Res 73 - 28 Awarding Sale of $1,450,000 Improvement Bonds, Series 1973Me mb e r Wahl
then introduced the following resolu-
and move d it s adopti on :•��so�ur�a� No. 73-aS
RESOLUTION AWARDING SALE OF
$1,�450,000 IMPROVEMENT BONDS, SERIES 1973
BE IT RESOLVED by the Village Council of the Village of
,, Mendota Heights, Minnesota, that the highest and best bid for the
'� purchase of $1,450,000 Improvement Bonds, Series 1973 of the
Village, dated May 1, 1973, received pursuant to public advertise-
ment for bids , is that of First National Bank �
of St. Paul , Minnesota , and associates, said bid stating a
price of $ 1,435,52�.90 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 Interest Rate
�
i
t
�
,�:
1975/1979
1980/1981
1982%1984
I985
1986/1988
4 1/2X
4.6X
4 3/4�
,
4.8�
4.9X
1989/1991 SX
Said bid is hereby accepted, and sai•d bonds are hereby declar.ed
to be awarded to said bidder. The Mayor and Clerk are hereby auth-
orized to execute the contract•for sale of said bonds to said
bidder in behalf of the Village, and the good faith check of said
bidder shall be held by the Village pending delivery of and payment
for the bonds. The good faith checks of the other bidders shall
be returned to them by the Clerk.
The motion for the adoption of the foregoing resolution
5
was duly seconded by Member Losleben , 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.
Member Gutzmer thereupon introduced the following
resolution and moved its adoption: ��so�.4r,o,� Na. za-a9
RESOLUTION AUTHORIZING AND ESTABLISHING
THE FORM AND DETAILS OF $1,450,000
IMPROVEMENT BONDS, SERIES 1973, AND
LEVYING TAXES AND APPROPRIATING SPECIAL
ASSESSMENTS FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the Village of Mendota
Heights, Minnesota, as follows:
1. It is hereby found and determined that the Village
did heretofore issue $1,550,000 Temporary Improvement Bonds, .
Series 1g70, dated June 1, 1970, for the purpose of paying costs
of the Village for construction of local improvements, whicY� bonds
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,
1
were authorized by resolution of the Council adopted on May 5,
1970; that all of said bonds were validly issued and constitute
legal obligations of the Village in their full amount; that all
of said bonds are now outst anding and become due and payable on
June 1, 1973; 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 $156,850, of which amount $41,850 is required for
the payment of interest on said bonds coming due on their maturity,
and $115,000 is available for and will be applied to payment of
principal; and that it is necessary to issue $1,550,000 definitive
improvement bonds, including $15,000 of bonds representing interest,
as authorized by Minnesota Statutes, Section 475•56, to refund
$1,435,000 principal amount of said Temporary Improvement Bonds
maturing on June l, 1973.
2. There is hereby created a fund to be known as the
��1973 Definitive Improvement Bond Fund, which shall be maintained
at all times as a separate account on the books of the Village.
Into 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 1970,
to the extent that they are not applied to the payment of princi-
pal and in�erest due on said bonds on June l, 1973. Into said 1973
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 exceed� $1,435,000, the
collections of all special assessments levied on account of the
improvements financed by said 1970 temporary bonds, and the collec-
tions of all general ad valorem taxes herein or hereafter levied
for payment of the bonds herein authorized. Moneys in said 1973
Definitive Improvement Bond Fund shall be used only for the payment
or prepayment of principal and interest on the bonds herein author-
,ized, including premiums for redemptions before maturity.
