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Res 77 - 17 Extract of Minutes of Meeting of the City Council of MH (3/1/1977)� � •f� `. . � � . � )E5. /Uo« EXTRACT OF MINUTES OF MEETING OF THE CITY COULICIL OF T�IE CITY OF " MENDOTA HEIGHTS, MINNESOTA HELD: MARCH l, 1977 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of P4endota Heights, Dakota County, Minnesota,. was duly held at the Cit� Hall iri said City on the lst day of March, 1977, at 8:00 o'clock P.M. for the purpose of opening and considering bids for and afaarding - the sale of $585,000 General Obligation Improvement Bonds of 1977 of said City. - The following members were present: Mertensotto, Wahl Schaberg, losleben and the following were absent: Lockwood ' r-.. The Clerk presented �affidavits showing publication of notice of call for bids on $585,000 General Obligation Im- provement Bonds of 1977 of the City, for which bids were to be received at this meeting, in accordance�with the resolution, adopted by the City Council on January 4, 1977. 5aid affidavits were examined, found to comply with fihe provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. � � The Council proceeded to receive and open bids far the sale of said bonds. The fol�.owing bids were received: Bidder Interest Rate Net Interest Cost BIDS RECEIVr.'� � $5�5,00o zm�v. �arms C ITY �F M�NDOTA HEIGH`i'S ACCflUNl' FIRST NATIOIVAL &�NK Minneapolis, Minn. 0 AM.�RICAN iUATIONAL BANK & TRLu�' C4. St. Paul, Mi:�n. Bt�NCNORTH4I�T Minneapol.is, Minn. � CROiVIN & MARCOTTE IPiC. Mlnneapolis, Minn. FTRST NATION.�L &4NK St. Paul, Minn. CHEROKEE STATE IlANK St. Paul, Minn. JURAN & M40�Y INC. St. Paul, Minn., " PAINE WEBBER J_ACKSON CURTIS Minneapolis, Mi.�zn. E.J.PRESCOTT C0. Minneapol.is , MinTi. RATES 4� 1978 4,1 1979~82 �+.2 1.9�3 4 u �.98�c � . �+ �.985 4 . 5 5 1.986 4.7 1987 4.8 1988 4 . � 1.9�9 5 �99o-9i 5 .1 �.9g2 5.2 i993 �� 1978-81 4.25 1982-�3 4.4 1g84 � • 5 �-9�5 �..6 19�36 � . 75 ZgE3`7 �+.85 1�88 5 z�89 �j" : �. �.4�Q 5•2 1991 5 . 3 �.992 5 . �+ �.993 5 • 5 �-99�+ �+2 �.�78-85 4,6 1y86 �+ • 7 �.9�7 4.8 1�88 �+.9 �-9�9 5 �.990 5 .1. 19�1 5 . 2 �.992 5 • 3 �.993 5,� 19�4 4.15 �.g'78 �+,''-. �.979-�3 4.� 198�+ � . 5 �-9�5 � . 6 �.98b � • 7 �.��7 �+.8 1.9t38 4 . 9 1.98g 5 �-990 5 .1. 1.991. �.2 19g2 5•3 1993 5.� 1994 4 ��-, 1.g78- So 4� 1981-84 4.6 ��85 4.7 1986 2+.8 1.9�'7 �+. 9 1�88 5 �.9�9 5 , z a.�go 5.2 l�)1 5•3 z992 S • 1+ �-993 5•5 �.99�+ - DISC. $�+, 96&. 65 �5,000.00 $4r756.oS ��+ � 984 » 20 $�+, 756. o0 �i COS'.� �225 r 555 • �FO 23o,6g2,5o 23�,558.55 233,379•2a �35,��9.75 �i R11TF� �+.76�� �+ . 93196 4:�c� � M IiIDS RECEIV�'D Ft CITY OF P�`,�.�.TDOTA HEIGHTS (Corit. ) . `� ., ACCOUNI' R1�TES DTSC . .�i CC�S`1' `� h.1`�' " � ., y, DAIN KALM4N &,^a,UAIL �.6p 197�-�2 �r>S�n00 ;�;2?t3,5�+(.>0 S.O��i)��: i Mi�:r.eapolis , Mi�in � �+.7 19�3-�h ' ' �' A LI,TS oN ;dT LLI.� C 0. ° 4. 8 1987 � ' � Mir.nea,polis, Minn. � � l+.� '19�i8 � � ,, pIP� JAFFRAX & HOPT�l�OD 5 �9�� , ":� Minneapolis, ?•1inn. � � 5.1 1��0 . , ," , 5.2 19�1 ' , ' - . � ' S . 4 � 1�93 � - � ',�.�' . . � 5 •5 1�9�+ -f , • . � • - . � . . � i� _Award trtade to the Fir: t National Bank o� Minneapolj.s , Account. . "� . . - ' , • . '; • . :.. ' � . - , '�;� . . r, , , . � . � ,. . ' - � . ' �, " � _ . � . I� � � _ � , ' � , , n5 _ ' � � 1 r • . ia , ' ' . a • ' . I k. . y. . � . r�'. ` . , . • . 9". � ' „ _ ' • :� • , �, � . � • ' ' ' � t'�' ' , ' ' , , " i •� "+ � ' ' 1 � . ' , � . ' I , �i ' ` , • ` I a � � ��� . �. , 1 � � � . . . . �. . e. , ' � �� • � , r = ',Py � • 4 � . � c . . � �rN • ' h . i . .. . . . \ � i • . . . . � . r . � • T , � , • '+� ' • . . • � � . . , • _ '1 , ► ' � y � i . . �� . , . .I; . � , . , . �. , ' � . , '4 1 . � ' . ' � � ` - ' ♦ � � . , , • ��y . - ` y ' , ' , • yS The Council then proceeded to consider such bids. After the bids had been considered and discussed, member Mertensotto introduced the following resolution and moved its adoption: • RESOLUTION ACCEPTING BID ON SALE OF $585,000 GENERAL OBLIGATIOi�I IMPROVEMENT BONDS OF 19 7 7 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of rZendota Heights, Minnesota, as follows: 1. That the bid of First National Bank of Minn olis• to purchase $585,000 General Obligation Improvement Bon s of 1977 