Res 1979 - 59 Extract of Minutes of Meeting of the City Council of MH (5/5/1979).. y
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EXTRACT OF MITJU'I'ES UF :'�E�TING UF THE ,
` CITY COUNCIL OF THE CITY Or
MENDUTA HEIGHTS, lL1INNESOTA
HELU: JUNE 5, 1979
� Pursuant to due call and notice thereof, a
meeting of the City Council of the City of i�iendota He�� t,-
Dakota County, T�Iinnesota, was duly held at the City Hall in
said City on the 5th day of June, 1979, at 7:30 o'clock P.M.
for the pur�ose of opening and considering bids for and
awarding the sale of $535,UU0 General Obligation Improvement
Bonds of 1979 0= said City.
The following members were present: �arlea Mertensotto
�I James Losleben, �lizab�th 4�itt, John H�ertmann
and the foll�wing were absetit: Robert Lackwood
The Clerk presented affidavits showing publication of
notice of call for bids on $535,OOU General �bligation
Improvernent Bonds of 1979 of the City, for �ahich bids were to
be received at this meeting,`in accordance with the resolution
adopted by the City Council on April 17, 1979. Said affidavits r�
were exai�ined, found to corn�ly with the provisions of �linnesota
Statutes, Cha�ter 475, ana were approved and ordered placed on
f ile.
The Council proceeded to zeceive and open bids for
the sale of said bonc�s. The following bids were received:
Bidder Interest Rate Net Interest Cost
BIDS RECEIVED
$ 535,000 PERMANENT IMPROVEMENT BONDS
CITY OF MENDOTA HEIGHTS
SOLD JUNE 5, 1979
ACCOUNT
BANK NORTtiWEST
Minneapolis, Minn.
Cronin Marcotte
Cimmeapolis. Minn.
Merrill Lynch-White Weld Capital
Chicago, I11.
Dean Witter Renyolds Co.
Chi cage�, I11. '
Miller Schroder Municipals
Minneapolis, Minn.
DAIN KALMAN QUAIL C0.
Minneapolis, Minn.
Piper Jaffray & Hopwood
Minneapolis, Minn
A1lison Williams Co.
Minneapolis, Minn.
Moore Juran Co.
Minneapolis, Minn.
R.W.Bairn Dompany
Milwaukee, Wisc.
FIBST NATIONAL BANK
St. Pau1, Minn.
First National Bank
Minneap3lis, Minn
Novick & Company
Minneapolis, Minn.
Cherokee State Bank
St. Paul, Minn.
AMERICAN NATIONAL BANK
St. Pau1, Minn.
RATES
S.SOti 1980-83
5.60 1984
5.70 1985-90
5.80 1991
5,90 1992
6.00 1993-9&
5.75�L 1980-91
5.80 1992
5.90 1993
6.00 1994
6.05 1995
6.10 1996
6.20 1997
6.25 1998
5.90X 1980-92
6.00 1993
6.10 1994
6.15 1995
6.20 1996
6.25 1997-98
5.85°G 1980-88
5.90 1989
6.00 1990-91
6.10 1992-94
6.20 1995-98
Award made to the Bank Northwest Account
�
DISCOUNT $COST
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$4,945.69 $232,949.44
a
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,
P
e
�
4,574.65
�
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4,922.00
.
�
A
5,000.00
0
0
% RATE
5.9255�
235,772.15 5.9973%
240,775.13 6.1246�
n
240,775.59 6.125
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The Council then proceeded to consider such bids.
After the bids hac� been considered and discussed, member
John Hartmann introduced the following resolution and
moved its ado�tion:
RESOLUTION ACCEPTING BIU
$535,OOU GENE;RAL OBLIGATIUN
BOI�lDS OF 19 7 9
PKUVIllING FOR THEI12 ISSUANCE
A TAX FOlt THE PAYMENT
OPd SALE OF
IM�ROVEMENT
AND LEVYING
THEREOF
BE IT RESOLVED by the Council of the Ci.ty of Mendota
Heights, Nlinnesota, as follows:
l. � That tiie bid of A BancNorthwest to
purchase $535,U00 General Oi�ligation Improve��ent Bonds of 1979
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 $530.054.31 is hereby found, determined and
declared to be the raost favorable bid received, and is hereby
acce�ted and said bonds are hereby awarded to said bidder. The
City Clerk is directed to retain the deposit of said bidder and
to forttiwith return the good faith checks or drafts to the
unsuccessful bidders. Said bonds shall be �ayable as to
principal anci interest at Northwestern National Bank of Minneapolis,
Minnesota ' ► ��'
any successor payinc� agent duly appointed by the City.
