Res 78 - 33 Extract of Minutes of Meeting of the City Council of MH (4/4/1978)-7e-3,3
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: APRIL 4, 1978
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Mendota Heights,
Minnesota, was duly held at the City Hall in said City
on the 4th day of April, 1978, at 7:30 o'clock P.M.
The following members were present: Lockwood, Wahl
Ifertensottot Losleben, Schaberg
and the following were absent: None
Member Bob Lockwood introduced the
following resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $ 1,unn00 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1978
BE IT RESOLVED by the City Council of the City
of Mendota Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that
this City should issue $ 1,930,000 General Obligation Improve-
ment Bonds of 1978 to refund the $180,000 Temporary Improve-
ment Bonds of 1976, Seires 1, dated November 1, 1976 and to
defray the expense of the construction of a water tower in
the City.
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 $j.qj(),()n0 General obligation Improvement
Bonds of 1978 of said City.
- k
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 substantially
the form set forth in Exhibit A attached hereto.
4. The terms and conditions of said bonds and
the sale thereof are fully set forth in the "Official Terms
of Bond Sale" attached hereto as Exhibit B and incorporated
herein by reference.
The motion for the adoption of the foregoing
resolution was duly seconded by member RjjqS No
and upon a vote being taken thereon, the folloMwing voted
in favor thereof: All Yea
and the following voted against the same: None
Whereupon said resolution was declared duly
passed and adopted.
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
1, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota 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 indi-
cated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom inso-
far as the same relates to the proposed sale of $ 1,93o,000
General obligation Improvement Bonds"of 1978.
WITNESS my hand as such Clerk and the official seal
of the City this day of April 1978.
City Clerk
SE
EXHIBIT A
NOTICE OF BOND SALE
$1,930,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1978
These bonds will be offered Tuesday, May 2, 1978, at 7:30
o'clock P.M., Central Time, at the City Hall in Mendota
Heights, Minnesota. The bonds will be dated May 1, 1978
and interest will be payable February 1, 1979 and semi-
annually thereafter. The bonds will be general obligations
of the Issuer for which its unlimited taxing powers will
be pledged. The bonds will mature on August l,in the
years and amounts as follows: '
1979
$10,000
1990
$95,000
1980
$60,000
1991
$100,000
1981-82
$65,000
1992
$105,000
1983
$70,000
1993
$110,000
1984
$75,000
1994
$115,000
1985-86
$80,000
1995
$120,000
1987-88
$85,000
1996-97
$125,000
1989
$90,000
1998
$130,000
1999
$140,000
All dates are inclusive.
All bonds maturing on or after August 1, 1993 are subject to
prior payment on August 1, 1992 and any interest payment date
thereafter at a price of par and accrued interest. Sealed
bids for not less than $1,915,000 and accrued interest on
the principal sum of $1,930,000 will be accepted. No rate
of interest nor the net effective average rate of the issue
may exceed 7% per annum. An acceptable approving legal
opinion will be furnished by Briggs and Morgan, Professional
Association, of St. Paul, Minnesota. The proceeds will be
used to refund the $180,000 Temporary Improvement Bonds of
1976, Series 1, dated November 1, 1976 and to defray the
expense of the construction of a water tower in the City.
Dated: April 4, 1978 BY ORDER OF THE CITY COUNCIL
/s/ Kathleen .M. Swanson
City Clerk
EXHIBIT B
OFFICIAL TERMS OF BOND SALE
$1,930,000
CITY OF MENDOTA HEIGHTS
(DAKOTA COUNTY)
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1978
These Bonds will be offered Tuesday, May 2, 1978. Bids
will be opened and acted upon at 7:30 o'clock P.M., Central
Time, at the City Hall, in Mendota Heights, Minnesota.
The Bonds will be offered upon the following terms:
DATE AND INTEREST PAYMENTS
OF THE BONDS
The Bonds will be dated May 1,
1978 and will bear interest pay-
able on each February 1 and
August 1, to maturity, commencing
February 1, 1979.