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 580,033.25 (plus a��� of4.966.75) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to sai.d bidder. The City Clerk is directed to retain ihe deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at First National Bank Minneapolis, Minn. . , pr any successor paying agent duly appointed by �he City. Minn. Discount 2. The $585,000 negotiable coupon general obliga- tion bonds of the City sha11 be dated February 1, 1977 and shall be issued forthwith. Said bonds shall be 117 in number .and numbered from 1 to 117, both inclusive, in �he denomin- ation of $5,000 each. Said bonds shall mature serially, lowest numbers first on August 1 in the years and amounts as follows: $45,000 in $40,000 in $25,000 in $20,000 in each of the years. 1978 to 1985, both i.nclusive; the year 1986; each of the years 1987 to 1991, both inclusive; and each of the vears 1992 to 1994, both inclusive. 3. Said bonds shall provide funds in addition to other available funds to refund the $660,000 Temporary Tmprove- ment Sonds, Series 1974, dated.August l, 1974 of the City. The total cost of said refunding, including legal and other pro- fessional charges, publication and printing costs and all other costs incurred, is estimated to be at least equal to �he amount of the bonds. -2- � � � � 4. The bonds of said issue �naturing in the•years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1977 and semiannually thereafter on February 1 and August 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years 1978 1979-1982 I983 1984 1985 1986 1987 1988 1989 1990-1991 1992 1993-1994 Serial Numbers 1-9 10-45 46-54 55-63 64-72 73-80 81-85 86-90 91-95 96-105 106-109 110-117 Interest Rate� 4x � 4.1 4.2 � - 4.25 . 4.4 . 4.55 ' 4,7 4.8. . 4.9 5.0 5.1 5.2 5. All bonds of this issue matu�ing in fihe years • 1989 to 1994, both inclusive (3�onds nuznbered 91 to 117., both inclusive), shall be subject to redemption and prepaymerzt at the option of the City in inverse order of serial numbers, on August l, 1988 and on any interest paymer�t date �thereafter at par �and accrued interest. Published notice of redemption sha11 in each case be given in accordance with 1aw, and mailed notice� of redemption shall be given to �he bank where said bonds are payable and to�any registered holders, provided that publis��.,;�d 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 Clerk. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following foxm: -3- UNITED STATE5 OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF MENDOTA HEIGHTS No. $5,000 GENERA,L OBLIGATION IMPROVEMENT BOND OF 1977 KNOW ALL MEN BY THESE PRESENTS that the Ci.ty of . Mendota Heights, Dakota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS on the tirst day of August, 19 and �o pay interest thereon from the date hereof until the principal is paa.d a,t ihe rate af perce�.t ( � ) per annum, payable on the first day of August, 1977 and semiannual,ly thereaf.ter on the first day of February and ihe f�.rst day of August in each year, in�erest to maturity being represented by and payable in accordance with and upon presentation and sur- render of the interest coupons hereto attached, as the same severally become due. Both pr�ncipal and interest are payable at• . . _ � . . � or any successor paying agent duly appointed by �the City, in any coin or currency of �the United States of Ameri,ca which at the time of payment is legal tender for public and private debts. , A11 bonds of ihis issue maturing in the years 1989 to 1994, both inclusive (bonds numbered 91 to 117, both in- clusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on August 1, 1988 and on any interest payment date thereafter at par and � accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mai,led not�,ce of redemption shall be given to the bank where said bonds are � payable•and to any registered hol.ders, provided that published hotice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. -4- � � This bond is one of an issue in the total principal amount of $585,000 all of like date and -tenor, except as to serial number, maturity, interest rate and redemption pr.ivi- lege, which bond has been issued pursuant to and in fulZ conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money