Res 75 - 66 Calling for Public Sale of $600,000 Improvement Bonds,� °i'• '
� ,
Member Huber
IQEsocoer�o,� No, ?S-Lb
introduced the foliowing resolution and moved its adoption:
RESOLUTION CALLING FOR THE PUBLIC SALE
OF $600,000 IMPROVEMENT BONDS
BE iT RESOLVED by the City Council of the City of Mendota Heights, Minnesota,
as fotlows:
1. By proceedings duly taken in accordance with Minnesota Statutes, Chapters
429 and 475, the City duly issued its Temporary improvement Bonds, Series 1972,
Dated November 1, 1972 in the aggregate principal amount of $340,000 , all of
whicfi bonds remain outstanding and mature on November 1, 1975; and Series 1973,
dated November 1, 1976 in the aggregate principal amount of 385,000, all of which
bonds remain outstanding and mature on November t, 1976.
2. It is hereby found to be in the best interests of the City to forthwith
offer at pubiic sale int improvemen# bonds in the amount of $600,OOOfor the
purpose ot providing funds which in addi.tion to funds on hand and availabie foe
that purpose, will be used to repay and redeem the Temporary Improvement Bonds,
Series 1972, dated November 1, 1972 and Series 1973, dated November 1, 1973, and
which inciudes bonds in the.amount ot $_ p,- representing interest as
authorized by Minnesota Statutes Section 475.56. �� _
� • t - ' -
3. ShaughAessy & Company tnc. bond consultants to�the City, has presented to�
this Council a form of notice of sale,�attached hereto, and which is hereby approved
and shall be placed on tile by- the City Clerk. '
4. This Council sha11 meet at the time and plaae specified in the form of
notice for the purpose of receiving, opening and considering seaied bids for, and;�� -"-;;�
awarding the sale of, $ 600,000 improvement bonds of the City. The City Clerk
is authorized and directed to cause the notice of sale to be published once in the
official newspaper of the City, and once in the Commercial West, a financial
periodical published in Minneapolis, at least ten days before the date of �aid
meeting.
5..•Each and all of the provisions of the notice of sale are hereby adopted
as the terms and conditions of said bonds and of the sale thereof, and shall be
made available t II prospective purchasers of �the bonds.
�-���% .
C�
,'�,, `^„� C I er Mayor
The motion for ad ion of the foregoing resolution was duly seconded by
Member Wahl , and upon vote thereon, the following voted in tavor thereof:
- AIl yea
and the following voted against the same: None
whereupon said resolution was declared duly passed and edopted, and was signed by
the Mayor and attested by the City Clerk.
` �'��, - -� �R:..�r�:. �.=}% � G
� � PJOT I CE OF SALE �•
' � $600;000 •-
� CITY'QF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
IMPROVEMENT EiONDS OF 1975
Sealed bids wiil be received by the City Council of the City of PAendota Heights,
Dakota County, Minnesota, at the City Hall in�said City on Tuesday, the 2nd day of ,
� " Sept.�, 1975, untii 8:00 o'ciock P.M. Central Day�l�ight Time, at which time they will
., be publicly opened and an�►ounced, fo� the purchase of $600,000 Improvement Bonds of
1975 of said City, tor tk�e purpose ot providing money to refund Temporary Improvement
Bonds of 1972 and 1973. The bonds wiil be dated August I, t975, will be in the denom-
ination pf $5,000, at the discretion of bidder and will mature�serialiy on August I in
the years and amounts as follows: �
...�..,.:�,..,.. '
Year Amount
1976 " $50,000
1977 50,000
1978 . 50,000
1979 50,080
1980 50,000
1981 , 50,000
1982 50,000
1983 50,000
Year
1984
1985
1986
1987
1988
� 1989
' 1990
1991
<.
Amount
$25,000
25,000
25,000
25,000
25, 000
25, 000
2�, 000
25, 000
� � � � � �
AIl bonds of said issue maturing in the years 1987 to 199i, inciusive, are '
callable at the option o# the City in inverse numerical order ot their serial -,
numbers on August i, 1986, 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 '
successful bidder. " •• •
. � , �" '
Each bid must be specified •in multiples of I/20th of i�, at a rate or rates of
interest not in excess of 7� per annum, which interest will be payable February I, 1976,
and semiannually thereafter on August I and February I of each year. No rate of any
maturity may be lower than the rate carried by any of the preceding maturities.
Bids will be preferred according to the lowest net interest cost (total doilar .
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
$594,000 and eccrued interest on $600,000 will be considered nor will 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 obliga-
tion 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. ,
• .. _ .. ,. ,� . , e. rrU:.. _ ,w .� , _�_. : . _,.�..: . _ _ r _ .. ,... ._. _ �.....c•r.�:^�.._---: -e-z-T— .-•,---^-- . ... . _ ,--. . . . . :. ,.. -
x. 5
I
::� �
i-° �
,�
=�
�
The successful bidder will be furnished, w�thout cost, the printed bonds and
the approving legal opinion of Briggs 8 Morgan�''of St. Paul, Minnesota to the effect
that the bonds are valid and binding gneral obligafiions of the City. Legal opinions
will be printed on the bonds. The bonds will be delivered to the purchaser within
40 days from the date of sale without cost to�the purchaser if delivered at Mendota
Heights, (+�inneapotis or St. Paul, P�linnesota; or Chicago, Illinois. AIl 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 $12,000 payable to the City to be forfeited as
liquidated damages in tho event the bid is accepted and the bidder shall fail to comply
therewith.
Proposals should be addressed to G. M. Radabaugh, City Clerk, Mendota Heights,
Minnesota 55118, and enclosed in a sealed envelope marked on the outside "Bid for
$600,000 Improvement Bonds of 1975".
Bidders are requested to submit computations of total net interest cost and
effective net interest rate, which computations a�ill"not be considered as part of
the offer. •
Dated: Aug: 5 , 1975
Further information may be
obtained from:
SHAUGHNESSY & COMPANY, INC.
151 Endicott Arcade
St. Paul, PAinnesota 55101
�
�
BY ORDER OF THE CITY COUPJCIL
/s/ G. M. Radabaugh
City Clerk
Mendota Heights
� �1 i nnesota
� _,
...�=:
, ,.,
' R
-- -----. -- --�_--.� _ . .�� -�----* - . --------'--- � ---- -- - -` -- - --- -'- -..T_" � �