in the resolution of the City
Council dated May 2, 1978 creating said account. Of the
`proceeds derived from the Improvement Bonds herein.�authorized,
$2,120,000 shall be credit to the Debt Service Fund of the
General Obligation Temporary Improvement Bonds of 1978 Account
(which sum, together with sums already held in said Debt
Service Fund is sufficient to pay all principal and interest to
become -due on the $2,120,000 General Obligation Temporary
Improvement Bonds of 1978 which mature on May 1, 1981). Upon
discharge of said temporary improvement bonds, any balance in
and all uncollected special assessments pledged to Isaid Debt
Service Fund are hereby pledged and shall be credited to the
Debt Service Account of the General Obligation Improvement
Bonds of 1980 hereinafter created.
(b) There has heretofore been levied special assess-
ments for improvements financed by said temporary improvement
bonds. The balance of said special assessments levied in 1980
and collectable in 1981 and all assessments collectible
thereafter shall be payable in equal, consecutive,lannual
installments with general taxes for the years shown below and
with interest on the deferred balance of all such installments
at the rate of at least 7.00% per annum:
Improvement
Designation
Somerset Park #3
Amount
Levy Years
$269,986
1981-2000
77-6
South Ridge 77-9
423,097
1981}-2000,
Crown Point 77-12
348,710
1981-2d00
Friendly Hills Re.
1,218,273
1981-2001
77-10
Cray Research 78-2
234,853
1981-2001
1 11 . , ,- ..-.9.. _..
10. There is hereby created a special fund to be
designated "General Obligation Improvement Bonds of 11980 Fund"
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 1of the
bonds herein authorized and the interest thereon have been
fully paid. There shall be maintained in the Fund two separate
accounts, to be designated the "Construction Account" and the
"Debt Service Account",,respectively. The proceeds hof the sale
of the bonds herein authorized, less the $ appropriated
to the Debt Service Fund of the General ObgIi anon Temporary
Improvement Bonds of 1978 Account, less any accrued interest
received on the sale of the bids herein authorized, and less
any amount paid for the bonds in excess of $2,247,30;0 plus any
special assessments levied with respect to improvements listed
in paragraph 11 hereof which are financed by the bonds herein
authorized and collected prior to completion of the improve-
ments and payment of the costs thereof, shall be credited to
the Construction Account, from which there shall be paid all
costs and expenses of making the improvements listed" in
paragraph 11, including the cost of any construction contracts
heretofore let and all other costs incurred and to lie incurred
of the kind 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; providefd that the
bond proceeds may also be used to the extent necessary to pay
interest on the bonds due prior to the anticipated date of
commencement of the collection of taxes or special assess-
ments herein levied or covenanted to be levied; and provided
further that if upon completion of the improvements there shall
remain any unexpended balance in the Construction Account, the
balance (other than any special assessments) may beitransferred
by the Council to the fund of any other improvement instituted
pursuant to Minnesota Statutes, Chapter 429; and provided
further that any special assessments credited to the,Construc-
tion Account are hereby pledged and shall be used only to pay
principal and interest due on the bonds. There is hereby
pledged and there shall be credited to the Debt Service Account
(a) all collections of special assessments herein covenanted to
be levied in-paragraph 11 and either initially credited to the
Construction Account and required to pay any principal and in-
terest due on the bonds or collected subsequent to the com-
pletion of the improvements and payment of the costs thereof;
(b) all accrued interest received upon delivery of t e bonds,
(c) all funds paid for the bonds in excess of $2,247300, (d)
any collections of all taxes herein levied the payment the
bonds; (e) all funds remaining in the Construction Account
after completion of the improvements and payment c
thereof, not so transferred to the account of anot
menta and (f) all funds remaining in or payable to
Service Fund of the General Obligation Temporary I
Bonds of 1978 Account after provision for payment
principal and interest due on the bonds payable tb
been made. The Debt Service Account herein create
used solely to pay the principal and interest and
for redemption of the bonds issued hereunder and a
general obligation bonds of the City hereafter iss
City and made payable from said account as provide
Any sums from time to time held in the Debt Servic
any other City account which will be used to pay p
interest to become due on the bonds) in excess of
under the applicable federal arbitrage regulations
invested without regard as to yield shall not be i
yield in excess of the applicable yield restrictio
said arbitrage regulations on such investments.
11. It is hereby determined that no less
the cost to the City of each improvement financed
,herein authorized within the meaning of Minnesota
Section 475.58, Subdivision 1(3) shall be paid by
assessments to be levied against every assessable
and parcel of land benefited by the improvements.
hereby covenants and agrees that it will let all co
contracts not heretofore let within one year after
each improvement financed hereunder unless the res;
ordering the improvement specifies a different timi
the letting of construction contracts and will do i
as soon as they may be done, all acts and things ni
the final and valid levy of such special assessment
the event that any such assessment be at any time I
with respect to any -lot, piece or parcel of land di
error, defect, or irregularity, in any action or p:
taken or to be taken by the City or this Council ol
City officers or employees, either in the making o:
assessments or in the performance of any condition
thereto, the City and this Council will forthwith
further acts and take all further proceedings as m<
required by law to make the assessments a valid an(
lien upon such property. Subject to such adjustmei
required by conditions in existence at the time the
are levied, it is hereby determined that the asses:
be payable in equal, consecutive, annual installmei
general taxes for the -years shown below and with ii
the deferred balance of all such assessments at the
least 7 % per annum:
the costs
er improve -
the Debt
f all
refrom has
shall be
ny premiums
y other
ed by the
by law -
Account (or
incipal or
mounts which
may be
vested at a*
s imp6sed by
than 20% of
;y the bonds
tatutes,
pecial
ot, piece
The City
,nstruction
ordering
lution
limit for
nd perform
cessary for
s, and in
eld invalid
e to any
oceedings
any of the
the
precedent
o all
y be
binding
is as are
assessments
ments shall
ts, with
terest on
rate of at
The tax levies are such that if collected in full
they, together with estimated collections of special assess-
ments and other revenues herein pledged for the payment of the
bonds, will produce at least five percent in excess of the
amount needed to 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 inIthe Debt
Service Account is ever insufficient to pay ail principal and
interest.then due on the -bonds payable therefrom, the
deficiency shall be promptly paid out of any otherlfunds 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 otherlin£ormation
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. 1.
The motion for the adoption of the for
resolution was duly seconded by member Lockwood
upon vote being taken thereon, the following vot
thereof:
A11 Yea
and the following voted against the same: nonw
ing
and
vor
Whereupon said resolution was declared dilly 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, MinneJta, DO
HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on fill 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,
I
insofar as such minutes relate to the opening and considering
of bids for, and awarding the sale of $2,270,000 Geri
Obligation Improvement Bonds of 1980 of said City.
WITNESS my hand and the seal of said City
3/ day of //Z a.�-:� , 1986.
e-XL-� I I/,
City C]
(SEAL)
ral