Res 76 - 72 Extract of Minutes of Meeting of the City Council of MH (9/21/1976)��- �a
EXTRACT OF M�NUTES Oi+ NEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HErGHTS, MINNESOTA
HELD: SEPTEMnER 21, 1976
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Mendota Heighis,
Minnesota, was duly h�ld at the City Hall in said City on the
21st day of September, Z976, af; 8:00 o�clock P,M.
The folloUrin� members i;re"re present: Lockwood, Wahl
Mertensotto, losleben
and the following were absent: Huber
Member Mertensotto introduced the follow-
ing resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $180,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1976, SERIES 1 AND
�570,000 GENERAL OBLIGATION TEP�IPORARY IMPROVEMENT
BOPdDS OF lg7o', SERIES 2
BE IT RESOLVED by the City Council. of the City of
Mendota Heights, Minnesota, as follows:
l. Tt is hereby found, determined and declared that
this City should issue $180,000 General Obligation Temporary
Improvement Bonds of 1976, Seri,es 1 and �570,000 General Obli-
gation Temporary Improvement Bonds of 1976, Series 2 to provide
funds for the temporary financing of various improvements in
the City.
2. This Council shall meet at the time and place
specified in the forms of notice hereinafter� contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $180,000 General Obligation Temporary Tmprov�-
ment Bonds of 1976, Seri.es 1 and �570,000 General Ob.ligation
Temporary Improvement Bonds of 1g76, Series 2 of said City.
• •r 1_
� 'i J
�
3. The City Clerk is hereby authorized and directed
to cause notice of the time, place and purpose of said meetin�
to be published irz the official newspaper of the City and in
Commercial 1;Jest noi; less than ten days in advance of date of
sale, as provided by law, which notices shall be in substantially
the forms set forth in Exhibits A and B attached hereto.
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 Exhibits C and D and incorporated
herein by reference.
The motion for the adoption of the foregoing resolution
ti�ras duly seconded by member � Los leben and upon a vote
being taken thereon, the following voted in favor thereof:
AIl Yea
and the following voted against the same: None
Whereupon said resolution was declared duly passed
and adopted.
�
-2-
ST�TE OF P�IINNESOTA
COUIdTY OF DAKOTA
CITY OF P�IEIJDOTA HEIGHTS
I, ihe unclersign�d, being the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO HERE-
BY 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 full, true and complete transcript therefrom inso-
far as the same relates to the proposed sale of $180,000
General Obligation Temporary Improvement Bonds of 1976, Series
1 and $570,000 General Ob�ligation Temporary Improvement Bonds
of 1976, Series 2 of sai,d City.
�dTTNESS my hand as such Clerk and the of�'icial seal
of the City this
(SEAL)
day of � _-, 1976.
. - 3-
EXHIBIT A
NOTICE OF BOND SALE
$180,000
GENERAL CL3LIGATION TEMPORARY IMPROVEMEPdT
. BONDS OF' 1976, SERIES 1
`"",". CITY OI' MENDOTA HEIGHTS
DAKOTA COUPITY
MINNESOTA
These bonds will be offered ��� , October 19, 1976, at
8:00 0' clock �.M. , Cent;ra�1 mime, at the City Hall, in
Mendota Heights, Minnesota. The bonds will be dated November l,
1976 and interest v�ill be payable May l, Z977 and semiannually
thereafter. The bonds ti•aill be general obligations of the
Issuer for which its unlimited taxing powers will be pledged.
The bonds will mature without right of prior redemption, on
November l, 1g78.
Sealed bids for not less than �17g,000 and accrued interest
on the principal sum of $180,000 will be accepted. No rate
of interest nor the net effective av�rage rate of the issue
may exceed 7% per annum. An acceptable approving legal
opinion will be furnished by Briggs and Morgan, Professional
Association, of St. Paul,.Minnesota. The proceeds will be
used to provide funds for the temporary financing of various
improvernents in the City. •
Dated: September 21, 1976.
BY ORDER OF THE CITY COUNCIL
/s/ Gilbert M. Radabau�;h
City Clerk
�M '
. � ��/
EXHTBIT B
NOTICE OF BOTTD SALE
, $570,000
" GENERAL OBLIGATION TEMPORARY IMPROVEP�ENT
BONDS OF 1976, SERIES 2
CITY 0� MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA �
These bonds will be offered Tuesday , October �9 , 1976, at
8:00 o'clock P.M., Central Time, at the City Hall,
in Mendota Heights, Minnesota. The bonds will be dated
November l, 1976 and interest ti,�ill be payable May l, 1977 and
semiannually thereafter. The bonds will be gerieral obligations
of the Issuer for t�rhich its unlimited taxing powers will be
pledged. TYle bonds will mature without right of prior redemp-
tion, on November l, 1979. .
