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Res 1979 -115 Extract of Minutes of Meeting of the City Council of the City of MH (11/6/1979)'s� R ...` � � .y,^ , ` . / J � �9-//�' . . i . .EXTRACT OF MINUTES OF MEETING OF THE � . CITY COUNCIL OF THE CITY OF • MENDOTA HEIGHTS, MINNESOTA ' . i _ . . HELD: November 6, 1979� � Pursuantlto due call and notice thereof, a re�ular ' meeting of the City Council of the City of Mendota Heights, Dakota County, Minriesota, was duly held at the City Hal�l in , said City on the 6th day of November, 1979, at7�30 o'cilock �.M.�for the purpose of awarding the sale of $180,000 eneral Obligation Certificates of Indebtedness of 1979 of sai�City. . The following members were present: Lockwood, `itt, • Hartmann, Losleben � �� � ' . and the following were absent: Mertensotto � . i . . . � � Nlember Losleben introduced the following resolution�and moved its adoption: . • � . . i • RESOLUTION PROVIDTNG FOR THE ISSUANCE � AND SALE OF $18�,000 GENERAL � OBLIGA'�ION CERTIFICATES OF INDEBTEDNESS ��� _', �OF 1979 AND LEVYING A TAX • � , , i. FOR THE PAYP9ENT THEREOF � I ' � A. The City Council. of the City of Mendota Heights has heretofore determined.to purchase street, fire and police equipment for tne City; • i �� B. The City Council has entered into contracts for the acquisition of said equipment; C. No other obli,gations have been i:ssued to defray the expense of purchasing said equipment; � � D. The Council finds that it is necessary, desirable and expeclient to issue certificates to defray the costs of said equipment. �I . NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota Heights, Minnesota, as follows: � . � �1. That the offer of I , in St. Pau1 � Minnesota, to purchase 180,000 Genera 0 igation Certificates of Indebtedness of 1979 of the City, inlaccordance with the terms arid at the rates of interest hereinafter set forth, and to pay therefor the sum of $��t �_�� � is hereby accepted. �Said bonds shall be payable as-�o�principal and i�nterest at tYle �eriCan Nat_ Rank ta Try('n, . in g..t n��• Minnesota. I 2. The $180,000 negotiable coupon generallobligation certificates of the City shall be dated DecemUer l, �1979 and shall be issued forthwith. Sai:d certificates shall e 36 in number and numbered from 1 to 36, both inclusive, in.the denomination of $5,000 each. Said certificates sha11 mature serially, lowest numbers tirst, wi.thout option o� �r�epayment, on December 1 in the years and amounts as follows: $10,000 in the year Z980; - $15,000 in the year 1981; $20,000 in the year 1982; $65;00,6 in the year 1983; and $70,000 in the year 1984. �" -. For the purpose of complying with the pro Minnesota Statutes, Section 475.54, Subdi.vision 2 t schedule of this issue is combined. with the maturit of the $100,000 General Obligation Equipment Cert.if Indebtedness of 1977�� dated December 1, 1977. � 3. Said cer.tificates shall provide funds acquisition of street, fire�and police equipment fo pursuant to the provisions of Minnesota Statutes, S 412.301. The total cost of said acquisition, which include all costs enumerated in. Minnesota Statutes, 475.65, is estimated to be �at leas� equal to the am certificates herein authorized. The principal amou certificate.s issued to finance said acquisition doe one percent of the assessed valuation of the City, ..'money and credits. � 4. The certif icates of said issue maturir years and bearing the serial numbers set forth belo� interest, payable June 1, 1980 and semiannually the7 December 1 and June 1 of each year, at the respecti� annum set opposite said maturity years and serial n� '_sions of :-maturity schedule :ates of or the the City tion � hall �ction nt of the of the not exceed cluding in the shall bear .• after on rates per ' bers: � , v . . r _ Maturity Years Serial Numbers Interest Rate , 1980 " 1-2' 6 3/4% 1981 3-5 6 3/4% . � 1982 � 6-9 � 6 �3/4% . � ' 1983 � � 10-22 - 6 3/4% � ' � 1984 23-36 � 6 3/4% � � 5. Ttie certificates and interest coupons to be � �.` issued hereunder shall be in substantially the following form: - 0 • ' UNITED STATES OF AMERICA � STATE OF MINNESOTA . DAKOTA COUNTY CITY OF MENDOTA H�IGHTS No. $5 • GENERAL OBLIGATION CERTIFICATE OF I.TdDEBTEDNESS . OF 1979 � .� � ,000 . 