Res 78 - 115 Extract of Minutes of Meeting of the City Council of MH (11/9/1978)� �
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EXTRA,CT OF MTNUTES OF MEETING Ok' THE
CTTY COUNCTL OF THE CITY OF
MENDOTA HETGHTS, MINNESOTA
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HELD : NOVEMBER ,.g;; 19 7 8
Pursuant to due call and notice tliereo�,. a regular
meeting o� the City Council o� tiie Ci.ty�o� Mendota Heights,
Minnesota, was duly� held at tfi.e City Hall in said City
on tYie %9 �YL day of November, 1978, at 7c 30 0' clockP_.M.
The follow�ing xnembers were present: Lockwood, wahl
Losleben
and the �'ollov�ring �rere absent: Mertensotto Huber
Member ' � � ' � � � Losleben � i,ntroduced the
followi.ng resolution and �noved �ts adoption:
RESOLUTION PROVTDING k'OR �UBLTC SA,LE
OF $1,100,000 GENERAL OBLTGAT�ON TMPROVEMENT
BONDS Ok' 1978, SERI�ES A
BE IT RESOLVED by the City� Council o� the City
of Mendota Heights, Minnesota, as follows:
l. �t is hereb�r found, determined and declared that
this City should issue $1,100,000 General Obli.gation Improve-
ment Bonds o� 1978, Series A to de�ray tfie expense o� re�unding
at maturity the $1,100,Q00 Genezal Obligation Temporary
Improvement Bonds of 1976, dated June 1, 1976.
2. This Council shall meet at the time 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 $1,100,000 General Obligation Improvement Bonds
of 1978, Series A o� said City.
3. The City Clerk is hereby authorized and directed
to cause notice o� the time, place and purpose of said meeting
to be published �n the o�ficial 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 substantially
the form set forth in Exhibit A attached hereto.
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4. The texms and conditions o� said bonds and
the sale thereo� are full.y set forth in the "Of�icial Terms
of Bond Sale" a�ttached hereto a,s Exhihi,t B and incorporated
herein Iay zeference, .
, The motian far the ada�tian of the �oregoirzg
resalutian was duly seconded b� me7Cttber � ' WafiT '''' '
and upan a vote being taken thereon, the �o1lov�ring voted
�� in �aVox` thereo£: A11 Yea
and the foll.owi.ng voted aga,inst tfi.e same: None
T�I-�:.exeu�on sa�.d resal.utian was declared d�a1y
passed an.d adapted.
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IdU'i'ICL OF SALE
$l,1U0,0UU
CITY OF P••lEt`dllOTA IIEIGIiTS
D��hUTA COUi1T1' riIi�NESOT�1
GLi�]sF�'1L Oi9LTGATI0i3
:Ir1I'R()V'L''Pil:PdT BOi�7S 1978 SEJ�II:S A
These IiOt1CLS ���i:Ll be offered Tuesday, llecember 5, 1978, Bids will be
opened ancl acted upon at 7: 30 Y, i4. , Central Time, at the City tia21,
in i�tendota Heights, t�Iinnesota. The Bonds wil:t Ue offered upon the
f o 1�ot•�inb terr�s :
UATi: AND Ii�TL12FST I'AYi-i["sNTS 03? '�:HE L'OiVDS: The Bonds �•�i11 be dated November 1, 1978 and
�aill bear interest payable on each I�ebruary 1, and August 1, to naturity, commencing.
August I, 1979.
TYPI� �•1ll PURYOSL QI' Tf1E BC�NllS: �'he Zionds �•�il'1 be �eneral obli�ations of the Issuer
for �onich its full faith and credit and unlimited taxing powers rail'1 Ue pledged. The
Eonds wi11 be in bearer form caith interest coupons attaclie� and �.�ill be in tl►e denom-
ination of $S,OOU each, unless otYier denominations are requesteu by tlie I'urcliaser �aith-
in 48 hours after ttze a�aard. Tne proceeds wi11 t�e used to rzfund the $i,100,000 Tem}�-
orary Inprovement Bonds of 1976, Series 2, dated June 1, 1976.
