Res 77 - 81 Extract of Minutes of Meeting of the City Council of MH (9/20/1977)'�,��;� ' � 9o��T�ev ?7- � �
� �
, EXTRACT OF MINUTES OF MEETING OF THE �
• CITY COUNCII, OF THE CITY OF
. MENDOTA HEIGHTS, MINNESOTA
HELDe September 20, 1977
• , . •r •, ' ,
' ;.
�Pursuant to due call and notice �hereof, a
regular meeting of the City Council of the City of Mendota
Heightso Dakota County, Minnesota, was duly held at the �-� �
�.City Hall in said City on the 20th day af September, �
��- 1977, at 7:30 o'clock P.Me for the purpose of opening and con-
sidering bids for and awarding the sale of $1,295,000 General
Obli�gation Improvement Bonds of_197'�, Series 20 of said City.
� The following members were present: Robert Lockwood �
' James Losleben, Russ Wahl, James Schaberg
and the following were absenta Chuch Mertensotto
' The Clerk presented affidavits showing publication
., of notice of call.for bids on $1,295,000 General Obligation
Improvement Bonds of 1977, Series"2, of the City, for which bids
were to be received at this meeting, in accordance with the ..
" � resolution °adopted bg the'City Council on August 16, 19770 '
Said affidavits were examined, found to comply with fihe
provisions of M�.nnesota Statuteso Chapter 475, and were
-, approved and ordered placed on fileo .
The Council proceeded to receive and open bids for
, the sale of said bonds. The fo7.lowing bids were received:
Bidder Interes� Rate Net Tnterest Cost
�
�
s.�.,���,
P,1nSt;?�F.Ci,I��J:D �
. �TTI' O1' MP:ND�TA ifliI�IfTS
�1,, 2�5, 000 I2��'Pn�71;PtL'iIT 1;Oi3DS Sept. 2C1, 1977
ACCOU:IT P.ATI;S
FIRST NEITI�IVAL BANh 3.70% 197$
St. Paul, P1inn. 4.20 1979-1983
FIRST NATIOPIAL PAI�K G. 30 1984
`finneapolis, P-7inn. 4.40 1985
T'AI�dE 41F.EI;FR TAC1:SOtd CURTIS 4.50 1986
"tinneaPol�.s, aiinn. 4.60 1987
C?I1?ROi,:EI: ST/�TT ]DA11i; 4.70 1988
�t. Paul, ?tinn. 4.8Q 1989
-� 4.90 1490
5.00 1991-1992
r 5.1Q 1993-1994
' ' 5.20 1995--1997
DALd I�:ALP�Q & QL'[lIL 4.20 1978-19£32
T•iinneapolis, itinn. 4.30 19�3-19�i4
PIPLR .TAT'T'R/1Y & H()PWOOD INC. 4.40 19fi5
`Iinneapolis, P�tinn.
ALLISQ�I ?�TILI.IAAtS C0. 4.50 1986
'tinneapolis, �tinn. 4.60 19f37
F:,?J.B!1IR.D F� C0. 4.7� 1988
"ilt•�aul:ee, [�1isc. 4.80 1989
. 4.90 1990
5.00 1.991-19�32
5.10 1993-1994
5.20 1995-19�?7
I:.,T.PR�SCOTT E: CO 4.10 197 ;-1�82
}�inneapolis, Minn. 4.25 1983
?•1/1P��lit:TTE P:ATI()P7AL �iAtJK 4.3� 198�+
1(inneapolis, ;�tinn. `� � "' 4.40 1955
r;�hLR� s c��:TLr.snta C�. 4.5� 19s6
�`inneapolis, 1�?in� . 4.60 19$7
� 4.7Q 1988
4.80 " 1�89
�F . 9� 199�
5.0(l 1991
5.10 1992
5.15 i993
' S.20 1994
5.25 19y5
5.30 1996-1997
UAivK P��FT}i[�II,ST
`-Sinneapolis, A1inn.
C.P.PNII•d & r1Alt(;OTTTa
'Tinneapolis, P1inn.
t [�'IIITr TdrLD & C� .
Chicag,o, I11.