. 3. The definitive improvement bonds of the Village here-
inabove determined to be issued shall be designated as "Improve-
ment Bonds, Series 1973", all payable primarily from the 1973
Definitive Improvement Bond Fund of the Village. They shall forth-
with be issued and deliv�red to First National Bank
, of St. Paul , Minnesota ,
as the successful bidder therefor, in accordance with the official
advertisement for bids heretofore published and the bid of said
bidder accepted by this Council. Said bonds shall be dated as of
May 1, 1g73, shall be 290 in number and numbered serially from 1
to 2g0, inclusive, each in the denomination of $5,000, and shall
mature serially on August 1 in the years and amounts set forth
below, and the bonds of each maturity shall bear interest at the
rate per annum shown opposite the year of maturity, as follows:
Ye ar
1975
1976
1977
1978
1979
1980
19 81
1982
1983
Amount
$70,000
go,000
go,000
g0,00o
90,000
90,000
g0,000
g0,000
g0,000
Rat e
4 1/2%
4 1/2`/,
4 1/2%
4 1 / 2`/,
4 1/ 2'/,
�
4.6x
Q
=�'_4:6%�'
4'3/4X
4 3/4%
�
Year
1g8�+
1985
1986
1987
1988
1989
1990
1991
Amount
$g0,000
go,000
80,000
80,000
80,000
�80,000
80,000
80,000
Rate
4 3/4%
4.8%
4,. 9 %
4.9%
4.9%
5%
5%
5%
All interest shall be payable semiannually on each February 1 and
August l, commencing February l, 1974. The bonds maturing in
1g85 and earlier years shall be without option of prior payment,
but those maturing in 1g86 and later years shall each be subject
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to redemption and prepayment at the option of the Village in inverse
order of serial numbers on August l, 1985, and any interest payment
date thereafter, at par and accrued interest, plus a premium of
1% of par value for any bond redeemed on or before August l, 19$7,
or no premium for any bond redeemed on or after February l, 1988.
All redemptions shall be made on notice of call for redemption
published not less than 30 days prior to the date specified for
redemption in a daily or weekly periodical published in a Minnesota
city of the first class or its metropolitan area, which circulates
throughout the state and furnishes financial news as a part of its
service. The notice shall also be mailed to the bank at which
principal of and interest on said bonds is then payable, but pub-
lished notice shall be effective without mailing. The principal
of and interest on said bonds shall be payable at
First National Bank , in St. Paul , Minnesota
and the Village hereby agrees to pay the re asonab le and customary
charges of said paying agent for the receipt and disbursement there-
of .
�4. Said bonds and the interest coupons appurtenant there-
to shall be in substantially the following form:
-4-
UNITED STATES �F AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
VILLAGE OF MENDOTA HEIGHTS
IMPROVEMENT BOND, SERIES 1973
� ., No,
KNOW ALL MEN BY THESE PRESENTS that �he Village of Mendata
Heights, Dakota County, Minneso�a, acknowledges itself to be
indebted and for value received promises �o pay to bearer the sum
af FTVE �HOUSAND DOLLARS an the lst day of August, i9 , or, if
this bond is redeemable as stated below, on a date prior �hereto
an which it shall have been duly called for earlier redemptian, ancl
to pay interest �hereon at the rate of
per cent ( �} per annum, f`rom the date hereof until sazd
principal. sum is paid, or, 3.f �his bond is redeemable, un�il it
has been duly called far earlier redemptian. Interest on said
bonds is payabl� semiannually on February 2 and Augus� 1 of each
year, commencing February l, 1g74, interes� to ma�uri�y being
represen�ed by and payable 3n accordance wzth and upon presentation
and surrender of the inicerest coupans appurtenant hereto. Bath
prine�pal and in�erest are payab3e at
� �-n > >
in any coin ar currency of �he United States af America which on
the respective dates of payment is legal tender for public and pri-
vate deb�s, For the prompt and full payment af said principal and
interest as the same respectively become due, the full faith,
eredit and unlimited taxing powers of said Village have been and
are hereby irrevacably pledged.
