Res 75 - 80 Extract of Minutes of Meeting of the City Council of MH (10/7/1975)�
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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF ^1HE CITY
OF MENDOTA HEIGHTS, MINNESOTA
HELD: OCTOBER 7, 1975
Pursuant to due call and notice 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 7th day of October, 1975, at 8:00 o'clock
P.M. for the purpose of opening and considering bids for and
awarding the sale of $300,000 General Obligation Improvement
Bonds of 1975 of said City.
The following members were present : Huber, Lockwood,
Gutzmer, Wahl, Losleb,�n
and the following were absent : Radabaugh (Clerk)
The Clerk presented affidavits showing publication
of notice of call for bids on $300,000 General Obligation
Improvement Bonds of 1975 of the City, for which bids were to
be received at this meeting, in accordance with the resolution.
adopted by the City Council on September 2, 1975. Said
affidavits were examined, found to comply with the provi-
sions of Minnesota Statutes, Chapter 475, and were approved
and ordered placed on file.
The Council proceeded to receive and open bids for
the sale of said bonds.� The following bids were received:
Bidder Interest Rate Net Interest Cost
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���ur�oN y�,
The Council then proceeded to consider such bids.
After the bids had been considered and discussed, member
Lockwood introduced the followin� resolution
�and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$300,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1975
PROVIDING FOR THEIR ISSUANCE AND LEVYING �
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City of
Mendota Heights, P�Iinnesota, as follows: -
1. That the bid of Juran & Moody, Inc. & associates
to purchase $300,000 Genera:l Obligation Improvement Bonds of
1975 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 oi � � �97,000.00 (��cx�x�c�€��gx�c )
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 Northwestern National Bank of
Minneapolis, Minnesota ,
or any successor Paying Agent duly appointed by the City.
7�s =�'d
2. The $300,000 negotiable coupon general obliga-
tion bonds of the City shall be dated August l, 1975 and shall
be issued forthwith. Said bonds shall be 60 in number and
numbered from 1 to 60, both inclusive, in the denomination of
$5,000 each. Said bonds shall mature serially, lowest numbers
first on August 1 in the years and amounts as follows:
$30,000 in
�25,000 in
$10,000 in
each of,the years 1976 to 1979,
both inclusive;
each of the years 1g80 to 1983,
both inclusive; and
each of the years 1984 to 1991,
both inclusive.
3. Said bonds shall provide funds to refund Tem-
porary Improvement Bonds, Series 1972 dated November l, 1972
of the City. The total cost of financing said refunding, in-
cluding legal, financial and other professional charges,
publication and printing costs, and all other costs neces-
sarily incurred and to be incurred in connection with the
financing of said refunding, is estimated to be at least equal
to the amount of the bonds herein authorized.
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4. The bonds of said issue maturing in the years
and bearing the serial numbers set forth below shall bear
interest, payable February 1, 1976 and semiannually there-
after on August 1 and February 1 of each year, at the respec-
tive rates per annum set opposite said maturity years and
serial numbers:
Maturitv Years
1976-�979
lg8o-1-82
1g83-1g8�+
1985
1g86
1g87
1.g88
1g89
�ggo-199�
Serial Numbers Interest Rate
5•5� -"
5•75 _-
6.00 � .
6.10
6.25 .
6. �+o �
6.50
6.60
6.75
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5. All bonds of this issue maturing in the years
1g87 to lggl, both inclusive (bonds numbered 51 to 60, both
inclusive), shall be subject to redemption and prepayment
at the optian of the City in inverse order of serial numbers,
on August 1, 1986 and, on any interest payment date thereafter
at par and accrued interest. Published notice of redemption
shall in each case be given in accordance with 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 holders, provided that•published notice alone shall
be effective without mailed notice. Holders desiring to
receive mailed notice must register their name�, addresses and
bond numbers with the City Cl�erk.
6. The bonds and interest coupons to be issued
hereunder shall be in substantially the following form:
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UNSTED STATES OF AMERICA
STATE OF MINNESOTA
DAKaTA C{�UNiY
CITY OF MENDOTA HEIGHTS
No.