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, without option of prepayment, the principal sum of - FIVE THOUSAND DOLLARS on the first day of Decernber, 19 and to pay inte frbm the date hereof until the principal is paid at ' percent ( annum, payable on the first day of June, 1980 and s thereafter on the first day of December and the fir June in each year, interest to�maturity beiny repre and payable in accordance with and upon presentatio surrender of the interest coupons hereto attached, severally become due. Both principal and interest at � • or any�successor paying agent duly appointed by the any coin or currency of the United States of Americ the time of payment is legal tend.er for public and debts. This certificate is one of an issue in the principal. amount. of $180,000 all of like date and te as to serial numb.er, maturity and interest rate whic certificate has been issued pursua.nt to arid in full with the Constitution and laws of the State of Minne the purpose of providing money for the acquisition o fire and police equipment for the City, arid is,payab the General Obligation Certificates of Indebtedness� Fund of the City. This certificate constitutes a ge abligation of the City, and�to provide moneys for th and full payment of said principal and interest when become due, the full faith and credit and taxing pow City have been and are hereby irrevocably pledged. � st thereon he rate of �) per iannually day • of nted by and the same e payable ity, in � which at ivate e total - or, except :onformity �ota for• � street; Le out of �f 1979 zeral " � prompt . the same :rs of said ..... .. _. �... _ . ._.. .. � ,. .- .� ... . « .... �.. . _ . _. _ . .. .. ... .. . .. � ,. .. .,. _.. . .. . .-,.. w ,._. . , A._. ♦ Y '� , - � {�Orm of Coupan} . No. � $ , _ On the first day of June (December), 19 , tk�e City of Mendata Heiqhts, Dakota County, Minnesc�ta, will pay�to bearer at � � � or any successor payinq agerit duly appainted �by the Ci�:y, the � �um shown herean for in�erest theX� due on�its General • Qbligati.on Certific.ate of Tndebtedness of 1979, No. , ' ,• dated �ecember l, 1979. � �. . ' ' . . /sj . �acsxn City Clerk a * = ��..-- 6. The certificates shall be' executed an beh.alf of the City by the s'ignature o£ i�s Mayor and the signatur�e of its Clerk and be�sealed with the seal of the �ity, provided, �hat one�af such signatures and the seal ot the City may be�fprinted �acsimiles and provided further that the carporate sea� may be. omi��ed on �he certzficates as permitted by law. The znterest coupons pertaining thereto sh.all be executed by the printed, � engraved' or iithagraphed facsimile signatures of the l��iyor .and Clerk. . ' • ' 7. The said certificates when so executed sha11 be delivered by the Treasurer thereof upon r.eceipt o£ the purcha�e price, purchaser shall not be obliged ta see �o the th�ereof . � prepared �.O ��'1G and the proper- . �T1C1 purchaser , sai;d . � 8. There is hereby created a specia2 fund tc aesigna�.ed "General Obligation Certific�tes of Indebtec 1979 Fund" to be held �and administered by the City. Tr�� separate and apart �rom all other acc�unts of the City. Fund sha11 be maintained in the.manner herein �pecifiec a).l of �the certi.ficates herein authorized and the intex thereon have been tully'paid. Ir� said Fund there shal] maintained �wo separafie accaunts, to be de�ignated as t "Capital Accoun�" and the "Deb�. Service Account", resp� The praceeds of the sale of the certificates herein aui less any premium�and accrued interest received thereon, be credited to �he Capi�.al Accatznt, fram which there s� paid a11 costs and. expenses of purchasing said equipmer a13. other costs incurred and to be incurred of tt�e .kind authorized a.n Minnesota Statutes, Secta.on 475.65; and t maneys in said account �hall be used for no other purpc except-as otherwise provided by law; provided �hat the certificate proceed� may al�o be used �o the extent nec �a pay interest an said certificates due prior to the ' anticipated date of commencement of�the co].lection of t' herein levied. There is hereby pl.edgecl anc� there shall credited to the Debt Service Account (a) al1 accrued a.n and any premium reeeived upan delivery of said certific (b} any'collections of all taxes herein levied for the of �aid cer�ificates; and {c) all �unds remaining in sa Capital Account after completion o� the�payment af the� thereof. The Debt �ervice Accaunt herein created �hal]. sale.ly to pay principal and intere�t and any premiums. � redemption an the certificates issued hereunder and any general obligation certificates of the City her.eafter i the City and made payable from saic7 Account as provided Any sums from tirae �o tizne �ield in the Deb�, Service Ace icata.on � b� �ness of � suxer .Said unt i.l est be � �e � ctively. nflz�.Z�a, Sh�zi � all �be t and e essary axes • be terest :ates, payment id cas�s be used ar other ssued by by 1 aw . ount (or � ~.• , , �,.