This bond �.s ane of an issue in the aggregate pr�.ncipal
amount of $1,�450,000, a1.1 of like date and tenor except a� ta
serial number, 2n�erest rate, redemption privilege and ma�urity date,
issued far the purpose of paying and refunding at maturity a por-
tian of �he principal amaun� of temporary impravemen� bonds issued
a.n 1970, and is issued pursuan� to and in full conformity wi�h
�he provisions af the Constitu�3on and laws of the State of Minne-
sota thereunto enabling. This bond is payable primar�.3y from the
�.973 Definitive improvemen� Bond Fund of the Village, bu� the
Cauncil 3.s required by law �a pay maturing przncipal hereof and
interes� hereon out of any funds in the treasury if maneys on hand
�.n said spec3al fund are insufficien� �herefar.
�``�.� Bonds af this issue maturing in 19$5 and earlier years
are without opiion of prior paymen�. Bonds of this issue ma�uring
in 1986 and later years are each subject to redemption at the
aption of the Village in inverse order of serial numbers on
August l, 1g85, and any interest payment date thereaf�er at a
price of 101� of par, plus accrued interest, i.f redeemed on ar be-
fare A�zgust 1, 1987, or par plus accrued interest if redeemed on
ar after February 1, 1988. No�ice af call far redemp�ion will be
published na�E less than 30 days before the da�e specified for r,e-
demp�ion in a financial periodieal published in a Minnesota city
of the firs'� class or i�s metropolitan area.
IT IS HEREBY GERTIFIED, RECITED, COVENANTED AND AGREED
that all acts, conditic�ns and �hings required by �he Constitution
and laws of the S'�a�e af Minnesota �o be dane, to exist, �o happen
and �o be performed precedent �o and in the issuance of this bond
in arder to mak� it a valid and birzding general obligation of said
Village accarding to its terms have been dane, do exist, have
happened and have been performed as so required; �hat prior �o the
3,ssuance hereof the Village has dul.y levied general ad val.orem
_�_
taxes and 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 principal and interest respectively
become due, and has appropriated the same to said fund, and
additional ad valorem taxes, if needed for said purpose, may be
levied upon all taxable property within the Village without limit-
ation as to rate or amount; and that the issuance of this bond
did not cause the indebtedness of said Village to exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF, the Village of Mendota Heights,
Dakota County, Minnesota, by its Village Council, has caused this
bond to be executed in its behalf by the signature of its Mayor,
attested by the signature of the Village Clerk, and the corporate
seal of the Village to be affixed hereto, and has caused the inter-
est coupons appurtenant hereto and the certificate as to legal
opinion on the reverse side hereof to be executed and authenticated
by the facsimile signatures of said officers, all as of May 1,
1973.
. ��
Attest:
No.
(Form of Coupon)
�
May o r
$
On the lst day of February (August), lg , unless the
bond described below is subject to and has been duly called for
earlier redemption, the Village 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, Series
1973, dated May 1, 1973, No. .
(Facsimile signature) (Facsimile signature)
Village Clerk Mayor
(Certificate as to legal opinion to be printed
on the reverse side of each bond)
We certify that the above is a full, true and correct
copy of the legal opinion rendered by bond counsel on the issue
of bonds of the Village of Mendota Heights, Minnesota, which in-
cludes the within bond, dated as of the date of delivery of and
payment for the bonds.
(Facsimile signature) (Facsimile signature)
- Village Clerk Mayor
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� y .
�
5. The bonds shall be forthwith prepared for execution
under the direction of the Village Clerk, and shall then be executed
by the signature of �;he Mayor, attested by the Village Clerk and
sealed with the corporate seal of the Village, and the appurtenant
interest coupons and the certificate as to legal opinion shall be
executed and authenticated by the printed, lithographed or engraved
facsimile signatures of said Mayor and Clerk. When so executed,
the bonds shall be delivered by the Treasurer to the purchaser
thereof, upon payment of the purchase price heretofore agreed upon,
and said purchaser shall not be obligated to see to the application
of the purchase price. All of said purchase price shall, however,
be credited and paid to the Temporary Improvement Bond Fund, for
the redemption of the same principal amount of said Temporary
Improvement Bonds, due and payable on June l, 1973• .
