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Res 75 - 16 Extract of Minutes of Meeting of the City Council of MH (2/18/1975). . ,�., . . . � �Es . N . 7� /� ., .. � , ,. ,, . EXTRACT OF MINUTES OF NIEETING QF THE CITY COUNCIL OF THE CITY OF MENDOTA HEIGHTS, .. AZINIv'ESOTA HELD: February 18, 197� Pursuant to due call and notice thereof, a regular meeting of t;he City Council of the City of Mendota Heights, Dakota County, I�iinnesota, was duly held at the Council Charnbers in said City on the 18th day of February, 197�, at 8: 00 0' clock P. P�. , C. S. T. for thP purpos� of' opening and considering bids for and awarding the sale of $360,000 State-Aid Road Bonds of 1g75 of thefCity. The following me�nbers � were present : Huber, Gutzmer, Wahl, Losleben and the following r�ere absent : Lockwood The Clerk presented affidavits showing publication of notice of call for bids on �360,000 State-Aid F�oad Bonds of 1977 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on January 21, 1975. Said affidavits were examined, found to comply with the provisions 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 V�ere received: Bidder Interest Rate �Net�Interest Cost Attached � � .� BIDS RECEIVED $360,000 City of P•1endota Heights State Aid Road Bonds Sold Feb� 18,1975 ACCGUrdT RATES American National Bank 4.30�-1977 & Trust Co. 4.45� 1978 St. Pau I, P�li nn. 4.60� 1979 4.75� 19£30 4.90% 19F31 ' 5.00� 1982 5.15p 1983 - 5.30� 1984 5.40� 1985 First IJational Bank P•1 i nneapo I i s, f�l i nn. 4.40N 1977 h� i d Amer i ca State Bank 4.60 197F3 I�lendota F�e i ghts P� i nn. 4. 75 1979 4.90 1980 5.00 1981 5.10 1982 5.25 1983 5.40 1984 5.50 1985 Juran & Moody inc. 4.50$ 1977 St. Paul, Minn. 4,G0 1978 Paine Webber Jackson 4.75 1979 � Curt�t i s I nc. 4.90 19£30 �Ainneapol is, P�linn. 5.00 1981 E.J.Prescott 8 Co. • 5.10 * 19F32 f�l i nneapo I i s, P�1 i nn. 5.25 1983 5.40 1984 5.5U 1985 F i rst hdat i ona I Bank 4. 40� ; 1977 St. Paul, i�linn. 4.50 1978 Cherokee State Bank 4.65 � 1979 St. Pau i, f�l i nn. 4.60 19£30 4.90 1981 5.00 1982 5.10 19£33 5.25 19f34 5.40 1�F35 Dain Kalman $ Quail 4.50� 1977 (�inneapolis, Ninn. 4.75 1978 Allison V�illiams Co. 4.90 1979 P�linneapol is, P�linn. 5.00 1980 ' S.15 ' 1981 5.30 1982 � 5.45 1983 5.60 19E34 5.75 1985 P i per J af f ray � Hopwood t�inneapolis, Minn. 5.60$ 1986 5.75� 1987 5.90p 198II 6.00p 19f39 6 .10% 1 `�90 6.20;� 1991 6.30� 1992 6.40� 19;93 6.30� 1994 5.6U� 1986 5.75 1987 5.90 1988 6.00 1989 6.10 1990 6.20 1991 6.30 1992 6.40 1993 6.50 1994 5.60� �986 5.8U 19E37 6.00 1988 6.10 1989 6.20 1990 G.3U 1991 6...0 1992 6.40 1993 6.40 1994 5.60p 1986 5.30 1987 6.00 198�3 6.10 19£39 6.25 1990 6.625 1991 G.625 1992 6.625 1993 6.�25 1994 5.90� 1986 6.00 1987 6. 10 198f3 6.20 1989 6.30 1990 6.40 1991 6.50 1992 6.50 1993 6.50 1994 5 1/2� 1977-1980 5.60 1981-�984 5.80 1985 ' , 5.90 1986 , 6.00 1987 6.10 1988 6.20 19F39 6.30 1990 6.40 1991 6.50 1992-1994 DISCOUNT $COS� RATE $5,220.00 $295,95�.13 6.15?��;� �a �.. � a 6, 120.00 297, 4F34. 38 6. 1847`;� S 7,000.00 299,473.75 6.22o0fl � 7,000.00 303,750.30 6.3149N 6,984.00 306,075.25 6.3c�3�: � 6,991.20 307,742.45 6.39��`°-' BONDS AWARDED TO THE AP�IERICAN NATIONAL BANK 8 TRUST C0. OF ST. PAUL, F�91NN. � r; r 3. Said bonds �hal1 provide,�unds ta construct and im�rrove designat�ed municipal state-aid streets in the City. Th� �at;al cost of saic� pz�ojee�;, includin� t�e cost of cons�ruction under the terms of the lowe.�t bid received, engineering, legal and ather professional chargea, publi- cation and printin� costs, interest accruing on maney borrowed forthe.projecL before the callection af state-aid funds, and alI ather costs necessari2y incurr�d and �o be incurred from the inception to the c.ompletion of the pro- jec�, is e�timated to be at least equal �o the amaun� of th� bonds herein autharized. Work on the projec� shall proceeds w�.Lh t�ue diligence to comple�ion. 4. The bonds of said i�sue �ria�uring in the years and bearing the serial numbers set forth belava shall beax� interest, payable December 1, 197� and semiannually thereaf�er an June 1 an.d December I of each year,�at the respective rates per annurn se� opposite said,,�rr��urity years and serial nuinb er s : - Maturity . �erial. i.t, 1i^ . n,�-y,�,rG - ' �' umbers �977 �- - � �978 3 - 4 �979 5 - � ig8a 7 - 8 i�81 9 - a�o i982 �.