Res 74 - 68 Extract of Minutes of Meeting of the City Council of MH (7/30/1974)EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL 0� THE CITY
OF MENDOTA "HEIGHTS, MINNESOTA
HELD: JULY 30, 1974
Pursuant to due call and notice thereof, a special
meeting of the City Council of the City of Mendoia Heights,
Dakota County, Minnesota, was duly held at the City Hall
in said City on the 30th day of July, 1974, at 8:00 o'clock
P.M., C.D.S.T., for the purpose of opening and considering
bids for and awarding the sale of $660,000 Temporary
Improvement Bonds, Series 1974 of said City.
The following members were present: Wahl, Lockwood,
Losleben
and the following were ab sent : Huber, Gutzmer
The Clerk presented a#'fidavits sho�zing puhlication
of notice of call for bids on $660,000 Temporary� Improvement
Bonds, Series 1974 of the City, for which bids v�rere to be
received at this meeting, in accordance Tnrith the re�olution
adopted by the City Council on June 18, 1g74. Said
affidavits were examined, found to comply with the provi-
sions of Minnesota Statutes, Chapter 475, and Urere 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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The Council then proceeded ta consider such bids.
After �he bids had been considered and discussed, member
I,ackwaod introduced the fallawing resolution
and moved 3t s adopta.on : � .
xEsozU�sor� No. �4-70
RESQLUTION ACCEPTING BID ON SALE OF
$66Q,000 TEMPORARY IMPROVEMENT
BONDS, SERIES 1974
AND PROVIDING FOR THEIR SSSUANCE
BE IT RESOLVED by the Council of the City of
Mendota Heights, Minnesota, as follaws:
1. That �he bid of R.S. peterson
to purchase $66Q,000 Temporary Impravement Bonds, Seri.es 1974
of the City, in accardanc� with the no�ice of band sale,
at the rates of interest hereinafter set farth, and ta pay
therefar the sum of � 656,700 (plus a premium of -o- )
is hereby found, determined and declared to Tae the most
favorable bid received, and is hereby accepted and said
bonds are hereby awarded �o said bidder. `�he City Clerk
is direc�ed �o retain the deposit of said bidder and �o
forthwi.th return the goad faith checks ar drafts to the
unsuccessful bidders. Said bonds shall be payabl��a� ta�
principal and interest at Fidelity sank and Trulst' Comp�ny �
of Minneapo].isr Minnesota , �
or any successor Paying Agent duly appointed by the City,
2. The $6b0,�000 negotiable coupon general obliga-
tian bonds of the City shall be dated August I, �97�4 and shall
be issued forthwith. Said bands shall be 132 in number and
numbered from 1 to 132, both inclusive, in the denomznatian
of ��,OQQ each, Al1 boncls shall mature on August 1, 1977.
3. Said bonds shall provide funds for the temporary
financing of the cons�ruc�ian of sewer, wa�er and street
improvements in the City. The total cos� of said improvements,
including the cost of construction under the terms of the
loz�est bid received, engineering, legal and other professional
charges, publicat3on and prin�ing costs, interest accruing
an maney borrowed for the iznprovements before �he collection'
of special assessments levied therefor, and all other cos�s�
necessarily a.ncurred and �o be incurred from the inception �
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to the completian of the improvements, is estimated to be
at least equal to the amaunt of the bonds herein autharized.
Work on the impravements sha11 proceed with due dil�gence
�o comple�ion. �
�
�. The bonds of said issue maturing in the years
and bearing the ser�_al numbers set forth below shall bear
interest, payable February l, 1g75 and semiannually there-
after on August 1 and February 1 or each year, at the respec-
�ive rates per annum set opposite said maturity years and
serial numb ers:
Maturity Years Seriai Numbers Interest Rate
1977 I-32
6.�
5. All bonds of this issue shall be sub j ect ta
redemption and prepayment at the option of �he City in inverse
order of serial numbers, on August l, 1976 or February l, 1.q77
at par and accrued interes�. Pub lished notice of redemp�ion
shall in each case be given in accordance with law, and at
least th�rty days prior mailed natice of' redempti.on sha11
be given �o the bank c�here said bonds are payable and to
the registered holders, provided that published notice alone
shall be effective without mailed notice.' Holders� desiring
to receive mailed notice must register �heir names, addresses
and b and numbers with the City Clerk.