6. The full faith and credit of the Village shall be and
are hereby pledged to the prompt and full payment of said bonds
and the interest thereon. It is hereby found and determined that
the Village has heretofore levied special assessments upon property
benef.ited by said improvement in the amount of $ , of
which $ principal amount remains uncollected. Said
assessments are payable in equal annual installments in the years
1973 through lg , with interest at the rate of % per annum
on unpaid installments. In the event that any assessments levied
for said improvement be at any time held invalid with respect to
any lot, piece or parcel of land, due to any error, defect or
irregularity in any action or proceedings taken or to be taken by
the Village or this Council or any of the Village's officers or
employees, either in th� making of such assessment or in the per-
formance of any condition precedent thereto, the Village and this
Council hereby covenant and agree that they will forthwith do all
such further acts and take all such further proceedings as may be
required by law to make such as.sessment a valid and binding lien
upon such property.
7. There is hereby levied a direct, annual, ad valorem
tax on all taxable property in the Village, which shall be collect-
ible in the years and amounts as follows:
Collection Collection
Year • Amount Year Amount
The collections of the foregoing taxes are hereby irrevocably
appropriaied to the 1973 Definitive Improvement Bond Fund, and
shall be irrepealable except as provided in Minnesota Statutes,
Section �475.61, Subdivision 3.
8. It is hereby estimated that the collections of said
taxes and assessments and interest thereon will provide amounts
not less th an 105� of the principal of and interest on said bonds
as they become due.
9. The Clerk is hereby directed to file a certified
copy of this resolution with the County Auditor of Dakota County
and to obtain said Auditor's certificate in accordance with
Minnesota Statutes, Sections 475.61 through 475.63; and the offi-
cers of the Village and County are hereby authorized and directed
to furnish to the purchaser of said bonds, and to the attorneys
��
�, � -• �� .
+ _e
� v� .
approving the legality thereof, certified copies of all ordinances,
resolutions and other actions and proceedings of the Village re-
lating to the issuance of said bonds, and certificates and affi-
davits as to all such other matters as may be required�by them to
evidence the le gality and marketability of said bonds, and all
such certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed recitals of the Village of
Mendota Heights as to the correctness of all statements contained
therein.
10. When all bonds issued pursuant to this resolution,
and all coupons apper�aining thereto, have been discharged as
provided in this section, all pledges, covenants and other rights
granted by this resolution to the holders of the bonds shall cease.
The Village may discharge all bonds and coupons which 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 due, it
may nevertheless be discharged by depositing with the paying agent
a sum sufficient for the payment thereof in full with interest
accrue d to the date of such deposit. The Village may also dis-
charge 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, interest and redemption premium, if any,
which are then due, provided that notice of such redemption has
been duly given as provided herein. The Village 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, by giving the notice required for such redemption,
and by depositing irrevocably in escrow, with a bank qualified 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 de-
posited, bearing interest payable at such times and at such rates
and maturing on such dates as shall be required to pay all princi-
pal, interest and redemption premiums, if any, t o become due on
all bonds of the issue on and before said redemption date.
•The motion for the adoption of the foregoing resolution
was duly seconded by Member ��uber , and upon vote being taken
thereon, the following voted in favor thereof: a11 yea
and the following voted against the same: �aY1e
whereupon said resolution was declared duly passed and adopted.
l
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:
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_ �, � -_ _� _;
The Mayor ailnounced that this was the t,:l.�iie ��.r��:� t�.� ;i��
for the receipt and open�ng of sealed bids for tl�c� pti;i•c;��,t;�c� u(•
$1,450,000 Improvement Bonds, Series 1973, of th�� U�1J_1�LN;c. '.L'l�e
Village Clerk furnished affidavits of publicatio�i 'ol' �li� �►��t, Lc�
,�
of sale in the official newspaper of the Village ,.ln�� .I.n t,lir.