ZfATliRITIES A:�D RLDEl`iPTIOid: The 13onds �•�i'll mature August 1, in the years an� amounts
as follo�os:
YEAF. AriOU�T YiAR
1979 $70,OOU 19£i9
1980-1982 90,000 199U=1993
1983-7.9f37 85,000 1994
1988 65,OOU 1995
A11 dates are inclusive.
All Bonds maturing on or after hugus� l, 1989, sha'l1 b� subje.ct to
maturity at ttie option of ttie Tssuer' and in inverse order of serial
1, 19$8, and any interest payment date ttierea.fter, at a price of pa
erest.
11i40U�VT
$45,000
40,000
35,000
30,000
redemption proir to
numbers on August
r and accrued int-
PAi'IP;G AGE�JT: The Purchaser nay, ��ithin 48 hours after the sa'le, name the Pa_ying Abent
for whose services thE Isscier �aill pay customary and reasonabl.e fees. An alternate Pay-
ing Agent nay also be nainea provided tliat there is no adclitional cost to the Issuer by
reason thereof.
CL'SIY :dLTfiiER5: It is anticipated that if the Bonds qualify �vr. assi�nmenC of CliSIP num-
bers sucli CUSIP nurnbers �•�il'1 be printed on the i3onds at t}ie Issuer's expense, but nei�h-
er th� failure to pr.int such number on any Iiond nor any error c�rith respect thereto shall
constitute cause for failure or retusal by ti�e I'urchaser to accep� deliveryo ut the Bonds.
The CUSI1' Service i;ureau charge for the assignment oF CL1SIP identification numbers shall
be paid for t�y the Yurchaser.
SI:TTT.E�fi:ivT: 'ihe Iionds shall t�e delivered 4�ittiout cost to ttie Purctia5er <it a place mut-
ually satisfactory ta Che Issuer and the }'urchaser wiChin 4U clays fol`lowing �he date of
thei.r acaarcl. Delivery will tie subject to receipt by the Purchaser of an approving legal.
opinion of Brig�s and P�1or�;an, Professional Associat�_on, oF St. Pau1, t•iinneso�.a, 47111CI7
opinion wiJ_1 be printed upon the i�onds, and ot customary closinp, papers, inclucling a non-
liti�;ation statement. Payitient for t}ie lionds %ust b�e made by tiie Purcilaser in Fed�ral, or
equiva.lent ftinds on the day of settlenent in a timely mauner so as to be available to
the issuer on said d�y.
At settlenent, the Purchaser taill be furnished c,ith a certificate signed by appropriate
officers of the Issuer on behalf of the Issuer to the effect that the Off.icial State-
ment prepated for the Issue did not and does not contain any untrue statements of a
maLerial fact or or.�it to state r,iaterial facts necessary in order to r�ake the statements
ther.ein, in light of the circumstances under wtiich they crere r.ade, not r:iisleadwn�.
One cop�* of the Official Statement wi11 be furnished without cost to any interested
party upon request. Additional copies of the Ofiicial Statement wi12 be furnished with-
out cost to the Yurchaser upon request in reasonable quanity o�ithin a reasonable time
of such request.
TY"P�: OF BIU: Sealed bids for not less than $1,Ob9,000 and accrued interest on the total
principal an�ount of tlle Bonds and a certified or cashier's cl�eck in the arnount of $22,000
payable to the order oL- the Treasurer of the Issuer, r►ust be filed �vith the undersigned
prior to time of sa'le. i10 bids caill be considered �•�hicti are not accompanied by the
required certified or cashier's check. The certified or casl�ier's check of the Purch3ser
�oill be retained b_y the Issuer as liquidated dama�es in the event the Purchaser fai'ls to
comply �•lith the acceQted bid. \o bid may be withdraF:n +ant�.:1 the conclusion of the meet-
ing of the Issuer at whicn bids are to be acted upon.
