Res 77 - 65 Extract of Minutes of Meeting of the City Council of MH (8/16/1977).~� '. . � � � J Ya
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EXTRAGT OF�MINUTES OF MEETING OF THE �
' CITY COUNCIIa OF T�iE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD: AUGUST 16, 1977
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Pursuant to due call and no�ice thereof, a regular
meeting af the City Courci3. of the City o� Mendota Heigh�s,
Minnesota, was duly held at the City Hall in said Ci�.y on the
16th day af�August, 1977, at 7z30 o'clock P.M.
The following members were present: Lackwoad, Schaberg
Wahl, Mertensotto, Losleben
and the followiang were absent: none
Member Jim Loslebe3 introduced the follow-
ing resolution and moved its adoptzan: .
RESOI,UTION PRQVIDTNG FOR PUBLIC 5ALE
OF $1,295,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1977
BE IT RESOLVED by the City Council df �he Gity
of P�lendota Heights, Minnesota, as fallows:
l. It is hereby found, deterrnined and decl.ar�d that
thi� City should issue $1,295,000 General ObJ.igation Smprovement
Bonds af 1977 to defray� the expense of the construction of
various improvements in the City and to refund the $925,000
Gen�ral Qbla.gation Temparary Improvement Bonds o� 1975 dated
August l, 1975. �
2, This Cauncil shall meet at tha ti.me and place- -
specified in the farm of notice hereinafter contained for the
purpose af opening and cansideri.ng sealed bids farr and award-
ing the sale o� $1,295,000 General Obl.igation Improvement Bands
of 1977 af said �ity. - - -
3. The City Clerk is hereby authorized and di.rec�ed
to cause notice of th� time, place and purpase a� said meeting
to be published in the of£icial newspaper of the City and in
Cammercial in7est na�t iess than ten days in advanc� of date of _
sale, a� provided by law, which notice shall be in substanta.ally
the form set farth in E�hibit A attached hereto.
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4. The terms and conditions of said bonds and
the sale thereof are fully set forth in the "Official Notice ,
of Bond Sale" attached hereto as Exhibit B and incorporated
, herein by reference. ,
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The motion for the adoption of the foregoing .'.
resolution was duly seconded by member Mpr�nGn-�t�, ��.�
and upon a vote being t�.ken thereon, the following voted �;.
in favor thereof : all yea ' - ,�,
and the following voted against the same: none •�'
Whereupon said resolution was declared duly
passed and adopted.
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STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF Ni�ENDOTA HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO
� HEREBY 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 fu11, true and complete transcript therefrom inso-
far as the same relates to providing for public sale of
$1,295,000 General Obligation Improvement Bonds of 1977.
WITNESS my hand as such Clerk and the official seal
of the City this day of , 1977.
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EXHIBIT A
NOTICE OF BOND SALE
$1,295,000
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT . '
BONDS OF 1977
These bonds will be offered Tuesday o September 20 . 1977,
at 7;30 o'clock p.M., Central Time, at the City Hall,
in Mendota Heights, Minnesota. The bonds will be dated August le
1977 and interest will be payable February 1, 1978 and
semiannually thereafter. The bonds wi11 be general obli-
gations of the Issuer fer which its unlimited taxing powers
will be pledged. The bonds will mature on August 1 in the
years and amounts as follows:
$50,000 in the year 1978; '
$90,000 in each of the years 1979 to 1983, "
both inclusive; .
$85,000 in each of the years 1984 to 1986,
both inclusive;
$75,000 in the year 1987;
� $'7,0�`000 in the year 1988;
$50,000 in each of the years 1989 to 1993,
both inclusive;
- $45,000 in the year 1994;
$40,000 in each of the years 1995 and 1996; and
$20,000 in the year 1997.
All bonds maturing on or after August l, 1991 are subject
to prior payment on August l, 1990 and any interest payment
date thereafter at a price of par and accrued interest.
Sealed bids for not less than $1,282,050.00 and accrued
interest on the principal sum of $1,295,000 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
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Association, of St. Paul, Minnesota. The proceeds�will be ;
used to provide funds for the construction of various-improve-� �.
� ments in the City and to refund the $925,000 General Obligation �•
' Temporary Improvement Bonds of 1975 dated August l, 1975. . .�
Dated: August 16, 1977 � � �� -'�=�-��=" �•
BY ORDER OF THE CITY COUNCIL '� �
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City Cler .
