HomeMy WebLinkAbout77-062
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The Council proceeded to consider such bids.
After the bids had been considered and discussed, member
.---~ introduced the following resolution
and move its adoption:
RESOLUTION ~ ~ JJ'IALE OF
$l,765,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 3
PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED by the Council of the City of
Arden Hills, Minnesota, as follows:
1. That the bid of ~ - r -.. -- .--r-t.--
to purchase $1,765,000 General Ob igat on Improvement Bonds,
Series 3 of the City, in accordance with the notice of bond
sale, at the rates of interest hereinafter set forth, and to
pay therefor the sum of $ 1....' .11$ is hereby found,
determined and declared to be the most favorable bid received,
and is hereby accepted and said bonds are hereby awarded to
said bidder. The Clerk Administrator is directed to retain
the deposit of said bidder and to forthwith return the good
faith checks or drafts to the unsuccessful bidders. Said
bonds shall be payable as to principal and interest at tbe -.1. .ffl
.f .... "~'_el ... .f U 111 e. _....ta
or any successor pay~ng agent du y appo~nte C~ty.
2. The $i,765,000 negotiable coupon general
obligation bonds of the City shall be dated November l, 1977
and shall be issued forthwith. Said bonds shall be 353 in
number and numbered from 1 to 353, both inclusive, in the
denomination of $5,000 each. Said bonds shall mature
serially, lowest numbers first, on November 1 in the years
and amounts as follows:
$95,000 in each of the years 1979 to 1989,
both inclusive; and
$90,000 in each of the years 1990 to 1997,
both inclusive.
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3. Said bonds shall provide funds for the con-
struction of various improvements in the City. The total
cost of said improvements, which shall include all costs
enumerated in Minnesota Statutes, Section 475.65, is estimated
to be at least equal to the amount of the bonds herein
authorized. Work on the improvements shall proceed with due
diligence to completion.
4. The bonds of said issue maturing in the years
,and bearing the serial numbers set forth below shall bear
interest, payable November l, 1978 and semiannually there-
after on May 1 and November 1 of each year, at the respec-
tive rates per annum set opposite said maturity years and
serial numbers:
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Maturity Years
5erial Numbers
Interest Rate
lnt-IO
1111
1912
1"3
1984
1915
un
1911
1919-1ltO
1191
19'2
un
tin
,n
,"i-1'"
1-)1
31-5'1
5'-76
77-95
tI-1U
us-us
ltj:l!l
191-227
Z21-2U
2'1-213
aU-211
a, la-It'
JD:ul'
4.10
4.15
4.S0
4.50
4.1.0
4.10
4.15
4.10
4.'0
5.00
5.10
'.20
'.25
'.JO
5e40,
':'0
5. All bonds of this issue maturing in the years
1988 to 1997, both inclusive (bonds numbered 172 to 353,
both inclusive), shall be subject to redemption and prepayment
at the option of the City in inverse order of serial numbers,
on November l, 1987 and on any interest payment date thereafter
at para.rid a.ccruedinte'rest. published notice of redemption
shallirFea.ch ca.se'begiven in accordan.ce with 'law, and
mailed notice of redemption shall be given to the bank where
said bonds are payable and to any registered holders,
provided that published notice alone shall be effective
without mailed notice. Holders desiring to receive mailed
notice must register-their names, addresses and bond numbers
with the Clerk Administrator.
6. The bonds and interest coupons to be issued
hereunder shall be in substantially the followinq form:
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UNITED STATES OF AMERICA
5TATE OF f.ilINNESOTA
RAMSEY COUNTY
CITY OF ARDEN HILLS
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No.
