Res 76 - 36 Extract of Minutes of Meeting of the City Council of MH (5/18/1976)�� �
EXTRACT OF MIPdUTES OF T�IEETIPdG OF THE
CITY COUNCIL OF THF CITY OF
MENDOTA HEIGHTS, P�IINVESOTA -
HELD: MAY 18, 1976
Pursuant to due call and notice thereof, a regular
meetin�; 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 18th day of P�Iay, 1976, at 8:00 o'clock
P.M. for the purpose of opening and considering bids for and
awarding the sale of $1,100,000 General Obligation Temporary
Improvement Bonds, Series 1976 of said City.
-The following members were present : Lockwood, Gutzmer,
Wahl, Losleben
and the following were absent: Huber
The Clerk presented affidavits showing publication
of notice of call for bids on $1,100,000 General Obligation �
Temporary Improvement Bonds, Series 1976 of the City, for which
bids were to be received at this meeting, in accordance with
the resolution adopted by the City Council on Apx�il 18, 1976.
Said affidavits were examined, found to comply with the pro-
visions of Minnesota Statutes, Chapter �475, and were. approved
and ordered placed on file.
The Council proceeded to receive and open bids for �
the sal.e of said bonds. The following bids were received:
Bidder �Tnterest Rate Net�Tnterest Cost
k�r. .
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BIDS RECEIVED
$1,100,000 CITY QF MENDOTA HEIGHTS �
TEP4P�RARY I MPROVEP�IENT E30NDS
SOLD MAY 18, 1976 .
ACCOUNT RATES DISCOUNT $ COST � RATE
FlRST PJATIONAL BAPJK OF ST PAUL 4 1/4p 9,955.00 150,205 4.551�
St. Paul, P�linn. � �
CFiEROKEE STATE BANK OF ST PAUL �.
St. Paul, Minn. �
' C
DAIPJ KALMAPJ QUAIL INC. 4.60 10,000.00 161,800 4.903 �
��4i nneapo! is, P�li nn. .
F' i per J af f ray & f-lopwood I nc.
�Ilison Williams Inc.
Robert W. Baird $ (;o.
Paine Webber Jackson Curtis �
"�loo re J u ra n& Co .
BA.NCNORTHWEST 4 3/4 9,900.00 166,650 5.05
t�li nneapol is, P4i nn.
Cron i n F•larcotte I nc.
P-1iller Schroeder Municipals Inc. �
Reynolds Securities Inc.
FIRST NATIONAL BANK OF PAINNEAPOLIS 4 3/4 9,900.00 166,650 5.05
Minneapol is, h�iinn, r
P,obert S.C.Peterson Co. }?
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BONDS AVJARDED TO THE FIRST NATIONAL BANK OF ST PAUL ACCOUNT �
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� ` %?cc5oc.kTlo � �04 7` �`I
The Council then proceeded to consider such bids.
After the bids had been considered and discussed, member
Wahl introduced the following resolution
and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$1,100,000 GENERAL OBLIGATION TEMPORARY IT�IPROVEMENT
BONDS, SERIES 1976 AND
PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED by the CounciT of the C"ity of
Mendota Heights, Minnesota, as follo��rs:
l. That the bid of First National Bank of St. Paul
to purchase $1,100,000 General Obligation Temporary Improve-
ment Bonds, Series 1976 of the City, in accordance wiih the
notice of bond sale, at the rates of interest hereinafter set
forth, and to pay therefor the sum of � 1,09�,a+5 (����c
��z�cx�xxxxxxxx ) is hereby found, determined and declared to
be the most favorable bid received, 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 First National Bank of St. Pau�.,
Minnesota � ,
or any successor payirig agent duly appointed by the City.
2. The $1,100,000 negotiable coupon general obliga-
tion bonds of the City shall be dated June l, 1976 and
shall be issued forthwith. Said bonds shall be 220 in number
and numbered from 1 to 220, both inclusive, in the denomin-
ation of $5,000 each. Said bonds shall mature on June l, 1979.
