Res 1981 - 12 Extract of Minutes of Meeting of the City Council of MH (2/17/1981)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: February 17, 1981
f/-/12
Pursuant to due call and notice thereof,
meeting of the City Council of the City of Mendota
Minnesota, was duly held at the City Hall in said
17th day of February, 1981, at 7:30 o'clockp M.
a regular
Heights,
City on the
The following members were present: Mayor Lockwood, Councilmen
Losleben, Mertensotto, Hartmann, Witt
and the following were absent:
none
Member Losleben introduced the
following resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $625,000 GENERAL OBLIGATION
TEMPORARY IMPROVEMENT BONDS OF 1981
WHEREAS:
The City Council has heretofore adopted a resolution
dated October 21, 1980 providing for the public sale of
$400,000 General Obligation Temporary Improvement Bonds of
1980.
NOW THEREFORE BE IT RESOLVED by the City Council of
the City of Mendota Heights, Minnesota, as follows:
1. The City Council hereby rescinds said resolution
of October 21, 1980.
2. It is hereby found, determined and declared that
this City should issue $625,000 General Obligation Temporary
Improvement Bonds of 1981 to defray the expense of various
improvements in the City.
3. 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 $625,000 General Obligation Temporary
Improvement Bonds of 1981 of said City.
F.
4. 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.
5. 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 Merte sotto 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.
EY,Il12IT ".
NOTICE CF CIr, ',^ S, LE
Y62n,0-uvn
CITY OF "Etl(OP'T HEIGHTS
^
PUT *. C^!'I;TY
"It,t1ES"T"
GEIIE�7AL OSLI0111 TInN 'Es'P"^"PY I"P^OVE"'EiIT
30t,CS {1G 1981
These bonds will be offered Tuesday, "arch 17, 1081, at 7:30 PX. Central
tine at the City 'fall , in Henaota Heights, !'innesota. The Conds will be
dated April 1, 1981 and interest will be payable Cctober 1, 1981 and semi-
annually thereafter. The Bonds will be general obligations of the Issuer
for which its unl ini ted taxing pourers will be pl edned. The Conds will
spature, without right of redeription, on "pril 1, 1984.
Sealed bids for not less than $621 501.1 and accrued interest on the orir.cipal
sur. of $625,000 .:ill be accepted. The rate of interest and the net effective
average rate of the issue nay not exceed 12" per annum. An acceptable app-
roving legal opinion will be furnished be Criggs and ,'organ, Professional
Issociation, of St. Paul and t,inneapclis, Minnesota. The proceeds will be
used to finance various irsp rovements in the City.
Dated: Februar, 17, 19^1
EY OUP OF THE CITY CCU ICIL
Kathleen ". Swanson
City Clerk
"Aditional infornation
may be' ob.ai ned `rose:
L.E.Shaughnessy Jr.
248 Endicott Suildin;
St. caul, ';inn :.5101
.
is
0FFI CI,,L TES . C
CO -11P S,PLE
$625.000
CITY OF ! E! NOTA HE:4 HTS
T
t:INNES^TA
rF��-nn r TT" PPP" "Y
cmins CF 1921
�!^ T I CE IJ liL.".ECY CI :'E�! that these bonds v, -ill ; e offered for sale accordi n to the
fol1owin0 terms:
TI''E AND PLACE: ..arch 17, 1911, at 7:3C P.f'., Central Time
at the Cit;1101 in 1'endota Heights, !'innesota.
TYPE OF BODS: !!e;otiable coupon general obligation bonds,
$1,000 of $5,000 denominations or larger at the
option of the Purchaser.
ATE CF 0CNPS : 4ril 1, 19(c1
PU'POSE: To provide fu,ids for various improvements in
the City.
I!;TEREST Pt.l'!'E��TS : October 1 , 1981 , and semiannual ly therea t ter on
April 1, and Octo`)er 1 of each year.
"".TL"'ITY:• October 1, 19F,4
HPEI 1PTION: All bonds shall be without option of prior pay-
ment.
P".YI!!G AGENT: Bidders discretion.
CUSIP NWCERS: 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 ;rith teras of the purchase contract.
DELIVERY: Forty days after award subject to approving legal
opinion of Griggs and !:organ, Professional Assoc-
iation, of St. Paul and N.inneapolis, Minnesota.
Eond printing and legal opinion will be paid by
issuer and delivery will be anywhere in the Con-
tinental 'United States without cost to the pur-
chaser. Legal opinion will be printed on the bonds
at the request of the successful bidder.
TYPE OF BID: Sealed bids of not less that 5621,500 and acc-
rued interest on the principal sun of Y625,000
from date of bonds to date of delivery must be
filed with the undersigned prior to the time of
sale. Cids rust be unconditional except as to
1 egal i t;,, ",--certified or cashier's check in the
amount of $5,250 payable to the order of the
Treasurer of the issuer must accompany each bid,
to be forfeited as liquidated damages if bidder'
fails to cor•rly viith, accepted bid. Bids for the
bonds should be addressed to:
Kathleen Swanson
City Clerk
750 S. Plaza Drive
"endota Heights, Ninnesota 55120
?TE: The rate of interest must be in integral mul-
tiples of 1/20th or 1/8th of 1% and nay not
- exceed 12d per annum. Additional interest cou-
pons ray not he used.
"^^G: Award will be made solely on the basis of low-
est dollar interest cost, determined by add-
ition of an;, 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 annun.
The issuer reserves the ri;;ht to reject any and all bids, to waive informalities
and to adjourn the sale.
Dated: February 17, 1081
BY ^POE" OF THE CITY COUNCIL
s/ Kathleen ". Swanson
ri ty Clerk
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 $625,000 General
Obligation Temporary Improvement Bonds of 1981 of said City.
WITNESS my hand as such Clerk and the official seal
of the City this A?'� day of � u q/ 1981.
City Clerk
t" (.SEAL)
r �f ;