Res 76 - 83 Extract of Minutes of Meeting of the City Council of MH (10/19/1976)<. ,
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EXTRAC�' OF MINUTES OF MEETING 0�' THE
CITY COUNCIL OF THE CITY OF
MEN�OTA HEIGHTS, MINNESOTA
HELD: QCTC?BER 19, 1976
�i �Sa c,Gc T/ a �(.� 7.� ""d �
Pursuant �a due call and not3ce �hereof, a regular
meeta.ng of the City Council of �he City of Mendota Heights,
Daka�a Caunt�, Minnesata, was duly held a� the City Hall
in said City on the l9th day of October, 1976, at $:OQ o'clock
P,M. far the purpase af opening and cansidering bids for and
awarding �he sale of �570,000 General Obli�ation Temporary
Tmprovement Bonds of 1976, Series 2 of said City.
The following members were present:
lackwood, Mertensat�-o
Nuber, Waha, Losieben
an�. �he fol�.owing were absent . �one
_ The Clerk presented�affidavits showi�ng publication
- of notice of call for bids an $�70,000 General Obla,�a�ion
Temparary Impravement Bonds of 1976, Series 2 of �he City, for
which bids were to be received at this mee�ing, in accordance
wi�h the resaluta.on adopted by �he City Council on September 21,
ig76, Said affid.avits were examined, found to comply witYa the
prov�.sions of IViin,ne�ota S�a�ute�, Chapter �75, an.d were
approved and ordered placed on file.
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The Cauncil proceeded to receive and open bids far
�he sale of said bonds. The following bids were received:
Bidder Tnterest Rate Net Interest Cost
The Council then proceeded �o cansider such bids.
' After the bids had been considered and discus�ed, member
Losleben introduc�d t�he following resolu.tian
and moved its adop�a.on.
RES�LUTI4N ACCEPTING B�D ON SALE 4F
GENERAL OBLSGATION TEP�IPORARY IMPROVEMENT
B4NDS OF 1976, SERIES 2
PROVTDING FOR THEIR ISSUANCE
BE IT RESOLVED by the Caunca..l of the Ca.ty of
Mendota Heights, P�I�.nnesota, as follaws.
l. That �he bid of pain Kalma� �iJUai l' Jnfi_
�a purchase $570,000 General abliga�ian Temporary Improvemen�
Bonds of Z976, Series 2 of the Ci�y, in accordance with the
notzce of bond sale, a� the ra�es o� �.nteres� hereinafter set
forth, and �o pay �herefor the sum of $ 5F7,72�j.00 �P����
��t�ci�cx��xxxxxxxxx} is hereby found, determined and declared �o
be �he mos�C favorable bid received, and is hereby accepted and
said bonds are hereby a��tarded to said bidder, The City Clerk
is directed to retain the depasit of said bidder and to
f'or�hwi�h return the good faith checks or drafts to �he
unsuccessful bzdders. Said bonds sha2i he payabl.e as to
principal and interest at ' ' ��s
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ar any successor paying agent duly appoin�ed by �he City.
2. The $570,000 negotiable coupon general obl.iga-
tiorz bands of �he City sha11 be da�ed Novemb er l, 1976 and
shal.l be issued forthwith. Said bonds shall be 11.4 in number
and numbered•from 1 to 11�, both inclusive, in the denomin-
ation of �5,000 each. Said bands sha11 mature, without option
of prepayment, on November l, 1979.
3. Said bonds shall. provide funds for the temporary
financing of the canstructian of various impravements in the
City. The total cost of said improvemen�s, which shall
inclizde all costs enumerated in Minnesota Statutes, Sec�ion
475.65, is est3.mated ta be at least equ.al �o the amoun� of �he
bonds herein authorized. Work on the improvemen�s shall
proceed U�ith due diligence to completian.
?�. The band� of said issue ma�ur�ng in the years
and bearing the serial numbers se� forth below shall bear
interes�, payable May 1, 1977 and semiannually `�hereafter on
November 1�,nd May 1 of each year, at th� respec�ive rates per
annum set opposite said ma�urity years and serial numbers:
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} a
Maturity Years Serial Numbers Interest Rate
1g79
0
"� 5. The bonds and in�erest coupcans �o be issued
hereunder shall be a.r� subs�anta.ally �he fallowing for�:
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No.