3. Said bonds shall provide funds for the construc-
tion of sewer, water and street improvements in the City. The
total cost of said improvements, including the cost of con-
struction under the terms of the lowest bid received, engi-
neering, legal and other professional charges, publication and
printing costs, interest accruing on money borrowed for the
improvements before the collection of special assessments
levied therefor, and all other costs necessarily incurred and
to be incurred from the inception to the completion of the
improvements, is estimated to be at least equal to the amount
of the bonds herein authorized. �aork on the improvements shall
proceed with due diligence to completion.
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�. The bonds of said issue rnaturing in �he years
and be,aring �he serial numbers set for�h b�low sha11 bear
� in�erest, payable Deeember �, 1976 and sem�annually there-
after on Jun� 1 and December 1 of each year, a� the respec-
tive rates per annu� se� opposi�e said maturity years and
serial numbers:
Maturity Years Serial Numbers In�erest Rate
�979 1 - 224 �.2��
5. All bands of �his issue shall be subjec� ta
redemption and prepayment at the op�ion of the City in inverse
arder of serzal numbers, on June l, 197$ or December l, 1978
at par and accrued interest. Published notice of redemption
shall in each' case be given in accardance with law, and a�
leas� thirty days prior mailed notice af redemp�ion�shall be
given to the bank where said bands are payable and to any
regis�ered holders, p�ovided �hat publ�shed natice alane shall
be effec�ive without mailed no�ice. Holders desiring to
receive mailed notice must regzs�er their names, addresses and
bond numbers with the City Clerk. �
b. The bonds and in�erest caupons t� be issued
hereunder shall be in substantially the following form:
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I�C.�I
UNITED STATES OF AMERICA
STATE OF MIPJNESOTA
DAKOTA COUNTY
CITY OF NlENDOTA HEIGHTS
GE�TERAL OBLIGATION TEP�IPORARY IP�[PROVEMENT
BOND, SERIES 1976
$5,000
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Mendota Hezghts, Dakota County, Tfinnesota, certifies that it is
indebted and for value received promises to pay to bearer
the p�rincipal sum of
FIVE THOUSAND DOLLARS
on the first day of June, 1979 and to pay interest thereon from
the date hereof until the principal is paid at tYie rate of
percent ( . %) per
annum, payable on the first day of December; 1976 and semi-
annually thereafter on the first day of June and the first day
of December in each year, interest to maturity being repre-
sented by and payable in accordance with and upon presentation
and surrender of the interest coupons hereto attached, as the
same severally become due� Both principal 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 America
which at the time of payment is legal tender for public and
private debts.
All bonds o#' this issue are subject to redemption
and prepayment at the option of the City in inverse order of
serial numbers, on June 1, 1978 or December l, 1g78 at par and
accrued interest. Published notice of redemption shall in
each case be given in accordance �rith law, and at least thirty
days prior mailed notice of redemption shall be given to the
bank where said bonds are payable and to any registered
holder�s, provided that published notice alone shall be effec-
tive without mailed notice. Holders desiring to receive
mailed notice must register their names, addresses and bond
numbers with the City Clerk.
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This bond is ane of an issue in �he total principai
amount of �1,100,000 al1 of like date and �enor, except as to
serial. number whzch bar�d has been issu.ed pursuan� to �.nd in
full conformity with 'che Constitutian an�. laws of �he Sta�e of
T�iinnesota for the purpose of pravid�.ng money for sewer, water
and street improvements, and is payable ou� of the Gen�ra].
Obliga�ion Terr�parary Impravement Bonds, Series 1976 Account.
af the Ca.ty to which accaunt there has been irrevacably pledged
the special assessments�ta be levied in reSpec� to the im-
provemen�s financed by said issue and into which accoun.t there
are ta be paid the proceeds of �he definitive improvement bonds
which the Ci�y is required by law to issued at ar priar to the
maturity of �his bond far the purpose af refunding the same if
the special assessments theretofore collec�ed, or any o'�her -
municipa]. fun.ds which are properly available and ars appra-
pria�ed by the City Cauncil for such purpo�e, are not sufficient
for the payment �hereof, This bond cons�itutes a general
obligatian of the City, and to provide moneys for '�he prompt
and full p_ayment of said principal and interest when �he same
become due, �he full faith and credit and �a•xing pc�wers of
said City have been and are hereby a.rrevocably pledged.