Commercial West . Said affidavits were approved ttn�� o��c�ct�c�c.i f'.i.l�d
in the office of the Village Clerk.
The Clerk then stated that 4 sealed l�:Ld;; littia 1.���c��i
received, which were thereupon opened and read ai��� 1'o�.ti�c1 Lu he�
as follows:
�
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Sale« Piay 1, 1973 "/ r� �� � y
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� $1,450,OOfl.OQ � ,
VILLAGE OF P�ND4TA AEIGHTS ZMPROVEMENT BQNDS QF Z973 .
Account Coupon Year Discount $ Cast Rate
�'�i��+rst National Bank 4 1/2% 1975/1979 14,475.10 721,638.85 4.911�
. Paul, I�iinnesota . 4.61 1980J1981 ,.
�First.iVational Bank 4 3/4% ° 1982/1984 , .
tlinneapolis, Minn. 4.81 . +� 1985 � .
, 4.9% 1986/198$ .
� Paine,Webber,Jackson & Curtis 51 1989/1992
� Minneapolis, riinn. , � �, �
� Cherokee State I3ank ,
; St. Paul, M3nn. •3
, . .
a American Natl. Bank & xrust Co. 4.6% 1975/198i 14,239.00 723,061.50 4.921%
; St, Paul, Minn. 4.7% 1982/19$3 ,
' La Salle National Bank 4 3J4I I.98411985 �
' Chicaga, I1linnis 4.9% ��.'986/1987 ..
t 51 1988119�I ,
� � rferril]. Lynch Pierce Fenner & Smith � w
" Chicaga, IlZinais • �
` s ,
; John Nuveen & Co. � �
Chicago, Illino3.s
Channer Newman Securities Co. r ,
Chicago, I1.linoi.s ' .
� .
Juran & Moody Inc. . ` '
' St. Paul, Minn. , w • •
I�ain, Kalman &�uail 4 3/G% 1975/1983 13,963.50 730,717.25 G.973(
Minneapolis, Minn. 4.8� 19$4
A1lisan [dilliams & Co. � 4.9% 1.985/1987 ' '' �
. Minneapolis Minn. Sl- 1988j1991 � � �
, . �
Piper, Jaffray & Hopwood _ � � �- .
Minneapolis, Minn. � � � � �
, � ' •�
RancNarthwest 4 1/2% 1975I1.978 Y,�I4,09$,29 T40,385.79 5.039% ;
�icago, Illinais G 3/4� 1979/1982 • . '
'�:idder, Peahody & Co. 4.9� 198311985 ,. i
, Chicago, I1linois 5% 1986/1.987
" ' S.1I 198811989� " :'' , .
� Reynolds Securities, Inc. • 5.2% 1990%1•99i • , ,
j Minneapalis, Minn. �%, _k
Bank of the CommoncaeaZth ' � .'i �
. . ,
Detroit, Michigan , , ' �,' �
� ' �... .
The rtilwauicee Camgany .
Milwaukee. Wisconsin , _ � -
' � '• ; REOFFERING SCALE { •'�'
•`-• � • , . '- � a .
� Y���' �°uP�n Yi.e�d r� Year Co•.ipon :',-ield Ye:.r Cr�upan Yie1d��' '
?'97�5 � k 1/ 2% 4.10% �:9s30 4. 6% . 4. 55% 19$6 � 4, 9% 4.$Sy
�147b 4 2121 4.2A1 1982 4.b1 4.60% i987 4.9! t►.9p/ '
E977 4 1/2% 4.30% 1982 4 3/4% 4.65% 1988 4.9� 4.90% �
7$ 4 1121 4.4Q% 2983 4'314J 4.701 1989 5l 5.40� ,
79 4 1/2"/, 4.50% 1984 4 3/4% 4.75% 1990 5% 5.Q0%
, ].985 4.8% 4,80% .�1991 5l S.Op� '
Bids awarded First National Bank of St. Pau1, S�. Paul, 1�4innesota +`
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