6, The bonds and interest coupons to be issued
hereunder sha1�. be in substantially the fallowing form:
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No .
UNITED STATES OF AMERIGA
STATE OF MINNESOTA
DAKOTA COUNTX
CTTY 4F MENDOTA HEIGHTS
TEMPORARY IMPRQVEMENT
BOND , SERIES 197�#
$5,000
KN04J ALL MEN BY THESE PF�ESENTS that �he City of
Mendota Heigh�s, Dakota Caunty, Minnesota, cer�ifies that
i� is indebted and far value received promises to pay to
bearer the sum cif '
on the first day
therean from the
at the rate of
per cen'c (
February, 197
day of August
in accardance
the interest
become due.
FIVE TH�USAND DOLLARS
oi Augus�, 1977 and to pay interest
date hereof unt�l the principa3 is pai.d
�) per annum, payable an �he firs'c day of
5 and semiannually thereafter on �he first
and the first day of February in each year,
with and upon presentatian and surrender o�'
coupons hereto attached, as� the s�az�e seyerally
Both principal and interes� are payable a�
>
or any suecessor Paying Agent duly appoin�ed by the City,
in any coin or currency of the United States af America
which at the time ai payment is legal tender ior public
an.d privat e deb t s.
All bonds of this issue are subject ta redemption
and prepayment at the option of the City in inverse order
af serial numbers, an August l, 1.976 or February l, 1977
at par and accru.ed interest. Pub lished notice of redemption
shall in each case be giv�n in accardance with law, and at
least thirty days przor mailed notice of redemptian shall
be given to the bank where said bands are payable and to the
registered holders, provided that published notice alone•
sha11 be effec�ive without mailed notice. HaldErs desiring
ta receive mailed notice must register their names, addr�esses
and bond numbers with the Ci�y C1erk.
�
This bond is one af an issue in �he total principal
amount of $660,000 a11 af like date and tenor, exce�t as to
serial number, which bond has been i.ssued pursuant to and in
full conformity with the �ons�i�u�ion and laws of the Sta�e
of Minnesata far the purpose af providing money for the .
temporary financing of the canstruction of sewer, water and ,
stree� improvements in the City and is payable out of the
Temporary Improvement Bonds, Series 1974 Fund of the City,
to,which fund there has been irrevocably pledged the special
assessments �o be levied in respect to the improvements
financed by said issue, and inta which fund �fiere are to be
paid the proceedS af the defini�ive improvemen� honds �hich
the City is required by Iaw to issue at or prior to the matur-
ity of this band far the purpose af refunding �he same if the
special assessments and taxes there�afore callec�ed, or any
o�her municipal funds which are properly available and are
appropriated by �he City Council for Such purpose, are not
sufficient for the payment ihereof, This bond constitutes
a general obliga�ion 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 faith and credi� af said
City have been and are hereby irrevocably pledged.
ST IS HEREBY CERTTFIED AND RECITED that al2 acts,
canditions and things required by the Constitu�ion and laws
of the State of Minnesota to be done, to happen and �o b�
performed, precedent to and in �he issuance of this bond,
have been done, have happened and have been perf armed, in
regular and due form, time and manner as required by law,
and this bond, tagether with all other debts of the City
outstanding on the date hereaf and the date of i�s actual
issuance and delivery does not exceed any consti�u�ional
or statutory li�nitata.on of indebtedness .
IN WITNESS WHEREOF, the Gi.ty of Mendota Heights,
Dakata County, Minneso�a, by its City Counc�l has caused
this bond to be executed in its behalf by the signatures of
the Mayor and the Ci�y C1erk, and the carporate seal of
said City to be affixed hereto, and has caused the inter-
est coupons io be executed and au�henticated by �he facsimile
signa�;ur� af �aid of,�icers, a11 as of August l, 197�t •
������� ,����X1t,C, /al� t�t3t�c�i.u+-a-ci�
rk Mayor �. �'
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'I�Y!k�T^r��+... _r\yT... .-irvt .�...y . . . .,. ...�.a
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{Farm af Coupon}
No. $ ,
On �he first day of February (August), lg , unless
the band descr�bed below is called for earlier redemption, the
City af' 1Mendota Heights, Dakota Coun�y, Minneso�a, will pay to
bearer at ,
or any successor Paying Agen� duly appointed by the City,
the sum shawn hereon for interest then due on i�s Temporary
Improvemen� Band , Series 197�1 No. dated August l, 1�7�1.
