Res 1979 - 45 Extract of Minutes of Meeting of the City Council of MH (4/17/1979)ic� - �_ i= '
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EXT.RACT OF MINUTES OF NIEEr1'ING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: APRIL 17, 1979
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Pursuant to due call and notiee thereof, a regular
meeting of the City Council of the City of Mend ota Heights,
Minnesota, was duly held at the City Hall in said City on the
17th day of April, 1979, at 7:30 o'cl�ck P.M.
The following membe.rs were present : Lockwood, Witt, Losleben
Mertensotto, Hartmann
and the following were absent: none
Member Losleben introduced the follow-
ing resolution and mov.ed its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,5fl0,000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS OF 1979
BE IT RESOLVED by the City Council of the City of
Meridota Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that
this City should issue $1,500,000 General Obligation Temporary
Improvement Bonds of 1979 to provide funds for the temporary
financing of various improvements in the City.
2. This Council shall neet at the time and place
spec.i�ied in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $1,500,000 General Obligation Temporary
Improvement Bonds of i979 of said City.
3. The City Clerk is hereby authorized and direct�d
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 ��Jest not less than ten days in advance of date of �
sale, as provided by law, which notice sl�all be in sub- �
stantially the forrn set forth in Exhibit A attached hereto. , '
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4. The terms and conditions of said bonds anc3 the
sale thereof are fully set fort�h in �he "Official Notice of
Bond Sale" attached hereto as Exhibit B and incorporated herein
by reference. ' f
The motion for the adioption of the foregoing -
resolution was du1y seconded by�member �i�* and upon
a vote being taken thereon, the following voted in favor
thereof : I A11 qea
{
and the following voted ayainst� the same: none
Whereupon said resol�
anc� adopted .
�;tion was declared duly passed
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STATE OF NIINNESOTA
COUNTY OF DAKOTA
CITY OF NIENDOTA HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota Heiqhts, 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
f ull, true and complete transcript therefrom insofar as the
same relates to the proposed sale of $1,500,000 General
Obligation Temporary Improvement bonds of 1979 of the City.
WITNESS my hand as such Clerk and the offi.cial seal
of the City this �,�,o day of ,/%%,fr�/ , 1979.
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• City Clerk
• EXH IB TT A
NOTICE OF BOND SAI,E
, $1,, 500, 000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
� MINNESOTA
GENERAL OBLIGATION TEMPORARY IMPROVEM�NT
. BONDS OF 1979 '
These bonds will b� offered �uesday . June 5 , 1979,
at �:�� o'clock p.M., Central Time, at the City Hall,
in Mendota Heights, Minnesota. The bonds will be dated June 1,
1979 and interest will be payable December 1, 1979 and
semiannually thereafter. The bonds will be general obligations
of the Issuer for which its unlimited taxing powers will be
pledgea. The bonds will mature on June 1,1982.
All bonds are subject to prior payment on June 1, 1981 and
December l, 1981 at a price of par and accrued interest.
Sealed bids for not less than $1,492,500 and accrued interest
on the principal sum of $1,500,000 will be accepted. The rate
of interest and the ne�t effective average rate of the issue may
not exceed 7$ per annun. An acceptable approving legal opinion
will be turnished by Briggs and Morgan, Professional
Association, of St. Yaul, Minnesota. The proceeds will be used
to provide funds for the teilporary financing of various
improvements in the City. �
Dated: April I7, 1979
BY ORDER OF THE CITY COUNCIL
/s/ Kathleen M. Swanson
� City Clerk
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EXH�BIT B
4FFICIAL TERMS 4F BOND SALE
$l, 5�t�, Q0�
CI'TY OF �1lENI}OTA �IErGHTS
(DAKOTA COUNTY)
. ' MINNESOTA
GENERAL OBZ,IGATION TEMPORARY TMPROVEMENT
B�NDS OF 1.979
These Bonds wi11. . be o�f.ered T,��s���. � �une 5 r 19 79 .
Bids will be opened and acted upora. at �� o' clack
P.M., Central Time, a� the City HaIJ., in Mendota Hei.ghts,
Minnesota. The Bonds will be offered upon the foliowing
terms. •
17ATE. ANL7 INTEREST FAYMENTS
C}F TFiE BC}NI3S
The Bonds will be dated June l,
1979 and will,bear inte.rest pay-
able on each December 1 and
June 1, �.o maturity, commencing
December l, 1.979.
