Res 1979 - 58 Extract of Minutes of Meeting of the City Council of MH (5/5/1979)r
7/ ✓ V
EXTI2AC'.0 OF MINUTES OF MEETING OF THE •
CITY COUNCIL OF THE CITY UF
� MENDOTA HEIGHTS, tyIINNESOTA
HELll: JUNE 5, 1979
Pursuant to due call and notice thereof, a
meetinc� of the City Council of the City of Mendota Hei�g� �
llakota County, Minnesota, was cluly held at the City Hall in �`�
said City on the 5th day of June, 1979, at 7:30 o'clock P.M.
for the purpose of opening and considering bids for and
awardiny the sale of $1,500,000 G.eneral Uuligation Temporary
Irlprovement Bonds of 1979 of said City.
The following members were present: �arles PTerte�sotto
James Losleben, Elis:abeth WiCt, John Hartmaan
and the followirig ��ere absent: Rob�rt Locicwood
The Clerk presented affidavits showing publication of
notice of call for bids on $1,500,000 Geiieral Ubligation
Ternporary Improvement Botids of 1979 of the City, for wtlich bids
were to be received at this meeting,'in accordance with the
:resolutivn adopted by the City Council on April 17, 1979. Said
affidavits were exanlined, found to comply with the �rovisions
of Minnesota Statutes, Cha�ter 475, and were approvec� ancl
ordered �laced on file. , , ,
, The,Council proceeded to receive and open bids for
the sale of said bonds. The following bids were received:
Bidder . Interest Rate Net Interest Cost
�
Bids Received
$1,500,000 Temporary Improvement Bonds
City of Mendota Heights
So1d June 5, 1979
�
ACCOUNT
BANK NORTHWEST
Minneapolis, Minn.
Cronin Marcotte
Minneapolis, Minn.
Merrill Lynch-White We1d Capital
Minneapolis, Minn
Dean Witter Renyolds Company
Minneapolis, Minn.
Miller Schroder Municipals
Minneapolis, Minn
FIRST NATIONAL BANK
St. Pau1, Minn.
First National Bank
Minneapolis, Minn.
Novick Company
Minneapolis Minn.
Cherokee State Bank
St. Paul, Minn.
DAIN KALMAN QUAIL C0.
Minneapolis, Minn
Piper Jaffray & Hopwood
Minneapolis � P1inn.
Allison Williams Co.
Minneapolis, Minn
Moore Juran & Co.
Minneapolis, Minn.
R.W.Baird Company
Milwaukee, Wisc.
1�TE
5.60�
5.60�
5,65�
Award made to the Bank Northwest Account.
DISCOUNT $ COST
$7,485.00 $259,485.00
7,500.00 259,500.00
�G RATE
5.7663�
5. 7667�C
7,395.00 261,645.00 5.8143%
•� .
The Council then proceeded to consider such bids.
After the bi�s had been considered and discussed, member
.tAme,a T.oQiehen introduced the following resnlution and
rnoved its adoption:
RESOLUTIUN ACCEPTING BIU ON SALE OF
$1, 5 0 U, 0 0 U G�:NERAL 0�3LI GAT ION TEy1PORARY INIPROVEI�IENT
BOIIDS OF 19 7 9
AND PROVIDING FOR THEIR ISSUANCE
BE IT RE�5ULVE17 by the Couilcil 'of the City of Mendota
He iyhts, I�Iinnesota, as follows :
l. Tha t the bid of Banc Northwest to
�urchase $1,500,00� General Obli�ation Temporary Improvement
Bonds of 1979 of the City, in accordance ��ith the notice of
bond sale, at the rates �f interest hereinafter set forth, and
to pay therefor the sum of $1.492, 515.00 is hereby found ,
determined and declare� to be the most favorable bid received,
and is hereby accepted and said bonds are hereby awarded to
said bidder. The City Clerk is directed to retain the deposit
of said bida�r an�i t� forthv�ith return the. good faith checks or
drafts to the unsuccessf ul bidders. Said bonds shall be
�ayable as to principal and interest atNorthwestern National
i3anlc of Minneanoli�., Minn , or
any successor paying agent duly appointed by the City.•
2. The $1,500,000 negotiable coupon general obliga-
tion bonds of the City shall be dated June l, 1979 and shall be
issued forthwith. Said bonds shall be 300 in number and
nui�lbered from 1 to 3U0, both inclusive, in the denomination of
$5,000 each. All bonds shall mature on June 1, 19£32. '
3. Saicl bonds shall pruvide fur�ds for the temporary
financing of various improvements in the C:ity. The total cost
of said improvements, which shall"include all costs enumerated
in I�Iinnesota Statutes, Section 475.65, is� estimated to be at '
least equal to the arnount of the bonds herein authorized. 6Jork
on the improvements shall proceed with due diligence to
completion. . '
4. All qonds of saicl issue shall bear interest, �
payable December 1, 1979 and seniannually thereafter on June 1
and Decemk�er 1 oi� each year, at the rate of �q.y� $�ld �ix T��z~,.:�-1��^
percent ( 5,(p � o) per annum.