2. The $535,U00 negotiable coupon yeneral obliga-
tion boncis of the City shall be dated May 1, 197� and shall be
issued forttiwith. Said bonc7s shall be 107, in number and
numbered irom 1 to 107, b�th inclusive, in the denomination of
$5,000 eacYi. Said bonds stiall mature serially, lowest numbers
first, on February 1 in the years atld amounts as follows:
$45,000 in each of the years
both inclusive;
$4U,QOU in both of the years
$35,U00 in both of the years
$25,OOU in the year 1989; and
$15,OU0 in each of the years
both inclusive.
1980 to 1984,
1985 and 1986;
1987 ancl 1988;
1990 to 1998,
3. Said bonds shall provide funds to refund at
iaaturity the outstanding General Obligation Temporary
Improvement Borids of 197G, Series 2, datec� November l, 1976 of
the City (1Zereinaf ter "Tenporary Improvement Bonds"). The
total cast of refunaing saic� Temporary Improvement Bonds is
2
r
/
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estimated to be at least eyual to the amount of the bonc�s
herein authorized. G��ork on the improvements shall proceed with
due diligerice to completion.
4. The bon�is of said issue maturing in the years and
bearing the serial numbers set forth belo�� shall bear interest,
�ayable February 1, 1980 and semiannually thereafter on August
1 and February 1 of each year, at the respective rates per
annum set opposite said maturity years and serial numbers:
Nlaturity Years
198U
1981
1982
1983
1984
19i35
198G
1987
1988
1989
1990
1991
1992
1993
1994 .
1995
1996
1997
1998
Serial Nunbers
1-9
1U-18
19-27
28-36
37-45
46-53
54-61
62-68 .
69-75
� 76-80
81-83
84-86
87-89
90-92
93-95
96-98 � �
99-101
102-104
105-107
Interest Rate
5.50�
5.50
5.50
5.50
5.60
5.70
5.70
5.70
5.7D
5.70
5.70
5.80
S.90
6.00
6.00
6�.00
6.00
6.00
6.Q0
5. Al1 bonds of this issue maturing in the years
1990 to 1998, both "inclusive (bonds nur�lbered 81 to 107, both
inclusive), shall be subject to redemption and prepayment at
the option of the City in.inverse ord.er of serial numbers, on
February 1, 1989 and on any interest paym.ent date thereafter at
par ancl accrued interest. Published notice oF redemption shall
in each case be c�iven in accordance with law, and mailed notice
of redemption shall be given to the bank where said bonds are
payable and to any registered holders, provided that published
notice alone shall be effective without mailed notice. Holders
c�esirinc� to receive mailed notice must register their names,
addresses and bond numbers with the City Clerk. ,
6. `lhe bonds and interest coupons to be issued
hereunder shall be iri substantially the followiny form:
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No .
UNI^1Ell STAT�S OF Ai�iERIC[�
S^tATE UF MINNES01^A
llAKOTA COUIQTY
CI'1'Y OF 1��IENllOTt� HEIGHTS
_ GENERAL OBLIGATION I��IPROVEi�1ENT
BOND OF 1979
$5,000
KN�:7 ALL MEN BY THESE PRESENTS that the City of
iKendota Heic�hts, Dakota County, Minnesota, certifies that it is
indebted anc� for value received pronises to pay ta bearer the
princi�al sum of
FIVE `.CHOUSAND UOLLARS
on the first day of February, 19 and to pay interest thereon
from the date hereof un�cil the princi�al is paid at the rate of
percent ( o) per
anrium, payable on the first day of Fer�ruary, 1980 and
serniannually thereafter on the first day of August and the
first day of February in each year, interest to maturity being
represented by and payable in acco-rdance witn and upon
presentation and surreiider oi the interest coupons hereto
attached, as the sanle severally become due. Both principal and
interest are payable at �
, or any successor paying agent duly
ap�oiiited by the City,
States of Arnerica which
for �ublic ana private
in•any coin or currency of the United
a� the time of payment is legal tender
debts.
