Res 76 - 82 Extract of Minutes of Meeting of the City Council of MH (10/19/1976), '
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EXTRACT OF P•'IINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
METdDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 19, 1976
Pursuant to due call and no�ice thereof, a regular
meeting of the City Council of the City of Mendota Heights,
Dakota County, Minnesota, was duly held at the City Hall
in said City on the lgth day of October, 1976, at 8:00 o'clock
P.M. for the purpose of opening and considering bids for and
awarding the sale of $180,000 General Obligation Temporary
Improvement Bonds of 1976, Series 1 of said City. .
The following members were present:
Huber Wahi Losieben
and the following were absent:
Lockwood Mertensotto
__ The Clerk presented affidavits showing publication
of notice of call for bids on �180,000 General Obligation
� Temporary Improvement Bonds of 1976, Series 1 of th.e City,
for which bids were to be received at this meeting, in accor-
dance with the resolution adopted by the.City Council on ,
September 21, 1976. Said affidavits were examined, found to
comply with the provisions of Minnesota Statutes, Chapter �75,
and were approved and ordered placed on file.
The Council proceeded to rec�ive and open bids for
the sale of said bonds. The following bids were received:
Bidder Interest Rate Net Interest Cost
\
• ` � ����`� �
� ' . DA I N KALMAN &(�UA I L• 4;b
`�` f�4i nneapoi is, Mi nn,
• F' i per J af f ray & Nopwood
Ai�ison Wiiiiams Co.
EiANK PJORTHWEST ' 4
� . ��inneapoi is, t��iinn. � ,
Cron i n P�larcotte Co. '� �
F I RST NAT I OPdAL BAPJf: 4
St. Pau i, t�1's nn. .
' �Y�'"?� S.C. ;'ETCRSON C0. 4.05
t��inneapoi is, hlinn. , �
� F 1 RST PJAT I OPdAC. E!Al�if4 4. 1
Minneapoi is, t�linn. � �
:•�� �c_: ; f�?sr�: ';.'�T I OIJA L E3AN K& 7RUST 4. 2
Bands award�d to the Dain Kaiman Quaii accaun't.
,:
2, 2f30. 00 70, f�80. OQ 4. 1333�
2,793.00 . 71,193.00 4.1633
2,998.20 71,398.20 4.175
2,718.90 71,973.90 4.2fl9
3,000.00 73,t10.00 4.275
2, 2F30 . 00 74, 100.00 4. 333 .
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The Council then proceeded to consider such bids.
After the bids had been considered and discussed, member
Wahi introduced the followir�g resolution
and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1976, SERIES 1
PROVIDING FOR THEIR ISSUAPJCE
BE IT RESOLVED by the Council of the City of
Mendota Heights, Minnesota, as follows:
1. That the bid of Dain Kaiman R �uai i ir,r_,
to purchase $180,000 General Obligation Temporary Improvement
Bonds of Z976, Series 1 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 $"179,298.00 (�xx�c
��c�cD��x��Cxxxxxx ) is hereby f'ound, determined and declared to
be the most favorable bid receiv.ed, and is hereby accepted and
said bonds are hereby awarded to said bidder. The City Clerk
is directed to retain the 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 Northwestern National �B�nk �f Minnaan0� IS
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or any successor paying agent duly appo.inted by tY�e City.
2. The $180,000 negotiable coupon general ob liga-
t�.on bonds of the City shall be dated November l, 1976 and
shall be issued forthwith: Said bonds shall be 36 in number
and numbered'from 1 to 36, both inclusive, in the denomin-
ation of $5,000 each. Said bonds shall mature, without option
of prepayment, on November l, 1978.
3. Said bonds shall provide funds for� the temporary
financing of the construction of various improvements in the
City. The total cost of said improvements, which shall
include all costs enumerated in P�Iinnesota Statutes, Section
475.65, is estimated to be at least equal to the amount of the
bonds herein authorized. Work on the improvements shall
proceed with due diligence to completion.
4. The bonds of said issue maturing in the years
_ and bearing the serial numbers set forth below shall l�ear
interest, payable May l, 1977 and semiannually thereafter on
November 1 and May 1 of each year, at the respective rates per
annum set opposite said maturity years and serial numbers:
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Maturity Years Serial Numbers Interest Rat�
1978 1-36 3 3/4�
5. The bonds and interest coupons to be issued
hereunder shall be in substantially the following form:
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No.
UNITED STATES OF A1�IERICA
STATE OF MINPIESOTA
DAKOTA COUNTY
CITY OF MENDOTA HEIGHTS
GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BOND OF 1976, SERIES 1
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of
Mendota Heights, Dakota County, Minnesota, certifies that it
is indebted and for value received promises to pay to bearer
without option of prepayment the principal sum of
FIVE THOUSAND DOLLARS
on the first day of November, 19_78 and to pay interest
thereon from the date hereof until the principal is paid
at the rate of � � �
percent ( % per annum, payable on the first day of
May, 1977 and semiannually thereafter on the first day of
November and the first day of May in each year, interest to
maturity being represented by and payabl•.e in accordance with
and upon presentation and surrender of tYie interest coupons
hereto attached, as the same severally become due. Both
principal and interest are payable at
• � • ' ' • • ' , or� any successor
paying agent duly appoir_ted 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.
