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Res 78 - 122 Extract of Minutes of Meeting of the City Council of MH (12/5/1978)� � � �, ja � `_...��_ . , _ �� EXTRACT OF MINUTES OF CITY C4UNGIL OF MENDOTA HExGiiTB, MEETING OF THE THE CITY OF MTNNESOTA HELD: DECEMBER 5, 1978 Pursuant to due call and notice thereoi, a rneeting o� the City Council af� the City of Mendata �Ie�..ghtsr Dakota County, Minnesota, was du1.y held at the Gity Ha11. in sai.d City on the 5th day af December, 1978, at 7:30 o'clock P.M. �or the purpase af opena.ng and considering�bid� for and awarding the �a3.� of ��.,�oa,o�a General Qbli.gation Improvemerxt Bcinds 1978, Series A of said City. The foZlowing members were present: and the folloraing wer.e ab�en�: Th� Clerk presented af�idavits showi.ng publication of notice of call for bid� on $I,100,000 Genera7. Obligation Improvement Bon.ds 1978, Series A of the City, for which bids were to be received •at �Ghis rrceeting, in accordance with the re�olutiorz adopted by th� City Council on November 6, 1978. Said a�fidavits were examined,�found to comply with the ' provisions of Minnesota Statutes, Cha,pter 475, and were appraved and ordered placed on fi.ie. The Council proceeded ta receive and open bid� for th,e sale o� said bond�. The follo�ring bids were received: Bidder � Interest Rate Net' Tnterest Cost � The Cauncil then proceeded to consider such bids. After the bids had be�n considered and discussed, member introduced the following resolution and moved its adoption; � RESOZUTION ACCEPTTNG BID �N SALE OF $1,100,000 GENER.AL OBLIGATT�N IMPROVEMENT BOND� 1978, SER�ES A PROVZD�NG FOR THE�:R T�SUA,NCE AND LEVX�TNG A TAX FOR TI�E PAYMENT THEREC}F � BE TT RE�OLVED by the Conncil af the Ci.ty o� Men.dota Hea.ghts, Minnesota, a� follo�rs : l. That the bi.d o� �'��� � to purchase $�.,100,000 General Ob�.igation zTnprovement Bonds 1978, Series A of the City, �n accordance �,�rith. the notice of bond sale, at the rate� o� �n�.exest hereina�ter �et forth, and to pay there�ar the sum o� $'� ��� i� hereby found,� determined and decl,ared ta be the most �avorable bid received, and is hereby accepted and said bonds are hereby awarded to sai.d bidder. The City Clerk is directed to retaa.n the depasit of said bidder and to foxthwi�h return the good faith checks or drafts to the"unsuccess�u�. bidders. Said bonds sha].l be �ayable a� to �rincipal and a.nterest at r or any sucaessc�r �aying agent duly appointed by the City. 2. The $1,100,000 nego�.iable coupan general obli,c�a- tian bands of the Gity shall be. dated November l, 1978 and shall be issued forthwith. Said bonds shall be 22f� in number and numbered �rom l to 220, both incl.usive, i.n the denomin- atian of $5,000 each. Said bands sha2l mature serially, lowest numk�ers first, on Augu�t 1 in the years and amounts as fol3.ows : ' $70r004 ir2 the yea� 19791 $90, 000 a.n .each of the Xears both inclusi.ve; $85,000 in each o� the year� both inclusive; $65f000 a.n the year 1988; $45,p00 in the year 1989; $40f000 in each a� the year� both inclusive; $35,OQ4 in the year 1994; and $30,000 in the year 1995. 1980 to 1982,. Y983 to 1987, 1994 ta 1993, �. �aid bonds �hall provide funds to refund at maturi.ty the $1,1Q0,004 General 4bligation zemporary Improvement Bonds, Series 1976, dated June 1, 1976. The to�al cost of said refunding, which �hal1 include all casts enume�ated in Minnesota Statutes, Section 475.65, is estimated to be at least egual to the amount of the bonds herein authorized. 4. The bonds o� said issue znaturing in the years and bearing the serial number� set forth below shall bear interest, payable August l, 1979 and semiannually there- after an February 1 and August 1 af eacfi.year, at the resp�c- tive r�tes per annum set oppasite sa�d matur�ty years and serial numbers: • Maturity Xears � �Serial Numbers Tnterest Rate 5. AI3 bonds o� this issue maturing in the years � 1989 to 1995, both incTusive (bonds numbered 167 to 220, both inclu�ive}, shall be subject to redempt�an and prepaXment at the option o� �he C�ty in inverse ord�r a� ser�al nu�bers, on August l, 1988 and on any interest payment date thereaf�er at par and accrued interest. Pt�blished notice of redemption shall in each case be given in accardance with law, and mailed natice of redemption Shall be given to the bank where said bonds are