Res 1981 - 20 Extract of Minutes of Meeting of the 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, la regular
meeting of the City Council of the City of Mendota Heights,
Dakota County, Minnesota, was duly held at the City, 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 $625,000 General Obligation Timporary
Improvement Bonds of 1981 of the City.
The following members were present: Mayor+ Lockwood,
Councelpersons Witt, Losleben, Mertensotto & Hartmann
and the following were absent: none
The Clerk presented affidavits showing publication of
notice of call for bids on $625,000 General Obligation
Temporary Improvement Bonds of 1981 of the City, for which bids
were to be received at this meeting, in accordance with the
resolution adopted•by the City Council on FebruaryI17, 1981.
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
t625,000 Temporary Improvement Bonds
March 17, 1981
ACCOUNT
RATE
BANC NORTHWEST
7,50%
Minneapolis, Minn.
FIRST NATIONAL BANK
7.60%
3t. Paul, Minn
'
D8IM BOSWORTH INC.
7,70
Minneapolis, Minn.
Allison Williams Co.
Piper Jaffray & Hopwood Inc.
Moore JVran Inc.
FIRST NATIONAL BANK
7,75
Minneapolis, Minn
M^H.MoVfc Company
7,75
Minneapolis, Minn
AWPRD MADE TO THE BANC NORTHWEST
ACCOUNT.
3»437.52 1145*937,50 7.783%1
3,118.75 |l47* 4g3�^ 75 7 , 865�|
| �|
3^500,00 148^812,50 7,936%
3,500,00 |148^812,50 7,936
The Council then proceeded to consider and discuss
the bids, after which member Mertensotto introduced
the following resolution and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$625,000 GENERAL OBLIGATION
TEMPORARY IMPROVEMENT BONDS OF 1981
PROVIDING FOR THEIR ISSUANCE AND LEVYING
A TAX FOR THE PAYMENT THEREOF
BE ITRESOLVED by the Council of the City of Mendota
Heights, Minne.sota, as follows:
1. The bid of Banc Northwest to
purchase $625,000 General Obligation Temporary Improvement
Bonds 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 $699-187.51 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 Ibe payable
as to principal and interest at any
St Paul, Minnesotai or any successor paying
agent duly appointed by the City.
2. The $625,000 negotiable coupon general obligation
bonds of the City shall be dated April 1, 1981 and shall be
issued forthwith. The bonds shall be 125 in number and
numbered from 1 to 125, both inclusive, in the denomination of
$5,000 each. The bonds shall mature, without optionlof
prepayment, on April 1, 1984.
3. The bonds shall provide funds for the '7
of various improvements in the City. The totallcost of
the improvements, which shall include all costs enumerated in
Minnesota Statutes, Section 475.65, is estimated to be at least
equal to the amount of the bonds herein authorized. I Work on
the improvements shall proceed with due diligence to
completion.
4. The bonds shall bear interest at the rate of
7.6per annum payable October 1, 1981 and semiannually there-
after on April 1 and October 1 of each year.
5. The bonds and interest coupons to be issued
hereunder shall be in substantially the following form:.
No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS OF 1981
$5,000
KNOW ALL PERSONS BY THESE PRESENTS that tl
Mendota Heights, Dakota County, Minnesota, certifies
indebted and for value received promises to pay to l
without option of prepayment, the principal sum of
FIVE THOUSAND DOLLARS
bn the first day of April, 1984 and to pay interest
from the date hereof until the principal is paid at
percent (_
annum, payable on the first day of October, 1981 an(
semiannually thereafter on the first day of April ai
day of October in each year, interest to maturity bf
represented by and payable in accordance with -and ul
presentation and surrender of the interest coupons ]
attached, as the same severally become due. Both pi
interest are payable at
or any successor paying agent c
appointed by the City, in any coin or currency of t]
States of America which at the time of payment is 14
for public and private debts.
This bond is one of an issue in the total
amount of $625,000 all of like date and. tenor, exce:
serial number, which bond has been issued pursuant
full conformity with the Constitution and laws of t
Minnesota for the purpose of providing money for va
improvements in the City and is payable out of the
Obligation Temporary Improvement Bonds of 1981 Fund
to which fund there has been irrevocably pledged th
assessments and taxes to be levied in respect to th
improvements financed by said issue, and into which
are to be paid the proceeds of the definitive impro
which the City is required by law to issue at or pr
maturity of this bond for the purpose of refunding
the special assessments and taxes theretofore colle
other municipal funds which are properly available
City of
that it is
arer,
thereon
the rate of
-
_%) per
d the first
ing
ereto
incipal and,
United
1 tender
principal
,t as to
o and in
.e State of
Iou s
eneral
of the City
special
fund there
►ement bonds
_or to the
:he same if
.ted or any
ind are
appropriated by the City Council for such purpose, are not
sufficient for the payment thereof. 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 been and are hereby irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that a
conditions and things required by the Constitution
the State of Minnesota to be done, to happen and to
performed, precedent to and in the issuance of this
been done, have happened and have been performed, i
and due form, time and manner as required by law, a
bond, together with all other debts of the City out
the date hereof and the date of its actual issuance
delivery does not exceed any constitutional or stat
limitation of indebtedness.
IN WITNESS WHEREOF, the City of Mendota He
Dakota County, Minnesota, by its City Council has ca
bond to be executed in its behalf by the facsimile s
the Mayor and the manual signature of the City Clerk
corporate seal of the City having been intentionally
permitted by law, and has caused the interest coupon
executed and authenticated by the facsimile signatur
officers, all as of April 1, 1981.