This bond is one of an issue in the total principal
amount of $180,000 all of like date and tenor, except as to
serial number, ti�thich bond has been. issued pursuant to and in
full conformity with the Constitution and la��as of the State of
Minnesota for the purpose of providing money for the temporary
financing of the construction of various improvements, and is
payable out of the General Obligation Tempor�ary Improvement
Bonds of 1976, Series 1 Account of the City to which fund
there has been irrevocably pledged the special assessments
to be levied in respect to the improvements financed by said
issue, and into which fund there are to be paid the proceeds
of the definitive improvement bonds which the City is r�quired
by law to issue at or prior to the maturity of �;his bbnd for
the purpose oi refunding the same if the special assessments
theretofore collected, or any other municipal funds which
are properly available and are appropriated by the City Council
for such purpose, are not sufficient for the payment thereof.
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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 tiahen 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, 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 otner debts of the Gity
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, P�innesota, by its City Council has caused
this bond to be executed in its behalf by the facsimile
signature of the PZayor and the manval signature of the City
Clerk, and the corporate seal of said C�ty to be affixed
hereto, and has caused the interest coupons to be executed
and authenticated by the facsimile signatures of said offi-
cers, all as of Plovember l, 1976.
City Clerk Mayor
(Form of Coupon)
No . �$ �
On the first day of P�Iay (.November), 19�, the
City o�' Mendota Heights, Dakota Caunty, Minnesota, ti,�ill pay to
bearer at � � � � � � � � ' �
or any successor paying agent duly appointed by the City, the
sum shown hereon for interest then due on its General Obligation
Temporary Improvement 3ond of 1.976, Se�ries 1 No.
dated November l, 1976. -
/s/ Facsimile
City Clerk
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/s/ Facsimile
Mayor
6. The bonds shall be executed on behalf of the
City by the signature of its P�ayor and the s�gnature 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 signatures oi 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 �o be
designated "General Obligation Temporary Tmprovement Bonds of
1976, Series 1 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 �he sale�of the bands herein
authorized, less any premium 'and accrued interest received
thereon, and less any amount paid for said bonds in excess of
$179,000, and less capitalized interest in ihe amount of
$ Nc�✓N (subject to such adjus�ments as are appropriate to
provide sufficient funds to pay interest due on the bands on
or before May l, 1977), plus any special assessments levzed
w�,th 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, includi.ng the
cost of construction contracts heretofore let and all other
costs incurred and to be incurred of the kind authorized in
Minnesoia 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 in�erest on said bond5 due
prior to the anticipated date of commencement of the col-
lection 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 Council to the fund of
any other improvement instituted pursuant to Minnesota Statutes,
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Chapter 42g, and provided further that any special assessments
credited to the Construction Fund are hereby .pledged and shall
be used only to pay principal 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) all funds paid for said bonds in excess of
$179,000, (d) capitalized interest in the amount of $�� e
(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) a11 funds remaining in said Construction
Fund after completion of the improvements and payment of the
costs thereof, not so transferr�d to the fund of another
improvement, provided, however, that upon termination of the
Debt Service Fund al1 collections of such special assessments
herein covenanted 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 thereon shall
be p3ed�ed and credited to the extent necessary to the Debt
Service Fund of any definitive bonds issued to pay in whole
. or in 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 arid
any other general 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 �75.58, Subdivision
1(3) srall'be paid by special assessments to be levied aga�nst
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
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 taken or �o be �aken 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 Couneil will
forthwith do all such further acts and take all such further
proceedings as ma� be required by law to make such a.ssessments
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 payable in equal,�consecutive, annual
installments, with general taxes for the years shown below and
with inLerest on the deferred 'aalance of all such assessments
at the rate of at least 7% per annum:
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Improvement
Designation
Orchard Hunter Lane 74-2
Marie Ave Centrai 73-4
Cherry Hiii 2
Baahior Ave.
75-2
74-7
Amount
$425,000
175,000
290,000
130,000
-At the time the assessments
City Council shall, based on the then
lections of such assessments, make any
valorem taxes required to be levied in
the City continues to be in compliance
Section 475.61, Subdivision l.
Levy Years
77-94
77-94
77-94
77-94
are in fact levied the
current estimated col-
adjustments in any ad
order to assure that
with Minnesota Statu�es,
10. To further provide moneys for the prompt and
full payment of principal and interest'bn said temporary
improvement bonds, the City shall issue and sell definitive
improvement bonds, at or prior to the maturity date of the
bonds issued hereunder, i'n such amounts as are needed to pay
the principal and interest then due on said temporary improve-
ment bonds after the application of the assessments collected,
and the appropriation of such other municipal funds as are
properly available for such purpose. Tne Council hereby finds,
determines and declares that the estimated collections of
special assessments to be received before the maturity date
of said temporary improvement bonds, together with the proceeds
of any definitive improvement bonds to be issued at or before
said maturity date, and other reuenues pledged for the payment
of said temporary improvement bonds and the interest thereon
will equal at least 5% in excess of the principal and interest
requirements of said temporary improvement bonds as the same
become due.
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 pota�er�s of the City
shall be and are her.eby irrevocab�y 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-
irom, tne deficiency shall be promptly paid out of any other
:
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iunds of the City which are available for such purpose, and
such other funds may be reimbursed without interest from the
Debt Service Fund 4vhen� a sufficient balance is available
therein.
11. 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 infor-
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, certifi.ed 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 ar�e required
to show tYre �'acts relating to the legali�y 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 the.rein.
The motion for the adoption bf the foregoing
resolution ti�ras duly seconded by member '�Lo�ieben
and upon vote being taken thereon, the following voted in
favor thereof : A 1 i Yea
and the following voted against the same: None �
Ulhereupon 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 relate to the opening and
considering of bids for, and awarding the sale of $180,000
General Obligation Temporary Improvement Bonds of 1976,
Series 1 of said City.
WITNESS my hand and the seal of said City this
day of
, 1976.
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