$5,000
GENERAL OBLIGATIQN IPnPROVEMENT .._
BQND OF 197� �
KNOW ALL PERSONS BY THES� PRESENTS �ha� �he City�of
Mendota Heights, Dakota County,.Minnesata, cer�ifiesa�ha'c it is
i.ndeb�ed and for value received promises ta pay �a bearer
�he principal. sum of
FIVE THOUSAND DOLLARS
on the fa.rst day of August, 19 and �o pay interest thereon
from the da'ce hereof un�il the principal is paid at the rate of
; per cen� { %}
per annum, payable on the fa.rst day of February, 197b�and
semiannually �hereafter on �he f'irst day of Augus� and the .
first day of February in each year, in'cerest �a matur3.ty being
represen�ed by and payable in. accordance w�.th and upon present-
ation and surrender of �he interest coupons hereta attached, as
�he same severally become clue. Both princ�.pal and in�erest are
payabl� at
or any successor Paying Agent duly appointed by the City,
in an:y coin or curren.cy of �he United States of America which.
at the time of payment is legal tender ior public and private
debts, �
All bond� of th�s issue maturing in the years
19$7 to y99z, ba�h inclusive (bonds numbered 51 to 60, both
inclusive), are subject ta redemption and prepayment at the
� option of the City in inverse� arder of serial numiaers, on ,
August l, 1986 and an any interest"payment date thereafter at
" par and accrued �.nterest. Publ�.shed natice of redemptian sha11
, in each case be given in. accordance wi�h law, and at leas�
thir'�y days prior ma�.led no�ice of redemption sha�.l be given �a
�he bank where said bonds are payable and �o any registered
holders, provided that publa.shed no�ice alane shall be effec-
"' tive without mailed notice. Halders desiring �o receive mailed.
notice must regi.ster their names, addresses and bond numbers
with �he City Clerk.
This band is one of an issue in the total principal
amount of $3Q0,000 all af like dat� and tenor, except as to
ser3al number, maturity, in�erest ra�e and red�mp�a.an privi-
1.ege, which bond has been issued pursuant �o and a.n full con-
formity with the Consti�ution and laws af the State of Minnesota
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for the purpose of providing money to x�efund Tempo�ary Im-
provement Bonds, Series 1972, dated November l, 1972, and is
payable out of the General Obligation Improvement Bonds of
1975 Fund of the City. This bond constitutes a general obli-
gation of the City, and to provide moneys for the prompt and
full payment of said princip�.l.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 �hat_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 a7.1 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 signatures of the
Mayor and the City Clerk, and the corporate seal of s�aid 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 August l, 1975•
City Clerk Mayor
(Form of Coupon)
No. , �..... .
On the first day of February CAugust�, 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 GeneraZ
Obligation Improvement Bond of 1975 No. dated August l,
1975.
/s/ Facsimile /s/ Facsimile
City Clerk Mayor F^
'J' .'�
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 wi�h the seal of the Ci��; provided,
�hat one of such signatures and �he seal of the City may
be printed facsimiles. The interest coupons pertaining there-
to shall be executed by the prin�ed, engraved or lithographed
faes�mile signa�ures of �he Mayor and Clerk. '
$. The said bonds when so prepared and executed
sha11 be delivered by the Treasurer to the purchaser thereof
upon receip� af the purchase price, and the said purchaser
shall not be ab�ig�ed to see to the proper applica�ian thereof.
..r ynr+�......�. A . ....,.. .. . ,
�. There has heretafare been crea�ed a Temparary
. � Impravement Band Fund of'the City. Of the praceeds derived
from the bonds herein au�hara.zed � 2g7,000.00 shall be credited
to the Temparary Improvement Bond Fund of the City. Said sum
shall be sufficient to pay a1.1 principal of and interes� on
the $340,000 Temporary Improvement Bonds, Series 1972, dated
November l, 1q72,�ma�uring on November 1, 1�75. �
30, There is hereby created a special fund. to be
designated General t�b3.i.ga-�ion Improvement Bands af 1975 Fund
to be held and administered �y the C�ty Treasurer separa�e and
apart from all other funds of �he City. Said fund shall be
maintained in the manner herein specified until all of the
bonds herein authorized and �he interest ichereon. have been
fully paid.