fsJ Facsimile /sI Facsimile
City C1erk Mayor
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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 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 pertaining there-
to shall be executed by the printed, engraved or lithographed
facsimile signatures of the Mayor and Clerk. "
8. The said bonds when so prepared and executed
shall be delivered by the Treasurer to the purchaser thereof
upon receipt of the purchase price, and the said purchaser
shall not be obliged to see to the proper application thereof
9. There is hereby created a s
designated "Temporary Improvement Bonds,
to be held and administered by the City T
and apart from all other funds of the Cit
shall be maintained in the manner herein
of the bonds herein authorized and the in
been fully paid. In said fund there shal
separate accounts, to be designated as th
Account" and the "Sinking Fund Account'r,
proceeds of the sale of the bonds herein
any premium and accrued interest received
any amount paid for said bonds in excess
less capitalized interest in the amount o
be credited to the Construction Account,
be paid all costs and expenses of making
including the costs of construction contr
and all other costs incurred and to be in
moneys in said accouni shall be used for
provided that the bond proceeds mav also �
�ecial fund to be
3eries 1974 Fund"
�easurer separate
,� . Said fund
�pecified until all
;erest thereon have
L be maintained two
� "Construction
^espectively. The
�.uthorized, less
thereon, and less
>f $656,500.00, and
' $ , shall
'rom �vhich there shall
>aid improvements,
�cts heretofore let
:urred and the
io oth.er purpose,
IP_ lISP_C3 'f;l� f:�'1P
extent necessary to pay interest on said bonds due prior
to the anticipated date of commencement of the collection '
of special assessments herein levied, and provided further
that if upon completion of said improvements there shall
remain any unexpended balance in said Construction Account,
said balance may be transferred by the Council to the fund
of any other improvement instituted pursuant to Chapter 429
M.S.A. There is hereby pledged and there shall be credited
to the Sinking Fund Account, all collections o�' special assessments
herein covenanted to be levied, all accrued interest receiv�d
upon delivery of said bonds, all funds paid for the bonds i�
excess of $656,500.00, capitalized interest in the amount of
$ , and all funds remaining in said Construction
Account after completion of the improvements and payment
of the costs thereof, not so transferred to the fund of
another improvement, provided however, that upon termination
of the Sinking Fund Account all collections of such special
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. � 6
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assessmen�s herein levied no� used for the payment of said
temporary bonds shall be pledged and credi�ed �o the extent
necessary to the Sinking Fund Account of any definitive bands
is�ued �a pay in who3.e or part said temparary bonds. The
Sinking Fund Accaunt shall be used solely to pay principal
and interest on the bonds issued hereunder and any other '
general. obligation bonds of �he City hereaf�er issued by "�
the City and made payable fram said account.
Any (a) earnings or net profits derived from
inves�ment or depasit of the proceeds af saicli�ands na�
expended for said improvements, (b) acexued in�ere�t and
premium recezved upc�n the sale af said band�, and (c} any
other bond. proceeds not expended for said improvements c�ill
be applied against interest and/or principal due on said
bands within �hree years of their date of issue.
10. It is hereby determined that no less than
$ 600,000.00 of the cost of improvemen�s shall. be �aid by
special assessments �o be levied against every assessable
lo�, piece and parcel o,f land benefi�ted by s�ai.d impravements�.
Said amount i� nat less �han 20� c�f the co�� of the improve-
ments to �he City wi�hin the meaning of Minnesota Sta�utes,
Sectian 475.58, Subdivis�.an 1(3). The City hereby covenants
and agrees that it will do and perfarm as soon as they may
be done, all acts and things necessary f`or �he final and
valid levy of such special assessments, and in the event that
any such ass�ssment be at any ta.me held invalid wi.�h respect
ta any la�, piece or parcei of land due to any error, de�'ee�,
or irregularity, in any action ar proceedings �aken or to
be taken by �he City ar this Couz�cil or any� o�' the Ci�y af.ficers
or employees, ei�her in the making of such assessments or
in the performance af any candition precedent �hereto, the
Ca.ty and this Council wi11 forthwith da all such further
acts and take al]. such further proceedings as may be required
by law ta make stzch assessments a valid and binding l�en upon
such property. Said assessments shall �ae payalale a:n equal,
consecutive, annual a.ns�allments, t�zth general taxes for the
years shown below and with interest on the deferred balance
of a11. such asse�sments at �he rate of 7� per annum:
Improvement
Desi�nation
1973-1 {Marie East)
1973-3 (Transport Drive)
1974-1 (Inland Canst,)
1.974-5 (Street Imp. )
:
., .�,,.,..,„-.._.. . ... .. _ . . _ .. _ ...._ ... .