G
UNITED S TATES OF AP�IERI CA
STATE OF MINNESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
OBLIGATION TEMPORARY IMPROVEMENT
BOND OF 1976, SERIES 2
$5,000
�NOW ALL MEN BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that it
is indebtedl and for value received promises to pay to bearer
without optiion of prepayment the principal sum of
on the fir
thereon fr
at the rat
percent (
May, 1977
November a
maturity b
and upon p
hereto att
principal
FIVE THOUSAND DOLLARS
t day of November, 197g and to pay interest
m the date hereof until the principal is paid
of � � �
� per annum, payable on the first day of
nd semiannually thereafter�"on the first day of
d the first day of May in each year, interest to
ing represen�ed by and payable in accordance with
esentation and surrender of the interest coupons
ched, as the same severally become due. Both
nd interest are payable at ____
� , or any successor
paying agerit duly appointed by the City, 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.
amount of
serial num
fu11 confo
Minnesota
financing
payable ou
Bonds of 1
has been i
levied in
and into w
definitive
law to iss
the purpos
theretofor
are proper
his bond is one of an issue in the total principal
570,000 all of like date and tenor, except as to
er, which bond has been issued pursuant to and in
mity with the Constitution and laws of the State of
or the purpose of providing money for the temporary
f the construction of various improvements, and is
of the General Obligation Temporary Improvement
76, Series 2 Account of the City�to which fund there
revocably pledged the special assessments to be
espect to the improvements financed by said issue
ich fund there are to be paid the proceeds of the
improvement bonds rrlhich the City is required by
e at or prior to the maturity of this bond for
of refunding the same if the special assessments
collected or of any other.municipal funds which
y available and are appropriated by the City Council
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for such purpose, are not sufficient for the payment thereof.
This bond constitutes a general obligation of the City, and to
provide moneys for the prompt and full payment of said princi-
pal 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 P�Iinnesota 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 form, time and manner as required by law,
and this bond, together with all other debts 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, and the corporate seal of said City to be affixed
hereto, and has caused the interest coupons to be executed
and authenticated by the facsimile signatures of said officers,
all as of November 1., 1976.
City Clerk Mayor
(Form of Coupon)
No.
$
On the f irs t day of May ( Novemb er ), 19_, 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 hereon f'or interest then due on its General Obligation
Temporary Improvement Bond of 1976, Series 2 No.
dated November l, 1976.
/s/ Facsimile
City Clerk
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/s/ Facsimile
May or
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6. The bonds shall be executed on behal.f of the
City by the signature of its Mayor and the signature of its
Clerk and be sealed with the seal of the City; pro�iided,
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 signatures of the
Mayor and Clerk.
7. 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
shall not be obliged to see to the proper application thereof.
8. There is hereby created a special account to be
designated "General Obligation Temporary Improvement Bonds of
1976, Series 2 Account" to be held and administered by the
City Treasurer separate and apart from all other accounts of
the City.� Said Account shall. be maintained in the manner
herein specified until all of the bonds herein authorized and
the interest thereon have been fully paid. In said Account
there shall be maintained two separate funds, to be designated
as the "Construction Fund" and the "Debt Service Fund",
respectively. The proceeds of the sale of the"bonds herein
authorized, less any premium and accrued interest received
thereon, and less any amount paid for said bonds in e:�cess of
$5�7,000, and less capitalized interest in the amount of
$22.800 (subject to such adjustments as are appropriate to
provide sufficient funds to pay interest due on the bonds on
or before May l, 1977), plus any special assessments levied
tiJith respect to improvements financed by the bonds and col-
lected prior to completion of the improvements and payment of
the costs thereof, shall be credited to the Construction Fund,
from which there shall be paid all costs and expenses of
making said improvements listed in paragraph 10, including the
cost of construction contracts heretofore let and all other
costs incurred and to be incurred of the kind authorized in
Minnesota Statutes, Section 475.65; and the moneys in said
account shall be used for no other purpose except as otherwise
provided by law, provided that the bond proceeds may also be
used to the extent necessary to pay interest on said bonds due
prior to the anticipated date of commencement of the collection
of special assessments herein levied or covenanted to be
levied, and provided further that if upon completion of said
improvements there shall remain any unexpended balance in said
Construction Fund, said balance (other than any special
assessments) may be transferred by the Cauncil, to the fund of
any other improvement instituted pursuant to Minnesota Statutes,
Chapter 42g, and provided further that any-special assessments
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credited to the Construction Fur�d are hereby pledged and sha.11
be used only to pay pi�incipal and interest due on the bonds.