� - �.2 1�83 13 - 3.� 1.�84 1.5 - �.6 1.985 17 - �.8 Interes��_ Maturity Rat'e �-Years _.� ,T+�30�r 19�y �-, �5 �987 �+. 60 1q88 �+.75 19�9 �+.9d 1990 5.00 19gi 5 • �-5 �992 5.30 1993 5.40 199� �erial Interes� Numbers ;? � ` Rate � ^ �: �: � �9 _ 22 - ...� �---��--- _ 23 - 27 5•75 28 - 32 5.90 33-3�-- �� 39 - �-4 6:10 �+5 - 50 6.20 5� - 57 6.30 58 - 64 6.?+0 65 - 'r2 ' 6.50 �. All bonds of this issue maturing in the years 1989 to 1q9�, both inclusive (bonds numbered 33 to 72, both inclus3ve), shall be subject to redernption arzd prepa�Tment at the aption of the City in inverse order of serial numbers, on June l, 1988 and on any in�erest payment date thereaf�er at par and accrued interest. Published no�i.ce of r.edemption shall in each case be given in accordance Vait-"h law, and at Ieas� �hirty days prior ma�3.ed no�ice of redemption sha2i be �iv�n to the bank where said bands are paSrable and ta any re�zstered holders, provid�d that published notice along shall be effective withou� maa.led r_ota.ce. Halders desiring to recea.ve mailed notice must register th�ir names, addi�esses and bond nu.mbers with �he C�ty Clerk. 6. �.'he bands and inter�st caupans to be issued hereunder shall be in substan�ially the fallowing form: �� .j The Council then proceeded to con��ider such bids. After the bids had been consider and discuss�d, memb�r Huber i�ntroduced the follovaing resol.ution and moved its ac�op�ion: RES4LUTION I�CCEPTING BID $360, Q00 STA'I'E-ATD BQIvDS OF 1975 AND PROVIDING FOR TIiEIR ON SALE OF ROAD ISSUANCE BE I2' RESOLVED by the Cauncil of the City af 1�Zendota Heights, Minne�ota, as follows. 1.. That the bid of American Natianal Bank & Trust Ca., St. Paul to purchase �360,000 State-Aid Road Bands of 197� of the City, in accordanc� with the notice of bond sale, at the rates of interest hereinafter set for�h, and to pay therefor the sum of $ 360,000 (i�.ess a��:iscoun� of 5,�20 ) is hereby faund, determined and d�clared to be the most favorable bid recea.ved, and is`liereby accept�d and said bonds are hereby awarded to said bidder. The City Clerk is direc��d �o retain the deposit af said bidder and ta forthwith r�turn the good faith checks or drafts to the unsuccessful b�.dders. Said �onds shall be payabl.e as �o prirlcip�,1 arid interest ��.t Amera.can Natianal Bank. & Trust Company, s�;_ p�.,��_ �r-;��esata , ar any successor Paying Agent duly appointed by the City. 2. The $3b0,000 negotiable coupon general obligation bonds of the City shall. be dated March 1, 1975w a�nd shall be issued farth�vith. Said bonds shall be 72 in number and numbered from 1 to 72, botl� inclusive, in the denaminatian of $5000 each. Said bonds shall mature serial3y, lowest numbers first, an June 1 in the years and amaunts as �'OZ�.OVJS: $10,000 in each of �he year� bath inclusive; $20,000 in the year lq$6; $25,Oq0 in each of the years $30,000 in each of th� years both inclus•ive; �3�,000 in each of �he �rears and $40, 440 in the year 1.9 9� . 1977 to 198�, lg$7 and 1.9$$; 19$q to 1991, s• � a• .� �� -- - - -- - -- {,__ ___LEGAL NOT.IC_E,_.j NOTICE OF BOND SALE $360,000 STATE AID ROAD BONDS OF 1975 CITY OF MENDOTA HEIGHTS, MINNESOTA (DAKOTA COUNTY) Sealed bids will be received by the City Coun- cil of the City of Mendota Heights, Minnesota, at the Council Chambers in the City, Dakota County, Minnesota, Tuesday, February 16, 7975, � until 8:00 P.M., CST at which time they will be publicly opened and announced, for the purchase of g3u0,OD0 State Aid Road Bontls of 7975 of said City, for the purpose of providing money to construct and improve desic�nated municipal sta;e a�d streets in the City. The bonds will be dated March 1, 1975, evill be in the denom3nations of $7,000 or §5,000, at the discretion of bidder (wiio shall desig�ate denomination within 48 hours of award), and will mature serially on June 1 in the years and amounts as follows: 1977 $10,000 1986 g20,000 1978 10,000 1987 25,000 1979 10,000 198B 25,000 1980 10,vJ0 1989 30,000 1981 10,000 1990 30,000 � 7982 10,000 7991 30,000 1983 10,000 1992 35,000 1984 10,000 1993 35,000 1985 10,000 1994 40,000 AIl bonds of said issue maturing in the years � 1989 