Al1 bonds of this issue naturing in the years 1990 to
1998, both inclusive (bonds nunbered 81 to 107, both
inclusive), are subject to redemption and prepayment at the
option of the City in inverse order o� serial numbers, on
February l, 1989 and on any interest payrtent date thereafter at
par and accrued interest. Published notice of redenption shall
in each case be given in accordance with la��, and mailed nntice
of redenlption shall be given to the bank where said bonds are
�ayable and to any registered holders, provided tnat published
notice alnne shall be effective without mailed notice. Holders
desiring to receive mailed notice must register their names,
addresses and bond nurabers with the City Clerk.
This bond is one of an issue in the total principal
aiaount of $535,U00 all of like date and tenor, except as to
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serial number, maturity, interest rate and re�emption privi-
le�e, which bond has been is�ued pursuan� to and in �ull
canfornity with tl�e Cons�itution and law� of the State of
Mi.nnesota for the purpose of providirig maney to xefund at
matura,ty �he c�utstanding General Obligation Temparary
Improvement Bonds of 1976, Series 2, dated N�vember 1, 197n of
the City, and is �aayak�le aut af the General C7bligatian
Improvement Bonds of 1379 Fund o� the Ci�.y. This bond �
constitutes a getieral obligation of tPie City, and to provide
maneys for the prornpt and full payment o� sai.d principal and
interest when the same become due, the iull faith and credi�G
and taxing �owers of sai.d City have been and are hereby
irrevc�cably pledged.
IT IS HEREBY CERTIFIED AND RECxTEU that a17. acts,
condi�ions and things required by the Constitutican and laws of
the S�.ate of i�iinnesota ta �e done, ta happen and to be
performed, precec7ent to and in the issuance af this bond, have
been done, have happened and have been performed, in regular
and due form, tinte and manne� as requirec� by law, and this
bond, toc�ether with all other debts of the City outstanding on
the date hereaf and the date of a.ts actual issuance and
delivery daes nat exceed any constiiutional or statutary •
Iimitation of indebtec�ness.
IN 4�ITNESS 6�1H�REOF� the Cit.y t>� i�lendota Hea.ghts,
Dakota County, NIinnesata, by its City Council has caused this
bond to be executed in its beha.2� by the facsimile sic�nature af
the Nlayor and the manual signature o� the.City Clerk; the
cor�orate seal a� said Czty having been intentionally omitted
a� permit�ed by ].aw, and has caused �he interest coupons to be
execu�ed and authenticated k�y the facsima.le signatures af said
o�ficers, ali as af Niay 1, 1979.
/s/ Facsimile
City Clerk TYlayar �
a
s
to pr�vide sufficient funds to pay interest due on the bonds on
or before February l, 1980); (e) any collections of all taxes
herein levied for the payraent of said bonds; and (f) upon
discharge of said Temporary Improvement Bonds, 'any balance in
and all uncollected specia�l assessnents �pledged to the Debt
��Service Fund created for the paynent of said Tera�orary
Improvement Bonds. The Debt Service Account herein created
stiall be used solely to pay principal and interest and any
prerniums for redenption on 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.
Any sums from tine �to time held in the Debt Service Account (or
any other City account wYiich will be used to pay principal or
-imterest to become due on the bonds) in excess of ariounts which
under the applicable federal arbitrage regulations may be
inve�sted without regard as to yield shall not be invested at a
yield in excess of the applicable yield restrictions imposed by
said arbitraye regulations on such investnents. •
11. There has heretofore been levied special
assess�nents for improvements financed by the Temporary
Improvement Bond"s. The balance of said special assessments
collectable in 1979 and thereafter shall be paid in equal,
consecutive, annual installrnents, with general taxes for the
years shown below and with interest on the deferred balance of
all such installr�ents at the rate of at least 7 o ger annurn.