$5,000
GENERAL OBLIGATION IMPROVEf.'IENT
BOND, SERIES 3
KNOW ALL MEN BY THESE PRESENTS that the City of
Arden Hills, Ramsey County, Minnesota, certifies that it
is indebted and for value received promises to pay to
bearer the principal sum of
FIVE THOUSAND DOLLARS
on the first day of November, 19 and to pay interest
thereon from the date hereof until the principal is paid
at the rate of
percent ( %) per annum, payable on the first day of
November, 1978 and semiannually thereafter on the first
day of May and the first day of November in each year,
interest to maturity being represented by and payable
in accordance with and upon presentation and surrender of
the interest coupons hereto attached, as the same severally
become due. Both principal and interest are payable at
,
or any successor paying agent duly appointed by the City,
in any coin or currency of the United States of America
which at the time of payment is legal tender for public
and private debts.
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All bonds of this issue maturing in the years
1988 to 1997, both inclusive (bonds numbered 172 to ~53,
both inclusive), are subject to redemption and prepayment
at the option of the City in inverse order of serial
numbers, on November l, 1987 and on any interest payment
date thereafter at par and accrued interest. Published
notice of redemption shall in each case be given in
accordance with law, and mailed notice of redemption shall
be given to the bank where said bonds are payable and to
any registered holders, provided that published notice
alone shall be effective without mailed notice. Holders
desiring to receive mailed notice must register their
names, addresses and bond numbers with the Clerk-Administrator.
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This bond is one of an issue in the total
principal amount of $1,765,000 all of like date and tenor,
except as to serial number, maturity, interest rate and
redemption privilege, which bond has been issued pursuant
to and in full conformity with the Constitution and laws
of the State of Minnesota for the purpose of providing
money for various improvements in the City, and is payable
out of the General Obligation Improvement Bonds, Series 3
Account of the City. This bond constitutes a general
obligation 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 credit and
taxing powers of said City have been and are hereby
irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that all
acts, conditions and things required by the Constitution
and laws of the State of Minnesota to be done, to happen
and to be performed, precedent to and in the issuance of
this bond, have been done, have happened and have been
performed, in regular and due form, time and manner as
required by law, and this bond, together with all other
debts of the City outstanding on the date hereof and the
date of its actual issuance and delivery does not exceed
any constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF, the City of Arden Hills,
Ramsey County, Minnesota, by its City Council has caused
this bond to be executed in its behalf by the facsimile
signature of the Mayor and the manual signature of the
Clerk Administrator, and the corporate seal of said city
having been intentionally omitted as permitted by law, and
has caused the interest coupons to be executed and authenti-
cated by the facsimile signatures of said officers, all as
of November 1, 1977.
Clerk Administrator
Mayor
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(Form of Coupon)
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No.
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On the first day of November (May), 19 ,
unless the bond described belOw is called for earlier
redemption, the City of Arden Hills~ Ramsey County,
Minnesota, will pay to bearer at
, or any successor paying
by the City, the sum shown hereon for
its General Obligation Improvement
dated November 1, 1977.
agent duly appointed
interest then due on
Bond, Series 3 No.
/s/ Facsimile
Clerk Administrator
/sl Facsimile
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 Administrator 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; and provided further that the cor-
porate seal may be omitted on the bonds as permitted by law.
The interest coupons pertaining thereto shall be executed by
the printed, engraved or lithographed facsimile signatures of
the Mayor and Cle~k Administrator.
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 special account to be
designated "General Obligation Improvement Bonds, Series 3
Account" to be held and administered,by the City Treasurer
separate and apart from all other accounts of the City.
