Res 1980 - 95 Extract of Minutes of Meeting of the City Council of MH (10/21/1980)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 21, 1980
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 said City on'the
21st day of October, 1980, at 7:30 o'clock P.M.
The following members were present: Lockwood, Witt, Hartmann
Losleben, Mertensotto
and the following were absent: none
Member Losleben introduced the
following resolution and moved its adoption:'
RESOLUTION PROVIDING FOR PUBLIC:SALE
OF $400,000 GENERAL OBLIGATION
TEMPORARY IMPROVEMENT
BONDS OF 1980
BE IT RESOLVED by the City Council of the City of
Mendota Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that
this City should issue $400,000 General Obligation Temporary
Improvement Bonds of 1980 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 $400,000 General Obligation Temporary
Improvement Bonds of 198U 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.
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 Plitt and
upon a vote being taken thereon, the following voted in favor
thereof:
all yea .
and the following voted against the same: none
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 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 $400,000 General
Obligation Temporary Improvement Bonds of 19801 of said City.
WITNESS my hand as such Clerk and the official seal
of the City this0 day of 1980.
L
City Clerk
(SBAL)1_-
EXHIBIT A
NOTICE OF BOND SALE
$400,000,
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1980
These bonds will be offered , 1980, at
o'clock .M., C.D.S.T., at the City Hall, in Mendota Heights,
Minnesota.. The bonds will be dated November 1, 1980 and
interest will be payable May 1, 1981 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 redemption, on November
1, 1983.
Sealed bids for not less than $398,000 and accrued interest on
the principal sum of $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 finance various improvements in the
City.
Dated: October 21, 1980 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen M. Swanson
City Clerk
Additional information
may be obtained from:
L. E. Shaugnessy, Jr.
156 Endicott Arcade
St. Paul, Minnesota 55101
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$400,000
GENERAL OBLIGATION TEMPORARY
BONDS OF 1980
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these b.onds will be offered for
sale according to the following terms:
TIME AND PLACE: , 1980,
at o clock P.M., C.D.S.T. at
the City Hall in Mendota Heights,
Minnesota.
TYPE OF BONDS: Negotiable coupon general obligation
bonds, $1,000 or $5,000 denomina-
tions or larger at the option of
the Purchaser.
DATE OF BONDS: November 1, 1980.
PURPOSE: To provide funds for various
improvements in the City.
INTEREST PAYMENTS: May 1, 1981, and semi-
annually thereafter on November 1
and May 1 of each year.
MATURITY: November 1, 1983.
REDEMPTION: All bonds shall be without
option of prior payment.
1 3
PAYING AGENT:
Bidder's discretion.
CUSIP NUMBERS: 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 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.
DELIVERY: 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.
TYPE OF BID: Sealed bids of not* less than
$398,000 and accrued interest on
the principal sum of $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 $5,000,
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:
Kathleen Swanson
City Clerk
750 S. Plaza Drive
Mentoda Heights, Minnesota 55120