Im�rovernent
Desiqnation
Uncollected Arlount Levy Years
75-8 Tdorth End St. & 55 1979-199���
75-3 Kiley, Praject 2 � 1979-19g'.�_
�12. To provide moneys far the paynent of said
principal and interest there is hereby levied upon a11 of the
taxak�le property in the City a direct antival ad valorem tax
which shall be spreac7 upon the tax rolls and�collected with and
as �art of, other yeneral property taxes in said City for the
years and in the ariounts as follows: '
Year of Tax
� Levy •
1979
1980
1981
Year of Tax
Collection
1980
1981
19II2
:
Amount
�p_
$10,400
10�400
1982
1983
19$4
1985
I98G
1987-
t�t?O
19$9
1990
i9�1
1992
1993
1�94
I995
19�6
�
1983
19$4
1985
1986
1987
198�
1���
1990
.1�91
1992
1993
1994
1995
1990
199?
Said tax levi�s •are such that if collected in fu].1
�hey, toc�ether with estimated collections af special asses�-
inents and other revenues herein pledged for the paymen�, of said
bond�, wzll produce at leas� five percent in excess of the ..
amount needed to meet when du� the principal and interest
payments on the bonds. . • .
Said tax levies shall be irrepealable so long as any
of said bonds are autstanding and unpaid, provided tha� the
City res�rve� the' right and power to• reduce the levies in the
r��anner and ta the exten� �ermit�ed by Sec. 475.61{3} M.S.A.
For the pramp� and fu11 payment a� the przncipal of
and interest on Said bonds, as the �ame respectively become
due, the `full faith, credit and taxing �owers af the City shall
be and are hereby irrevacably pledged. If �he balance i.n the
Debt Serv'ice I�ccount is ever insufficient to pay all principal
and a.nterest then due on the bands payab2e therefrom, �.he
d�ficiency shall be promptly paa.d out o� any other funds o� the
City which are available far such purpose, and �uch ather f unds
Fnay be reimbursed without�interest �rorn the Debt Service
Accaunt when a sufficient balance i� availak�le therein.
13. The City Clerk is hereby directed to file a
certified copy o� this resolution with �he County Auditor of
Dakota Caunty, P�Iinne�ota, tayether with such other infarma�.ion
as he shall require, and to obtain �ran sai�l Auditar his
certifica'te that said bands Yiav� been entered ir� the said
Auc�i�.or'�'Bond Re�ister, and that the tax levy required by law
has been made. � •
E
14. �rhe officers ot the City are hereby authorizea
and directed to pre�are and furnish to the purchaser of said
bonds, and to the attorneys a�provin� the legality of the
issuance thereof, certified copies of all proceedinys and
records of the City relating to said bonds and to the financial
condition and affairs of the City, and such other affidavits,
certificates and inforrnation as are required to show the facts
relatinc� to the legality and marketability of said bonds as the
same a�pear fram the books and records under their custody and
control or as otherwise kno�vn 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.
The rnotion for the ac�option of the foreqoing
resolution ��as duly seconded by nember Eli�ab�th �litt and
upon vote being taketi thereoiz, the following voted in favor
thereof: � - �•
. All Yea •
and the following voted against the same: None ��
Whereupon said resolution was declared duly passed
arid adopted .
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STAT� OF NIII�IQESOTA
CUUNTY OF DAKOTA
CI`1'Y OF MENDOTA HEIGH^1S
T, the unclersigned, being tYie duly qualified and
acting Clerk of the Gity of r�Iendota Heiyhts, Minnesota, DO
HE:EZEBY CEi2TIFY that I have cornpared the attached and forec�oing
extract of minutes with the original thereof on file in my
office, and tnat the same is a full, true and complete
transcript of the minutes of a meetinc� of the City Council of
said City, duly called and held on the date therein indicated,
insofar as such minutes relate to the openiny anci consideri.ng
of k�ids for, and awarding the sale of $535,000 General
Obligation Improvement Bonds of 1979 of said City.
WITN�SS my hand and the seal of said City this
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�__ d ay o f �u,v� , 19 7 9.
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,r°��r:�-.,%� %�?.
City Clerk