Res 75 - 73 Accepting Bid on Sale of $925,000 General Obligation Temporary Improvement Bonds, Series 1975 & Providing for Their Issuance��
Rcso �•� r.a.� N� .�.� 7 3
The Council then proceeded to consider such bids.
After the bids had been con'sidered and discussed, member
Gutzmer • introduced. the following resolution and
moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$925,000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BONDS, SERIES 1975
AND PROVIDING FOR THETR ISSUANCE
BE IT RESOLVED by the Council of the City of �Iendota
Heights, � Minnes�ota9 as. follows :
1. That •the b�d of Fi rst Nationa I Bank of St. Paul
to purchase $925,000 General Obliga,tion Temporary Improvemen'�
Bonds, Series 1975, of the City, in accordance with.the notice
of bond sale, at the rates of in�erest hereinafter.se� forth,
_-.--_-.
and to pay ,therefor the sum of $ q�n nnn _ ess�' a�d=i•scoant-:-��
o�` 5 nnn ) is hereby found, determi� n d nd decl.ared 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 for�h-
Urith return the good faith checks� or� drafts �o �h� unsuccessiuS
bidders. Said bonds shall be payable as to princ�:pal and inter-
eSt a� Fir�t Nati'naal Ran�., St Pai�l� Mirtn.Psc�t� .
- .+ e� D A ro n {-
,. vi. c%..iiy .� u�. �, r::� � vi i a.y.�iia�j ra�-j.�.ii v
duly appointed by the.City.
2. The $925,000 negotiable coupon general obliga-
tion bonds of the City shall be dated August l, ]_975, and
shall be issued forthwith. :Said bonds shal.l be 18� in number
and numbered from 1 to 185,`both inclusive, in t'he denomination
o#' $S,OO.Q each. Said boncTs shall mature on Augu�� l,. 1g78..
�3. Said bonds shall. provi.de funds for �he �emporary
financing of the construction of �ewer,, wa�e�r •and s�.reet improve-
ments in the City, The total co.st of sazd improvements, includ,-
ing the cost of construction und�r the terms of'-th.e lowest bid
received, engineering, legal and other professional charges, '
publication and printing costs, interes.t accruing on money�
borro�rred for the improvements %ef�ore the collection of special •
assessments -levied therefor, and all otrrer costs nec.essar�ily
incurred and to �be incurred from �iie inceptior� to the comple-
tion of the improvemen�s, is estimated to iae at Ieast equal to
the ainount of the bonds herein autharized. Work on the improve�-
ments shall proceed with due diligence to compTetion<
4. The bonds of said issue maturing in ihe years
and bearing the serial numbers`set forth below shall bear inter-
est, payable February l, 1976, and semiannually �hereaf'ter on
August 1 and February 1 of each year, at the respe��ive
rates per annum set opposite said maturity years and serial
numbers: '
Maturity Years
1978
�
Serial Numbers Interest Rate
1-185 " 5 1/4�
5. All bonds of this issue shall be subject to
redemption and prepayment at the option of the City in inverse
order of serial numbers, on August 1, 1977 or February 1, 1978 -
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 maile�l�notice of redemption shall be
given to the bank where said bonds are payable and �o any
/..� /�"i C � G i:.� %� /1 6 f" 1 y i1 G/1' !� i' 1/� � � T` l Q�"1 � 1 �
r..by� ..� ..c� ���icz..�s, proviczed tina� pkcl� ���..� r. „�.. �. c e..�
be effective without mailed notice. Holders desiring to receive
mailed notice must register their names, addresses and bond
numbers with the City Clerk. "
6. The'-�bonds and interest coupons to be issued
hereunder shall be in substantially the following form:
�
�
n
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UNI�'ED STATES 4F AMERICA
STATE OF MINNESOTA
DAKQTA COUNTY
CITY OF MENDOTA HEIGHTS
GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BOND, SERIES 197�
$5,000
. KNOW ALL MEN BY THESE PRESENTS �ha� the Ci�y o�'
Mendo�a Heights, Dakota County, M�.nne�o�a, certifies that it
is indebted and for value rec�ived pramises to pay to bearer
the principal sum of
FIVE THOUSAND DOLLARS
on �he firs� day of August, 1978 and �o pay interest thereon
fram the date hereof until �he pra.ncipal �.s paid at the rate
of � ' � percent
C �} per annu�rt, �iayar�le on t;he i:��'�i; cia,y c�i r ei�:i•ua.�•y ,
lg7�semiannually thereafter an the first day of August
and the first day of February in each year, interest to
maturity being represented by and payable in accardance with
and upon presentation and surrender of the interest coupc�ns
hereto attached, as the =same severally became due. Ba�h
principal and interes� are payable at
", ar any successor Paying Agent
duly appointed by �he City, in any co3.n or currency oi the
Un.i�ed Sta�es of America which at �he �ime of paymen� is legal.