�1"IrI;ICAid NATIO�df1I. I�A;:i�: & rRUST
St. Paul, ?1inn. ,
`�ILLF:R SCl{P�ODrR SFC.
; tinneapol is , Ptinn.
RLY;IOLDS SrCtIRITIES C0.
,�ew York, i].i'.
4.25
4.50
4.b0
4.70
4.80
4.90
5.00
5.10
5.20
5.25
5.30
5.40
1���-l�sr
1982-1986
19i37
i�s�
1q$9
i��o
1991-1992
1993 �
1994
1995
19�36
1997
�
llISCOtii�lT
$12.950.00
r,
12, 777.1�4
12,95�.�0
12,95�.00
�C�ST
$561,745.�Q
562,3G2.G4
%RATL:
4.8614%
4.$L6S
564,39�.�� ��.8843
5G9,950.�0 4.9324
Cn;ITIP3�i3�TIE1I., IL�OIS id��TIO.iAL 3.70� q1978
�3A��x & TP.LST Cnp���1� 4. 60 1979 12, 947.14 `%5�)3;15�3.63 - 5.1333`,
ChicaQo, I11. 4,70 198�-1985 r
. 4.75 1986
�
' 4.80 1987
4.90 1�3F�S
5.00 19fl9-199D
5.10 1991
• 5.20 1992
5.30 1993
- 5.40 i9�4
5.45 1995
5.5Q 1996-1997
A[�t�RD T•JADr TO TIIB rIRST NATI0�IAL �ANK t1CC�LTt�T
�..
.� 7 7_ 8 �
The Council then proceeded to consider such
bids. After the bids had been considered and discussed,
member Losleben • introduced the following
resolution and moved its adoptione , ' �
,�
RESOLUTION ACCEPTING BID ON SALE OF � ' ��
$1�295�000 GENERAL OBLIGATION IMPROVEMENT ,•
BONDS OF 1977, SERIES 2 �.• �
PROVIDING FOR THEIR ISSUANCE AND LEVYTNG '- .
A TAX FOR THE PAYMENT THEREOF AND CALLING FOR
REDEMPTION OF $925v000 GENERAL OBLIGATION ,
TEMPORARY INlPROVEMEI�TT BONDS e SERTES 1975 ,
WHEREASo
, A,e The City Council of the Ci.ty of Mendota Heights
by resolution adopted September 20 2975 has authorized the
issuance and sale of $9250000 General Obl.igation Temporary
Improvement,.Bondse Series 1975 of the City (hereinafter
!'temporary improvement b.onds �' ) to provide interim f inancing .
of the construction of sewer, wa�er and street improvements
in the Cityo •
Bo The .temporary improvement bonds are subject
to redemption and prepayment on 1�ugust 1P ].977 at par and
accrued interest, and the City deems it desirable and in
the best interest of the City to redeem said temporary
iiaprovement bonds on February 1, 1978,
� C. The City Council deems it necessary and expe-
dient to issue $1,295,000 General Obligation Improvement
Bonds of 1977, Series 2, to refund the $925,OOO.General Obli-
`'-� � gation Temporary Improvements BondsP Series 1975, dated
� August 1� 1975 and to defray the expense of the con-
struction of various improvements•in the City,
NOW THEREFORE BE IT RESOLVED by the Council of
the City of Mendota Heights, Minnesota as fallows:
Io That the bid of First National Bank of St. Pa�ul � '
to purchase $1,295,000 General Obligation Tmprovement Bonds _w �,.
-'��� of 1977, Series 2, of the City, in accordance with the notice
of bond salea at the rates of interest hereinafter set forth,'
'"1 � and to pay therefor the sum of $� _��050.00 zs hereby found, ', ,,
' • determined and declared to.be the most favorable bid -
received, and is hereby accepted and said.bonds are hereby ."
