Res 1980 - 96 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 re ular
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, Mertensotto
Mitt, Hartmann, Losleben
and the following were absent: none
Member Hartmann introduced the
following resolution and moved its adoption:'
RESOLUTION PROVIDING FOR PUBLIC :SALE
OF $2,270,000 GENERAL OBLIGATION
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 $2,270,000 General Obligation
Improvement Bonds of 1980 to defray the expense of refunding at
maturity the outstanding General Obligation Temporary
Improvement Bonds of 1978, and to complete the financing of
various improvements of 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 $2,270,000 General Obligation Improvement Bonds
of 1980 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.
EXHIPIT ".
CITY OF I'.EHDOTP, HEIGHTS
DAKOTA COUNTY
'1NNESCT;;
GENERAL OBLIGATION I PROVEI'ENT
°ONDS OF 1980
These bonds will be offered Narch 17, 1981, at 7:30 o'clock P.V. Central Time at
the City Hall, in I';endota Heights, ,'innesota. The Bonds will be dated November 1,
1980 and interest will be payable August 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 on February 1 in the amounts and
years as follows:
;100,000 1982
150,000 1983
X00'000 1984
x220,000 1985
150,000 1991
50,000 1992-
- 1990
1998
".11 bonds maturing on or after February 1, 1991 are subject to prior payment on
February 1, 1990 and any interest payment date thereafter at a price of par and
accrued interest. Sealed bids for not less than $2,247,300 and accrued interest on
the principal sum of $2,270,00w will be accepted. No rate of interest nor the
effective average rate of the issue may exceed 12' per annum. An acceptable app-
roving legal opinion will be furnished by Briggs and (',organ, Professional Assoc-
iation, of St. Paul and Minneapolis, 1•linnesota. The proceeds will be used to
refund at maturity the outstanding General Obligation Temporary Improvement Bonds
of 1978 of the City and to c^mplete the financing of various improvements in the
City.
Dated October 21, 1980
additional information
may be obtained from:
L.E.Shaughnessy Jr.
248 Endicott Building
St. Paul, I'.i nnesota 55101
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen I% Swanson
City Clerk
I
OFFICIAL TERMS OF
BOND SALE.
$2,270,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
N,I NNESCTA
GENERAL ODLIGATION IP'P"01'EPIENT
BONDS OF 1980
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale according to the
following terms:
TIP'E AND PLACE: P'arch 17, 1981, at 7:30 o'clock P.M.
Central Time at the City hall in the
City of Mendota Heights, Minnesota.
TYPE OF BONDS Negotiable coupon general obligation
bonds, $1,000 or $5,000 denominations
or larger at the option of the Purchaser.
DATE OF BONDS: November 1, 1980
PURPOSE: To refund the outstanding General Oblig-
ation Temporary Improvement Bonds of
1978 of the City and to complete the
financing of various improvements in the
City.
INTEREST PAYI'ENTS: August 1,
1981, and
semiannually
there-
after on
February 1
and August 1
of each
year.
I:ATUPITIES: February
1 in the years and amounts as
follows:
YEAR
AIIOUiNT
YEAR
A^'OUNT
T 98 -
,,100, 000
_T5 —9f
$T-50,000
1983
150,000
1992
50,000
1984
200.000
1993
50,000
1985
220,000
1994
50,000
1936
220.000
1995
50,000
1987
220.000
1996
50,000
1988
220,000
1997
50,000
1989
220,000
1998
50,000
1990
220,000
RCDEI'PTIOPI: At the option of the issuer, bonds maturing
on or after February 1, 1991 shall be subJect
to prior payment, in inverse order of serial
numbers, on February 1, 1990 and any interest
payment date thereafter, at a price of par
and accrued interest.
PAYING AGENt:
Bidder's discretion.
CUSIP !!UNDEPS: 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 t'organ, Profess-
ional Association, of St. Paul and I'inneapolis
N nnesota. Bond printing and legal opinion
will be paid by the 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 sucessful bidder.
TYPE CF BID: Sealed bids of not less than $2,247,300 and
accrued interest on the principal sum of
$2,270,000 from date of Bonds to date of
delivery must be filed with the undersigned
prior to the time of sale, aids must be un-
conditional except as to legality. A certified
or cashier's check in the amount of $45,400,
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
F'endota [(eights, !'i nnesota 55120
RATE: The rate must be in integral multiples of 1/20th
Oil 1/8th of 1% and may not exceed 12" per annum.
All bonds maturing on the same date must bear in-
terest at a single uniform rate and not exceed
the rate specified for bonds of any subsequent
maturity. Additional interest coupons may not be
used. No limitation is placed upon the number of
rates which nay be used.
Ne! AP.D: Award will be made soley on the basis of lowest
dollar interest cost, determined by addition of
any discount to the total interest on all bonds
from their date to their stated maturity. The net
effective average rate of the issue may not exceed
12% per annum.
The issuer reserves the right to reject any and all bids. to waive informalities and
to adjourn the sale.
Dated October 21. 1980
BY ORDER OF THE CITY COUP;CIL
s/ Kathleen M. Swanson
r: y.. rl --I,