tender for public and private deb�s�. .
' AlI bonds of thzs issue are subject to redemption `
and prepayment at �he option af the Czty in inverse order of
ser�.al n.umbers, on Augus� l, 197fi or February l, Z978 at par
and accrued in�ere�t. Published notice of redemption shall
in each case be given in accordance wi�h 1.aw, and at least
thirty days prior mailed notice of redemp�ion shall be given
to �he bank where said bonds are payable and �o any registersd
holders, provided that published notice alone shall tae effec--
tive wi�hout mailed na�ice. Holders desiring to receive
mailed natice must register their names, addresses arzd �aond �
num�aers wi�h the City Clerk.
This bond is one of an issue in the total princi-
pal amount of $925,000 all of like date and tenor, except
as to serial number, which bond has been iss�ed pursuant to •
and in full conformity with the Constitution and laws of the
State of Minnesota for the purpose of providing money for the
temporary financing of the construction of sewer, water and
street improvements in the City and is payable out of the
General Obligation Temporary Improv,ement Bonds, Series 1975
Fund 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 is�sue, and into which fund
there are to be paid the proceeds of the definitive improve-
ment bonds which the City is required by �aw to issu� at or
prior to the maturity of this bond for the purpose of refund-
ing the same if the� special assessments theretofore collec�ed,
or any�.other municipal funds wnich are properly ava�lable and
are appropriated by the City Council for such purpose, are
not sufficient for the payment thereaf. This bond constitutes
a general. obligation of the City and to provide moneys for
the prompt and full payment of said principal. and interest
when the same become due, the full iaith and credit of said
City have been and are�hereby irr�evo�ably pledgedo
IT IS HEREBY CERTIFIED AND RECITED that all acts,
canc?it�er.s and thin�s require� h;r the�CQnst�tution and laws
of the State of Minneso�a to be done, t� happen and to be
performed, precedent to and in the issuance of this bond,
have been done, have happen.ed and have been performed, in
regular and due form, time and manner as required by law,
and this bond, together with all. other debts of the Ci�y
ou'cstanding on the date hereof and the date of its actua],
issuance and delivery does-not exceed any constitutional or
statutory limitation of indebtedn.ess.
IN WITNESS WHEREOF, the� City of Mendota Heights,
Dakota County, Minnesota,:by its Ci�y Council. has caused this
bond to be executed in its behalf�by�the si.gnatuxes of the�
Mayor and the City Clerk, and the co�pora�e seal af said 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 1, 1975.
City Clerk Mayor
�
(Form of Coupon)'
No . ' � _. -
Qn the firs� day of February (Augus�), 19�� �
unless the bond descri�ed belavr is called�akotaaCountY,
redemptian, the City of Mendota Heights,
Minneso�a, will pay to bearer at oa.niced
or any successor Paying Agent duly app
by the City, the sum shown hereon for in�erest then due on
its General Obligation Temporary Improvement Bond, Series
�9�� No, dated Augus� l, 1975.