to 1994, inclusive, are callable at the option ' of the City in inverse order of their serial num• � bers on June 1, 1988, and on any interest pay- ment date therea�:er, at a price of par and accrued interest. The bonds will be issued in bearer form with the coupons atiached 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 • 7/20;h of 1%, at a rate or rates of interest not in excess of 7% per annum, which interest will be payable December i, 7975, and semiannually therezfter on June 1 and December 1 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 dollar amount of interest payable to the da:e of stated maturity at the couoon rate specified, plus any discount used or less ihe amount of any premium offered). No bid of less than 5353,000 and accrued interest on , $360,000 will be considered nor will consideratlon be given to any bid which provides for additionat ; ' or "B" coupon interest. No more than one rete ; of interest shall be bid for any single maturity ' year The City reserves the cight 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 cor- , rectness of any numbers printed thereon, but � will permit such numbers to be assigned and prinfed at the expense of the purchaser, if the purchaser waives any extension of the tfine of delivery caused thereby. The successful bidder will be furnished, without cost, the printed bond; and the approvfng legal opinion of Briggs and Morgan, P.A., of St. Paul, Minnesota to the effect that the bonds are valid , and binding general obligations of the City. Legal opinions will be p�inted 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, Min- neapol;s or St. Paul, Minnesota. All bids must be unconditional except as to legality, whfch may be condi[ioned upon the opinion of the aforesaid attorneys and must be accompanied by a cashier's check, bank draf[ or certified ' check fn the amount of 57,200.00 payable to the City to be forfeited as liquidated damages In the event the bid is accepted and the bidder shall fail to comply therewith. Proposals should be addressed to G. M. Rad• � abaugh, City Clerk, Mendota Heights, Minnesota ; ;•and enclased in a sealed envelope marked on ; li. the outside, "Bid for 5360,000 State Aid Road ; �� Bonds of 1975." Bidders are requested to submit computations � �r of total net interest cost and effective net In• i ; terest rate, which computations will not be con• ; , sidered as part of the offer. � Dated: January 21, 1975 � BY ORDER OF THE dTY COUNCIL G. M. RADABAUGH jF City Clerk Further information may be obtained from: SHAUGHNESSY & COMPANY, INC. t 151 Endicott Arcade i 5t._Paul, Minnesota-55101 y 6� Published fn Commercial West. �� February e, 1975 ; ` '� _ - - 3 � STATE OF MINNESOTA County of Hennepin APfIDAVIT OF PUBLICATION �u' RECEIVFD �FB 11 19�5 Kathleen P• �7ui�'i@' ,......� �ing duly sworn, on oath says she Is and during all tl» ........... ................................ times herein stated has been ihe clerk of the publfsher and printer of the newspaper known as Commerelal West and has fuil knowledge of the facts herein sTated as follows: (1) Said newspaper Is printed in ths English languape In newspaper format �In column and sheet form equlvalenT fn prfnTed space To at least 900 square �inches. (2) Said newspaper is a weekly end is disirlbuted at least once each week. (3) Said newspaper has 5096 of fis news eoiumns devoted to news of local interest to the community which It purporis to serve and does not wholly dupliwte any other publication and is noT made up enilreiy of patents, plate matter end edvertisements. (4) Said newspaper is cfrcutated fn and near the municipaiity which it purports To serve, has 500 copies regularly delivered to paying subscribers, has an averaoe of at least 75% of its toTal circulafion eurrently �aid or no more .than three monihs Jn arrears and has eniry as secondtlass matter In Its tocal post-office. (5) Said newspaper has its known office of Issue in the City which It purports to serve, nam�ly ihe City of Minneapolis in the County of Hennepin, which office Is established and open during its repular buslness hours for the yathering of news, sale of advertisements and sale of subscriptions end mainta'ined by the manapiny officer of safd newspaper