-.,� � �- . ... . . .. � . « _ . .. ,.. « _ . } .__... _. ... � ... .... ..�.j .- " I � I any other Ci.ty accaunt which wa,ll be used to pay princxpa3. ar interest to become due on the certificates) in excess of , amounts which under the applicable federal arbi.trage � regulations- may be inve$ted without regard as to yield sha1.1 not be invested at a yield in excess o� the applicabl�,yield restrictions imposed by said a�bitrage regulatxons on luch investments. � - 9a To pravide moneys for the payment�of said principal and i.nterest there is he�eby levied upon all.�of the taxable property in the Ci�.y a direct annual ad valorem tax which shall be spread upon the tax ralls and callectedlwith and as part of, other general property taxes in said Gity for the years ancl in the amcaunts as fol].ows: , �- . Year of Tax Year o� Tax : L��, Collection . Amoun:� I979 1980 =, � _ �23, 300 � 1980 1981 - , 27, 800 1981 � �9$2 . � 32;000� 1982 � . I983 � -� � Y ' 77, 500 • 1983 . 1984 � , � . , .. 78,540: Said tax levies are such that if, collected in fu11 they, tagether'with estimated-�collections of o�her revenues �� herein pledged �or �he payment of said cer�ificates wi11 produce at least five percent in exeess af the amount rieeded ta meet�when due the prin�ipal�and in�erest payments on t�ie cer�ificate�. , . : � � Said tax levies shall be irrepealable sa long as any af said certificate� are ou�.standing ar�d unpaid, provided tha� the City.re�erves the right and power to reduce the levies in �he manner and �o the exten� permitted by �ec. 475.61{I} M.S.i�. For tt�e promp�. and fu11 payment of the principal of . and interes� on said certifica�es, as �.he'same respectively be- come due, the fu11 faith, credi.t and taxing �powers af � the City shall be and are hereby irrevocably pledged.. If the balance in the Deb��Service Account is ever insuf�icient to pay a].1 ' principal and iz�terest �hen due on the. � ce��if icates pay; able therefram, the deficiency shall be promptly paid out of any ather funds of the City which are available �for such p�rpose, and such othe�r �unds may be reimbursed w•ithout interes� from the Deb� Service Account when a sufficient balance is �vailabTe therein. � 0 m . - 3 r1 • ' , � n ��� . � ].0. The City Clerk i� hereby directed to file a � certified capy af this resolution with the Counfiy Auditor of Dakota County, Minneso�a, �ogether with such-other�in�ormation as he shall require, and to ob�ain from said. Auditor his � cer�ificate tha� said certificates have been entered iri the said Auditor's Bond Register, and that the tax levy required by law has' been m�de. ' • � : • 11: The o�ficers of the City are hereby autnarized . and directed to prepare and furnish to the purchaser,o� said cer�.ificates, and to the attorneys approving the legality of the issuance thereof, certified copies af all proceedings and records of the City relatin.g ta said certificaCes and to �he financial condition and af£airs of the City, and such other affidavits, certificates and information as are requir�d to show the facts relating to the legality and mark�tability of said certif icat�es �as the same appear from �.he books and records under their custody and control or as atherwise known to them; ana aIl such certified capies, cer�ificates and affidavits, in- cluding any hereto�ore furnished, shall be deem�d represen-- tatiar�s of �he City as to �he �acts recited ther•ein. � The motion for the adoptian o� the faregoing � . resoluta.on cvas duly seconded by member W�rt , and � upan vo�e being taken therean, the fallowing v�oted in favor thereo€: �.1 Yea � " . . t . .� . , � � and the following 'voted agains�. the same: �,��e ' . Whereupon said resalution was decla�ed duly ; and adopted. � � � - - . � " . ` . - ^ ,� . -`= � . , STATE OF MINNESOTA COUNTY OF DAKOTA , � CITY OF MENDOTA HEIGHTS � • I, the undersigned, being the dul� qualified and . ,, acting Clerk of the�City of Mendota Heights, Minnesota, DO � . - R,._ � . HEREBY CERTIFY that I have compared the attached and fore- going extraat of minutes with tYie original thereof on f'lile in my office, and that the same is a full, true and complelte transcript of the minutes of a meeting of the City Coun!cil of � I' said City, duly called and.held on�the clate therein indicated, insofar as such minutes relate to awarding the sale of $180,000 General Obli ation Certificates of Indebtedness of 1979i of said g City: • � WITNESS my hand and the sea1. of said City this� i9 �� c1 ay o f %�o��-�c.�C� , 19 7 9. . , . . . � ` �- �. • . _,..; , - ' '( SEAL) � , _ - ., � :� �— hv " City Cler n