S. All bonds of this issue shall be subject to
redemption ana prepayrnent at the option of the C�ity in inverse
order of serial numbers, on June 1, 1981 and on December l,
1981 at par and accrued interest. Published notice of
redemption shall in each case be given 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 pe effective without
mailed notice. Holders desiring to receive mailed notice must
rec�ister their names, addresses and bond numbers with the City
Clerk.
. 6. The bonds and interest coupons to Ue issued
, hereunder shall be in substaritially the following form:
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event that any such assessnent be at any time held invalid �eith
respect to any lot, piece or parcel of land due to any error,
defect, or irregularity, in any action or proceedings taken or
to be taken by the City �r this Council or any of the City
officers or employees, either in the making of such assessments
or iii the performance of any condition precedent thereto, the
City ancl this Council will forthwith do all such further acts
and take all sucii f urther proceedings as may be required by law
to make such assessments a valid arid binding lien upon such
property. Subject to such ac7justrnents as are required by
conditions in existence at the time said assessments are
Ievied, it is hereby determined that the assessments shall be
payable iii equal, consecutive, annual installments, with
yeneral taxes for the years shown below and with interest on
the deferred balance of all such assessments at the rate of at
least 7 o per annun:
Improver�ent
llesianation
Rolling Green 78-1
Go1d Madellion 78-5
N.E.Area Dainage
Eide
Deleware Crossing 77-10
Amount
$550,000
250,000
290,000.
250,000
150,000
11. Said special assessrnents
collected in f ull they, togetner with
other revenues hereiri pledc�ed for the
will produce at least five percent in
needed to meet when due t�ie principal
the bonds.
.Levy Years
1980-1999
1980-1999
1980-1999
1,980-1999
1980-1999
are such that if
estimated collections
payment of said bonds,
excess of the amount
an� interest payments
of
on
For the prompt arid full payment of the principal of
and interest on saic� bonds,'as the same respectively become
due, the full faith, credit and taxing powers of the City shall
be and are hereby irrevocably pledged. If the balance in the
Debt 5ervice Account is ever insufficient to pay all principal
and interest then due on the bonds payaUle therefrom, the
deficiency.shall be promptly paid out of any other funds of the
City which are available for such purpose, and such other funds
may be reimbursed witnout interest from the Debt Service
Account when a sufficient balance is available therein.
�- :
12. The City Clerk is hereby directed to file a �
certified copy of this resolution witli the County Auditor of
Dakota County, Minnesota, toyether with such other information
as he shall rec�uire, and to obtain from said Auditor his
certificate that said bonds have been entered in the said
Auditor's Bond Reyister.
13. The officers of the City are hereby authorized
and directed to prepare and f urnish to the purchaser of said
� bonds, and to the attorneys approving the legality of the
issuance thereof, certified copies of all proceedings 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 information as are required to show the facts
relating to the legality and marketability of said bonds as the
same appear from the books and records under their custody and
control or as otherwise known to them, ancl all such certified
copies, certificates and affidavits, including any heretofore
f urnished, shall be deemed representations of the City as to
the facts recited therein. �
,� The motion for the acloption of the foreyoing ,
. resolution was duly seconded by :member g�izahetN Witt , and
upon vote beiny taken thereon, the following voted in favor
� thereof : , . , A11 Yea , � �,�
�i
and the following voted against the same:°` -� None
- Whereupon said resolution was declared duly passe�.
