Res 76 - 37 Extract of Minutes of Meeting of the City Council of MH (5/18/1976)�
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EXTRACT OF MINUTES OF MEETING OE+' THE
CrTY CQUNCIL OF' THE CITY OF
T��Ei�3D4TA HEIGHTS, MINNESOiA
HELD: MAY.18, �976
Pursuant �o due call and notice thereof, a regular
meeta.ng of the City Gouncil of �he City of RZendota Heights,
Dako�a County, M�.nnesota, was cluly held at the Ci�y Hall
in said City on the 18th day of May, 1�76, at $:00 o'clock
P.��. for the purpose of opening and cansidering bids for and
awarding the sale of $235,000 Impravement Bonds of 1976
of said C��y.
The follawin.g members were present : Gutzmer, Wahl
5�ockwood, Losl,eben
and �he following ti�rere absen�: Huber
The Clerk presen�ed affidavits showing �ublication
af notice of call for bids on �235,000 Improvemen� Bonds of
1976 of �he City, for which bids tivere �o be received at �his
meeting, in accordance with the resolution adopted by the City
Council an April 1$, 1976: Saa.d affidavits were exama..ned,
found to comply with the provisions of Minnesata Statutes,
Chapter 475, and vrere approved and ardered placed ari file.
The Council graceeded to receive and gpen bids for
�he sale oi said bonds. The follovaing bids were received:
Bidder Tnterest Rate Net�Tnteres� Cost
BIDS RECEIVED
CITY OF MENOOTA HEIGHTS
$235,OOU PER��II�NEMT IMPROVEMENT BONDS
SC?LD P"AY 18, 1976
ACCOUNT
J URA�J 8 F�100DY I NC.
St. Pau I, t1 i nnesota
0
ALLIS�N WILLIAMS C0.
P�4i nneap I i s, P�1i nn.
F' I PER J AFFRAY 8 Fi0PW00D I NC.
P4inneapolis, Minn.
RATES DISCOUNT $ COST � RATE
5.50� 1977 84 $2,500.00 $102,478.75 6.0148�
5.6 1985
5.75 1986
5.9 1987
6.0 1988 ..
6.1 1989
6.25 1990
6.4 1991
6.5 1992
5.50 1977-81 2,500.00 104,701.25 6.1453%
5.6 1982-83
5.8 1984-85
6.0 1986
6.1 1987
6.2 1988
6.3 1989
6.4 1990 '
6.5 1991
6.6 1992
5.75 1977-81 2,491.00 107,724.15 6.3225p
5.8 19II2 "
5.9 1983-85
6.0 1986
6.2 1987
6.3 1988
6.45 1989
6.6 1990
6.75 1991-92
E3QNDS AWARDFD TO THE J URAN $ P�ODY ACCOUNT
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I�So�f.cTia� N•, 7�-�'�,.;
The Council then proceeded to consider such bids.
After the bids had been considered and discussed, member
introduced the following resolution
an moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$235, 000 IMPROVEP�IENT
• � BONDS OF 1g76
PROVIDING FOR THEIR ISSUANCE AND LEVYING
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City of
Mendota Heights, Minnesota, as follows:
1. That the bid of
to purchase $235,000 Improvement on s of 19 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
� �32, �Q� ��sc�kx�x�rcx�i���c�xx.x�cwcx.� is hereby found,
determined-and declared to be he most�favorable bid received,
and is hereby accepted a.nd 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 �irst NationaC B'ank
of St. Pati �, P�li nn. �
or any successor paying agent duly appointed by the City.
, _ .
2. The $235,000 negotiable coupon general obliga-
tion bonds of the City shall be dated May l, 1g76 and shall be
issued forthwith. Said bonds shall be 47 in number and
numbered from'1 to �47, both inclusive, in the denbmination of
$5,000 each. Said bonds shall mature serially, lowest numbers
,first, on.August l�in the years and amounts, as follows: '_ ,'
-_ - ; ,
1g77 - $25,000
1978-1983 - $20,000
1984-1gg2 - �10,000
Al1 dates are inclusive.
3. Said bonds shall provide funds to refund a portion
of Temporary. Improvement Bonds of 1973 of the City and'the
balance thereof shall be paid from available municipal funds.
The total cost of said refunding including the cost of legal and
other professional charges, publication and printing costs,
and all other costs necessarily incurred and to be incurred
is estimated to be at least equal to the amount of the bonds
herein authorized.
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�. The nonds of said issue maturin� in the years
�.nd bearin� tne serial numbers set forth below shall�bear
in.te'rest, payable February l, 1�77 and semiannually there-
after on Au�usL �. and February 1 of each•year, at the respec-
�ive,rates per annvm set opposite said maturity years and
serial numbers: - � •
Maturiiy Yzars
1977-8�
�-985
1g86
1g8�
1g88
19$9
lggo
�gg�
1992
Serial Numbers
1 - 31
32 - 33
3�+ - 35
3� - 37
38 - 39
40 - �+1
�+2 - �+3
�+�+ -� �+5
�+6 - �+7
Interest Rate
5.�5� �
5.bo
5•75
5.go.