or persons in Its employ and sub�ect to his discretion and canirol durinfl all such regular business haurs and devoted exclusively during such regular business hours to tlf� business of the newspaper and •business related thereTo. (6) Said newspaper files a copy of each Issue Immedlately with the State �HistoNcal Sxlety. (7) Said newspaper has complied with all the foreyolnv conditions for at least two Years preceding the date hereof. (8) Said newspaper has flled wlth the Secretary ofi State of Minnewta an affldavit in the form prescribed by ihe Secretary of State and signed by the managine offker o! said newspaper and sworn to before a notary pubFic stating that the newspaper Is a teyal newspaper. She further states on oath fhat safd CommercFal West is a weekly pertodical pu6tished M MM�Is. �e city of the first class, and which cfrculates throughout tha state and furoishes financial newa es part of Ib servlte. She further states on oath that the prInted .............�S�2:i'a�.S3�3..A�..t�.�.......................... hereto attached as a part hereof was eut from the cotumns of said newspaper, and was prirtted and publlshW therein dn the Enylish ian�vage, On SaturdaY the .4.�'�'i}3 �Y of .�gbj!�j!3j'..., 19.7J�',. 8@TY�+�0�i17fJ�RCkld1AS� and that the fotlowinfl ts a printed copy of the Iower case elphabet from A to Z, both �inclusive, arM Is herebY acknowl�dped as twinfl the size and kfnd of typ� used In the compositlon end pvbitwtion of said notia, to wlt: abcdefghijkimnopqrstuvwxyz alxdefeh i j k Imnopqrstuvwxy ................ ��'T�... Subscribed and sworn to befora me ihls .....� V�.. day of ....1;�7.`p.�� ....., 19.. �� .��.: .......... .. ............................. Notary Public, ennepfn County, Mlnnesota MvCommiulon Expires ...................... 19...... H. 1. BENSON, NOTARY PUBLiC COUNtY OF HEHNEPIN, StAiE Of MINNES07A MY COMMI3SION EXPiRES APRN. 18th,18�9 1 �. �7 , r. No. �! . �. ' � • �"'�� ' - .� . + \ � .• � f ' . . ` ,1 f ' { , AFFIDAVIT OF PUBLICATION , of the � Commercial �est 0 t i � ' , � UNITED STATES OF AMERICA STATE OF MxNNESOTA �1�= DAKOTA COUNTY , CITY OF NiEND{}TA HEIGHTS No. $5,000 STATE-AID ROAD BOT�� oF 197 5 KN04� ALL MEN BY THES� PRESENTS th�.� the Ci.�y of Mendota Heigh�s, Dakata Caunty, I��innesata, certiiies thai it is indebted and for value recea.ved promises to pay ta bearer the pz�incipal sum of FIVE TH4USAND DQLLARS f on �he first day of June, 197 and`to pay intere�t thereon frarn the date Yiereof until_the principal is paid at the rate of " percent ( %� per annum, payable on �he first day af December, l�(�, and sem3annually thereafter on the first day of �Tizne and the first day of December in each year, interes�.: ;.r_, ..,�.i;�ar��y being represented by and payable in accordance wii,h �.rzd upon presentat�.on and surrender of the in�er�st co�pons her�to attached, as the same �everally becorr� due. Both princ? pal and. inte�.�est are payable at , or any successor Paying Agent duly appointed by the City, in any coin or currency of the Uni�ed States af Ameriea which at the time af payment is legal tender for public and pr3.vate debts. All bonds of this issue maturing in the years 1989 to 1�94, bUth inclusive {bonds numbered 33 �0 72, both inclusive), are subject to redemption and prepa�men� at the aption of the City in inverse order of' serial. numt�ers, on Sune l, 1988 and on any intere�t payment c�at��thereafter at par and accrued in•terest. Published notice of �redemption shall in each case be given in aceardance wi�h law, and at least �hir�y days priar mailed no�ice of redemption shall be given �a �he bank vrhere said bonds ar� �ayable and �o any registered ho�ders, pravided �hat published notice alone shall 2�e effective v�lithou� mailed natice . Halders desirin� to receive mailed no'cice must regis�er �heir names, addresses and bond numbers with the C3.ty Glerk. •f This �ond is one of an issue in the total principal amount of $360,000 all of like date an�''tenor, excep� as to serial number, rnaturity, interest rat� and redemption privi- lege, t�rhich bona has been issued pursuan� to and in full conformity with the Canstitution ar_d laws oi the State a� Minnesota for the purp�se of pr�viding money to cons�ruct and improve designated