.ana ad�pted . ' . • � � '
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ST[�'1'�; UF N1IIINESUTA
COUNTY OF D[�KOTA
CITY OF NIEiVVOTA HEIGHTS
I, the undersigned, beinc� the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO
HERE}3Y C�RTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on fi,le in m�r
off ice, anc7 that the same is a full, true and complete
transcript of the minutes of a meetinc� of the City Council of
said City, duly called arid held on the date therein indicated, _
�orr�ee�EinrG 2�s�fu--��o��8-�'8•mv�le��nG
insofar as such minutes relate to�the opening and considering
I� P re-U � vyi �� y-- ti�- l, -
of k�ids for, and awarding tYie sale of $1, 500, 000 General
Oblic�ation Tem�orary Improvement Bonas of 1979 of said City.)
WITNESS my hand and the seal of said City this
� day of �,c�� , 1979. "
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City Clerk �
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iIIdITED STA`I'�S OF AMERICA
STAT� OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTt� HEIGHTS
GENERAL OBLIGA`I`ION TEi�PORARY IMP�OVEMENT
� � BOND OE' 1979
Iit
KNQ�d ALL NIEN BY THESE PRESENTS tha� the City of
Mendata Heights, Daxota Coun�y, Minnesota, cezti�ies that i�. is
ir�debted an� for value received promzses to pay to k�earer the
princi�al sura of
FIVE THUUSAND llULLAkS
on the first day of June, 19�2 and tU pay interest thereon �rom
the c�ate hereof until the principa3 is paid at the rate af
percent ( �} per
at�iiuTn, payable on the first r�ay of Decemi�er, 1979 and
serniannually thereaf ter an the first c3ay of June and the first
day of December in each yea�, intere�t to maturity being
re�resented by and payable in accardance with anc� u�on
�resentation and surrender o� the interest caupans hereto �
a�tached, as the same several.ly becorae due. Both principal and
interest are payable at
, ar any �ucc�ssor paying aqent cluly
ap�ointea by the City, in any coi.n ar currency af the Uniteel
State� o� Ai�ierica wnich at the time of payment is legal tenc�er
far �ubiic and private del�t.s.
r�ll bonds of this issue are subject to redeinp�ian and
prepaynent a� the op�ion of the City in inverse order o� serial
numbers, on June lr 1981 and on L�ecems�er l, 19�i1 at par and
accru�d interest. Publi�hed notice of redernption shall in each
case be given in accardance wiLh law, and maa.led notice of
redernption shall be given ta the bank ��here said bonds are
�ayable and �o any r�yistered holder�, provi.ded tha�. published
r�otice alone shall i�e effeetive wit�l.out u�ailecl notice. Kolders
desirinc� to recei.ve mailed notice must reyister their names,
address�s and i�ond numbers witn �he City Clerk.
This bond a.s ane af an issue in the total princi��al
arnount o� �1,500,000 a17. of like date and tenor, except as to
serial n�lber and i�iterest rate, which bana has been is�ued
pursuant to and i.n f ull conforrn.zty with the Con�titution
�
. and laws c�f �he State of MinnesQta far �he purpose a� praviding
money for the temporary �inancinc� of various improvements ir�
the City, and is payable out af the General Obligation
Temporary Improvernent Bonds of 1979 Fund of �che City, to which
func� there has i�een a.rrevacabl� �ledc�ed the special assessments
to be leva.ed in res�ect to the improvements financed by sair�
issue and in�.o which funa there are t� b� paid the �roceeds of
the definitive improvement bonds which the City is required by
law to issue at or prior to the maturity of this bond fcar �he
�ur��se of refunding the sane if the special assesstlents
� theretofare collected, or any other municipal funds which are
pro�eriy available anci are appropriated by the City for such
purpose, are not suf�icient �or the payment thereof. This bond
canstitutes a yerYeral abliga�ion of the City, and ta provide
money� fc�r tlxe promp�. and full paymen-t of said pri�zci�al anc3
interest when the same beco;ne due, the full faith and credit
and taxing powers af said City have been and are hereby
irrevocably �aledged. '
IT IS HEREL�Y CERTIFIED ANv REGITELI that a].l acts,
conditions and things required by the Constitution and 1.aws of
the State of Minnesota ta be done, �.a happen and to �ae
performed, precedent to and in the issuance of this bond, have
been doi�e, have i�appened and have been perfc�rmed, in regular
and due form, tii��e azzd manner as required by law, anc� tl�is
banci, together wi.th a11 ather debts af �he City autstandinc� an
the clate�hereof and the date of i�s actual issuance and
delivery does no�. exceed any constitutional or statutory
limitation o� inclebtedness. .