IT iS HEREBY CERTIFIED AND RECITED�that all acts,
cc�nditions and thin�s required by �he Cons�itution and laws
af the S�ate of Minnesata to be dane, �o happen and to be
performed, precedent to and in the issu.ance of this bond,
have been done, have happened and have been perfarmed, in
regular and due form, time and manner as required by law,
and �his bond, together with a11. other debts of the City
outstanding on the date hereof and the date of i�s actual
issuance and dela.very does not exceed any cons�itu�ional
or s�atu�ory 1im2�ation of indebtedness. �
IN WITNESS WHEREOF, the Ci�y of.Mendota Heights,
Dako�a County, Minnesota, by its City Council has caused
�his bond to be executed in its behal#' by the manual signa-
tures of the Mayar and �he City Clerk and �he corporate seal
of said City to be affixed hereto, and has caused the interest
caupans �a be execu�ed and authen�a.cated by the facsimi�e
signatures af said officers, all as of June l, Z976.
City Clerk Mayor
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(Form of Coupon)
No.
$
On the first day of December (June), 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 hereon for interest then due on its General Obligation
Temporary Improvement Bond, Series 1976 No. dated
June 1, 1976.
/s/ Facsimile
City Clerk
�
/s/ Facsimile
Mayor
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7. The bonds shall be 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 Ci�y; provided,
that one of such signatures and the seal of the City may
be printed facsimiles. The interest coupons pertaining there-
to shall be executed by the printed, engraved or lithographed•
facsimile signatures oi the Mayor and Clerk.
8. The said bonds urhen 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 obl.iged to see to the proper application thereof.
� 9. There is hereby created a special fund to be .
designated "General Obligation Temporary Improvement Bonds,.
Series 1976 Account" to be held and administered by the City .
Treasurer separate and apart from all other funds 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 "Con-
struction 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 excess of $1,090,000, and
less capitalized interest in the amount of $ 1+6 750.'00 (sub-
ject to such adjustments as are appropriate to provide suffi-
cient funds to pay interest due on the bonds on or before
June l, 1977), plus any special assessments levied with respect
to improvements financed by the bonds and collected prior t.o
campletion 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, Sec-
tion 475.65; and the moneys in said account shall be used for
no other purpos"e except as otherwise provided below, provided
that the bond proceeds may also be used to the extent neces-
sary to pay interest on said bonds due prior to the an'cicipated
date of commencement of the collection of special assessments
herein levied or covenanted to be levied, and provided further
that if upon complztion of said improvements there shall
remain any unexpended balance in said Construction Fund, said
balance (other than any special assessments) may be trans-
ferred by the Council to the fund of any other improvement
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instituted pursuant to Minnesota Statutes, Chapter 42g, and
provided further that any special assessments credited to the
Construction Fund are hereby pleaged 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 cove-
nanted to b2 levied and eiiher initially credited to the Con-
struction Fund and required to pay any principal and interest
due on the bonds or collected subsequent to completion of
said improvements and payment of the costs thereof; (b) ,
all accrued interest and any premium recei,ved upon delivery of
said bonds, all funds paid for said bonds in excess of $l,Og0,000,
( c) capitalized interest in the amount of $ 46,750.00 ( sub-
ject to such adjustments as are appropriate to provide suffi-
cient funds to pay interest due on the bonds on or before
June 1, 1g77), and (d) all funds remaining in said Construc-
tion Fund after completion of the improvements and payment of
the costs thereof, not so transferred to the fund of another
improvemen'� provided however, that upon termination of the
De�t Service Fund all 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
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 p�incipal and interest and any
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.