municip�l state-aid stree�s in the Ci�y, and is payable ou� of the S�a�e-Aid Road Bonds of 197� Fund of the City. This bond constitu�es a general obligation of �he City, and to pravide ��oneys for �he promp� and full payment of said pr�nci�al [nd interest v�hen the same become due, the ful� faith and credi� and tax.ing powers of �aid City have been and are hereby irrevacably piedged. IT IS HEREBY CERTIFIED AND RECITED tha� a11 acts, conditions and trings required by the Consti�ution and laws af �he Sta�e af Minnesot3 to be done, to happen and �o be performed, precedent t� and in the �ssuance of this bond, have been done, have happened andXhave been performed, in regular and due form, �ime�and�manner as required by law, and this bond, together wi�h all other debts of the City outstanding on the date hereof and the date af i�s actual issuance and delivery does not e�ceed any consti�utional or statutary limitation of indebtedness. IN ��ITNESS WKEREOF, the Ci�y af �lendo�a Keigh�s, Dakota County, Minneso�a, by its City Council has caused this band to be executed in its behalf by the signatures of the Niayar and '�he City Clerk, and the corporate seal of said City to be affixea hereto, and has caused the ini;erest coupons to be executed and au�hentica�ed by �he facsimile signatures of said officers, a11 as of March 1, 1.97�. City Clerk Mayar . � ' (Form of Coupon} 1�10 . $ On �he first day of December (June}, 19�, unless the bonc� described belc�w is called for earlier redemption, the City of Mendota He�.ght�, Dako�a County, M3.nnesota, uTill pay to bearer a� , or any successar Payin�; Agent duly appoin�ed by the City, the sum shown herean for int;erest then due on its State-Aid Road Bond of 197�, No. dated March l, 1�75. /s/ Facsimile /s/ Facsimile City Clerk ' r�iayor � 7. The bonds shall be executed on behalf of �he City by �he sign�.lure af its Mayor and,the signa�ure of its Clerk and be s�aled with the seal of the City; provided, that one af such signatur�s and the seal of �he C3�y may be printed facsimil�s. The inter�st coupons per�aining thereto shall be executed by the prin�Ed, engraved or lithographed facsa.mil� :,��;r.��ures of the Mayar and Clerk. 8. The said bonds when so prepared and execu�ed shall be delivered by the Treasurer ta the purchaser thereef upon receipt of �he purchase�price, and �he said purc�aser sha11 not be obliged ta see to the praper application ther•eof g. There is hereby created a special fund to be designa�ed "State-Aid Road Bonds af 197� Fu.nd" to be held and admini.ster�d by the City Treasurer separate and apart fram aJ.l other funds of the City. Said fund shal.l be main�ained in the manner here�.n specifieci un�?1 alI af �he bonds herein autnorized and the interest �hereon have ' been fully paid. In said fund=there sha21. be main�aa.ned twa sep�.��ate accounts, to be�designat�d as the "Construc�ion Account" and the "Sinking Funa Accaunt", respeetively. The proceeds of the sa1.e of' th� bonds herein authorized, less ar_y premium and accrued in�erest received th�reon, sh�.13 �e credited to the Construction Account, from v�hich there shall be paid a11. costs and er,penses of said project ' in accardance vri�h �he provisians af �he law and the rules and regula�ions of the Highvaay Commissioner rela�ir�g to the establiashr�en�, location, reiocation, cans�ructian and improvement of City state-aid roads, and the moneys 3n said account sha11 be used for na ather purpose, pravided tha� if upon comple�ion of said improvemen�s there shall remain any unexpended balance in said Construction Aceount, said balance may be transferred by the Council to the Sinking Fund Account establish�d herein. There is hereby pledged and there shall be credited to the Sinking Fund Accaun�, all moneys allatted or to be a1lo�ted to '�he City from its account in �he City State-Aid Raad Fund for �he,.pay�nen� of principal and interest on the obligations iss�uecl hereunder as �hey re�pective2y became due, all coll.ections of �axes which may be l�vied for the paymen� of the principal and interest on the obligations issued hereunder, a1.1. Gity funds at any time transferred ta said Sinking Fund Account,;a11 funds paid for the bonds in excess�of �3�3,000, capi�alized interes� in the a�ount oi � 15�71�+.38 , al1 accrued interest receiv�d upon delivery of said obl.igations, and a11 fund� remaining in said Cons�ruction Aecoun� after co�tplet�.an of the prajecL �.nd paymen� of the costs �hereof.. The � .