6.00
6.10
6.2�
6.40
6.50 .
5. A11 bonds of this issue matu'ring in the y,ears
1988 to 1,992, bo�h inclusive (bonds numbereci. 38 to .47, both
inc_lusive), shall be subject to redemp�ion•and nrepayment
�.t the option of�the City in inverse order of serial numbers,
on August l, 1987 and on any interest payment date thereafter
at par and.accrued interest. Pub lished notice of redemption.
sha11 in each case be given in accordance wi�th law, and at
least thirty days prior inailed notice of redemption shall be
given to the barik where said bonds are payable and to any �.
registered holders, provided that p�blished riotice alone shall
be effective without maiZed notice. Holders desiring to
receive mailed notice must register their names, addresses and
bond numbers with the City Clerk. ' . • .
• 6. The bonds and interest
hereunder shall be in substantially
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coupons to b.e � is s ued
the following form:
No.
UNITED STATES OF AMERICA �� • '
STATE OF MINNESOTA�
DAKOTA COUNTY � . �•
CITY OF MENDOTA HEIGHTS • .
$5,000
IMPROVEMENT .
BOND OF 1976 . - �
KNOW ALL MEN BY THESE PRESENTS that the City of
P�endota Heights, Dakota County, Minnesota, certifies that it is
indebted and for value received promises to pay to bearer �
th� principal sum of •• �
FIVE THOUSAND DOLLARS
on the first day of August, lg and to pay interest thereon
f�om the date hereof until the principal is pa�d at the rate .
of - percent ( • �)
per annum, payable on the first day of February, 1977 and •
sem�annually thereafLer on the �irst day of August and the
first day of February in each year, interest to maturity�being
represented by and payable in accordance with.and upon pre-
sentation and surrender of the interest coupons hereto a�tached,
as �he same severally become.due. Both principal and int�rest
are payable at
� , or any succ.essor paying ageni duly appointed by
�he City, in any coin or currency of the United States of
America tivhich at �he time of payment is legal tender far
,public and private debts. .
All bonds of this issue maturing in the�years 1988
to 1992, both inclusi.ve (bonds numbered 38 to 47, both in-
clusive), are subject to redemption and prepayment,at the
option of the City in inverse order of se.rial numbers, on
August l, 1987 and on any interest payment date thereafter
at par and accrued�interest. Published no�ice of redemption
shall in each ease be given.in accordance with law,�and at
least thirty days prior mailed �otice of redemption shall be
given to the bank where said bonds are payable. and to any '.
re�istered holders, provided that published notice alone �
shall be effecta.ve �rrithout mailed notice. Holders desiririg
to receive mailed nota.ce must register their names, addre:�ses
and bond numbers with the City Clerk. � ' '
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�
� This bond is one of an issue in the total princ:i.�al
amount of.$235,000 all of�like date and tenor, except as .to
serial number, maturity, interest rate and redemption privi-
lege, which bond has been issued pursuant to and in full
conformity zrTith the Constitution and laws of the State of •
Minnesota for the purpose of providing money to refund a
portion of Temporary Improvement Bonds of 1973, and is payabl��
out of the Improvement Bonds of 1976 Debt Service Fund of the City.
This bond constitutes a general obliga.tion of the City, and to
provide moneys for the promp� and full payment o#' said principa7.
and interest when �he same become due, the full faith and .
credi� and taxin� powers of said City have been and are hereby .
irrevocably pledged. �
IT IS HEREBY CERTZFIED AND RECTTED 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 Yiave been performed, in
regular .and due form, �ime and manner as required by la�nr,
and this bond,. together with all other debts of the•City �
ou�standing on the date hereo'f�and the date of its actual
issuance and delivery does not exceed any constitutional
or statutory limitation of indebtedness.� '• '
IN WI^1NESS ti�JHEREOF, the City of Mendota Heigh�s,•
Dakota County, Minnesota, by its City Council has caused ,
this bond to be executed in its behalf by the manual signa-
tures of the Mayor and the City Clerk and the corporate seal
of saicl 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 May 1,�1976.
City Clerk
�
P�Iay or
(Form of Coupon)
$
On the first day of February (August), lg , unless
the bond described below is called for earlier redemption, the
City of Mendota Heights, Dakota County, Minnesota, wi1.1 pay to
bearer �.t � •
�
or any su.ccessor .paying agent duly appointed by the City, the
sum sho�an hereon for interest then due on its Impro.vemen.t Bond
of 1976 No. dated May 1, 1976.. '.
/s/ Facsimile
City Clez�'_�c
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/s/ Facsimile
May or �
. .•
7. 1he bonds sha11 b� executed on behalf 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 maJ
be printed facsimiles. The interest coupons pertaining there-.
�o shall be executed by the printed, engraved or lithographed
facsimile signatures 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
shall not be obliged to see to the proper application thereof.