Said Account shall be maintained in the manner herein
specified until all of the bonds herein authorized and the
interest thereon have been fully paid. In said Account
there shall be maintained two separate funds, to be designated
as the "Construction Fund" and the "Debt Service Fund",
respectively. The proceeds of the sale of the bonds herein
authorized, less any accrued interest received thereon, and
less any amount paid for said bonds in excess of $1,733,300, and
less capitalized interest in the amount of $ -0- ,
(subject to such adjustments as are appropriate to provide
sufficient funds to pay interest due on the bonds on or
before November l, 1978), plus any special assessments
levied with respect to improvements financed by the bonds
and collected prior to completion of the improvements and
payment of the costs thereof, shall be credited to the
Construction Fund, from which there shall be paid all costs
and expenses of making said improvements listed in paragraph
lO, including the cost of any construction contracts heretofore
let and all other costs incurred and to be incurred of the
kind authorized in Minnesota Statutes, Section 475.65; and
the moneys in said fund shall be used, for no other purpose
except as otherwise provided by law; provided that the bond
proceeds may also be used to the extent necessary to pay
interest on said bonds due prior to the anticipated date
of commencement of the collection of special assessments
herein levied or covenanted to be levied~ and provided
further that if upon completion of said improvements there
shall remain any unexpended balance in said Construction
Fund, said balance (other than any special assessments) may
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be transferred by the Council to the fund of any other
improvement instituted pursuant to Minnesota Statutes,
Chapter 4291 and provided further that any special assess-
ments credited to the Construction Fund are hereby pledged
and shall be used only to pay principal and interest due on
the bonds. There is hereby pledged and there shall be
credited to the Debt Service Fund (a) all collections of
special assessments herein covenanted to be levied and
either initially credited to the Construction Fund and
required to pay any principal and interest due on the bonds
or collected subsequent to the completion of said improvements
and payment of the costs thereof; (b) all accrued interest
received upon delivery of said bonds, (c) all funds paid for
said bonds in excess of $l,733,300, (d) capitalized interest
in the amount of $ -8... " (subject to such adjustments
as are appropriate to provide sufficient funds to pay
interest due on the bonds on or before November l, 1978),
and (e) all funds remaining in said Construction Fund after
completion of the improvements and payment of the costs
thereof, not so transferred to the fund of another improvement.
The Debt Service Fund herein created shall be used solely to
pay principal and interest and any premiums for redemption
on the bonds issued hereunder and any other general obligation
bonds of the City hereafter issued by the City and made
payable from said Fund.
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10. It is hereby determined that no less than lOO%
of the cost of each improvement project financed hereunder
to the City within the meaning of Minnesota Statutes,
Section 475.58, Subdivision 1(3) shall be paid by special
assessments to be levied against every assessable lot, piece
and parcel of land benefited by said improvements. The City
hereby covenants and agrees that it will do and perform as
soon as they may be done, all acts and things necessary for
the final and valid levy of such special assessments, and in
the event that any such assessment 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 City or this Council
or any of the City officers or employees, either in the
making of such assessmeats or in the performance of any
condition precedent thereto, the City and this Council will
forthwith do all such further acts and take all such further
proceedings as may be required by law to make such assess-
ments a valid and binding lien upon such property. Subject
to such adjustments as are required by conditions in existence
at the time said assessments are levied, it is hereby
determined that the assessments shall be payable in equal,
consecutive, annual installments, with general taxes for the
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years shown below and with interest on the deferred balance
of all such assessments at the rate of at least I.aa % per
annum :
. Improvement
Designation Amount Levy Years
77-1 ''N',... 1"'-llt7
77-2 111,n. 1"....1'"
71-1 I7f,7U 1171-1lt7
Said special assessments are such that if collected
in full they, together with estimated collections of other
revenues herein pledged for the payment of said bonds, will
produce at least five percent in excess of the amount needed
to meet when due the principal and interest payments on the
bonds.
11. For the prompt and full payment of the principal
of and interest on said bonds, as the same respectively be-
come due, the full faith, credit and taxing powers of the City
shall be and are hereby irrevocably pledged. If the balance
in the Debt Service Fund is ever insufficient to pay all
principal and interest then due on the bonds payable there-
from, the deficiency shall be promptly paid out of any other
funds of the City which are available for such purpose, and
such other funds may be reimbursed without interest from the
Debt Service Fund when a sufficient balance is available
therein.
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l2. The Clerk Administrator is hereby directed to
file a certified copy of this resolution with the County Auditor
of Ramsey 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.
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13. The o~ficers of the City are hereby author-
ized and directed to prepare and ~urnish to the purchaser
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 known to them, and
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 motion for the adoption of the foregoing
resolution was duly seconded by member ........
and upon vote being taken thereon, the following voted in
favor thereof: all
and the following voted against the same: ....
Whereupon said resolution was declared duly
passed and adopted.
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