Amount
��ao,aoa
360,000
110,Q00
70,000
660,000
�
Lev,y Years
75-81 '.
�5-93
75-93
75-51
For the prompt and full payment of the principal
of an 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.
11. To further provide moneys for the prompt and
full payment of principal and interest on said temporary im-
provement bonds, the City shall issue and sell definitive
improvement bonds, at or prior to the maturity date of th.e
bonds issued hereunder, in such amounts as are needed to pay
the principal and interest then due on said temporary improve-
ment bonds after the application of the assessments and other
funds collected, and the appropriation of such other municipal•
funds as are properly available for such purpose. The Council
hereby finds, determines and declares that the estimated
collections of special assessments to be received before the
maturity date of said temporary improvement bonds, together
with the proceeds of any definitive improvement bonds to be
issued at or before said maturity date, and other revenues
pledged for the payment of said temporary improvement bonds
and the interest thereon will equal at least 5% in excess of
the principal and interest requirements of said temporary
improvement bonds as the same become due.
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.
13. The officers of the City are hereby author-
ized and directed to prepare and furnish to th,e �urchaser
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
their custody and control or as otherwise knovTn to them, arid
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 mo�ion for the adoption of the foregoing
resolutian was duly seconded by member r,osl.eben
and upon vote being taken thereon, the fol3.owing voted in
favor thereof: A11 yea ,
and the fallawin.g va�ed agaa.nst the same:
Whereupon said resolu�ion was declared duly
pa ss ed and adopt ed .
0
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S'I'ATE OF MINNESO�'A
COUNTY OF DAKOTA
CITY OF MEND4TA HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk of �he City of Mendota Heights, Minnesota, DO
HEREBY CERTIFX that I have campared the attached and fore-
gaing extract of minutes with the original thereof on file
in my office, and that the same is a fu11, true and comple�e
transcrip� of the minutes of a m�eiing af the City Cauncil
of sai.d City, duly called and held on the date �herein
indicated, insofar as such min�z��s relate to the opening and
considering af bids ior, and a�rarding the sale of $660,000
Temporary Improvemen� Bonds, Series 197�{ of said City.
WITNESS my hand and the seal of said City this
lst day af Auqust , lg 74 .
(S�AL )
�. �.�--.:,.,.�..�.
�:
CERTIrICATION OF MIIQUTES RELATING TO
$125,000 IMPROVEMENT BONDS OF 1974
Issuer: City of Mendota Heights, Dakota County, Minnesota
Governing Body: City Council
Kind, date, time and place of ineeting: p, Special meeting, held
July 30, 1974, at 8:00 o'clock P:�M. at the Council Chambers in
Mendota Hei.ghts, Minnesota ��
� Members present: wahl, I,ockwood, r�osleben
Alembers absent: Huber, Gutzmer
0
Documents Attached:
• Minutes of said meeting (pages) :
RESOLUTION NO. 74-68
RESOLUTION A�JARDING SALE OF $125,000 �
IMPROVEMENT BONDS OF 1974
RESOLUTION NO. 74-69
RESOLUTION AUTHORIZING AND ESTABLISHING
THE FORM AND DETAILS OF $125,000 IMPROVEMENT
BONDS OF 1974, AND APPROPRIATING SPECIAL •
ASSESSMENTS FOR THE'PAYMENT THEREOF
I, the undersigned, beinq the duly qualified and acting
' recording officer of the public corporation issuing the�bonds re-
ferred to in the title of this certific�te, certify that the docu-
ments attached hereto, as described ab��•e, have been carefully
compared with i.he original records of s.�id corporation in my legal
� custody, from �tihich they have been tran��cribed; that said documents
are a correct and cortplete transcript �� the minutes of a meeting
' of the governing body of said corporati�n, and correct and complete
copies of all resolutions and other actions taken and of all docu-
ments approved by the governing body at said meeting, so far as
they relate to said bonds; and that said meeting was duly helcl by
the governing body at the time and place and was attended through'-
out by the members indicated above, pursuant to call and notice of
such Meeting given as required by law.