TYPE AND PURPOSE
OF THE BONDS
MATURITIES AND REDEMPTION
The Bonds will mature August 1, in
the years and amounts as follows:
1979
$
10,000
1980
$
60,000
1981-1982
$
65,000
1983
$
70,000
1984
$
75,000
1985-1986
$
80,000
1987-1988
$
85,000
The Bonds will be general obli- 1989 $ 90,000
gations of the Issuer for which 1990 $ 95,000
its full faith and credit and un- 1991 $100,000
limited taxing powers will be 1992 $105,000
pledged. The Bonds will be in 1993 $110,000
bearer form with interest coupons 1994 $115,000
attached and will be in the denomi- 1995 $120,000
nation of $5,000 each, unless other 1996-1997 $125,000
denominations are requested by 1998 $130,000
�-__�,he Purchaser within 48 hours 1999 $140,000
after the award. The proceeds
will be used to refund the $180,000 All dates are inclusive.
Temporary Improvement Bonds of 1976,
Series 1, dated November 1, 1976 and All Bonds maturing on or after
to defray the expense of the con- August 1, 1993, shall be subject to
struction of a water tower in the redemption prior to maturity at the
City. option of the Issuer and in inverse
order of serial numbers on August 1,
1992, and any interest payment date
thereafter, at a price of par and
accrued interest.
PAYING AGENT
the Purchaser may, within 48 hours
after the sale, name the Paying
Agent for whose services the Issuer
will pay customary and reasonable
fees. An alternate Paying Agent
may also be named provided that
there is no additional cost to the
Issuer by reason thereof.
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
constitute cause for failure or re-
fusal by the Purchaser to accept
delivery of the Bonds. The CUSIP
Service Bureau charge for the
assignment of CUSIP identification
numbers shall be paid for by the
Purchaser.
the Purchaser in Federal, or equiva-
lent funds on the day of settlement
in a timely manner so as to be avail-
able to the Issuer on said day.
At settlement, the Purchaser will be
furnished with a certificate 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 will.
be furnished without cost to any in-
terested party upon request. Additional
copies of the.Official Statement will
be furnished without cost to the Pur-
chaser upon request in reasonable
quantity within_a reasonable time of
such request.
TYPE OF BID
Sealed bids for not less than $1,915,000
and accrued interest on the total prin-
cipal amount of the Bonds and a cer-
tified or cashier's check in the amount
SETTLEMENT
of $38,600, payable to the order of
the Treasurer of the Issuer, must be
The Bonds shall be delivered with-
filed with the undersigned prior to
o-dt',cost to the Purchaser at a place
time of sale. No bids will be con -
mutually satisfactory to the Issuer
sidered which are not accompanied by
and the Purchaser within 40 days
the required certified or cashier's
following the date of their award.
check. The certified or cashier's
Delivery will be subject to receipt
check of the Purchaser will be retained
the Purchaser of an approving
by the Issuer as liquidated damages in
gal opinion of Briggs and Morgan,
t
the event the Purchaser fails to comply
ofessional Association, of St. Paul,with
the accepted bid. No bid may be
.Minnesota, which opinion will be
withdrawn under the conclusion of the
printed upon the Bonds, and of cus-
meeting of the Issuer at which bids
tomary closing papers, including
are to be acted upon.
a non -litigation statement. Pay-
ment for the Bonds must be made by
Bidders must specify rates which must
be in ascending order and in integral
multiples of 1/20 of 1% and not exceed -
ling 7% per annum. All Bonds of the
same maturity must bear a single rate
from date of issue to maturity. No
rate may exceed the rate specified
for any subsequent maturity by more
than 1% per annum. Additional coupons
may not be used. No limitation is
placed upon the number of rates which
may be specified. The net effective
average rate of the Issue may not
exceed 7% per annum.
AWARD
Award will be made on the basis of
lowest dollar interest cost deter-
mined by the addition 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 Statement published for the
Bonds. The Issuer reserves the
right to reject any and all bids, to
waive informalities and to adjourn
the sale.
Dated April 4, 1978
BY ORDER OF THE CITY COUNCIL
/s/Kathleen Siiango-n.
City Clerk
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