City Clerk
/s/ Facsimile
Mayor
acts,
laws of
nd, have
egular
this
nding on
ry
ights,
used this
ignature of
the
omitted as
s to be
es of said
(Form of Coupon)
No.
On the first day of October (April), 198 1 the City
of Mendota Heights, Dakota County, Minnesota, will pay to
bearer at
or any successor paying agent duly appointed by.
the City, the sum shown hereon for interest then due on its
General Obligation Temporary Improvement Bond of 1981, No.
, dated April 1, 1981. 1
/s/ Facsimile
City Clerk
6. 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.
7. 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.
8. There is hereby created a special fund to be
designated "General Obligation Improvement Bonds of 11981 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 Iof 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 proceedslof the sale
of the bonds herein authorized, less any accrued interest
received thereon, and less any amount paid for the bonds in
excess of $621,500, and less capitalized interest in the amount
of $28,125 (subject to such adjustments as are appropriate to
provide sufficient funds to pay interest due on the bonds on or
before October 1, 1981), plus any special assessments levied
with respect to improvements financed by the bonds and
collected prior to completion of the improvements 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 10, including
the cost of any construction contracts heretofore let and all
other costs incurred and to be incurred of the kind I 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 that the bond proceedsmay 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 assessments 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 be transferred 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 Construction 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 leviedfand.either
initially credited to the Construction Account and required to
pay any principal and interest due on the bonds or collected
subsequent to the completion of the improvements and payment of
the costs thereof; (b) all accrued interest received upon
delivery of the bonds, (c) all funds paid for the bonds in
excess of $621,500, (d) capitalized interest in the amount of
$28,125 (subject to such adjustments as are appropriate to
provide sufficient funds to pay interest due on the bonds on or
before October 1, 1981), (e) any collections of all taxes
herein levied the payment the bonds; and (f) all funds
remaining in the Construction Account after completion of the
improvements and payment of the costs thereof, not so
transferred to the account of another improvement. The Debt
Service Account herein 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 City hereafter issued by the City and made payable from
said account as provided by law, provided however,ithat upon
termination of the Debt Service Account all collections of such
special assessments and taxes herein covenanted to be levied
assessments and taxes herein covenanted to be levied and any
other sums pledged and appropriated to the Debt Service Account
and not used for the payment of said temporary bonds and
interest thereonshall be pledged.and credited to the extent
necessary to the Debt Service -Account of any definitive bonds
issued to pay in whole or part said temporary bonds. 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 I 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. It is hereby determined that no less
the cost to the City of each improvement financed l
within the meaning of Minnesota Statutes, Section e
Subdivision 1(3) shall be paid by special assessmei
levied against every assessable lot, piece and par4
benefited by the improvements. The City hereby co,
than 20% of
iereunder
.75.58,
its to be
:el of land
Tenants and
i
agrees that it will let all construction contracts not here-
tofore let within one year after ordering each improvement
financed hereunder unless the resolution ordering the improve-
ment specifies a different time limit for the letting of con-
struction contracts and will do and perform as soon as they may
be done, all acts and things necessary for the final and valid
levy of such special assessments, and in the event that any
such assessment be at any time held invalid with respect to any
lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken orlto be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance -of any condition precedent thereto, the City and
this Council will forthwith do all further acts and take all
further proceedings as may be required by law to make the
assessments a valid and binding lien upon such prop
Subject to such adjustments as are required by cond
existence at the time the assessments are levied, i
determined that the assessments shall be payable in
consecutive, annual installments, with general taxe
years shown below and with interest on the deferred
all such assessments at the rate of at least _q_%
Improvement
Designation Amount
Valley View Oaks $355,000
Eagle Ridge Storm Sewer 70,000
Victoria Town Homes 75,000
Royal' Redeemer Utilities 45,000
Friendly Hills Water 80,000
At
City Council
lections of
:rry. .
.tions in
is hereby
equal,
for the
balance of
per annum:
Levy Years
1982-2001
1982-2001
1982-2001
1981-2000
1982-2001
the time the assessments are in fact levied the
shall, based on the then current estimated col -
the assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the
City continues to be in compliance with Minnesota Statutes,
Section 475.61, Subdivision 1.
10. To further provide moneys for the prompt and full
payment of principal and interest on said temporary improvement
bonds, the City shall issue and sell definitive improvement
bonds, at or prior to the maturity date of the bonds issued
hereunder, in such amounts as are needed to pay the principal
'
and interest then due on said temporary improvementk bonds after
the application of the assessments and taxes collected, and the
appropriation of such other municipal funds as are properly
available for such purpose. The Council hereby finds,
! determines and declares that the estimated collectiIons of
special assessments and taxes to be received before the
maturity date, and other revenues pledged for the payment of
said temporary improvement bonds and the interest thereon will
equal at least 5% in excess of the principal and interest
requirements of said temporary improvement bonds as the same
become due.
principal
11. For the prompt and full payment of the p rinci p
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 Ifunds 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.
12. ,The City Clerk is hereby directed to file a.
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 Auditorihis
certificate that the bonds have been entered in the Auditor's
Bond Register.
13. 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 sof 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.
i
j;
I
I
i
j •.
The motion for the adoption of the fore
resolution was duly seconded by member Hartmann
upon vote being taken thereon; the following vote
thereof: S All Yea
and the following voted against the'same: none
Whereupon said resolution was declared
and adopted.•
ng
and
n. favor
passed
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 openin% and considering
of bids for, and awarding the sale of $625,000 General
Obligation Temporary Improvement Bonds of 1981 of said City.
WITNESS my hand and the seal of said City this
21 � day of 1981.
r- �r City Clerk
(SEAL)_