Res 77 - 101 Extract of Minutes of Meeting of the City Council of MH (11/1/1977),
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EXTRA,CT 4�' MTNUTES 4F NiEETING OF THE
CITY GOUNG�L qF THE CITY
, OF MENDOTA HEIGHTS, MINNESOTA
HELD: November 1, 1977
Fursuant to due ca11 and notice thereo�, a regular
meeta.ng af �.13.e City Counci2 af the City o� Mendo�a Heights,
Dakota County, Minnesota, wa� duly he1.d at the City Ha11
in said City on the 1st day o� November, 1977, at 7:3Q
o'c�.ock P.M. far the purpo�e of awarding the sale of $100,000
General Obligation Eguipme�t Cert3.ficates of Indebtedness
of 1.97? of Said City. -
The follawing members were present: Lackwoad, Wah1
Mertensotto, Schaberg, Losleben
and the following were absent; None
MemberMertensotto � �introduced the following
resoluta.on and moved its adoption:
RESQLUTION PROiTTDING FflR THE ISSUANCE
AND SALE OF $100,00Q GENERAL
OBLIGATI4N EQUIPMENT CERTIFICATES OF
TNDEBTEDNESS OF 1977
AND LEVYING A TAX FOR T�iE
PAYMENT THEREOF
WHEREAS:
A. The City CounciZ of the City of Mendota
Heightso has heretofore determined to purchase various
equipment for the City;
B. The City Council ha� entered or will enter
into contracts for the acquisition of saa.d equipment;
- � C. No other obla.gatians have been issued to defray
the expense of purchasing said equipment;
D. The Council finds that it is neces�ary,
desirabl.e and expedient ta issue equipment certificates
to defray the costs of sai.d equipment;
c
E. No other obligations have been sold within the
past three months pursuant to a private sale which when
combined with this issue would exceed $100,000 as required
for a private sale by Minnesota Statutes, Section 475.60,
Subdivision 2(2);
NOW THEREFORE, BE IT RESOL'VED by the City Council
of the City of Mendota Heights, Minnesota, as follows:
1 o That the of.fer of �� �s , in
R�_ �t. Pa.i�l , Minnesota, to purchase 100,000 General
Obligation Equipment Certificates csf Indebtedness of 1977
of the City, in accordance with the terms and at the rates
of interest hereinafter set forth, and to pay therefor the
sum of �$� ipp,ppp �' is hereby acceptede Said certificates
shall be payable as to principal and interest at the First
Natioria:l' Barik ' ' , in �S't. � Paul � Minnesota,
2. The $100,000 negotiable coupon general obli-
gation certificates of the City sha11 be dated December l,
1977 and shall be issued forthwith. Said certificates
shall be 20 in number and numbered from 1 to 20, both
inclusive, in the denomination of $5,000 each. Said certi-
ficates shall mature serially, lowest numbers first, without
option of prepayment, on December 1 in the years and amounts
as follows: �
$20,000 in the year 1979;
$25,000 in each of the years
$30,OOO�in the year 1982.
1980 and 1981; and
3. Said certificates shall provicle funds for the
purchase of various equipment.for the City. The total cost
of said purchase, which shall include all• costs enumerated
in Minnesota Statutes, Section 475e65, is estimated to be at
least equal to•the amount of the certificates herein authorized.
4. The certificates of said issue maturing in the
years and bearing the serial numbers set forth below shall
bear interest, payable June 1, 1978 and semiannually there-
after on December 1 and June 1 of each year, at the respec-
tive rates per annum set opposite said maturity years and
serial numbers:
Maturi'ty Years
1979
1980
� 1g81
1g82
Serial Numbers
�-�+
5-9
io-l�+
i5-2o
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Interest Rate
�+.15�
�+:30
�+.50
�+.60
5. The certificates and interest coupons to be
issued hereunder shall be in substantially the following form:
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UNSTED STATES aF AMERICA
STATE OF MTNNESOTA
T3.AKU2�1 COUNTY
CITY OF MENDOTA HEIGHTS
No. ••�• $5,000
GENERAL OBL�GATION EQUTPMEN'T
CERTTFICATES OF INDEBTEDNESS
OF 1977
KNOW ALL MEN BY THESE �RESENTS that the City o�
Mendota Heights, Dakota Caunty, Minnesota, certifies that it
is indebted and for value received promises �.o pay to bearer
wi.th�ut o�tiorz of prepayment, the principal sum af
�'IVE THOUS.AND DOLLARS
on the first day o� December, 19� and ta pay interest
thereon from the date hereof until the principal is paid
at the rate of •• " • • • � '
percent { ��s per annum, payable on the first day of
June, 1978 and semiannuall.y thereafter on the.first day of
December and the fa.rst day of June in each year, interest ta
maturity bea.ng represented by and payable in accordance with
and upan presentation and surrender o� the interest coupans
hereto attached, as the same severally became due. Both
principal and a.nterest are payable at '
� � � , or any successar
paying agent duly appointed by the City, in any coin or
currency af the United States of America which at the time af
payment is legal tender for public and private debts.