, WITNESS my hand officially as such recording officer this
. day of , 1� 74 . .
(SEAz )
Signature
G M R.ADABAUGH. City Cler _
Name and Title
. The Mayor announced that this was the time and place
for the receipt and opening of sealed bids for the purchase of
$125,000 Improvement Bonds of 1974 of the City. The City Clerk
furnished affidavits of publication of the notice of sale in the
official newspaper of the City and in the Commercial West. Said
affidavits were approved and ordered filed in the office of the
City Clerk.
'.� The Clerk then stated that 6 sealed•bids had been
received, which were thereupon opened and read and found to be as
follows: �
0
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i�1GS RECCIVCD; JUI.Y 30, (974
�,125,000 CITY OF ME(�DOTA N��GHTS
PCRi9A�3EPJT 1( �PROVEP�iEi•3T �30NDS -
CP1��S �
6�� I�i> 75/8�
1�CC{}UPlT
h1AF?C�UETTE NAT I O��JAI. DAN{�
� s f flr�l�APOL f s, r4 I rdcdEsoTA
C}1 SC. rC0 �T F�/iTC
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Member wahl then introduced the following
resolution and moved its adnption:
RESOLUTION AWARDING SALE OF $125,000
IMPROVEMENT BONDS OF 1974
• BE IT RESOLVED by the City Council of the City of Mendo�a
Heights, Minnesota, that the highest and best bid for the purehase
of $125,000 Improvement Bonds of 1974 of the City, dated August 1,
1974, received pursuant to public advertisement for bids, is
that of Marquette National Bank , Of
Minneapolis , Minnesota , and associates, said
bid stating a price of $ and accrued interest, for bonds
to'be issued in accordance with the published notice of sale and
to bear interest at the following rates per annum: '
Maturity Years
1975-1986
Interest Rate
6.1�
� Said bid is hereby accepted, and said bcnds are hereby delcared
° to be awarded to said bidder. The Mayor and Clerk are hereby
authorized to execute the contract for sale of said bonds to said
bidder in behalf of the Ci.ty, and the good faith check of said
bidder shall be held by the City pending delivery of and payment
for the bonds. The.good faith checks of the other bidders shall
be returned to them by the Clerk.
Attest:
_ �( �I�( _ /Jy {/�+ f/ V 4l/�`� VIi/�V � V ✓` �
� " � Mayor -
��„ ,. G� .
"' • The �iotion /�o�f the adoption of the foregoing resolution,
�/
was duly seconded by Member r�osleben , and upon vote being
taken thereon, the following voted in �avor thereof: All yea
`' and the following voted against the same:• None
whereupon said resolution was dec�.ared duly passed and adopted and
was signed by the Mayor and actested by the City Clerk.
Member Losleben thereupon introduced the following
resolution and moved its adoption:
RESOLUTION AUTHORIZING AND ESTABLI5HING THE
FORM AND DETAILS OF $125,000 IMPROVEMENT
BONDS OF 1974, AND APPROPRIATING SPECIAL
ASSESSMENTS FOR THE PAYMENT THEREOF
BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
� l. It is hereby found and determined that the City did
heretofore issue $340,000 Temporary Improvement Bonds,�Series 1971,
dated November 1, 1971, for the purpose of paying costs of the
City for construction of a local improvement, which bonds v,iere
authorized by resolution of the Council ado.pted on October 5, 1971;
that all of said bonds were validly issued and constitute legal
obligations of the City in their full amount; that all of said
bonds are now outstanding and become due and payable on November 1,
1974; that the amount of moneys remaining on hand in the Temporary
Improvement Bond Fund and available for the payment of said Temporary
Improvement Bonds is approximately equal to and not less than
$ 223,000 , of which amount $ 5,950 is required for the payment
of interest on said bonds coming due on their maturity, and $ 215.000
is available for and will be applied to payment of principal; and
that it is necessary to issue $125,000 definitive improvement bonds,
including $1,500 of bonds representing inte.r.est, as authorized by
Minnesota Statutes, Section 475.56, to refund $ 340;00o principal
amount of said Temporary Improvement Bonds maturing on November l,
1974.