Isl Facsim:ile
City Clerk
Is1 Facsimsle
Mayor
i
7. The bonds shall be executed on behaTf 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 may
be printed facsimiles. The'interest coupons per�aining
thereto shall be executed by the printed, engraved or litho -
graphed facsimile signatures of the Mayor and Cl�rk.
8. The said bonds when so prepared and executed
shall be delivered by the Treasurer to the purchaser thereo�
upon receipt of the purchase price, and the said purchaser
shall not be obliged to see to the proper application thereof.
g. There is hereby creat�ed. a spec.ial fund to be
designated "General Obligation Temporary Improvement Bonds,
Series i975 Fund'� to be held and admi.nistered by the City
Treasurer separa�e and apart from all other funds of the
City. Said func3. shall be maintained in �he manner herein
specified until a7.1 of the bonds herein authorized and the
interest thereon have been fully paid. In said fund there
sha1.]. be maintained two separate accounts, to be designated
as the "Cons�ruction Account�' and the "Sinking Fund Account,"
respectively. The proceeds of the sale of the bonds herein
authorized, less any premium and accrued interes� received
thereons an� less any amount pa�d f�or sa,a.d bonc�s in �xcess
of $920,000, and less.capitalized interest in the amount of
$ 49,000 , shall be credited to th.e,Construction Account,
from which there shall be paid a.11 costs and expenses of
making said improvements, including the costs of construction
contracts heretafore let and all other �osts incurred and to
be incurred and the moneys in sai.d acc.ount shall be used for
no other purpose, providec� that t�he. bond proceeds may also be
used to.the'extent necessary to pay interest on said bonds� due�
prior to the anticipated date oi commencement of the collec-
tion of special assessments hereir�.l�evied, and provided
further that if upon completion, o� said improvement.s there
shall. remain any unexpended balan,c:e in said Cons�ruction
Account, said balance may be trans.ferred by tlie Council to
the fund of any other impr�avement� instituted pursuant to
Chapter 429 M.S.A. There is hereby,pledged and th.�re s,hall
be credi�ed to the Sinking Fund Account, all' coll:ections of
specia7. assessments herein covenanted to b e levied, all
accr�ued interest and any premium received upon delivery of
said bonds, all funds paid for the bonds in excess of
$920,000, capitalized interest in t.he amount of $ ag��ap ,
the proceeds of any definitive improvement. bonds �o-the extent
issued to refund the bonds herein.authorized, an.d all funds
remaining in sazd Construction Ac•count after completion of
�
m
the improvements and payment of the costs thereof, not
so transferred to the fund of another improvement. The
Sinking Fund Account shall be used solely to pay principal
and interest on �he bonds issued hereunder and any othe�
general obligation bonds of the City hereafter issued by
t�ie City and made payable from said account and upan gay-�
ment of such bands and interest thereon, the Sinking Fund
Account shall terminate provided, however, that upon termi-
nation of the� Sinking Fund Account all collections of spe-
cial assessments herein covenanted to be leuied not used
for the payment of said temporary bonds and inte.rest. thereon
shall be pledged and credited to the�extent necessary to the
Sinking Fu.nd Account of any defini.tive bonds issued to pay
in whole or part said temp�rary �onds.
l0e It is hereby determined that no less tha.n
$ 925,000 of the cost of improvem�nts shall be paid by
special assessments to be levied against every asses.sable
lot, piece and parcel of land ben.efited by said impravements..
Said amount is not less than 20� of. the cost of the impro�ve-� �
ments to the City within the meaning of Minnesota Statutes,
Section 475•58, Subdivision 1(3). '�he� Ci.ty hereby covenants
and agrees that it will do and perform as soon as they. m�y
be done, all acts and things neces°sa�y for the final and
valid levy of such special assessments., and in the event that .