This certificate is one of an issue in the total
principal amount o� $100,OQ0 all af like date and tenor,
except as to serial number and maturity, which certi�icate
has been issued pursuant to and in fu].1 conformity with the
Con�titution and Iaws af the State of Minnesota �or the
purpose of providin:g maney for the purcha�e of various equip-
ment far the C�.ty, and is payabie out of the General
Obligation Lquipmera.t Certi�icates of xndebtedness o� 1.977
Account of the City. This certifa,cate consti.tutes a general
obligation of the City, and ta provide moneys for the prompt
and fu11 payment o� said principa]. and interest when the same
become due, the full faith and credit and taxing powers of
said Ci.ty have been and are hereby irrevocably pl,edged.
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IT IS HEREBX CERTIFIED AND RECTTED that a1l acts,
conditions and things required by the Constitution and ].aws
of the State of Minnesota to be done, to happen and to be
performed, precedent to and in the issuance of this cer�.i-
ficate, have been done, have happened and have been performed,
in regular and due faxrct, �i�te and manner as required by law,
and this certi�'icate, together with a11 other debts of -�he
City outstanding on the date hereaf and the date af its actual
issuance and delivery does not exceed any consti�utiona].
or statutory la.mitatian of indebtedness. ,
IN WTTNESS WHEREQF, the Ci.ty af Mendota Heights,
ilakota County, Minnesota, by a.ts City Councii ha� caused
this certi�icate to be executed i.n, its behal� by the fac�imile
signature of the Mayar and the manual signature of the City
Clerk, the corporate seal of �aid City having been inten-
tionally omitted as permitted by 1aw, and has caused the
interest caupons ta be executed and authenticated by th�
faa�imi.le �ignatures af said o'fficers, all as af December
1, 1977.
• � � • • • � • /s/ 'f�acs 'imile '
City C1erk Mayar
� (Form of Goupon)
No . $
On the fa.rst day of June {Decemberj, I9' , the
City of Mendota He3.ghts, Dako�a County, Minnesota, wa.1i pay to
bearer at . .. . .'. . . .�... . � . . . .
.
or any successor paying agent duly appainted by the Czty, the
sum shown hereon far interest then due on. its General Ob1i-
gati.an Equipn�ent Certi�icates of Indebtedness of 1977
No. �dated December l, 1977.
/s/ Facsimi•le ��
City Clerk
�
/�/ •Facsimile �
Mayor
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6. The certificates shall be executed on behalf o�
the City by the signature of its Mayor and the signature af
its Clerk and be sealed with the seal of the City; provided,
that one o� such �3.gna�ures and the seal of the City may
be printed �acsi.mi].es; and provided further that the corporate
seal may be omitted on the certificates as permit�ed b�r Zawa
The interest coupons pertaining thereto sha11 be executed by
the printed, engraved or lithographed facsimile signatures of
the Mayor and Glerk.
7. The said certificates when so prepared and
executed sha11 be delivered by the Treasurer to the purchaser
thereof upon recei�t eaf the purchase price, and the said
purchaser sha11 not be obliged to see to the proper appli-
cation �hereofo
8. There is hereby created a special account to be
desa.gnated '"General. Ob].igation Equipment Certificate� of
Indebtedness of 19?7 Account" ta be held and adma.nistered by
the City Txeasurer separate and apart from a11 o�her accoun�.s
of the City. Said Accaunt sha11 be maintained in the manner
herein specified until al1 af the certificates herein authorized.