Sealed bi.ds for not less than �567,000 and accrued inter�st
on the principal sum of �570,000 will be acce�ted. No rate
of interest nor the net effective average rate of the issue
may exceed 7% per annum. An acceptable approvin� legal
opinion will be furnished by Briggs and Morgan,, Professional
Association, of St. Paul, Minnesota. The proceeds vJill be
used to provide funds for the temporary finaneing of various
improvements in the City.
Dated: September 21, 1976.
BY ORDER OF THE CITY COUNCTL
/s/ Gilbert M. Radabau�h
City Clerk
A
���o,00�
�-Y . Y GENEF�AL OBL 1 GAT i ONS TEMPt7RARY i MPR�VEP�iEP,(T
° �� E30N�S QF (976, SERI FS ?_
. 1
� � C 1 TY t7F MENI�TA HE I GNTS
' DAKOTA COUNTY, P•11 NNESOTA
These honds will be offered Tuesday, Octok�er 19, 197F�. F3ids wi�l bP apen�d
�t £3:Q0 �°clock P.P�9., Centr�l Time, �t the City H�! l in Mendc�t� fiei�hts,
P.linnesat�, The offering wiii be upon the fiol(�wing terms:
DATED AND INTEREST F'AYMCPdTS: The bonds will be dat�d PJ�vember I, 1976 �nd wiil bear
interest payable on each �.1ay I and Navember I, to maturity, commencin!� hlay I, 1977,
� TYPF A�JD PURPOSF: The bonds w i I I be c�enera I c�b I i gat i on� of the i ssuer for ��h i ch i ts
� unfimited taxing powers vril! be �ledc�ed. The bonds wi!! b� in bearer form U�ii�h in�terest
coupons attached and wili be in the denomination of $5,000 each, unle�s other dPnomina-
1-ions are requ�>ted by the purchaser within 48 hours affier the award. The proc�eds vril!
be us�d to provide fund5 far fihe temporary f.inancinr� of varirsus im�ravemPni-s ir� the: City.
�9ATUR I T I ES �lPJC7 REQCMPT 10h! : The bands w's i 1 mai-u�re on Pdovember !, ! 979 . A 1 1 bonds w i I i
be withoufi right of prior redemption.
PAY 1 P!G AGENT : The successf u I b i dder may name the pay i nc� ac�ent for whc�se serv i ces the
i ssuer Yr i! I pay customary and reasor�ab l e fees . �
CUS I F' NUP�4E3ERS : I f, v� i th i n th ree work i nq days af ter the award of the bonds the purchaser
i n�vr i t i ng requests that Cl3S 1 F' i dent i f i cat i an numt�ers t7e p r i nfied c�n the �ands and ac�rees
ta be responsible for the CU�IP Service Bureau charge for the assignment of said numbers,
fihey �ril1 be printed on the bands, but neither the faitut-e to pr-int such number on any
bond nor any error with respect thereto shall constitute cause for failure or refusal
by the purchaser to accept delivery of the bonds.
OELIVERY: The bonds shall be delivered without cost to the purchaser 4Q days follov�ing
the date of their a4�ard, if delivered afi Mendota Heights, P�linneapalis or Sfi. Paul, 4�linne-
sc�ta, or Chicago, Illinais. Delivery will be subject ta receipt by the purchaser of an
�cceptab}e approvirtg lec�al opinion of [3riyc�s and �lorgan, F'rofessional Association, af
St. Paul, P�linnesota, relative fio the bnnds, «n��n oEainihn will he printed upon �the bonds,
and r�ceipl- also of customary clas'sng papers, including a non-litigation ,fiafiemer�fi. Pay-
ment for the bands must be m�de by the purchaser in Federal or eauivalent funds c�n the
date af sefitlement in a timely manner so as to be avail�t�le to.#he issuer or. said day.
TYPE OF f31D: Sealed bids for not less than $567,000 and accrued inter�st on the prin-
cipal sum of $570,000 from the date ot the bonds ta date of del'svery rnust be filed with
the undersigned priar ta time of sale, together �rith a certified or c�shier's check in
#he amount of $5,7Q0.00 payable tc� the order of the Treasurer af the issu�r -to be
reta i ned a� 1 i c�u i datec� damag�s i f the h i dder fa i I> to camp I y w i t-h thc� G cce�ated �i i d.