awarded to said biddero The City Clerk is directed to
a
�
xetain �.he depasit of said bidder and to forthwi�h return
�he good faith checks ar drafts ta the unsuccessful �
bidders. Said bonds sha11 be payable as to princ3,pa1 and
inte�'est at '�'irst National �Bank� o� �St. Paul. Minnesota: . . . . . . . .r . � ,� , '
or any successor paying agent duly appo n�ed by the City. �
2e The $1a295,000 negotiable cc►upon general
obligation bonds o� the City shall be dated August 1, 19i7
and shall be issued forthwi.th� Said bonds shall be 259 :
in number and numbered from 1 to 259, both inclusive, in
the denamination of $5�000 eache Said bands sha11 mature
seri.ally, lowest numbers f3.rst� on Augus� I in the years
and amounts as follows;
$50,000
$90oQ00
$$5,000
$75,000
$70,Op0
$50p00�
$45,004
$40,QQ0
$208000
in the �rear 3,978;
a.n each of the years
both inclusi.ve{
in each of the years
both inclusive;
in the year 2987;
a,n the ye ar 19 8 8;
in each af the years
�both incl.usive;
in the ye ar �, 9 9 4�
in each of �he year�
and
in the year x997o
�979 t�o 1�83;
I984 to Z�$6o
1989 ta 1993,
Z995 and 1996;
�
3q Said bonds sha11 pravide funds for the
constructian o� variou� improvements in the Gity and to
refund the $9250{}00 General Ob2igation Temporary �rnpraue-
ment Bonds, �Series 1975, dated August 1, �,975. •The total. cast
of said improvements,, ar�d sa�.d refundings which shaZ1
include all costs enumerated i.n M3.nnesota Statutesy
Section 475.55P is estimated to be at least �qual to the
amount of the bonds herein authorizedo Tn7ark�on the "
improvernents sha11 praceed wi�.h due diligence to comple�iono
� 4, The bond� of said issue maturing in. the
year� and beari.ng the seria3 numbers set �orth beZaw sha1,1
bear interesto payable February 1, 1978 and semiannually'
therea�'ter on August 1 arzd February 1 of eac�t yearp at the
respective rates per annum set opposite said maturity
years and serial numbers: •
m
s.
r ••
y
�
Maturity Years Serial Numbers Interest Rates
LC&'� . L L)
. 1978 1-10 3.7%
1979-1983 11-100 4,2
; 1984 , - - :� 101-11Z - r -. _• .4.3
� �� �5;985 - _ -- � � " _ �].'� 8-:!'34 , � '` � ' �- 4.4--
� ._ ._
1986 �� � �.., 135-151 —� " �� 4.5
1987 152-166 4.6 . •
1988 167-180 4.7 • •
1989 181-190 4.g �
1990 191-200 4.9 ' �.
1991-1992 201-220 5.0 -�
199�-94 221-239 5.1
' 1995-97 5. � A11 bonds of �i�s�issue maturing in the 5•2 ,'
years 1991 to 1997, both inclusi�ve (bonds numbered 210
to 259, both inclusive), sha11 be subject to redemptian
and prepayment at the option of the City�in inverse order
of serial numbers, on August �., 1990 and on any interest
payment date thereafter at par and accrued interest.
Published notice of redemption sha11 in each case be given
in accordance with law, and mailed notice of redemption
shall be given to the bank where said bonds are payable
and to any registered holders, provided that published
notice alone sha11 be e�fective without mailed notice.
Holders deai�ir.g to rPce�ve mailed notice must register
their naines P acidresses and borid numbers with the City
Clerk. - _ ... _
6e The bonds and interest coupons to�be issued
hereunder shall be in subs�tantiaZly the following form:
�
�"�
No.
UNTTED ST�TES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HETGHTS
GENERAL OBLIGATION IMPROVEMENT
BOND OF 1977
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of
NTendota Heights, Dakota County, Minnesota, certifies that
i.t i.s `indebted and �or �Va1ue received promises to pay to
bearer the principal sum of
FIVE THOUSAND DOLLARS
on the first day o� Z�ugust, 19 and to pay interest
thereon from the date hereqf until the principal is paid
at the ra,te of ........• ...�.,.... .. ,.,. . .....
percent (•� per annum, payable on the first day of
February, 1978 and semiannually thereafter on the first
-._ day of August and the first day of February in 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 principal and interest are payable at
.. .. . , ., .. .. . . . �
or any successor paying agent u1y appointed by the C�.ty,
in any coin or currency of the United States of America
which at the time of payment is legal tender for public
and private debts.