payable. ' 6. The bonds and interest coupons to be issued hereunder �hall be in substantially the following �orm. No. UNITED STATES �F 1�MERICA STATE OF MTNNESOTA DAKOTA COUNTX` CTTY OF MENDOTA HEIGHTS GENERAL OBLIGATION TNl�ROVEMENT BOND 1978� SER�ES A KNOW ALL MEN SY THESE PRESENTS th Mendota Heights, Dakota County, Minnesota, indebted and �or value recei.ved �romises to the Qri,nci�al sum of FIVE TIiOUSAND DOLLARS $5,000 at the City of certifi:es that it is pay to bearer on the first day a� August, 19 and to pay� i.nterest thereon from the date hereof until the principal is pa,id at the rate of percent ( °s �er annum, payable on the first day of August 1979 and semi.annually thereafter on the �irst day of February and the �irst day of August i,n each year, interest to maturity being represented� by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both princi�al and interest are payable at . � or any successor paying agent duly appointed by the Cit�,. in any coin or currencX o� the United States o� America which at the time of paXment is lega,l tender. �or public and private debts. � Al1 bonds of this issue maturi,ng in the years 1989 to 1995, both inclusive �bonds numbered 167 to 220, both inclusive�, are subject to redemption and prepayment at the option of the City in inverse order o� serial numbers, on August l, 1988 and on any interest payment da,te thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accorda.nce with la�,t, and mailed notice of redemption shall be given to the bank where said bonds are payable. • This bond is one af an issue in the total principal amount of $1,100,000 all af like date and tenor, except as �o serial number, maturityr interes� rate and redem�tion pr�vi- lege, which bond has been issued pursuant to and in �ull conformity with the Constitution and laws o� the State of Minnesata for tfie purpose of provzding money� to refund at • maturity the $1,100,000 General O�l�gatian Temporar� Improvement Bonds, Series 1976� dated June 1, 1976 0� the City, and is payable out of the General Obl�gation Improvement Bonds of 1978, Series A Account af the CitX. Tfiis bond constitutes a general ablzgation of the Cit�, and to proyide moneXs for the prampt and full payment of said principal and interest when the same became due, the £ull ��%th and cxedit and taxing powers o� said C�ty� haVe been and are hereb� irrevocably pledged. . �T TS HEREBY CERTTFI,ED AND i�EC�TED that a11, acts, condita.ons and things required by� the Consti.tution a,nd laws af the State o� Minnesota to be done, to hap�en and to be per�ormed, precederit to and in the i.ssuance of -�his bond, have been done, have happened an.d fia.ve been per�ormed, i,n regular and due form, time and marxner as arequired by law, and this band, together with all otI�er debts o� the City outstanding on the.da�.e hereo� and the date of i,ts actual. issuar�ce and delivery daes not exceed any.constitutional or statutory I.imitatian o� indebtedne�s. I�N WTTNESS WHEREOF, the City o� Mendota I�e�,ghts, Dakata County, Minnescata, by 3.ts City� Counci:l has caused this band �o be executed in its beha3.� by the facsimile signa- tu,re o£ the Mayor and the manual �ignature of the Ca.tX Clerk, the corporate seal of said City havi,ng been znten� tianall.y omitted a� permi�ted by 1.aw-� and haS caused the interest coupons to be executed and auth.enticated by the - facsimile signatures o� said officers, all as of Novembex 3, 1978. /sJ Facsimile ' Ci-�y C1erk Mayor CForm o� Couponj No. ' • �$ On the first daX of August (February�, 19 , unless the bond described below-is called for earlier redemption, the City of Mendota Iiei.ghts, Dakota County�, Minnesota, wi11 pay to bearer at '• ' � " �•' '�'�'��" , or any successor payin� agent�duly ap�ointed by the City, the sum shown hereon �or interest tfien due on its General Obligat�,on Improvement Bond 1978, Series A, No. � �, dated Noveznber l, 1978. . /s/ Facsimile /s/ � k'acsimi;l.e City Clerk Mayor 7. The bonds shall be executed on behalf of the City by the signature of �ts Mayor and the signature of its Clerk and be sealed with the seal o� the City; provided, that one o� such signatures and the seal of the City may be printed facsimiles and provided �urther that the corporate seal may be omitted on the bonds as permitted by law. The interest cou�ons �ertaining thereto shall be executed by the printed, engraved or lithographed �acsiznile signatures of the � Mayor and Clerk. 