IIJ WITNESS �VHE�REOFr the City af i�endota Heigh�.s,
Dakota County, Minne�ota, by its City Council has caused th3.s
bond to i�e execu�ed in i�.s behalf by the facsima.le siqnature af
the Mayor ana the manual signature of the City Clerk, the
corparate seal o� said City having l�een intentionally omit�ed
a� permi�ted by law, and has caused the interes� coupon� to be
executed and authenticated by the facsimile signatures of said
offiCers� al], as of June 1, 1979.
/s/ Facsimi].e
City Clerk � Mayor .
�
( Form of Coupon)
No.
$
On the first day of December (Jutze) , 19_, unless the
bond described below is called for earlier redemption, the City
of Mendota Heights, Dakota County, Miiinesota, will pay to
bearer at ,
or any successor paying agent duly a�pointed by the City, the
sum shown hereon for interest then due on its General
Obligation Improvement Bond of 1979 No. dated June l,
1979.
/s/ Facsimile /s/ Facsimile
City Clerk Nlayor
( Form of Coupon )
No.
,
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On the first day of December (June), 19 , unless the
bond described below is called for earlier redemption, the City
of Mendota Heights, Dakota County, Miiinesota, will pay to
bearer at ►
or any suceessor paying ayent duly appointed by the City, the
sum shown hereon for interest then due on its General
Obligation ImproveMent Bond of 1979 No. dated June 1,
- 1979.
/s/ Facsimile /s/ Facsimile _
City Clerk Niayor
7. The bonds shall be executed on behalf of the City
by the signature of its lnayor ancl the signature of its Clerk
and ue sealed with the seal of the City; provided, that one of
such siynatures and the seal of the City may be printed
facsimiles; and provided further that the corporate seal may be
ornitted on the bonds as persnitted by law. The interest coupons
pertaininy thereto shall be executed by the printed, engraved
or lithoyraphed facsimile signatures of the t4ayor and Clerk.
8. The said boric7s when so�prepared and executed •
shall be delivered by the Treasurer to the purchaser thereof
- upon receipt of the purchase price, and the said purchaser
shall not be obliged to see to the proper application thereof.
9. There is hereby created a special fund to be
designated "General Obligation Temporary Improvement Bonds of
1979 Fund" to be held and administered by the City Treasurer
separate and apart from all other accounts of the City. Said
Fund shall be maintairied in tlie rnanner herein specified until
all of the bonds herein authorized and the interest thereon
have been fully paid. In said Fund there shall be maintained
two separate accounts, to be designated as the "Construction
Account" and the "Debt Serv�ice Account", respectively. The
proceeds of the sale of the bonds herein authorized, less any
accrued interest received thereon, arid less any amount paid for
said bonds in excess of $1,492,500, and less capitalized
interest in the ar►ount of $ 8¢. o 00 _ao ( subj ect to such adj ust-
ments as are appropriate to provide sufficient f unds to pay
interest due �n the bonds on or before June 1, 1980), �lus any
special assessments levied with respect to improvements
financed by the bonds and collected prior to completion of the
improvements and payrnent of the costs thereof, shall be
credited to the Construction Account, frorn which there shall be
paid all costs and expenses of making said improvements listed
in paragra�h 10, including the cost of any construction
contracts heretofore let and all other costs incurred and to be
incurrec� of the kinci authorized in Minnesota Statutes, Section
475.65; and the moneys in said account shall be used for no
other purpose except as otherwise provided by law; provided
that the bond proceeds may also be used to the extent necessary
to pay interest on said bonds due prior to the anticipated date