and the interest therean have been fu11y paid« Tn said
Account there sha13. be maintained two separate funds, to be
desa.gnated as the "Capi.tal Fund" and the "Debt Service Fund",
respectively. The proceed� o� the sale af the certificates
herein authorized, less any premium and accru.ed a.nterest
received thereon, and 1.ess capitalized interest in the amount
of $2,500 (subject to �uch adjustments as are appropriate to
provide suf�icient �unds tc► pay interest due on �he certi-
ficates on ar before June 2, Z978)r shall be credzted to the
Cap3.ta1 Fund, �rom whi.ch there sha11 be paid al1 costs an.d
expense� of making said purchase and aIl other costs incurred
and to be incurred of the kind authori.zed in Minnesota Statutes,
Section �7�,65; and the moneys in said fund shal3. be used fox
no other purpose except as otherwa.se prova.ded by law; provided
that the certi.�icate praceeds may also be used to the,extent
necessary ta pay.interest an said certificates due prior to
the anticipated da�.e o� commencement af the collectian o�
taxes herein 2�vied. There is hereby p2edged and there sha21
be credited to the Debt Service Fund (a) all accrued interest
an.d any premium received upan delivery of said certificates,
(b) capitalized interest in the amount of $2,500 (subject ta
- such adjustments as�are appropriate to provide suffi.cient
funds to pay interest due on �he bonds on or before June
1, 1978} ,{c� collecti.ons of all taxes herein levied for the
payznent of said certifi.cates; and (d) aII funds remaining
in said Capita]. Fund a�ter completion of the purchases and
payment of the costs thereaf, The Debt Service Fund herein
�
;
created shall be used solely to pay principal and interest
and any premiums for redemption on the certificates issued
hereunder and any other general obligation certificates of
the City iiereafter issued by the City and made payable
from said Fund. .
90 To provide moneys for the payment of sa�d
principal and interest there is hereby levied upon a11 of
the taxable property in the City a dir�ct annual ad valorem
tax which sha11 be spread upon the tax ro11s and collected
with and as part of, other general property taxes �n said
City for the years and in the amounts as followso
Year of Tax
.Le�y.�.,.,,
1978
1979
1980
1981
Year of Tax
Col•l�ec�t�i:an• � �
1979
1980
1981
1982
�Airiount
�28,820
28,580
27;505
3i,38o
Said tax levies are such that if collected in full
they, together with estimated collections of other revenues
pledged for the payment o� said certificates, will produce
at least five percent in excess of the amount needed to meet
when due the principal and interest payments on the certi-
ficateso
Said tax levies shall be irrepealable so long as
any of said certificates are outstanding and unpaid, provided
that the City reserves the right and power to reduce the
levies in the manner and to the extent permitted by Sec.
475061(3) M.SoA.
For the prompt and fulZ payment of the principal
of and interest on said certificates, as the same respectively
become due, the full faith, credit and taxing powers of the
City shall be and are hereby irrevocably pledged. If the
balance in the Debt Service Fund is ever insufficient to pay
all principal and interest then due on the certificates
payable therefrom, the deficiency shall be promptly paid out
of any other funds of the City which are available for such
purpose, and such other funds may be reimbursed without
interest from the Debt Service Fund when a sufficient balance
is available therein.
10. The City Clerk is hereby directed to file a
certified copy of this resolution with the County 1�uditor
of Ramsey County, Minnesota, together with such other
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infarrna�ion as he shall requzre, and ta obtain from said
Auditor his certificate that said certificates have been
entered in the said Auditar's Band Register, and that the ta�
1.evy required by law has been made.
11. The afficers af the City are hereby authar-
ized and directed to prepare and �urnish to the purchaser
of said cer�.ificates, and ta the attarneys approva.ng the
legality of th� issuance thereof, certified copies of a11.
proceedings and records af the City relating to said certi-
�icates and�to the iinancial candition and af�airs o� the
City, and such other a�fidavits, certi.ficates and information
as are requa.red to show the facts relating to the legal.ity and
marketability o� saa.d certificates as the same appear fram the
books and records under their custody and control or as
otherwise known to them, and a11 such certified copie�,
certificates and a�'fidavit�, incl.uding an�r heretofare furnished,
shall be deemed representation� of the City a� to the facts
reca.ted therein.
The motion far the adopt3.an of the �oregoing
resol.ution was duly seconded by member y�y�,l
and upon vote being taken thereon, the following vot�d in
favor thereaf : All j�ea
and the foll.owing voted against the same: No�$
Whereupon said resolution was declared duly
passed and adopted.
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STATE OF MINNESOTA
COUNTY OF DAiZOTA
CITY OF AZENDOTA HEIGHTa
I, the undersigned, being the duly qualified and
acting CZerk o� the City o� Mendota Heights, Minneso�a, DO
HEREBY CERTIFY that I have compared the attached and fore-
going extract of minutes with the original. thereaf on fi1.e
in my o�fice, and that the same is a fu11, true and camplete
transcra,pt af the minutes a� a meeting of the City Council
of �aid City, duly call.ed and held on the date therein
indicated, insofar as such minutes relate ta the issuance
and sale af $100,000 General Obligatian Equ.ipment Certi-
ficates of Indebtedness of 1.977 0� saa.d City.
WITNE�S my hand and the seal af said Ci.ty �his
- day of :� :..�:. .�• .:....�. 1977.
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