Res 75 - 72 Extract of MIntues of Meeting of the City Council of MH (9/2/1975).,
R� �o� �,-, d�, No. �s �z
EXTRACT OF MINUTES OF P�IEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, P�IINNESOTA
HELD: SEPTEMBER 2, 1975
Pursuant to due call and notice thereof, a reqular
meeting of the City Council of the City of Mendota Heigh�s,
Minnesota, was duly held at the City Hall in said City on
the 2nd day of September, 197.5, at 8:00 0' clock P.M.
The following members were present : Huber, Lockwood
Gutzmer, Wahl, Losleben
and the following were absent:
Member Gutzm�;r introduced the follow—
ing resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $300,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1977
L�IHEREAS :
, 1. The City Council of the City of Mendota Heights
has heretofore �assed a resolution, dated August 5, 7-���
providing for the public sale of $600,000 Improvement Bonds
of 1977 to refund the Temporary Improvement Bonds, Series
1972 and General Obligation Temporary Improvement Bonds,
Series 1973 of the City. Said bonds mature on November 1,
1g75 and November 1, 1976, respectively.
2. The Council has found that it is in the be�st
interest of the City to accomplish said refunding by two
separate bond issues at the respective maturity dates of said
temporary bonds.
NOW THEREFORE BE IT RESOLVED by the City Council of
the City of Mendota Heights, Minnesota, as follows:
lo It is hereby found, determined and declared that
this City should issue $300,000 General Obligation Improvement
Bonds of 1977 for the purpose of providing money to refund
Temporary Improvement Bonds, Series 1972, dated November ],,
1972 of the City. �
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for �he
purpose of opening and conside,ring sealed bids for, and award-
ing the sale of $300,000 General Obligation Improve�ent Bonds
of 1977 of said City.
3. The City Clerk is hereby authorized and dir-
ected to cause notice of the time, place and purpose of said
meetino to be published in the official newspaper of the
City and in Commercial West not less than ten days in advance
of date of sale, as provided by law, which notice shall be in
substantially the following form:
F'
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NOTICE OF SP.LE
$300,000
GENERAL OBLIGATION IMPROVENENT
BONDS OF 1977
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
Sealed bids will be received by the City Gouncil
of the City of Mendo�a Heights, Dakota County, Minnesota, at
the City Hall in said City on Tuesday, the 7th day of Oc.tober,
1977 ur�til 8:00 o'clock P.M., Central Time, at Urhich time
they will be publicly opened and announced, for the purchase
of $300,000 General Obligation Improvement Bonds of 1975 of
said City, for the purpose of providing money to refund Tem—
porary Improvement Bonds of 1972. The bonds will be dated
August 1, 197�, will be in the denomination of $5,000, and
will mature serially on August 1 in the years and amounts
as follows:
Year
1976
1977
1978
1979
1980
1981
1982
1983
Amount
$30,000
$30,000
$30,000
$30,000
$25•, 000
$25,000
$25,000
$25,000
Year
1984
Ig85
1986
1987
1988
1989
1990
1991
Amount
$10,000
$lo,000
$10,000
�10,000
$10,000
$10,000
$10,000
$10,000
All bonds of said issue maturing in the years 1987
to 1991, inclusive, are callable at the option of the City
in inverse numerical order of their serial numbers on August 1,
1g86, and on any interest payment date thereafter at a price
of par and accrued interest.
The bonds will be issued in bearer form with the
coupons attached and will be payable as to both principal
and interest at any suitable bank designated by the success—
ful bidder.
Each bid must be specified in multiples of 1/20th
of 1% at a rate or rates of interest not in excess of 7� per
annum, which interest will be payable February l, 1976 and
semiannually thereafter on August 1 and February 1 of each
year. No rate of any maturity�may be Iower than the rate carried
by any of the preceding maturities.
Bids vrill be preferred according to the lowest net
interest cost (total dollar amount of interest payable to the
date of stated maturity at the coupon rate specified, plus
any discount used or less the amount of any premium offered).
No bid of less than $2g7,000 and accrued interest on �30Q,000
will be considered nor Urill consideration_be given to any bid
which provides for additional or "B" coupon interest. No
more than one rate of interest shall be bid for any single
maturity year. The City reserves,the right to reject any and
all bids, to waive any informalities and to adjourn the sale,
if deemed expedient. No oral bids will be considered. The
City will assume no obligation for the assignment or printing
of CUSIP numbers on the bonds or for the correctness of any
numbers printed thereon, but will permit such numbers to be
assigned and printed at the expense of the purchaser, if the
purchaser waives any extensions of the time of delivery caused
thereby.
The successful bidder will_be furnished, without
cost, the printed bonds and the approving legal opinion of
Briggs and Margan, Professional Association of St. Paul, Minne-
sota to the effect that the bonds are valid and binding general
obligations of the City. Legal opinions will be printed on
the bonds. The bonds will be delivered to the purchaser with-
in 40 days from the date of sale without cost to the purchaser
if delivered at Mendota Heights, Minneapolis or St. Paul, Minne.-
sota or Chicago, Illinois. Al1 bids must be unconditional
except as to legality, which may be conditioned upon the opinion
of the aforesaid attorneys and must be accompanied by a cashier's
check, bank draft or certified check in the amount of $6,000
payable to the City to be forfeited as liquidated damages in
the event the bid is accepted and the biduer shall fail. to
comply therewith.
� f'
Proposals should be addressed to Ge M. Radabaugh,
City Clerk, Mendota Heights, Minnesota 57118, and enclosed
in a sealed envelope marked on the outside '�Bid for $300,000
General Obligation Improvement Bonds of 197�"e
Bidders are requested to submit computations of
total net interest cost and effective net interest rate, which
computations will not be considered as part of the offer.
Dated: September 2, 1975 BY ORDER OF TAE CITY COUNCIL
Further information may
be obtained from:
SHAUGHNESSY & COMPANY INC.
151 Endicott Arcade
St. Paul, Minnesota 55101
/s/ G. Mo Radabaugh
City Clerk
' _ Mendota, Heights, Minnesota
.. �
. �. '
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4. Each and all of the terms and provisions of .
the foregoing form of notice are hereby adopted as �he terms
and conditions of said bonds and of the sale thereoi".
5. The resolution of the City Council, dated August 5,
1975 providing for the public sale of $600,000 Improvement
Bonds of 1977 is hereby rescinded and all terms and provisions
are hereby declared null and void. The City Treasurer is
hereby authorized and directed to return the unopened bids
for the bonds to the respective bidders. .
The motion for the adoption of the foregoing resolu-
tion Uras duly seconded by member Huber and
upon a vote being taken thereon, the following voted in favor
thereof : AI I Yea
and the following voted against the same: None
Whereupon said resolution was declared duly passed
and adopted.
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STATE OF P�IINNESO^1A
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 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
indicated, which are on file and of record in my office, and
the same is a full, true and cbmplete transcript therefrom
insofar as the same_relates to the proposed sale of $300,000
G.eneral Obligation Improvement Bonds of 1975 of said City.
� WITNESS my hand as such Clerk and �he official
seal of the City this day of s 1977•
' F'
City Clerk
(SEAL)