RAiES: /�li rates must be in integrai multiples of 5/100 or f/� of i� and may not exceed
7� per annum. AIl bonds must bear a single ra1'e �from date of issue ta maturity. Addi-
#iona! caupons may not be used. The net c;f#ect�ve averac�e rate of fhe issue may not
exceed 7� per annum. �
AI�IARD: Award will be made on the basis of lowest dollar inter�st cost determined by the'
additianal of any discount ta ar�d the deduct�ion a,f any premium fram the toi-al in�er�s} c�
�11 bands from their date to their stated maturity. �fhe issu�r reserves the ric�ht tc�
reject any and al! bids, to vraive infarmalities and to adj�urn th�; s�l�;.
Da�ed: Septemb�r 21, 197Fi
� .. _ . . .. . .. .y� .. ,
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E3Y ORDER QF 7HE C I TY CQU�dC I L
/s/ � G i l hert M. Radabau�c h
--- City Clerk
.,.
, ,
$III0,000
,, ' GENERFlL OBL I GAT I QN TFMF'ORARY I P9PROVFMFPJT
�<� y` � E30NDS OF 1976, SFRI FS I
�' � C i TY OF MENDOTA h�E I GHTS,
- DAKOTA COUNTY, M19INNESOTA
These bonds will be offered Tuesday, October 19, 1976. E3ids will be opened
at 8:00 o'clock P.�1. Central Time, at the City flall in Mendota Heights,
h�linnesota. The offerin�7 will be upon the foilowing t�rms:
DATED AND INTEREST F'AYP�IENTS: The bonds will be dated �lovember i, 1976 and will bear
interest payable on each P�ay I and P�ovember I, to maturity, commencin� P1ay I, 1977.
-� TYPE AND PURPOSE: The bonds will be general obligations of the issuer for ��hich its
unlimited taxing po�aers will be pledge�. The bonds will be in bearer farm �•�ith interest
caupons attached and wil) be in the denominati.on of $5,000 each, unless other denomina-
Tions are requested by the purcha�er within 48 hours after the a�rard. The proceeds ��ill
be used to provide funds for the temporary financing of various improvements in the Cit��.
" P r •
P•1ATUR I T I ES AND RE'DEMF'T I ON : The bonds w i I I mature on P�ovember I, I �7F3, A I I bonds w i I 1
be v�ithout right of prior redemption. '
PAYIPdG AGENT: The successful bibder may name the paying agent for whose services the
issuer will pay customary and reasonable fees.
CUSIP NUP�IBERS: If, within three working days after the award of the bonds, the purctiase;
in writing requests that CUSIP identification numbers be printed on the bonds and agrees
to be responsible for the CUSIP Service E3ureau charge for the assic�nment of said numbers,
they will be printed on the.bonds, but neither the failure to print such number� o�� any
bond nor any error with respect thereto shall constitute cause for failure or refusal
by the purchaser to accept delivery of the bonds.
DtLIVERY: The bonds shall be delivered without cost to the purchaser within 40 days
fo I I ow i ng the date of the i r awa rd, i f de I i vered at Plendota Fle i ghts, f 1 i nneapo I i s or
St. F'aul, I�linnesota, or Chicago, Illinois. Delivery r�ill be subject to receipt by the
purchaser of an acceptable approving legal opinion of E3riggs and �Aorgan, f'rofessional
Associatian, of St. F'aul, Minnesota, relative to the bonds, which opinion will be printe�i
upon the bonds, �nd rece i pt a I so of customary c I os i nc7 pa��c�rs, i nc I ud i nc� a non- I i t i c�at i on
statement. Payn�ent for the bonds must be made by tf�e purchaser in Fed�ral or equivalent
funds on the date of settlement in a timely manner so as to be availahle �to the issuer
on said day.
TYPE OF BID: Sealed bids for not less than $179,000 and accrued interest on the principal
sum of $180,000 from the date of the bonds to date of delivery m�st be filed with the
undersigned prior to time of sale, together with a certified or cashier's check in the
amount of $I,F300.00, payable to the order of the Treasurer of the issuer, to be retained
�s liquidated dam�ges�if the bidder fails to comply a�ith the acceptFd hid.
RATES: AIl rates must be in integral multiples of 5/100 or I/£i of I�' and r�ay rot exceed
� 7� per annum. AIl bonds must b�ar a single rate from date of issue to r�eturity. Addi-
� tional coupons may not be used. The net effective average rate ot t�e issue nay rot
exceed 74 per annum.
AI�JARD: Award vr i I I be made on the bas i s of I or�est do I I ar i nterest cost determ i ned by the'
additional of any discount to and the deduction af any premium from the total inter��; cr
all bonds from their date to their stated maturity. The issuer r�serv�s the ric-�ht to
reject anY and all bids, to waive informalities and to adjourn the s�le.
�,
� Dated: September 21, 1976
E3Y ORDER OF TFIE C I TY C�l1NC I L
/s/ Gilbert h9. Radabauqh
~ ' City Clerk ��'