in addition to other available funds to refund the $660,000 Temporary Improve- ment Bonds, Series 1974, dated August 1, 1974 of the City, and is payable out of the General Obligation Improvement Bonds of 1977 Account of the City. This bond constitutes a general obligation of the City, and to provide moneys for -the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, �o happen and to be performed, preced�nt to and in the issuance of this bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and �his bond, • together with all other debis of the City outstanding on �the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Mendota Heights, Dakota County, Minnesota, by its City Council has caused this bond to be executed in its behalf by �the facsimile signature of the Mayor and the manual signature of the City Clerk, the corporate seal of said City having been i,ntentionally omitted as permitted by law, and has caused the interest coupons to be executed and authenticated by t�xe facsimile signatures of said officers, all as of February 1, 1977. City Clerk Mayor � (Form of Coupon) No. � On the first day of February (August), 19 , unless the bond described below is called for earlier redemption, the-=-�- City of Mendota Heights, Dakota County, Minnesota, will pay to bearer at . or any successor paying agent duly appointed�by the City, the ' sum shown hereor� for interest then due on its General Obli- gation Improvement Bond of 1977 No. dated February 1, 1977. . - /s/ Facsimile City Clerk /s/ Facsimil.e Mayor � 7. The bonds shall be executed on behal� of the City by the signature of its Mayor and 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 law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile s�gnatures of the Mayor and Clerk. ' 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser -thereof upon receipt of the purchase price, and the said purchaser sha11 not be obliged to see to the proper application thereof. 9. There has hereto�ore been created a Sinking Fund Account in the "Tempbrary Improvement Bonds, Series 1974 Fund". Said account was created solely for the purpose of paying the principal and interest on the temporary improvement bonds here- tofore authorized in the resolution creating said account. The proceeds derived from the bonds herein authorized, $580,000 shall be credited to the Temporary Improvement Bonds, Series . 1974 Fund, which sum, together with sums already held in said Sinking Fund Account is sufficient to pay a11 principal and interest to become due on $660,000 Temporary Improvement Bonds, Series 1974 which mature� on August 1, 1977. Any surplus in •�- said Sinking Fund Account in excess of such requirements is. hereby pledged and shall be credited to the General Obligation Improvement Bonds of 1977 Debt Service Fund hereinafter established; and, upon determinati�n of such surplus all un- collected special assessments payable to the Temporary Improve- ment Bonds,�Series 1974 Sinking Fund Account are hereby pledged .and shall thereafter be credited to the Debt Service Fund herein- after established for the bonds herein authorized. 10. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1977 Debt Service Fund" to be held and administered by -the City Treasurer separate and apart from all other funds of the City. Said Fund shall be maintained in the manner h�rein specified until a11 of the bonds herein authorized and the interest ihereon have been fully paid. There is hereby pledged and �here shall be - credited to the General Obligation Improvement Bonds of 1977 Debt Service Fund (a) al1 collections of special assessments herein covenanted to be levied (b) all accrued interest received upon delivery of said bonds, (c) all funds paid for said bonds in exCess of $580,000, (d) all collections of aIl taxes herein levied �or the payment of said�bonds; and (e) all funds remaining � � � � in or payable to the Sinking Fund Account of the Temporary Improvement Bonds, Series 1974 Fund after payable of all prin- cipal and interest due on the temporary bonds payabie from said Sinking Fund Account. The Debt Service Fund herein created shall be used solely to pay principal.and interest and anX 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. It is hereby determined that 100% of