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the �urchaser thereof upon receipt of the purchase price, and the said �urchaser shall not be obliged to see to the pro�er ap�lication thereof. 9. There has heretofore been created a Debt Ser- vice Fund in the "General Obligation Temporary Improvment Bonds, Series 1976 Account". Said Fund was created solely for the purpose of paying the principal and interest on the temporary improvement bonds authorized in th.e resolution creating said �und. Of the proceeds der�ved from the bonds herein authorized, $ shall be credited to the Debt Service Fund of the General Obli�at�on Tmprovement Bonds, Series 1976 Account ��h�ch sum, together with �ums already held in said Debt Service �und, is su��ic�ent to pay all principal and interest to become due on $1,100,000 General Obligation Temporary Improvement Bonds, Series 1976, which mature on �une l, 1979.� Any surplus �n sa�d Debt Service Fund in excess of such xe�uirements �s herebX pledged and sha11 be credited to the General Obli.gation Tmprovement Bonds 1978, Series A Debt Service Fund hereina�ter established and, upon determination o� such surplus all uncollected special assessments payable to the General Obligation Temporary Improvement Bonds, Series 1976 Debt Service Fund are hereby pledged and shall thereafter also be credited to the Debt Service Fund hezeina�ter established �or the bonds herein authorized. 10. There is hereby created a special account to be designated "General Obligation Improvement Bonds 1978, Series A Account" to b� held and administered by the City Treasurer separate and apart from all other accounts o� the City. Said Account sh�ll be maintained in the manner herein specified until all of the bonds here�n authorized and the interest thereon have been fully�paid. In said Account there shall be maintai�ed t�o se�arate �unds, to be designated as the "Pay- ment Fund" and the "Debt Serv%ce Fund", respectively. The proc.eeds of th.e sale o� the bonds herein autfiorized, less any accrued interest received thereon, less any amount paid for said Iaonds i;n excess� o� $l, 089, 000, and les� �$ to be credi.ted to tYie Deht Sery.ice Fund o� the General Obli-� gation Temporary Improvement Bonds�, Series� 1976 Account, shall be credited to the �aXment Fund, from which there shall be paid al1 costs and expenses of issuing said bonds and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Secti.on 475.65. There is hereby pledged and there shall be credited to the Deht Ser- vice Fund (a) all accrued interest received upon delivery of said bonds, (b) all funds paid for said bonds in excess of $1,089,000, (c) any collections of all taxes herein levied for the pay- ment of said bonds, �d� all funds rem�ining in said Payment Fund after payment of the costs and (e) all funds remai.ning in or payable to the Debt Service Fund of th.e General Obli- gation Temporary Improvement Bonds, Series 1976 after pro- vision for payment of all principal and interest due on the � bonds payable therefrom. There is also hereby �ledged and . there shall be credited to the General Obligation Im�rove- ment Bonds of 1978, Series A Debt Service k'und u�on provi-� sions of payment o� the $1,100,000 General Obligation Temporary Improvement Bonds, Series 1976, all remaining special assess- ments hereto£ore levied or covenanted to be levied and pledged to the Debt Service �'und o� the General Okaligation Temporary • Improvement Bonds, Series 1976. The Debt Service Fund herein created sha11 be used solely to pay principal and interest and any premiums for redemption on the bonds issued hereunder and any ot�her general obligation bonds of the City� hereafter issued by the City and made payable from said Fund as pro- vided by law. Any sums �rom time to time�held in the Debt Service Fund (,or any other City Fund which will be used•to pay principal or interest to become due on the bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments. �� 110 There has heretofare been leyi.ed ��ec�al assessments �or �mprovements �inanced by said te�pflrary im�rovement bond�. The balance of said special assess- m�nts collecta�le �n 1�78 and there�fter shall be payable in equal, consecutiy�, annual installments with