TYPE AND PURPOSE
dF THE BaNDS
The Bond� wi�l be general obl.i-
gations af the I�suer for which
its full faith and credit and un-
limi-ted taxin.g powers will be
pledged. The Barids will be in
bearer farm with interest coupons
attached and wi11 be in the denor.ti-
natian o� $5,000 each, unless other
denomina�ions are reque�ted by the
Purchaser witi3.in 48 haurs a�ter the
award. The proceeds will be used
to provide funds for the temporary
�a,nancing of vara.ous irtprovements
in the City.
MATURITIES AND REDEMPTIUN
AlI Bonds will mature December 3,
1982.
At the option af the Is.suer all
Bonds shall be subject to prioX �
payment in inverse order of serial
numbers on June 1, 1981 or December l,
1981, at a price a� par and accured
interest.
PAYING AGENT
The Purchaser may, withi.n 48 hou�s
after the sale, name the Paying
Agent for�whas� services �he Issuer
wil]. pay cu�tomary and reasonable
fee�, An alternate Paying Agex�t
may also be named provided that
�here i.s no add�tianal cost ta the
Issuer by reasan thereaf. _
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CUS2P NUMBERS
It is anticipated that if the Bonds
qua].ify for assignment. of CUSIP
numbers such CUSIP numbers wi.11 be.
printed on the Bonds at tYie Issuer's
expense, but neither the failure to
print such nurriber on any Bond nor
any error with respect thereto shall
constitute. cause for.tailure or re-
fusal by the Purchaser to accept
delivery of the Bonds. The CUSIP
Service Bureau charge for the
assignment of CUSIP identification
numbers sha11 be paid for by the
Purchaser.
SETTLENiENT
The Bonds shall be delivered
without cost to the Purchaser at
a place mutually satisfactory to
the Issuer and the Purchaser
within 40 days following the.date
of their award. Delivery will be
subject to receipt by the Purchaser
of an approving legal opinion of
Briggs and Morgan, Professional
Association, of St. Paul, Minnesota,
which opinion will' be printed
upon the Bonds, and of Customary
closing papers, including a
non-litigation statement.
Payment for the Bonds m�ast be
made by the Purchaser in Federal,
or equivalent funds on the day of
settlement in a timely manner so
as to be available ta the Issuer
on said day.
At settlement, the Purchaser will
be furnished with a certi.ficate
signed by appropriate officers of
the Issuer on behalf of the Issuer
to the effect that the Official
Statement prepared for the Issue
did not and does not contain any
untrue statement of a material
fact or omit to state a material
fact necessary in order to make the
statements therein, in light of the
circumstances under which they were
made, not misleading.
One copy of the Official Statement wil]
be furnished without cost to any
interested party upon request. Addi-
tional copies of the Official Statement
will be furnished without cost to the-
Purchaser upon request i� reasonab�le
quantity within a reasonable time of
such request.
TYPE OF BID
Sealed bids for not less than
$1,492,500 and accrued in.terest on the
total principal amount of the Bonds
and a certified or cashier's check
in the amount of $15,000, payable
to the order of the Treasurer of� the
Issuer, must be filed with the under-�
signed prior to time of sale. No
bids will be considered which are
not accompanied by the required
certified or cashi�er's check. The
certified or cashier's chec}e of the
Purchaser will be retained by the
Issuer as liquidated damages in the
event the Purchaser fails to comply
with the accepted bid. No bid may be
withdrawn until the conclusion of the
meeting of the Issuer at which�b3ds
are to be acted upon.
RATES
.The rate must be in integral multiple
of 5/100 or 1/8 of 1� and not exceedin<
7� per annum. Additional coupons may
not be used. •
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A�aARD
Award will be made on the basis
of lowest dollar interest cost
determined by the additior� of any
discount to the total interest
on all Bonds from their date to
their stated maturity as computed
on the basis of the schedule of
� bond years in the Official State-
ment published for the Bonds. The
�Issuer reserves the right to reject
any and all bids, to waive infor-
malities and to adjourn the Sale.
Dated: April 17, 1979
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BY ORDEP OF TIIE CITY COUNCIL
/s/ Kathleen M. Swanson
City Clerk
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