-�,.�...�..,.,..�_ _ . ._ . . . . . _ .. , , _ _ . . � . . ,�.. . .. _�__ , , . .y Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 10. If any moneys of the City other than moneys received from the City State-Aid Road Fund are used for the payment of the obligations issued hereunder, the moneys so used shall be restored to the appropriate fund, from the moneys next received by the City from the Construction or Maintenance Account in the City State-Aid Road Fund which are not required to be paid into a Sinking Fund for obligations. 11. There is hereby irrevocably pledged and appro- priated to the Sinking Pund Account established hereunder an amoun� of the moneys allott�d or to be allotted to the City from its account in the City State-Aid Road Fund sufficient to pay the principal of and interest on the bonds issued hereunder as they respectivel� become �ue. � 12. For th� prompt-and full payment of the principal of and interes� on said bonds, as the same r�spectively become due, the full faith, credit and taxing powers of the City shall be and are h�reby irrevocably pledged. 13. Upon delivery of said bonds and the receipt of payment therefor, the City Council sha11 forthwith a�opt a resolution certifying to the State Commissioner of Highvrays the amount of money required annually for the payment of principal and interest on the bonds; and the City Clerk shall forthwith transmit said resolution to the Commissioner of Highways, all in accordance traith Minnesota4Statutes, Section 162.18 and the form resolution hereto attach�d as Exhibit A and incorporated herein by reference. Upon rec�ipt from the Commission of If'inance of the annual amount of money needed for payment of principal and interest due each year, the same shall be deposited in the Sinking Fund Account established hereunder. l�. The City Clerk is hereby directed.to file a certified copy of this resolution with the County Auditor of Dakota County, �Zinnesota, to�ether with such other information as he shall require, and to obtain from sa�d Auditor his certificate that said bonds have been entered in the said Au�itor's Bond Register. l�. The officers of the City are hereby authorized an� directed to prepare and furnish to the purchaser of said bonds, and to the attorn�ys approving the legality ..___ . . _ . . _ .. .. . ._.. , _ _ . . _ � . �. __ . , . , , _ _ _ . , - . - ..._ M._. 0 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 relatirlg to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representa- tions of the City as to the facts recited th�rein. The motion for the adoption of the foregoing resolution was duly seconded by member Wahl and upon vote being taken thereon, the follwoing voted in f�vor thereof : All- Yea and the following voted against the� same: none Whereupon said resolution was declared duly passed and a�opted. � , � • . � ti � � � E X H I� I T A . ,, RESOLUTION CERTTFYSNG TO HIGHj�1AY COT�P�IISSION�R AT�iOUPdT OF I�1aTd�Y RE�?UIRED ANN[JALLY FOR PAYI�IENT OF PRINCIPAL AND INTERES`I' ON STATF-AID HOAD BONDS WHEREAS, I��endota Hea.ght�, Daka�a Caunty, Minnesota, has issued and sold State-Aid Road Bonds, dated March l, 197�, in �he amaunt of $3�0,000, exclusively for the purpase of establishing, locating, r�locating, construc�ing, reconstructing, and improving Ci�y s�ate-aid .roads w�.�hin the Ci�y in accordance with law; WHEREAS, said City has a.rrevocably pledged to the sinking fund from which said abligatia��s are payable that amount of their future state-aid allotment� as is permissible by law and needed to pay �he principal and interest thereon; which principal payments shall be made from �he regular state-aid fund and the int�rest payments made from their regular s�ate-aid maintenance aceount, aI2 as de�ailed in the r�solu�tion authorizing the issuance af said bonds; � 41HEREI�S, the amount of money required annually for p3ymen� of principal and in�erest on said obligations is as follovrs : Da�e Princ�pal Interest ' t Tatal Due 12-1-75 6-�.