?:?�' St;Cil u''.58�582??@r?� ha a� u�.,n�r �;mg hrrl � i n�ra� i rl �.Ti �h respect
to any lot, piece or parcel of land due to any error, defects
or irregularity, in any action or proceedings taken or �o
be taken by the City or this� Council. or any of the City of.fi-
cers or employees�, either in the making of such assessmen�s or
in the performance of any condition precedent thereto, the
City and this Council will forthwi.th do all such further acts
and take all such further�proceedings as may be requir�d by
law to make such assessments a vaTid'and b inding lien upon �-
such proper�y. Said assessm�nts shall. b.e p�ayable in equaly
consecutive,, annual installmentss with general taxes far the
years shown below and wi�h intere�s� on the deferred balance
of all. such assessmen�s at the rate of at least 7� per .
annum : � ' � �
Improvement �
Designation Amount Levy YearS�.
. '�°' :r , ,.
r�
, 11. To t'urt.her provide mone�s far �he promp� and
full payment of principal and interes� an said temporary
improvemen� bonds, the Ci�y shall issue and sezl definitive
improvemen� bonds, at or prior to the ma�uri�y date of the
bonds issued hereunder, in such amaun�s as are needed to pay
the principal and interest then due on said temparary improve-
m,en� bands after the applica�'a.an of the assessmen�s collec�ed,
and the appropriation of such other municipal funds as are
p�operly availa%le for sueh purpose�� The Council hereby f'inds,
determines and declares that �he e�stimated collections of
special, assessments ta be received: befare the ma�uri�y,date
of said temporary 2mpravemen� bonds, �oge�her with the proceeds
of any definitive improvement bonds to be issued at or b�fore
said ma�urity da�e, and. o�her revenues pledged far the pay-
ment oi' said temporary improvemen� bonds and the interes�
thereon wiZl equal a� leas� 5� iri e�xcess of �he pri�cipal and
interes� requiremen.ts af said temporary impravement bonds as
�he same became due.
For �he prompt and full pay'men� of the principal ..
of and interest on said bonds, as Lhe,same respec�ivc�ly became
due, the fu11 faith, credit and taxing'powers of'the Ci�y .
shal2 be and are hereby irrevocably p�.edgeda
�2. �`he �i�y Glerk �s nereby' direc�ed �co s''�.�.e a � .
cer�ified copy of �hia resolu�ion �rith the County Audi:tor
of Dako�a Coun�y, P2in.nesot�., tage�her t,�ith such o�her informa-
tion as he shal.l require, and to o�tain from said Audi�ar his
cer�ificate that said bonds have been entered in the said
Auditor=s Band Regis�er.
13. The nfficers af the City are hereby authorized
and directed ta prepar� and furnish ta the purchaser of said
temporary improvement ban.ds, and. to �he at�orneys approVing
the legality of the issuance ther�of; cer�ii'ied copies .of all
proceeding� and records of �he Ci�y relating ta said bonds and
'co �he �'inancial condi�ion an.d af�aiss of the Ci�y, and such ,
other affidavits, certifieates and i:nformation as are required
to show the facts re3a�ing ta the legal.ity and marketabila.ty
of said bonds as the same appear from the books and records
under their custody and control or as o�h�r�rise known �o them,
and all su.ch certified copies� ce�ti:fa.cates and affidavi�s,
inclu.ding any heretc�fore furnished; shall be deemed repre-
sen�ations of �he City as to the facts� reci��d therei.n.
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. The motion for the adoption of the foregoing
resolutipn was duly seconded by member Wahl
and upon.vote being taken thereon, the following voted
in favor thereof: All Yea
and the following voted agains'c the same :. None
Whereupon said resolution was declared duly
passed and adopted.
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' . M' '�
Y; . .
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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 there.of on file
in my office, and that the same is a full, �rue and complete
transcript of the minutes of a mee:ting of the City Counc�.I.
of said City, du.ly called and held on. the date therein indi-
cated, insofar as.-.such minutes.relate to the opening and
considering of bids for, and awarding the sale of $925,OQ0 ��
� General Obligation Temporary Improvement Bonds, Series 1g75
-of said City. - .
WITNESS my hand and the seal of said City this
day of � 1gT5. �
City Clerk
(SEAL)