10. 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, all acts
and things necessary for the final and valid levy of such
special a'ssessments, and in the event that any such assessment
be at any�ti,me held invalid with respect to any lot, piece or
parcel o#'�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
�
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proceedings as may be required by lau� to make such assessments
a valid ar�d binding lien upon such property. Subject to such
adjustmerits 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 bel.ow and
with interest on the deferred balance of a11 such assessments
at the rite,of at least 7 % per annum:
Iinprovement
Designation Amount - Levy Years
Clement Vaidal
Kopp German,
Veronica Ia;ne,
Buril Holmes
Riley Ba,nc �oft,
Ivy Falls West
(partial) �
74-8
7�+-3
75-3
$ 3�+0, 000
650,000
�+0,000
I 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.
1977-1996
1977-1996
1977-�996
are in fact levied the
current estimated col-
adjustments in any ad
order to assure that
with Minnesota Statutes,
Ill. To further provide moneys for the prompt and
full payment of principal and interest on said temporary im-
provement bonds, the City shall issue and sell definitive
improvement bonds, at or prior to the maturity date of the
bonds issued hereunder, in such amounts as are needed to pay
the prineipal and interest then due on said tempoary 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. The 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
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said maturi�y da�e, and a�her revenues pledged for the pay-
ment af said bc�nds, will produce a� least five percent in
excess ofjthe amount needed to meet when due the principa2 and
interest paymen�s on the temporary improvement�bonds.
rFor the promp� and fu11 payment of the principal
af and interest on said bonds, as �he same respect�.vely be- �
came due,�the full faith, credi� and taxing powers of the City
sha31 be and are hereby irrevacably pledged. Tf the balance
in the Debi Serva.ce Fund is ever insufficient �o pay a1.I
principal and interest �hen due on �he bonds payab�.e �here--
from, the deficiency sha2l be pramp�ly paid out of any a�her
funds of the City which are available far such purpose, an.d
such other funds rr�ay be reimbursed withaut interes� from �he
Debt Service Fund when a sufficient balance is avaa.lable
therein. �
12. The Ca.ty C1erk is hereby di�rected to fzle
a certified copy of this resolu�ion with the County Auditar
of Dakota County, Minnesata, togezher with such o�her infor-
mation as he sha11 require, and to abtain from sazd Auditar
his certificate �ha�,said bands have been entered in �he said
Audi�or's Band Register.
13. The officers of the Ci�y are hereby authar- .
a.zed and directed to prepare and furnish to the purchaser
af said bond�, and �o �he attorneys approving �he legality
af the issuance thereof, certified copies af alI proceedings
and records of �he City relating to said bonds and to the
financial condition and affairs of .the C�ty, and such other
affidavits, certificate� and iniormation a� are required '�o
show the fae�s rela�ing to �he legality and marketabili�y af
said bonds as the same appear from the books an.d records under
�heir cu�tody and cantral or as oi,herwise known to them, and
all such certified copies, cer�ificates and affidavits, in-
cluding any heretofare �'urnished, shall be deemed represen-
tatians af the City as to the facts recited there�,n.
The mation far the adop�ion of the foregoing
resolution was duly seconded by member Lockwood
and upon vate being taken thereon, �he fol2awing vo�ed in
favor thereo�' : A11 Yea ,
and the folloUring vated against the same: None
Whereupon said resalution was declared duly
passed and adop�ed.
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STATE OF P�IPINESOT�
COUNTY OF DAKOT9
CITY OF MENDO^A HEIGHTS
I, the undersigned, being the duly� qualified and
acting Clerk of the City of PZendota Heights, Minnesota, DO
HEREBY CERTIFY that I ha.ve compared the attached and fore-
going extract of minutes with the original thereof on file
in my offi,ce, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council
o�' 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 $1,100,000
General Obligation Temporary Improvement Bonds, Seri'es 1976
of said City.
WITTJESS my hand and the seal of said City this
• day of
, 1976,
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