-76 12-1-76 6-1-77 �.2-1-77 6-1-78 12-1-78 �-3-79 12-�.-79 6-1-�30 12-1-80 6-1-$1 I2-1-$1 6-1-82 12-1,-$2 6-1.-83 12-1-$3 �lo,aoo $10,000 $10,000 $10,000 $l0,QQ4 $lO,OQQ $10,000 $ �-5,7�-�+.38 �.o, 476. 25 1Q,476.25 l0,�-76.25 1Q,2C1.25 10,261.25 ia,o38.75 �a,a38.75 �,So8.75 9,848.75 9, 57�.. 25 9�571.25 9,326.25 9,326•25 9,076.25 g,o76.25 8,818,75 . � � $ 15�7��.38 lo, �+76. 25 10,476.25 20,�+7&.25 io,261.25 20,261.25 10, 0� • 75 24,438.75 9,808.75 �9,808.75 9�571.25 19,57�.25 9,32&.25 19,326.25 9,a7&.25 �g,o76.25 8,818.75 Date 6-1-84 12-1-84 6-1-85 12-1-8� 6-1-86 12-1-86 6-1-87 12-1-87 6-1-8� 12-1-88 6-1-8g 12-1-8g 6-1-g0 12-1-g0 6-1-91 12-1-91 6-1-g2 12-1-g2 6-1-93 12-1-93 6-1-94 Principal ��.� y �0� $10,000 $20,000 $25,000 $25,000 �30,000 $30,000 �30,000 $35,000 $37,000 $40,000 a Interest , �, $ 8, 81.8. 75 $,553-75 . 8,553.75 8,283.75 8,283.75 7,723.75 7,723•75 7,005.00 7,005.00 6,267.50 6,267.50 5,367.50 5,367.50 4,�+52.50 �+,�+52.50 3 522.50 � r ��, 522. 50 ' 2,420.00 2, �+20. 00 1,300.00 1,300.00 Total Due $ 18,818.75 8,553.75 18,553•75 $,283.75 28,283.75 7,723.75 32,723•75 7,005.00 32,005.00 6,267.50 36,267.50 5,367•50 35,367•50 4,452.50 34,�+52. 50 3,522.50 38,522•50 2,420.00 37, �+20. 00 •1,300.00 41,300.00 NOW THEREFORE, BE IT RESOLVED that the Co?r,missior_er of HighV�ays be and is hereby requested to keep a bond r�cord in his office for the County. BE IT FURTHER RESOLVED that the Commissioner of Highways be and is hereby required upon receipt of this resolution to annually certify to the Commissioner of Finance the sum of money required f'or the principal and interesL on said bonds. J � • � � ,s � f ♦ � STATE OF MINNESOTA COUNTY OF D.AKOTA CITY OF MENDOTA HEIGHTS 1 �l I, the undersigned, being the duly qualified and acting Clerk of the City of Nendota Heights, Minn�sota, DO HEREBY CERTIFY that I have compared the attached and fore- going extract of minutes with the original thereof on file F in my office, and th�.t the same•�is� a fu1.l, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on the date the�ein indicated, insofar as such minutes relate to the o��:�ing and considering of bids for, and awarding tl�e sale c.i $360,000 State-Aid Road Bonds of 1975 of said City. WITNESS my hand and the seal of said City this day of , 1975, ,, � ; �:i r� � .� � � r ,. , � C � � -- _ >. y' '^ ��+' ' `,- ; . ; - % �( �EAL ) � ..... -_ , _ i t " r`'' \ � . rr , , ! • �� -.- . � t ._ _. . _ . - . • " r . - ' C . �� .... - ..- -,V. . ..y.-. _ ..� ....... _ _ ..' .-...+" ' -� " ' ,r,� " "--�-�.." NONARBITRAGE CERTIFICATE FOR STATE-AID ROAD BONDS We, the duly qualified and acting Mayor and Clerk-Tr.easurer of the City of P�endota Heights hereby certify and reasonably expect as fo1loU�s with respect to �360,000 State-Aid Road Bonds of 1975 dated March l, 1g75: l. All contracts for the cons�ruction of the project to be financed by said bonds have b�en let. 2. Work on said_project has proceeded, and is expected to proceed, with due diligence to completion. 3. At least 87% of the sp�ndable proceeds of said bonds will be expended for the governmental purpbses of said issue within three years of the date of issue of said bonds. 4. The original proceeds of said issue will not exceed the estimated dollar cost of the governmental purpose for which the bonds are issued less all other funds to be expended for paying such costs. 7. Property financed by said bonds, h��s not been and is not expected during the life of said bonds to be � sold or otherwise disposed. 6. In the event that the "original proceeds", plus "investment proceeds" from the investment or reinvestment of original proceeds, should at any time exceed the ag�regate _. . . _,.. l _.. _ .. . _ .._.__ ,�_., _ . _. ___...�..� .. amounts needed for the governmental purpases of �he bonds, �,,.� . all such proceeds shall be credited to a fund for the paym�ent of the bonds and interest �hereon, wha.ch may result in a reduc�ian of the taxes levied for this purpose and other�- wise required to be a�s�ssed and extended annually on the tax rolls. Any accrued interest and premium received upon the sale of said bonds is applied ta �he first in�Eerest due. 7. No part af the bond proceeds will be used �a F establish any reserve f'or the p�ym�nt of such bonds. 