general taxes for. the XearS shown belo� and �,ri�h interest on the deferred balance o� a21 suc� inst�Ilments at the rate of at least 7� pex annum: Improvement Designation � Clement Vandal Kopp German Veroni.ca Lane Buril H.olmes' Riley Bancxqft =�vy� �'alls hTes�. �Partia]. � ?4-8 74-�3 7 4 --•3 74 --3 75-�3 7 5--.3 Uncollected fi,ima�unt $ $ ZeYy Xears ].2. To �rqva,de amoneXs �or the payment of said pxa.nci,�al and interes�. there �s he�eb� J.eyied� u�on all of the ta,xab],e �xoperty i,n the City a darect annual. ad va7.orem tax which shall�be spread upon the tax rolls and collected with and as part of, otIier general property taxe.s in sai.d City for �.he Xears and in the amaun�.� as �o1lov,r.� : Xeax o� Ta� � � Levy� � s s ..� .. . . . .. . •;, .. . •:. .; •:: • � M ..� .. . .. Xear o� Tax Collection ��� � ].981 19$2 1983 1.�84 1.�85 1986 1987 1988 19$9 1990 1.99� 1992 1993 1994 A�Count Said t� levies axe such that if collected in fulZ they, together wi�h estimated collection�� of s�ecial assess- mants and other revenues herein �led�ed far the payment of said bonds, will praduce at least �ive percent in excess of the amount needed ta me�t when due the �rinci�al and in�ere�t . pa�nents an the� bonds. . Said ta,x any of said bonds . the City reserves � in the manner and M.S,A. levies shall be i,rre�ealable so Iong as are outstandinc� a,nd unpaid, prov�,ded that the right and po��r to reduce the lev�,es to the extent �ermi.tted by� Sec. 475. 61(3� �'or the prom�t and full �ayment of the principal of and interest on said bonds, a� the sarne respectiyely be- _ came due, the ful1. faith, credi.t and taxing pot�rers a� the City shall be and are hereby i,rrevoca�aly� �1.edged. I� the balance in th� Debt Service Fund is eve� insu��icient to pay all pra.ncipa2 and interest then du� on the bon.ds payable there-� from, the de�iciency �hal1 be prom�tlX paid out of any other funds af the City which are avail.ab3.e �or such purpose, and such other �unds may be reimbursed wi.thout �.nterest fram the Debt Service Fund when a�uf�icient balance is avai.l.able therein. 1�3. The City Clerk a,s hereby directed to file a certified copy of this resoluta.on �rith the CountX Aud�,tor of Dakota Count�, S��innesota, tagethex witll Su.ch other in�or- mation as he shall require, and to obtain from �aid Auditox his certificate tha-t said bor�ds have been entered in the said Auditar's Bond Register, and that the tax levy requ3.red by law has been made. . 14. The of�a.cers o� the City are hereby author- ized and directed to pre�are and furnis�i to the purchaser o� said bonds, and to the attorneys approving the legala.ty af the issuance thereof, certified copie� o� a11. proceedings and records o� the Ci,ty relating to said bonds� and to the financial condition and affairs o� the City, anc1. such other v~ w� '~'u affa.dav5,ts, cert'i�icates and information as are requ�.red to sho� th.e facts relating to t�ie legal�,ty� and marketabi.lity o� sai.d bonds� as �.h,e same ap�ear �rom, the books and records under their eustady and control ar as otlierw�se kno�n �o th�m, and all such certi�ied cop%es, cert��a,cates and a�fidavits, a,n- cludang any heretofare furrz�.shed, shall be deemed re�resen- tations o� the City� as to tI�� ,�acts xecited therea�n. The motion for the adop�.ion. af the foregoing resolution was duly seconded �y member �' ' " ' and upon vote being taken therean�. the follovz�ing Yqted i�. favar thereo�: and the follawing voted ac�a?r�st th.e �ame: �h.ereupon �aa.d resolution was declared duiy passed and adopted. 0 tl J � . � � .� r STATE OF I�'.��NNESOTA COUNTY� Ok' AAKOT� CI:TX� Ok' N.IENDOTA HETG�ITS I, the under�%gnedf bei:ng the duly�� c�uala..�i,ed and acting Clerk o� the City o� Mendpta, Heights, N�innesota, DO HEREBY CERTTFY� that T have. compared the attached and �ore- going extract o� n�inutes witYi the original thereo� on �ile in my of�ice, and that the same is a full, tzue and com�lete transcript o� the minutes of a�meeti,ng o�� the Cit�r Counc�l of said City, duly called and held an the date therein indicated, insofar as such m�-nutes relate to.tYie opening and considering of bids �or, and a�razding the sale of $1,100,000 General Obli,gation �mprovement Bonds 1978, Series �,, of said City. WTTNESS my hand and the seal of said Ci.tX this � day of �• , 1978. (SEAL ) ��y%%Cle�s� .. .