2. There is hereby created a fund to be known as the
1974 Definitive Improvement Bond Fund, �rhich shall be maintained at
all times as a separate account on the books of the City. Intc it
shall be paid from the Temporary Improvement Bond Fund any bond •
proceeds or special assessment collections received on account of
the issuance of said Temporary Improvement Bonds, Series 1971,
to the extent that they are not applied to the payment of principal
and interest due on said bonds on November l, 1974. Into said 1974
Definitive Improvement Bond Fund shall also be paid the accrued
interest received upon delivery of the bonds herein authorized, any
amount by which the purchase price exceeds $123,500, and the
collections of all special assessments levied on account of the
improvement financed.by said 1971temporary bonds,. and the collections
of all general ad valorem taxes hereafter levied for payment of the
bonds herein authorized. Moneys in said 1974 Definitive Improvement
Bond Fund shall be used only for the payment or prepayment of
principal and interest on the bonds herein authorized.
3. The definitive impravement bonds of the Ci�y
herein deter.mined �o be issued shall be designated as "Improve-
ment Bonds of 1974�" al1 payable primarily from the 1974
Definitive Tmprovement Bond Fund of the City. Th�y shall farth-
with be issued and dela.vered to Marquette National sank
of Minneapalis , Minnesota , as the success.ful bidder
for, in accordance with the official advextisement for bids
fore published and the bid of said bidder accepted by this
Said bonds shaJ.l be dated as af August l, 1974, shall be 25
number and numbered serially from 1 ta 25r,i11Clusl.ve� each in the
denomination of $5,000, and shall mattxre serially on August � in
the years and amaunts set �orth below, and the bonds af each
maturity shall bear interest at the rate per annum opposite
year of maturity, as ft?I�4WS .
there-
hereto-
Council.
in
Year
19?5
1976
1977
19'7 8
1979
I980
Ati24Ili2'�
$10,Q00
10,000
10,000
10,000
io,oaa
I0,000
Rate
Year
Amount
$10,000
10,000
10,000
�o,aoo
lo,000
1`5, 000
Rate
6.1�
6.1
6.1
6.1
�.�
�. �.
7
the
AIl interest shall be payable �emiannually on each February l and
_� August l, commencing February ]., 1975, The bonds maturing in
the years 3.975 through 1g83 shall be without option of prior payment,
. but those maturing in 1984 and Iater year.s shall each be subject
to redemption and.prepaymen.t at the option of"the City in inverse
.. orderof serial numbers an August l, 1983, and any intere�t payment
•.,date therea�ter, at par and accrued interest. All redemptions
" � shal2 be made oz� notice of cal1. for redemption published not less
� than 30 days prior to the date specified for redemption a.n a dail.y
'` or weekly per�c,dical publi�hed in a Minnesata city of the first
class or its m!:�ropalitan area, wh.ich circulates throughout the
state and furn�:shes financial rzews as a part of its service . Th �
. notice �hall a?_�o be 3nailed to the bank �at wha.ch principal of and
.,interest on sa�.d bands is then payable, but published notice shall
� be effective withaut mailing. The principal of and interest on
said bonds shall be payable at Marquette National Bank
i� Minneapolis , Minnesota , and the City hereby agrees to
pay the reasonable and customary charges of said pay.i.ng agent for
. the receipt and disbursement thereof. �
4. Said bonds and the interest coupons appurtenant thereto
shall be in substantially �he following farm:
, : I
UNITED STATES OF AMERICA
STATE OF .MINIQESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
IMPROVEMENT BOND OF 1974
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of Mendota �
Heights, Dakota County, Minnesota, acknowledges itself to be
indebted and for value received promises to pay to bearer the sum
of FIVE THOUSAND DOLLARS on the lst day of August, 19 , or, if this
bond is redeemable as stated below, on a date prior thereto on which
it shall have been duly called for earlier redemption, and to pay
interest thereon at the rate of
percent ( �) per annum, from the date hereof until said principal
sum is paid, or, if this bond is redeemable, until it has been
duly called for earlier redemptYon. Interest on said bonds is
payable semiannually on February 1 and August 1 of each year,
commencing February 1, 1975, interest to maturity being represented
by and payable in accordance with and upon presentation and surrender
of the interest coupons appurtenant hereto. Both principal and
interest are payable at
in , , in any coin or currency
of the United States of America which on the respective dates of
payment is legal tender for public and private debts. For the prompt
and full payment of said principal and interest as the same res-
pectively become due, the full faith, credit and unlimited taxing
powers of said City have been anc3. are hereby irrevocably pledged.