Al1 bonds of this issue maturing in the years
1991 to 1997, both inclusive (bonds numbered 210 to 259,
both inclusive), are subject to redemption and prepayment
at the option of the City in inverse order of serial
numbers, on August 1, 1990 and on any interest payment
date thereafter at par and accrued interest. Published
notice of redemption sha11 in each case be given in
accordance with law, and mailed notice of redemption shall
-- be given to the bank where said bonds are payable and to
any registered holders, provided that published notice
alone shall be effective without mailed notice. Holders
desiring to receive mailed notice must register their
names, addresses and bond numbers with the City C1erk.
a ' ''
5
' < .J
►�
This bond is one of an issue in the total
principal amount of $1,295,000 a11 of like date and tenor,
except as to serial number, maturity, interest rate and
redemption privilege, which bond has been issued pursuant •
to and in fu11 conformity with the Constitution and laws
of the State of Minnesota for the purpose of providing
money for various improvements in the City and to refund
the $925,000 General Obligation Temporary Tmprovement
Bonds�,•Series 1975, dated�August lF 1975r.and is payable out of
the General Obligation Improve�►ent Bonds of 1977 1lccount
of the Citye This bond constitutes a general obligation
of the City, and to provide Tnoneys for the prbmpt and full
paymen-E of said principal and interest when the same
become due, the fu11 faith and credit and taxing powers of
said City have been and are hereby irrevocab7.y pledged.
IT IS HEREBX CERTZFTED AND RECITED that a11
acts, canditions and thi.ngs rec�uired by the Constitution
and Taws of the State of Minnesota to be done, to happen
and to be performed, precedent to and in the issuance of
this bond, have been done, have happened and have been
performed, in regular and due �orm, time and manner as
required by law, and this bond, together with a11 other
debts of the City outstandi,ng on the date hereof and the
-- date o� its actual issuance and delivery does not exceed
any constitutional or statutory limitation of indebtedness.
IN WITNESS WHER,EOF, the City of Mendota Heights,
Dakota County, Minnesota, by its City Council has caused
this bond t� be executed in its behalf by the facsimile
signature of the Mayor and the manual signature of the
City Clerk, and the corporate seal of said City having
been intentionally omitted as permitted by 1aw, and has
caused the interest coupons to be executed and authenti-
cated by the facsimile signatures of said officers, a11�as
of August l, 1977. •
City Clerk Mayor
��
{Farm of Caupan}
No. • $
On the first day of February (Augus�), 19 , ��
unless �.he band described below is called for earZier
_ redemption, the City o� Mendota He3.ghts, Dakota Cc�un�y, ,
Minnesota, wi11 pay to bearer at � . . -�
. " � � -� , or any successor
pay�.ng agent du].y appoznted by the City, the sum showan
hereon �or interes� then due on its General Obligati.an
Improvernent Bond of 1977 No. '•�� • dated August 7., 19770
� '/'s� � �Facs�imile � ' ' � � • � • • �`s'/ Facsa.mile • � • .
; Ci.ty Clerk Mayar .
i
' '�. '
.� . -
7o The bonds sha1.1 be executed on behalf of the
City by the signature of its Mayor ana. the signature of
its Clerk and be sealed with the seal of the City; provided,
that one•of such signatures and the seal of the City may
be printed facsimiles; and provided further that the
corporate seal may be omitted on the bonds as permitted by
lawo The interest coupons pertaining thereto sha11 be
executed by the printed, engraved or lithographed facsimile
signatures of the Mayor and Clerk,
8o The said bonds when so
sha11 be delivered by the Treasurer
tlzereo� upon receipt of the purchase
purchaser sha11 not be ob7,iged to se
application thereof,
prepared and executed
to the purchaser
price, and the said
e to the proper
9e There has heretofoXe been created a tOSi.nking
Fund Account1B in the "General Obligation Temporary Tmprove-
ment Bondso Series 1975 Fund.'o �aid account was created
solely �or the purpo.se of p�ging the principal and interest
on the�J"temporary improvement Y3onds authorized in the
resolution creating sa3.d account, Of the proceeds derived
from the bonds herein authorized, "$ 925,,000.00 �� � .