..9.� There has heretofore been created a Sinking
Fund Account in the "General Obl�gation Temporary Tmprovement
Bonds, Series 1973 Fund." Said account was cre.ated solel.y .
for the purpose of paying the principal and interest on the
temporary improvement bonds authorized in the resolution
creating said account. Of the proceeds derived from the bonds�
herein authorized, $�32,500.� shall be credited to the •
Sinking Fund Account of the General Obligation Temporary
Improvemen� Bonds, Series 1973 Fund (which sum, together
with sums already held in said Sinking Fund Account, is suffi-
cient to p�ay all principal and interest to beGome due on
�385,000 General Obligation Temporary Improv�ement Bonds, Ser.ies
i973, which mature on November l, 1976). Any surplus in
said Sinking Fund Account in excess of suck� requirements is
hereby pledged and shall be crediLed to the Improvement Bonds
of 1976 Debt Service Fund hereinafter established; and, upon
determination of such surplus all uncollected special assess-
ments payable,to the General Obligation Tmprovemen.t Bonds,
Series 1973 Sinking Fund Account are hereby pledged and shall
thereafter also be credited to the Sinking �'und Accoun� here-
inafter established for the bonds herein authorized.
10. There is hereby created a special fund to be �
designated "Improvement Bonds of 1976 Debt Service Funt�" to�
r be held and administered by•the Ci•ty Treasurer separate and
� . apart from all other funds of the City�. Said fund shall be
' maintained in �h�e manner herein specified until all of the
��� bonds herein authorized and the interest thereon have been � '
fully paid. There i:s hereby pledged and there shall be credited
• to the Improvement Bonds of 1.976 Debt Service Fund, a11 accrued
interest and any premi.um received upon del�very of said bonds,
' and all funds remaining in or payable to the Sinking Fund Account.
of the General Obligation Tempora�y Improvement Bonds, Series
" 19`l3 after provision #'or payment of all principal and �,nterest
. c�ue on the bonds payable therefrom. There is also hereby �
� � pledged and �here s:iall be credited to the Improvement Bonds
of 1976�Debt Service Fund upon provisions of payment of the
�
$385,000 G2n2r�1 Obli�ation Temporary Improvement Bonds, Series
1973, all remain_ing special assessrnents heretofore levied or
covenanted to be levied and pledg�d to the Sinking Fund Account
of the General Obligation Temporary Impro�ement Bonds, Series
1973 Fund. Said Debt Service Funa herein created shall be
used solely to pay principal and interest and any preimums
for redemption on the bonds iCsued hereunder and any other
general obligation bonds of the City hereafter issued by the
City and made payable from said Fund. � .
11. 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 ad 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:�-
0
Year of Tax
Levy
1976
1977
1978
1-979
1980
1981
1982
1983
1g84
1g85
1986
1987
1g88
1989
1990
.Z991.
Year of Tax
Collection ..��;�`�
1977
1978
1.979
1g8o
1981
1982
1983
1984
1985
1986
1g87
�9ss
1989
Zg90
1991
1992
Amount
$ -o-
2,000
2,100
.2, 300
2,300
2,500
2,500
- o-
2,10�
�2,200 _
2,100
2,100
2, 000
l, 900"
1,700
l, 500
Said tax levies are such that if collected in full
they, together with estimated collectioris of special assess--
ments and other revenues pledged for the payment of saic�
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 unpai.d, provided that
�he City reserves the right and power to reduce th.e levies
in the mann�r and to the extent permitted by Sec. 475.61(3)
M.S.A. ' -
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• For the prompt and fu11'payment of the principal
of �.nd �interes� on said bonds,' as the same respect�.vely be-•
com.e due, the full faith, credi� and taxing powers of the City
� shall be and are hereby�irrevocably�: pled�ed, zf 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 shall be_promptly paid out of any other
funds of the City which are available for such purpose, and
such other #'unds may be reimbursed without interest from the
Debt Service Fund Urhen a sufficient balance is available
therein. �
12. 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, and that the tax levy required by�
law has been m�.de. � "
� 13, Th� officers. of the City are hereby author-
ized and directed to prepare and furnish to the purchaser
of said bonds, and to the attorneys approving the legality
of the issuance thereoi, �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 iniormation as are required to
show the facts relating to the legali,ty and marketability �of
said bonds as the same appear from the books and record.s 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 �vas duly seconded by member ' Wahl
and upon vote being taken thereon, the following voted in
favor �hereof : All Yea •
and the �'ollowing voted against the same : None, �
. tiJhereupon said resolut�ion was declar�ed du�ly
passed and adopted. .
S
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STATE OF P�IITiP�1ESOTA
COUNTY OF DAKOTA ' �
CITY OF NTENDOTA HEIGHTS
I, the undersigned, being tre 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 meetin� of the City.Council .
of said City, duly called and held. on the date therein
indicated, insofar as such minu'ces relate to the opening and +�
considering of bids for, and awarding the sale of�$235,000
Improvement Bonds of 1976 of said City. �.
WITATESS my hand and the seal of .said City this �,
• day of �. � 1976. �.
(SEAL)
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