This.bond is one of an issue in th� aggregate principal
amount of $12��000, all of like date ar.d tenor except as to serial
number, intere�,�t rate,,redemption•privzlege and maturity date,
issued for the purpo�e of paying and rafunding at maturity a portion
- of the principal amount of temporary ingrovement bonds•issued in �
1971, and is issued pursuant to and in full conformity with the
provisions of the Constitution and laws of the State of Minnesota
thereunto enabling. This bond is payable primarily from the 1974
Definitive Improvement Bond Fund of the City, but the Council is •
required by law to pay maturing principal hereof and interest
hereon out of any funds in the treasury if moneys on hand in said
special fund are insufficient therefor.
Bonds of this issue maturing in 1Q83 and earlier years are
without option of prior payment. Bonds of this issue maturing
in 1984 and later years are each subject to redemption at the
option of the City in inverse order of serial numbers on August 1,
1983, and any interest payment date thereafter at a price of par
plus accrued interest. Notice of call for redemption will be
�
�
published not less than 30 days before the date specified for
redemption in a financial periodical published in a Minnesota city
of the first class or its metropolitan area.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that
all acts, conditions and things required by the Constitution and
laws of the State of Minnesota to be done, to exist, to happen
and to be performed precedent to and in the issuance of this
bond in order to make it a valid and binding general obligation
of said City according to its terms have been done, do exist,
have happened and have been performed as so required; that prior
to the issuance hereof the City has duly levied special assessments
for the years required and in amounts sufficient to produce sums
not less than 5� in excess of the amounts required to pay the
principal of and interest on the bonds of this issue as such prin-
cipal and interest respectively become due, and has appropriated
the same to said fund, and ad valorem taxes, if needed for said
pn�pose, may be levied upon all taxable property within the City
without limitation as to rate or amount; and that the issuance
of this bond did not cause the indebtedness of said City to exceed
any constitutional or statutory limitation. •
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 signature of its Mayor,� attested by
the signature of the City Clerk, and the corporate seal of the
City to be affixed hereto, and has caused the interest coupons
appurtenant hereto and the certifi.cate as to legal�opinion on the
reverse side hereof to be executed and authenticated by the
facsimile signatures of said officers, and has caused this bond
to be dated as of August 1, 1974.
Attes
No.
�, + �
� I • y � , is�
r '
n)
$
On the 1:.��_ day of February (August) , 19 ,_unless the bond
described below is subject to and has been duly called for earlier
redemption, the City of Mendota Heights, Dakota County, Minnesota,
will pay to bearer at
, in , , the sum
shown hereon in lawful money of the United States of America for
interest then due on its Improvement Bond of 1974, dated August 1,
1974, No. .
(Facsimile signature) (Facsimile signature)
City Clerk Mayor
(Certiiica�e as to legal opinion to be printed
on the reverse side af each bond}
We certify that the above is a fulZ, true and carrect copy of
the legal opinian rendered by bond counsel on the issue af bonds of
the City of Mendota Heights, Minnesota., which includes the within
band, dated as af the date af delive�y of and payment for the bonds.
{Facsi�ile signature} {Facsimile signature}
'• City C1erk Mayor
0
t
5. The bands shall be �arthwith prepared �ar executian
under the direction of the City Clerk, and shall then be executed
by the signature o� the Mayor, attested by the City Clerk and
sealed with the corporate �eal of the City, and �he appurtenant
interes� coupons and the certiticate as ta legal op3nion sha11 be
executed and authenticated by the printed, lithographed or engraved
facsimile signatures of said Mayox a�d Clerk. When so executed,
the bonds shall be delivered by the Treasurer to the purchaser
thereof, upan payment of the purchase price heretofore agreed upon,
and said purchaser shall nat be obligated to see to the application
of �he purchase,price. Not less than $123,500 of said purchase
price sha31, however, be credited and paid to the Temporary Imprave-
ment Bond Fund, for the redemption of the same principal amaunt of
said Temporary Improvement Bonds, due and�payable on November �,
1�974.