sha11 be credited to the Sinking� Fund Account of the
General Obligation Temporary Tmprovement Bondso Series �
1975 Fund (which sum, together with sums already held �.n
said Sinking Fund A,ccount, is su��icient to pay a11
princ�.pa1 and i.nterest to become due on $925,000 GeneraZ
Ob].igati,on Temporary Tmprovement Bonds, Series 1975 which
are being called for redemption prior to maturity on
February 1, 1978)o Upon discharge of said t�mporary
i;mprovement b'�nds, any balance in and all uncollected
special assessments pledged to said Sinking Fund are
hereby pledged and sha11 be credited to the Debt Service
Fund of the General Obligation Improvement Bonds of 1977
13ccount hereinafter establishede�
l0o There is�hereby created a special account to
be designated�"General Obligation Impravement Bonds of 1977,
Series 2 Account'°�to be held and administered by the City .
Treastarer separate and apart from� a11 other accounts of ��' ���-
the City. � Said Account sha11 be maintained in the manner
herein specified until a11 of the bonds herein authorized
and the interest thereon have been fu1ly paid. In said •
Account there sha11 be maintained two separate funds, to
be designated as the "Construction Fulld" and the��"Deb�
Service Fund", respectively, The proceeds of the sale of '
the bonds herein authorized, less the $ �- �� �
credited to the Sinking Fund Account of�t e�' eneral
�
t-
Obligat�on Temporary zmprovement Bonds, Series 1975 Fund,
less any accrued interest received there�n, and less any
amount paid for said bonds in excess of $1,282,050.00o and
less capitalized interest in the amount of $I8,500.00 (subject'
to such adjustments as are appropriate to provide sufficient �
funds to pay interest due on the bonds on ar before �ugust
1, 1978), plus any special assessments 2evied with respect ��
to improvements f�nanced by �the bonds (other -�han improve-
ments financed by said t�mporary improvement �nds} and �..
collected prior to complet�on of the improvements and
. payment of the costs thereof, shall be credited to the
Construction Fund, from which there sha1Z be paid a21 �
,� •costs and expenses of making said improvements listed in
paragraph 10, including the cost of any construction
' contracts heretofore 1et and a11 other costs incurre� and
,� - to be incurred of the kind authorized in Minnesota Statutess
�; Section 475.65; and the mone�s in said fund shaZl be used �
- for no other purpose except as otherwise provided by Iaw�
,. provided tha� the bond proceeds may also be used ta the
� extent necessary to pay interest on said bonds due prior
to the antici.pated date of commencement af the collection
of taxes or special assessments herein 1e.vied or covenanted
io be levied; and provided further that if upon completion
of said improvements there 5ha11 remain any unexpended
_ balance in said Construction Fund, said balance (other
than any speci,al assessments) may 3�e transferred by the
Council to the fund of any other improvement instituted
pursuant to Minnesota Statutes, Chapter 429; and provided
further that any speci,a7, assessments credited to the
Construction Fund are hereby pledged and sha11 be used
. only to pay principal and interest due on the bondse�
There is hereby pledged and there sha11 be credited to the
Debt Service Fund (a) all collectior�s of special assessments
herein covenanted to be levied and either initially
cred�ited to the Construction Fund and required to pay any
� p�incipal and interest due on the"bonds or coZZected
subsequent to the completion of said imgrovements ancl. -
pa�rmen.t of the costs thereof; (b) a11 accrued interest
recei�ed upon de].ivery of said bonds, (cj a11 funds paid .
� for said bonds in excess of $1,282,050,00, (d} capitaiized .
interest in the amount of $18,500.00 (subject to such
adjustments as are appropriate to provide sufficient funds .
to pay 'interest due on the bonds on or before August IR ,
1978), (e) any collections of a11 taxes herein levied �
for the payment of said bonds; and (f) all funds remaining `
in�said Construction Fund after completian of the improvements
and payment of the costs �thereo�e not so transferred to
the fund of another improvement� and (g) upon discharge of
�said tamporary iinprovement'bonds any func3s remaining in and
�
all uncollected s�ecial assessments p7.edged to said Sinking
Fund Accounto The Debt S�rvice Fund herein created shall
be used solely to pay principal and interest and any
premiums for redemption on the bonds issued hereunder and
any other general obligation bonds of the City hereafter
issued by the City and made payable from said Fund.