the cost of each improvement project financed by the Temporary Improvement ' Bonds, Series 1974 and refinanced by the bonds herein authorized within the meaning of Minnesota Statutes, Section 475.58, Sub- division 1(3) shall be paid by special assessments levied against every assessable lot, piece and parcel of land benefited. by said improvements. The City hereby covenants and agrees that it has done and performed 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 time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings iaken or to be taken by the City or this Council or any of :the City officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council �ill forthwith do a11 such further acts and take all such further proceedings as may be required by 1aw to make such assessments a valid and binding lien upon such property. Subject to such adjustments as are required by conditions in existance at the time said assessments are levied, it �is hereby determined that the assessments shall be pay able in equal, consecutive, annual installments, with general �axes for. the years shown below and with interest on the deferred balance of all such assessments at the rate of at least _�� per annum: Improvement Designation 1973-1 (Marie East) 1973-3 (Transport Drive) 1974-1 (Inland Const. )., 1974-5 (Street Imp.) Less Est. PrePayments Amount street . 99,537 175,861 70,066 345,474 45,074 _7� w-s-st-str-sr 96,838 105,677 . 202,515 3,015 Levy Years 76-85 76-85 76-94 � 76-94 76-85 12. To provide moneys for the payment of said principal and interest there is hereby levied upon all of the taxable property in the City a direct annual a� 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 19 81 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Year ot Tax _ Collection 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Amount -0- -0- $500 I,500 2,600 3,700 4,700 -0- 18,800 18,400 17,800 16,700 10,850 10,500 10,200 Said tax levies are such that if collected in full they, together with estimated collections of special assess- ments and other reve.nues herein pledged for the payment of said bonds, will produce at least five percent in excess of the _ amount needed to meet when due the principal .and interest payments on the bonds. Said tax levies shall be irrepealable so long as any of said bonds 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. 475.61(3) M.S.A. For the prompt and full payment of the principal� of and interest on said bonds, as the same respectively be- come due, the full faith, credit and taxing powers of the Ci.ty sha11 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 bonds payable there- from, the deficiency sha11•be gromptly paid �ut•�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 balanee is available - therein. • -8- 13. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information as he shall require, an.d to obtain from said Auditor his certi- ficate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has �been made. � 14. The officers of the City are hereby author- ._ ized and directed to prepare and furnish to the p�rchaser of said bonds, and to the attorneys approving�the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs 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 all such certified copies, certificates and affidavits, in- cluding any heretofore furnished, shall be deemed represen- tations of the City as to the facts recited fiherein. ' The motion for the adoption of the foreg.oing resolution was duly seconded by mem3�er t.��] b n and upon vote being taken 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. � -,: .vt � t � STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF MENDOTA HEIGHTS T, the undersigned, being the duly qualified and acting Clerk of the City of Mendota Heights, Minnesota, DO HEREBY CERTZFY that I have compared the attached and fore- gaing extract of minutes with the original �hereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and hel,d on the date therein indicated, insofar as such minutes relate to the opening and _. consiclering of bids for, and awarding the sale of $585,000 General Obligation Improvement Bonds of 1977 of said City. � WITNESS my hand and the seal of said City this day of , 1977. � _1'Or ' •' . • �