P.A'1'ES: Bidders must specify rates which must be in ascending order and in intergraZ mul-
tiples of 1/20 of 1% and not e}:ceeding 7% per annum. All I3onds of the same maturity must
bear a single rate from date of issue to maturity. No rate may exceed tlie rate specified
For any subsequent r�aturity by more t�iai� 1� per annum. Additional coupons�may not be
used. �!o limitation is placed upon tiie number of rates iahich nay be specified. The net
eLfective avera�;e rate of the Issue r�ay not exceeci 7% per annum.
At�]ARD: Award caill he made on the basis of ttie lowest dollar interes� cost determined by
the addition of any discount to tl�e total interest on a11 Bonds from ttieir date to their
stated maturity as co�iputed on the basis of tiie schedule of bond years in the Officia.L
Statement published for the i3onds. The Issuer res�rves �he right [o reject any and a'11
bids, to waive informalities and to adjourn the sa1e.
Dated: Ilovemher 9, 1978
BY O�ER OF THE CITY CUli�1CIL
/s/ Kathleen M. Swanson
City Clerk
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STATE OF 1�TNNESOTA
COUNTX OF DAK4TA
CITX OF MENDOTA FiE�GIiTS
T., the undersi.gned, bea.ng �.he duly qualified and
acting Clerk af the Ca,ty of Mendota Heights, Min.nesata, DO HERE-
BY CERT��Y that T F�ave caxe�ully com�ared tfi.e attached and
�oregaing extract of rninutes with the original zninutes o� a
meet�ng of the Ci,ty Cot�ncil held an the date therein indi.-
cated, �,thich are on fi,3e and a� record i,r� my off�.ce, and the
same i,s a�ull, true and complete transcript there�rom inso--
far as th_e,same relates tc, $1,100,000 General Obligation Im-
pravement Bonds o� 1978, Sera,es A.
WTTNESS rny� hand as such Clerk and tize official.. seal
o� the Gity thi.s W�� daX o� ��,�� ` ', 1978.
(SEA.L )
.�'-z�,.� rn.
�� City Gl.erk
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EXIIIBIT A
NOTICE OF BOND SA.LE
$1,100,000 `
GITY OF MENDOTA HE�GHT�
DAKt��'1� COUNTY
MINNESOTI�
GENEI2AL OBLxGATION IMPROVEMENT
BONDS OF 1978, SERIES A
These bonds wi11 be of�ered Tuesday, December 5, 1978, at
7:3Q o'c3ock P.M., Central Txme, at the City xall,
in Mendota Heights, Mi.nnesota. The bonds will be dated
November l, 1�78 and interes� wi11 be payab2e August l,
1979 and sema.annually therea�ter. The bonds will be
genera2 abligations of the ��suer �or �ahich its unlirni�ed
taxing powers wil]. be pledged. The bonds w�.11 matu.re on
August 1 in the years and amount� as fol.lowsc
1979
1980-1982
1983-1987
198�
1989
1990-1993
199�
1995
$70,Op0
$90, 004
$85,OOp
�65,000
$45,000
$4C1, 400
$35,OQ0
$30,000
All dates are a.nclusi,ve.
All bands maturing on or after Augu�t l, 1989 are Subject .
ta prior paymen.t an. August l, �.988 and any interest payznen.�
da�e thereafter at a price o� par and accrued interest.
Seal.ed. bids for not l�ss than �1r08�r000 and accrue�d interest
on the principal sum of $1,1p0,000 will be accepted. No
rate o� interest nor the net e��ecti�re average rate of the
i.ssue may exceed 7% per annum. An acceptable approving
legal opirzian will be �urnished by Briggs and Morgan,
Professional Association, o� St. Paul, I��innesota. The
proceeds will be used refund at maturity the $1,100,00q
General Obligat�on TempQrary Improvement Bands o� I.976,
dated June l, 1976.
Dated: November 6, �.978 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen M. Swanson
City Clerk