. 11, Tt is hereby determined that no less than
20� of the cost of each improvement project financed
hereunder to the City within the meaning of Minnesota ,
Statuteso Section 475,58P �ubdivision �(3) sha11 be paid .
by special assessments to be levied against every assess-
abl.e lot� p�.ece and parcel of land benefited by said
improvements. The City hereby covenants and agrees that
it will do and perform as soon as they may be done,
all acts and things necessary for the final and valid levy
of such special assessments, and in the event that any
such assessment be at any tizne held invalid with respect
to any loto pi.ece or parcel of land due to any error, _
defect, or irregularity, in any action or proceedings
taken or,to be taken by the City or this Council or any of
the Ci,ty officers or employees, either in the making of
such assessments ox in the performance of any condition
precedent thereto, the City and this Council will forthwith
do all such further acts and take a11 such further -
proceedings as may be required by law to make such assessments
a valid and binding lien upon such property, Subject to
such adjustments as are required by conditions in existence
at the time�said assessments are levied, it is hereby
determined that the assessments sha11 be payable in equal,
consecutive, annual instal.lmentsp with general taxes for .
the years shown below and with interest on the deferred
balance of alZ such assessments at the rate of at least
7 •�• per annum o
Improvement
Designation•
76-1 Brompton Court
77-2 Emerson Avenue
77-1 Mayfield Heights
75-3 Ivy Hills Stage 3
Amount
$50,000
22,000
180,000
110,000
Le�vy Years
1979-97 �
1979-88 �
1979-97 '.. -
1979-97
. At the time the assessments are in fact levied
the City Council sha11, based on the then current estimated
collections of such assessments, make any adjustments in
any ad valorem taxes required to be levied in order to
assure that the City continues to be in compliance with
Minnesota Statutes, Section 475o61p Subdivision lo
In addition, there has heretofore been levied
special assessments for improvements financed by said
temporary improvement bonds. The balance of said special
assessments collectable in 1977 and thereafter sha11 be
payable in equal, consecutiveP annual installments, with
general taxes for the years shown below and with interest
on the deferred balance of a1� such installments at the
rate of at least 7� �er annumo
Improvement UncoZlected
Designation• ' Amaunt • Levy Years
�3- 2 Street $63,359 27,041 1977-95
�4 �2 Street 0 326,827 1977-95
74�� Street 45,550 29,861 1977-95
� 5� 2 Street 130,869 164,149 1978-96
12. To provide moneys for the payment of said
principal and interest there�is hereby levied upon a�1 of
the taxable•property in the C�ty a direct annuaZ ad
valorem tax which shall be spread upon the tax ro11s and
collected, with and as part of, other general property
taxes in said City for the years and in the amounts as
follows: �
Year of Tax
�Levy •
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
A
Year of Tax
Collection
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Amount
-0-
2,500
4, 000
3,500
6,700
8,000
2�200
5,700
7,000
8, 800
17,600
7,200
7,700
8,000
3,100
3,500
3,700
-0-
20,100
7,500
�
a
s.•
r
Said tax levies are such that if coll.ected in
full they, together with esti,mated collections of special
assessments and other revenues herein pledged for the
payment of said bonds, wi11 produce at least five percent
in excess of the amount needed to meet when due the
principal and interest payments on the bondso
.- Said tax levies sha11 be irrepealable so long as �,.
any of said bonds are outstandinc� and unpaid, provided �- �_
that the City reserves the right and power to reduce the .`
levies in the znanner and to the extent permitted by Sec. .