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� • .. � ' , ' � a.� • �IOTICE OT' sni.r , - , - �
..� � . � , . . . , . $1, 295, 000
� ` - � � � ' •CITi' OP' NT�NDOTA HEIGIiTS '
� � �• ' ' ' • , , ' , DAKOTA COUNTY, MINN�SQTA
� • � • `. � IMPROVENIl'sNT }30IJDS OP 1977 �
Sealed bids will be received by the City Council of the City of Mendota Heights, Dakota
County, Minnesota, at the City Hall in said City on Tuesday, the 20th day of September,
1977 until 7:30 P. Ai. Central Time, at which time they will be publicly opened and
announced,,for the purchase of�$1,295,000 Improvement nonds of 1977. The bonds will�be•.
dated Au�ust 1, 1977, �oill be in the denomination of $5,000, at the discretion of the
bidder and will mature,serially on August 1 in the years and amounts as follows:
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" YEAR �� ' AMOUNT ' YEAR AP40UNT YLA,R ANIOiTNT :
` - 1978. $50,000 '� 1985 $85,000 1992 $50,000
1979 , ' 90,000 �� 1986 85,000 1993 50,000
1980 �•� i� 90,000 • 1987 75,000 1994 - 45�000
. l 1981 ���� 90,000 �� �1988 � 70,000 , 1995 40�000
1982 , 90,000; " 1989� . SO,OQO 1996 40,000
1983 � 90,Q00 -�, 1990 50,000 1997 20,000
19t34 � 85, 000 , 1991 50, 000 '
All bonds of said issue maturing in the years 1991 to•1997 inclusive,are callable at the
option of the City in inverse num�rical order of their serial numbers on August 1, 1990,
and on any i.nterest payment date thereafter at a pri�e of par and accrued interest.
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The bonds �aill be issued in bearer form with the coupons attached and will be payable
as to'both principal and interest at any suitable bank designated by the successful ��
hidder. � , � '
Each bi.d must be specified in multiples of 1/20 of. 1°0, at a rate or rates of interest not
in excess of 7% per annum, which interest will be payable I'ebruary 1, 1978, and semiannually
thereafter on August 1 and I'ebruary 1 of each year. No rate of any maturity may be lower
� than the rate carried by any of the preceding maturities.
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Bids will be preferred according to the lo�aest net interest cost (total dollar amount of '
interest payable to the date of stated maturity at the coupon rate specified, plus any
discount used or less the amount•of any premium offered). No bi,d of less than $1,282,050.00
and accrued interest on $1,295,000 �eill be considered nor will consideration be given to
any bid which provides for additional or "B" coupon interest. P�o more than one rate of
interest shall be bid for a�y single maturity year. The City reserves the right to reject
any and all bids, to waive any informaiities and to adjonrn the sale if deemed expedient.
:Io oral bids will be considered.. The City will assume no obligation for the assipninent
or printin� of CUSIP numbers on the bonds or for the correctness of any numbers printed
thereon, but will permit such numbers to be assigned and printed at the expense of the
purchaser, if the purchaser waives any extension of the time of delivery�caused thereby.
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The successful bidder will Ue furnished, without cost, the printed bonds and the approv-
ing legal opinion of P?essrs. Briggs & Morgan, Professional Association, of St. Paul,
Minnesota, to the effect that the bonds are valid and binding �eneral obli�;ations of the
'ity. Legal opinions will be printed on the bonds. The bonds will be delivered to the
�urchaser within 40 days from ttie date of�sale without cost to the purchaser if delivered
at Mendota Heights, Minneapolis or St. Paul, Minnesota; or Chicago, Illinois. All bids
must be un�onditional except as to legality which may be conditioned upon the opinion of �
the aforesaid attorneys and must be accompanied by,a cashier's check,� bank draft or cer=
tified check in the amount of $25,900 payable to the City to be forfeited as liquidated
damages in the event the bid is accepted and the bidder shall fail to comply therewith.
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--Pr-oposals should be addressed to G. M: Radabaugh; City Cler�C; 1�4endota 11eiQhts, 1.�4innesota, - -
55120, and enclosed irt a sealed envelope marked on the outside "Bid f.or $1,295,000 Improve-
ment Bonds of 197�7" . " ., � r i . . . y , G , • , .• � . ,.
Bidders are requested to submit computations of total net interest cost and effective net �
interest rate, which computations will not be considered as part of the offer. �
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ated: August 16, 1977 • .
� * . � ' ' � ' BY ORDER Or TIir CITY COUPdCIL �
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, • . . . , G. T�1. Radabaugh, City Clerl�; �;
', , . , . ; M�ndota lieights, rlinnesota j �