8. On the basi"s of the foregoing, it is not expected that �he proceeds of said bonds will be used in a manner vrhich v�rould cause the bonds to be arbitrage bonds � within �he meaning of Secta.on 103(d) of the Internal Rev�nue Cade. � 9. �'a the bes� of �he knowledge and belief of �he undersigned, there are no other facts, estimates or circums�ances wY�ich would ma�erially change the foregain� conclusion. � . � 10. The Cit3� has not been notified of any ].isting ar propased listing, of it by the Tnternal Revenue Service as a, City whose nanarbitr�,ge certificates may no� be relied upon. � � i 1 1 { WITNr�SS�aur hanc�s and the seal of said City this , . l,3'� day of �� , 197� • i .. 1 t � � . t i # . 1 ,+ _ � _� , . � , � � �... - � �-- � r� �. � ( SEAL ) � .,. , --- ��` j . r� � �, f fi ! ? ~~ t! �' i-i.i�''k� �J � P�tayor ♦ � � • •. � SIGNATURE CERTIFICATE � STATE OF MINNESOTA COUI�ITY OF DAKOTA CITY OF NlENDOTA HEIGHTS We, the undersigned, being respectively th� duly qualified and acting Mayor and Clerk of the City of 1�Zendota Hei�hts, Dakota County, P�4innesota, DO H�REBY CERTIFY that vae did on the day of , 197�, in our official capacities as such officers sign our ovan proper names and cause the corpor�.te seal of the City to be affixed to $360,000 State-Aid Road Bonds of 1975, of said City, dated March 1, 1A75, said bonds being 72 in number and numbered from 1 to 72, both inclusive, each in the denomination of $5,000. Said bonds mature serially, loU�est numbers first, on June 1 in the years and amounts as f'ollows: f $10,000 in each of•the years both inclusive; $20,000 in the year 1986; $27,000 in each of the years $30,000 in each of the years both inclusive; $3�,000 in each of the years $40,000 in the year 1994. 1977 to 1987, 1987 and 1988; 198g ta 1991, 1992 ar.d 1993; and WE FURTHER CERTIFY that the undersigned Cl�rk of the City is also the duly qualified and acting Treasurer of said City. �aE FURTHER CERTIFY that we ai�e now and vrere on the date of signing such bor�ds, the duly qualified and acting officers therein indicated, and duly authorized to �xecute the same, and we hereby ratify, confir�n, and adopt our facsimile signatures on the coupons on said l�onds as the true and proper signa-tures•for the execution thereof. WE FURTHER CERTIPY that said bonds have been in all respects duly executed for delivery conferz°ed upon us as such officers; and `f' other than those above described have be to such authority, and that none of the records which have been certified to the bonds or the attoi�neys approving the sam manner repealed, amended or changed, and no chang� in the financial condition of pursuant to authority no obligations en issued pursuant proceedings or purchasers of said e have been in any that there has been the City, or of the facts affecting said bonds, exce�t as shown by the proofs furnish�d. � 0 WE FURTHER CERTIFY that there is no litigation threatened or pending questioning the organization or boundaries of said City, or the right of any of us to our respective offices, or in any manner questionin� our right and power to execute and deliver said bonds, or other��ise questionin� the validit;y of said bonds or the power of the City of' use state-aid road funds f'or the payment of thc bonds and the interest thereon. WITIdESS our hands and the seal of said City this /��day of //�//��c� , 1977. 1 � �� Mayor . � f 0 P � � 1 • _ . Resolution No, 75-16 TREASURER' S RECEIPT�'''� � STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF NIENDOTA HEIGHTS I, the undersigned, being the duly qualified and acting Treasurer of the City of Mendota Heights, Dakota County, T�Zinnesota, DO HEAEBY CERTIFY AND ACKNOjti'LEDGE that on the i�� day of�yl�� , 1975, I received fror.► �%�-��C�, `l�%c �G�r .u� � ,F�T"n-�-,s � _ �"�e� wl /?%`.�,- . , t h e purchaser thereof, the purchase pri.ce of .3 0,000 State- Aid Road Bonds of 1975, dated DZarch l, 197�, said purchase price being as follows: .- " Par Value Discount Sub-Total �3�0,000 5 2 �.o � S� 78 0 Accrued interest from March 1, 1g77 to date hereof • . ��°'%�— TOTAL $ �SS, �f -r 8� �c � and I did thereupon deliver said bonds to said purchaser. WITTIESS my hand as Treasurer of said City this /�� day of /1�l�-�� , 1g7