475,61(3) MeSeAo - � �
- For the prompt and �u11 payment of the principal
of and interest on said bonds, as the same respectiveZy be-
come due, the fu11 faith, credit and taxing powers of the
City shall be and are hereby irrevocably pledged. �f the
balance in the Debt Service Fund is ever insufficient to
pay all principal and interest then due on the bonds
payable therefrom� the deficiency sha11 be promptl� paid
out of any other funds o� the City which are available for
such purpose� and such other funds may be reimbursed
without interest from the Debt Service Fund when a sufficienfi
balance is available therein,
13e The $925,000 General Obligation Temporary
Improvement Bonds, Series 1975 0� the City �shall be
redeemed and prepaid on February 1, 1978 at par and accrued
interest to the date o� prepayment and the City Clerk zs
hereby authorized and directed to cause Notice of C�I.1 ta
be published i.n Commerca,al West prior to February l, I978�
the date of prepayment, and to give mailed Notice of Call
30 days prior to said prepayment date to the bank where
said bonds are payable and to the holders of the bands, i�
any, who have registered their names, addresses and bond:::�
numbers with the City Clerk, but published notice shall
be effective without mailed noticeo Said notice shall
be in substantially the form set forth in Exhibit A
attached hereto and incorporated herein by reference.
14. The City C1erk is hereby directed to file
a certified copy of this resolution with the County
Auditor o� Dakota County, Minnesota, together with such
other information as he shall require� and to obtain from
said Auditor his certificate that said bonds have been
entered in the said Auditor's Bond Register, and that the
tax levy required by law has bee� made,
�
�
�
15o The of�icers of the City are hereby author-
ized and directed to prepare and furnish to the purchaser
of said bonds, and to the attorneys approving the legality
of the issuance thereof, certified copies of a11 proceedings "'
� and records of the City relating to said bonds and to the � �
financial condition and af.fairs of the City, and such other �
affidavits, certificates and information as are required to
show the facts relating to the legality and marketability of ���
said bonds as the same appear from the books and records under --
their custody and control or as otherwise known to them, and __
' al1 such certified copies, certificates and affidavitso in-
cluding any heretofore furnished, sha11 be deemed represen- �
tations of the City as to the facts recited therein. �
' . �The motion for the adoption of the foregoing
resolution was duly seconded by member ��W�hl �'�
and upon vote being taken thereon, the followzng voted in
favor thereof o All Yea
�
and the followi.ng voted against the sames None
t�Thereupon said reso7,ution was declared duly
passed and adoptedo
!�
» •
�
ST�TE OF �ZNNESpT�
COUNTX OF D�KOT�
CIT� OF MENDOT� HEIGHTS
T, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota He�ghts, Minnesota, DO
HER,EBY CERTTFY that T have compared the attached and fore-
.
going extract of minutes w�,th the original thereof on file
in my office, a,nd th�t the same i,s a ful1, true and
complete_transcri,pt of the minutes o� a meeting of the
City Council of said Cityo duly called and held on the
date therein indicated� i.nsofar as such minutes x�elate to
the opening and considering of bids for� and awarding the
sale of $1, 295, 000 Genera�l Obli.gati,on Improvement Bonds of
1977 of said City.
WITNESS my ha,nd and the seal o� saa,d City thi.s
• � • da of ' � •
y ,- 1977.
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EXHIBTT A
NOTICE OF CALL FOR REDEMPTTON
. $925,000
GENERAL OBLIGATTON IMPROVEMENT BONDS, SERIES I.975�
CTTY' OF MENDOTP�, HEIGHTS �
DAKOTA COUNTY �
MINNESOTA
NOTICE IS HEREBY' GTVEN that by order of ihe City Council
of the City of Mendota Heights, Dakota County, Minnesota�
there have been called �or redemption and�prepayment on
February 1, 1978
outstanding bonds of the City designated as Genera7. Ob1i-�
gation Temporary Improvement Bondso Series 1975, dated
August 1, 1975, beari,ng serial numbers 1 through 185,
having stated maturity dates of August 1, 1978, and
totaling $925,000 in principal amount, The bonds are
being ca7.led at a price of par plus accrued interest
to February 1, 1978, on which date a11 interest on said
bonds will cease to accrue� Holders of the bonds hereby
called for redemption are requested to present their bonds
�or payment, with February 1� 1978 and subsequently
maturing interest coupon attached, at The First National
Bank of Saint Paul in Ste Pau1, Minnesota, on or before
February 1, 1978Q
Dated September 20, 1977,
BY ORDER OF THE CTTY' COUNCTL
/`s/ - Gilbert 1�I. Radabaugh �
City Clerk
Additional information
. may be obtained from:
. Shaunessy & Coo, Inc.
151 Endicott Arcade
Sto Paulo Minnesota