There is hereby pledged and there shall be credited to the
Debt Service Fund (a) all collections of special assessments
herein covenanted to be levied and either initially credited
to the Construction Fund and required to pay any principal and
interest due on the bonds or collected subsequent to the com-
pletion of said improvements and payment of the costs thereof;
(b) all accrued interest and any premium received upon delivery
of said bonds, (c) al1 funds paid for said bonds in excess of
� $567,000, (d) capitalized interest in the amount of $ 22,gp0.00
(subject to such adjustments as are appropriate to provide
sufficient funds to pay interest due on the bonds on or before
May l, 1977), and (e) all funds remaining in said Construction
Fund after completion of the improvements and payment of the
costs thereof, not so transferred to the fund of another
improvement, provided, however, that upon termination of the
Debt Service Fund all collections of such special�assessments
herein covenated to be levied and any other sums pledged and
appropriated to the Debt Service Fund and not used for the
payment of said temporary bonds and interest shall be pledged
and credited to the extent necessary to the Debt Service Fund
of any definitive bonds issued to pay in whole or part said
temporary bonds. The Debt Service 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
��� gerieral obligation bonds of the City hereafter issued by
the City and made payable from said Fund.
g. It is hereby determined that no less than 20% of
the cost of each improvement project to the City within the
meaning of Minnesota Statutes, Section 475.58, Subdivision
1(3) shall be paid by special assessments to be levied against
every assessable lot, piece 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, a11 acts
arid 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 taken 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 will
forthwith do all such further acts and take all 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 existance at the
time said assessments are levied, it is her�by determined that
the assessments shall be payable in. equal, consecutive, �xnnual
installments, with general taxes for the years sho�vn below and
with interest on the deferred balance of all such assessments
at the rate of at least 7 % per annum:
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Impravement
Designation
75-8 North End Sfi. & SS
75-3 Riiey Project 2
Amour�t
350,000
220,000
Levy Years
1978-95
1978-95
A� the tirne �he assessments are in fact levied the
City Council. sha11, based on the then curr.ent estimated col-
1ect3.ons of such assessments, rrzake any adjustments in any ad
valorem �axes required �o be levied in order �o aSsure that
�he Ci�y contintz.es to be in compliance with Ma.nne�ota Sta�u.tes,
Section �475.61, Subdivision l.
. 10. Ta further provide moneys for the promp� and
full paytnen� of principal and interest�'��on said temporary im-
provement bonds, the Ci�y shall issue ar'id �e11 definitive
improvement bonds, at or prior to �he maturity da�e of the bonds
issued hereu.nder, in such amounts as are needed to pay the
principal and interes� then due on.said temporary improvemen�
bonds af�er the applica�ian af �he assessments collec�ed, and
the appropra.ation of such ather municipal funds as are properly
available for such purpase. The Council hereby finds, deter-
mines and declares that the es�ima�ed collections of special
assessments to be received before �he maturiicy date of said
�emparary improvement bonds, together c�tith the proceeds af any
defin.itive improvement bonds to be issued at or before said
matur�ty date, and ather revenues pledged for the payment of
said temporary impravement bonds and the �.nterest thereon
will equal at least 5� in exce�s of �he pr2nc�.nal and interes�
requirements of said tempoary improvement bond.s as the same
become due.
For the prompt and fu.11 payment of �he pri,ncipa,l
of and interes� on said bands, as th� same respectively be-
come due, the full fai�h, credit a�d �axing powers of the �i�y
shall be and are hereby irrevocably pledged. If �he balance
in the Debt Service Fund is ever insufficien� to pay �.11
principal and interest �hen due on the bQnds payable there-
from, tne deficiency shall be promptly paid ou.t af any other
funds of the Ci�y which are available far such purpose, and
such other funds may be reimburseel sai�hout in�erest from the
Debt Service Fund when a sufficien� balance is available
�her�in.
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.11. The City Clerk is hereby directed to file
a certified copy of this resolution U�ith the County Auditor
of Dakota County, Minnesota, together with such other infb �-
mation 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.
12. The officers of the City are hereby author-
ized and directed to prepare and furnish to the purchaser
of said temporary 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 therein. .
The motion for the adoption of the foregoing
resolution was duly seconded by member Lockwood
and upon vote being taken thereon, the following voted in
favor thereof : Ai � 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 MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO
HEREBY CERTIFY that I have compared the attached and fore-
going extract of minutes with the original thereof 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 held on the date therein
- indicated, insofar as such minutes rel.ate to the opening and
considering of bids for, and awarding the sale of $570,000
General Obligation Tempor�ary Improvement Bonds of 1976,
� Series 2 of said City.
WITNESS my hand and the seal of said City this
day of
, 1976.
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