There is hereby pledged and there sha11 be credi�ed
to the Genera3. C}bligatian Improvement Bands of 1g75 Fund, all
accrued interest received upon dela.very af sazd bands, all
funds paid far the bonds in excess af �297,000, capitalized
interest in the amaunt of $ `�' , collections of all
taxes herein levied for �he payment of said bands, and all
funds remairaing in the sinking fund account of �he Temporary
Tmprovement Band, Series 1g72 Fund after payment of all princi--
pa1, in�erest and premium due on the bonds payable from such
;; sinking f�und account.., There is also hereby p2edged and
there shall be credi�ed �o said General Obl�.gation Temporary
Impravement Bonds, Series 1972 as herein provided, all re-
maining special assessments here�ofore levied or covenanted
�o be levied and pledged to the sinking fund account of said
� •r bonds. The General Obliga�ion Improvemen� Bond� af 1975 Fund
shall be used solely to pay principal and interest on �he
bonds issued hereunder and any o�her general ablgiation bonds
of the Ci�y hereafter issued by the City and made payable
irom said account.
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11. I��is hereby determined that special. asse�s-
men�s have heretofare been levied t,rith respect to the im--
provemen.ts financed by the Temporary Improvement $onds,
Series 1q72 and reiinanced by �he bond.s herein au�hor--
ized. The balance of said assessments payable from and
after January l, 197b is payable in equal, consecutive,
annual installmen�s, with general taxes far �he years shown
below and with interest on deferred balance of all such
assessments at �he rate of 7% per annum. :_
'� • . , - To�al Estimated Amoun�Y_
Improvement� of Unpaid Assessments
Desi�na�ion as af January l�lg7�
A. Temparary Improve.ment Bonds,
Series 1972
l. Mendo�a P1aza
(a) Sanitary Sewer
{� } S�orm Sewer
(c ) UTater
(d) Stree�
2. Pagel Road
{a} Sanitary Sewer
(b) Storm Sewer
{c ) Water r
(d) Stree�
3. Ragers Lakeside Eas�
(a) Sain�ary Sewer
(b} S�arm Sewer
(c) Water
(d} S�ree�
$ �7,940
�-3, �5
� 57�7�+0
1�+, 7�0
lOfl,.580
Levy
Years
1976-g3.
197�-83
�.976-9�
�97�-$3
3976-91
. i • + . :
_ _,,, � . .
I� �.s estimated �ha� �he'total amount of spea�.al assessments
heretofore levied and uncol.lected with respec� ta said.im-
provements and avai2able for purpose of paying principal
and interest on. the bonds herein autharized is $ 291,535
12. To provide money� far the payment a�' said prir�ci-
paI and interest there is here8y levied upon all of the �ax-
able proper�y in the City a direct annual ad valarem tax
which shall. be spread u.pon the tax rol.ls and collected with
and as part of ather general praperty �axes in said City far
the years and in the amoun%s as fallows:
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:
Year of Tax
Lev
1976
1977
1978
1979
1980
1g81
1g82
1983
1g84
1985
1986
1987
1988
1g89
1990
Year of Tax
Collection
1977
1978
1979
lg8o
19 81
1g82
1g83
1g84
1985
1986
1987
1g88
1989
lggo
lggl
Amount
$ 5;900
5, 8�
5,600
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Said tax levies are such that if collected in full
they, together with estimated collections of special assess-
ments and other revenues pledged for the payment of said
bonds, will produce at least five per cent 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 unpaid, provided that
the City reserves the right and power to reduce the levies
in the manner and to th,e extent permitted by Sec. 475.61(3)
M.S.A.
: For the prompt and full payment of the principal
of and interest on said bonds, as the same respectively ,
become due, the full faith, credit and taxing powers of
the City shall be and are hereby irrevocably pledged.
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 made.
13. The 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 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
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their custody and control or as otherwise kno��rn 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 Losleben
and upon vote being taken thereon, the following voted in
favor thereof : All yea
and the following voted against the same: --none
Whereupon said resolution was declared duly
passed and adopted. .
B
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�n ' �
y
STATE OF MINNESOTA
COUNTY �F DAKOTA
CITY OF MENDOT� HEIGHTS
I, the undersigned, being �he duly qual�fied and
acting Clerk of the Ci�y af Mendo�a Heights, Minnesota, DO
HEREBY CERTIFY tha� I have compared the attached and fore-
going extract of minutes with �he ariginal thereof on file
in my office, and �hat the same is a full, true and camplete
transcript of �he minu�es of a meeting of the City Caunc�l
of said Ci�y, duly called and held on the date�therein
�
indicated, insofar as such minutes relate to �he opening and
cansidering of bids for, and awarding the sale of $300,000
General.�Oblzga�ion Improvement Bands of 1975 of said City,
WITNESS my hand and the seal of said City �his
� day of � �,��,�... , i975. `
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