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Res 1979 - 44 Extract of Minutes of Meeting of the City Council of MH (4/17/1979)s EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY QF MENDOTA HEIGHTS, MINNESOTA HELD: APRIL 17, 1979 Pursuant to due call and notice thereof, a regular mee ting of the City Council of the City of Mendota Heights, Minnesota, was duly held at the City Hall in said City on the 17th day of April, 1979, at 7:30 o'clock P.M. The following members were present: Lockwood, Witt, Losleben Mertensotto, Hartmann and the following were absent: None Member Mertensotto introduced the follow- _ ing resolution and moved its adoption: . RESOLUTION PROVIDING FOR PUBLIC SALE OF $5`33r000 GENEI2AL OBLIGATION IMPROVEMENT BONDS OF 1979 BE IT RESOLVED by the City Council of the City of Mendota Heights, Nlinnesota, as follows: � 1. It is hereby.\found, determined and decl.ared that this City should issue $53�';000 General Obligation Improvement Bonds of 1979 to defray the expense of refunding at maturity the Outstanding General Obligation Temporary Improvement Bonds of 1976, Series 2, dated November 1, 1976 of the City. 2. This Council shall meet at the tine 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 $535;000 General Obligation Improvement Bonds of 1979 of said City. 3. The City Clerk is hereby authorized and directed 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 sub- stantially the form set forth in Exhibit A attached hereto. c � � s 4. The terms and conditions of said bonds and the sale thereof are f ully set forth in the "Official Notice of Bond Sale" attached hereto as Exhibit B and incorporated herein by refierence. The motion for the adoption of the foregoing , resolution was duly seconded by membex Lockwood and upon a vote being taken thereon, the following voted in favor � thereof : a11 yea . ` � , � and the following voted again5t the same: none VJhereupon said resolution was declared duly passed and adopted . � L n 0 � a � STATE OF P4INNESOTA COUNTY OF DAKOTA CITY OF MENDOTA FiEIGHTS I, the undersiyned, being the duly qualified and acting Clerk of the City,of IKendota 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 incli�ated, 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 $".,�-,000 General _� _ Obligation Improvement Bonds of 1979. Tn1ITNESS my hand as such C1erk and the of f ic ial seal of the City this �o day of , 1979. �y , � e � XJ �' �';2, " ` '• �. .-� -t,. �.j (SEAL)�� _-= _�c-. , �.- = -�- . : �' : ' �-� � - �; . �__. - �� - d '� �� �.�a..��✓ � City Clerk ` . i �- h. �, 6 � �' �� _ Z � �� N()TIC:E OF BOND SALE $535,000 CITY OF MENDOTA HF_'IGHTS DAK(3TA Ct)Ui�TTY MINNESOT,A GENERAL OBLIGATT.CJN IT�PROVEE�'IENT BONDS OF 1979 The�e bands will be o��ered Tuesday, June S, 1979, at 7.30 o'clock P.M. ,�Central Time,� at the City I�ial1, in Mendo�a �ieights, P�innesota. The bonds will be dated 2�Iay I, 1979 and interest Caill be payable Febrtzaxy l, 193.d and semiannuaily therea�ter. The Uands will be generaZ obligations of the Sssuer for which ats unlimited taxing pawers will be pledged. The bonds wi1.I mature an February l, in the years and amounts as follows: $45r000 in each o£ the years 1980 to 1984� both inclusive; $�O,OOd in each a� the years �98:i to 1986� bath i.nclusive; $35,040 in each of the years 1987 to 1988, both inclusive; $25,000 in the year 19E39; and $15,OOf� in each af the years 1990 ta 1998, both inclusive; Bonds maturing in the years 1990 to 1998, both inclusive, are sub� ject to prior payr�►ent an February I, 1989 and on any interest pay- ment date thereafter at a price o� par and accrued interest. Sealed bids for not less than $53.Q,OOQ and accrued interest an the prin- cipal sum of $535,000 will be accepted. The ra�e of interest and the net effective average rate o� the issue m�v not exceed 74 per annum. An acceptabl.e approving legal opini.on wil.l be furnished by Briggs and Morgan, Professional Assoc�atian, of Saint Paul, Minnesota. The proceeds wil.l be used to provide �unds to re�und at maturity the 4utstanding General>Obligation Temporary Zr.lprovement Bonds o� 1976, Sera.es 2, dated Navember l, 3976 of the City. Dated: April 1?, 1979 BY ORDER OF TFiE CITY COUNCIL /s j Kathleen P�I. Swanson City Clerk _ - , .,-� �.,� , ., CUSIP NUMBERS It is anticipated that if the Bonds qualify for assignment of CUSIP numbers such CUSIP numbers will be printed on the Bonds at the Issuer's expense, but neither the failure to print such number on any Bond nor any error with respect thereto shall �onstitute cause for failure or re- �.usal by the Purchaser to accept delivery of the Bonds. The CU�IP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid for by the Purchaser. SETTL�MENT 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 must be made by the Purchaser in Federal, or equivalent funds on the day of settlement in a timelv manner so as to be available to the Issuer on said day. At settlement, the Purchaser will be furnished �aith a certificate signed by appropriate officers of the Issuer on behalf of the Issuer to the effect that the Official tateinent prepared for the Issue did not and does not contain any untrue statement of a material fact or omit to state a riaterial 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 Stater.ment will be furnished without cost to any interested party upon request. Addi- tional copies of the Official State- ment will be furnished without cost to the Purchaser upon•request in reasonable quantity within a reason- able time of such request. TYPE OF BID Sealed bids for not less than $53�,000 and accrued interest on the total principal amount of the Bonds and a certified or cashier's check in the amount of $10,700, payable to the order of the Treasurer of the Issuer, must be filed with the undersigned prior to time of sale. No bids wi�l be considered which are not accompanied by the r�quired certified or cashier's check. The certified or cashier's check o� the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comp�y with the accepted_ bid. No bid may be �aithdrawn until the conclusion of the meeting of the Issuer at which bids are to be acted upon. RATES The rates must be in integral multi- ples of 5/100 or 1/8 0� 1� and not exceeding 7o per annum. If more than one rate is used the rates must be in ascending order. Additional coupons may not be used.