6. Tt is hereby found and determined that the City has
heretofore levied special assessments upan property bene�'ited by
said improvement in the aniount af $1,8os,988 , of which $ 1,511,000
principal amount remains uncollected. Sai.d asses�ments are payable
in equal annual installments in the years 1974 through 1.9 , with
interes� at the rate o� 7 � per annum an unpaid installments.
In the event that any assessments levied for �aid in�.provement be
at any time held invala.d with respect to any lot, piece ar parcel
of land, due ta any error, defect or i.rregularity in any action or
proceedings taken or ta be taken by the City or this Council or �
any of the Cit��'s officers ar employees, either in the making of
such assessment ar in the performance of any conditian precedent
thereta, the City and this Council hereby covenant and agree that
they will forthwith da aIl sueh further acts and take� all• su�li.��:��;,` "
further proceedings as may be requ.ired by law to make such asse'ss='
men� a valzd and binding lzen upon such property.
7. ��'he �ull �aith, credit and taxing powers of the City
are her�by irr�:vocably piedged to the payment of the principal of
and interest oie the bonds when due; and, if necessary for the pa°�r-
ment of such Y�:incipal'and interest, the City will Ievy ad valorem
taxes on all. t��xabl.e property within its corporate la.mits, without
limitat3an as to rate or amaun,�t:. ��-�.However, i.t is estimated that the
special assessments and intere�t there�an pledged to -�he payment
of ti�e bonds will be=not less than 5� in excess af the amaunts
needed to pay such principal and interest when due, and accordingly
no tax i.s levied at thi.s time.
8. The CZerk is hereby directed to file a certified
copy of this resolution with the Caunty Auditor of Dakota County
and to obtain ;aid Auditor's certificate as to bond registration;
and the afficers of the City are hereby autharized and directed to
furnish to the purchaser of said bonds, and to the attorneys
approving the legality thereof, certified copies of all ordinances,
resolutions and other actians and proceedings of �he City relaLing
to the issuance of said bonds, and certificates and affidavits a�
d
, '.
__ to all such other matters as may be required by them to evidence
the legality and marketability of said bonds, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed recitals of the City of Pdendota Heights
as to the correctness of all statements contained �herein.
:�
9. When all bonds issued pursuant to this resolution,
and all coupons appertaining thereto, have been discharged as
provided in this section, all pledges, covenants and other rights
granted by this resolution to the holder-,s of the bonds shall cease.
The City may discharge all bonds and coupons w�ich are due on
any date by depositing with the paying agent or agents for such
bonds on or before that date a sum sufficient for the payment
thereof in full; or if any bond or coupon should not be paid when
d�ue, it may nevertheless be discharged by depositing with the paying
agent a sum sufficient for the payment thereof in full with interest
accrued Lo the date of such deposit. The City may also discharge
any prepayable�bonds according to their terms, by depositing with
the paying agent or agents on or before that date an amount equal
to the principal and interest which are then due, provided that
notice of such redemption has been duly given as provided herein.
The City may also at any time discharge any issue of such bonds
in its entirety, subject to the provisions of law now or hereafter
authorizing and regulating such action, by calling all prepayable
bonds of such issue for redemption on the next date when they may
be prepaid in accordance with�:'their terms,,��:giving the notice
required for such redemption, and'by depositin°g irrevocably in
escrow, with a bank qualifi�d by law as an escrow agent for this
purpose, cash or securities which are general obligations of�the
United States or securities of United States agencies which are
authorized by law to be so deposited, bearing interest payable
at such times and at such rates and maturing on such dates as
shall be required to pay aIl principal and interest to become-
due on all bor:c:s of the issue on and before said� redemption
date. �
DONALD HUBER -. - - • , .
Mayor
Attest: G.M. RADABAUGH
Clerk
The motion for the adoption of the foregoing resolution
was duly secortc:.ed by Member r�ockwood
,. 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 and
was signed by the Mayor and attested by the City Clerk.
9
�
�'