of cominencement of the collection of special assessments herein
levied or covenanted to be levied; and provided further tiiat if
upon completion of said ir�provements there shall remain any
unexpended balarice in said Construction Account, said balance
(other than any special assessmeiits) may be transferred by the
Council ta the fund of any other improvement instituted
pursuant to Minnesota Statutes, Chapter 429; and �rovided
furttier that any special assessments credited to the
Constructa.a�i Accaunt are hereby �lec�yeci anc� sha1�. be used only
tc� pay principal and interes�. due on the bonds. There is
heret�y �pl.edyec� and tl��re shall be creciited to the Debt Ser-
va.ce Account ( a) all col].ecti.r�ns of special assessments herein
ct�vei�anted to be levied and �ith�r initiaily credited ta the
CQnst�ruction Accc�unt and required to �ay any principal and in-
terest due on the bonds ar collected suk�sequent �o the coM-
pletion o� said impravements and payment of the costs thereaf;
{�) all acerued interest receivec� u�on delivery cai said bonds,
� (c} a11 func�s paic� for said i�onds in excess of $I.,492,500, {d}
ca�italized inter�st in �he amount o� $�.Q.o�o_o a (subject to
such adju�tnents as are apprapriate �a provide suff�cient f unds
�o pay interest due c�n the bands on or before June l, 19E30 ),
.{e} t}Ze proceeds of any ciefinitive itngrovement bc�nd, in an
amount, toc�ether,caith other moneys then on hand and irrevocably
appr�pria�ed to said fund, a� is necessary to pay the principal
anc? interest due on �.he bond� { fj a11. func3s rer�aininy in saad
Canstruction Account after completion of the im�rovemen�s and
payr�tent of th� casts fi.hereof, na� so transferred to the accaunt
of another im�rovemerit provic�ed, how�ver, th�t upon termina�ion
- o� the Debt Service Accourit a31 collections of special
asses�men�s herein cavenantecl to be levied and any other sums
pledged and apprra�riateci ta �.he Ue�t Service Acco�znt and not
u�ed for the �ayrient of said temporary bonds ancl intere�t
thereon shall be �lec�g,ecl ar�d credited. to the extent nec�ssary
` to the Debt Service Account o� any definitive k�onds issued to
- �ay in whole c�r- in part Said$ �t`��o�ry bonds. � The Debt Service
• Account herein `created shall i3e used solel� �o pay principal.
" and inter�st and any premiurns f�r redemp�.ion on the k�onds
issuec� hereunder an� any other general oblic�ation bonds of �he
City hereafter issue�3 by the City and mac�e payable £rom said
. Account a� provided by iaw, Ar;y suin� frca:a �time to time held in
the Debt �ervice Account (or any other City ac:count whi.ch wa.Il
,�• be used to pay principal or_interest to became due on the
, �onds} iri exc�ss af anoui�:ts which unc�er the applicable �eder�l .
• arbitrage reyula�kions inay be invested wi�hout reyard as to
� yielci shal.l not be invested a�. a yield in excess of the .
. � applicable yield res�.ric�.ion� imposed by said arbitrage
regulatians on such investr��ents. .
1.0 . It is hereiay d�terizlined that no less �han 100 0 of
the cost of �ach improvem�nt projecL financed izereunder to the
City wiLhin the meaninq caf Minnesota Statute�, Sectian �75.58,
Subi�ivision 1(3} sha1.1 be paid f�y special. as�essments to be
leviecl against every assessai�le lot, piece and parcel o� land
benefitec� Y�y said im�rovemei��s. The City here�y covenants and
agre�s that it wa.11 1et all construc�ion contracts not here-
tofore let wzthin ane year a�ter,ard�ring each ir�praverlent
project�fi.nanced her�under unles� the re�olution ordering the
im�rovement ,project ��ecifie� a different tirae liT�it for the
letting a� construc�ion contrac:t� and will da an�t perform as
soon as they raay tae done, all acts and tning� necessary for the
final ar�c� val�.d levy of �uch special assessments, and in the