HomeMy WebLinkAbout77-050
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Extract of Minutes of Meeting
of City Council
City Of Arden Hills
Ramsey County. Minnesota
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Beld:August 29. 1977
A reqular meeting of the City COuncil of the City of
Arden Hills, Ramsey county. Minnesota. was held at the
City Hall, 1450 West Highway 96, on August 29. 1977. at 7:30
o'clo<;:k p.m.
'lbe following members were present: Mayor crepeau and
COuncilmen Wingert. Hanson. crichton and Woodburn
and the following were absent t IlIone
Councilman
Hanson
introduced ,the following
resolution and moved ita adoption:
Resolution 1lIo. 77..50
RESOLtlTION AU'l'HORIZING AND PROVIDING
FOR PUBLIC SALE OF $1.765.000
IMPROVJ!:MEN'l' BONDS. SIBRIES 3
BE IT RESOLVED by the City council of the City of Arden
Hilla. Minnesota, as follows:
1. It is hereby found. determined and declared that it
is necessary and expedient that this City issue its negotiable
coupon general obligation bonds in the amount of $1.765.000 to
provide funds to defray the costs of various improvements in
the City.
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2. This COW'i911 shall meet at the time and place specified
in the form of notice hereinafter contained for the purpose of
opening and ccmsiderinq sealed bids for and awarding' the sale
of $1.765,000 Improvement Bonds. Series 3 of said City.
3. The City Clerk Administrator i8 hereby authorized
and directed to cause notice of the time. place and purpose
of said meeting to be published in the official newspaper
of the eH:y and in commercial west, alii provided by law. which
notice shall be in substantially the following form:
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RO'uem ~BONf) SALE
$1;.'65.000
GENERAL OBLIGATION IMP~;~
SERIES 3
CIn OF ARDEN HILLS. MINNESOTA
(RAMSEY COUNTY)
NOTICE: IS .DREm';GJ:VEJ!r that these bonds wi 11 be offered for
saleaccordill9 to the 'foUowinq terms:
TIME ARl),PtACE,QF :BID OPENING
TUesday. OctobeX' 11. 1-917. .at:!hOOo'clookp.ra. to the
office of the City'lIBond COnsultant. '314J1inne80ta Buildinq.
St. Paul. M1nnesota55101.
TIME AND PLACE OF BID AWARD
TUes&\y. October 11. 1977. at 8:00 .0 'clock p.m. in the
Ci'ty.U. 14$0 West: Hiq'hway 96. Arden8UU. Minnesota 55112.
TYPES OF BONDS
Neqotiab1e coupon qeneral obliqatioP bonds in $5,000
denominations. '
'DATE OF SONDS
NoveIIlberl. 1.971
PURPOSE
To p~ide "tuaas fOr vari011SiAltprovements..
INTEREST PAYMENTS
November 1. 1978 and thereafter on May 1. ~d November l~
MATURITIES
November 1 in the J!l!tQ'II ..8Qd 'IIIIIOW\t as follows:
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$95,000
$90,000
All date. are inclusive.
1979-1989
1990-1997
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REDEMPTION
Bonds maturin9 ill the years 1988 through 1997 will be
callable at the optiOll of the City 011 Nl)wlllber 1. 1987, and
any interest payment date thereafter at per and accrued
interest. Callable bonds will tle rede..lti in inverse order
of their serial numbers.
PAYDlO AGB!J'1'
8idder'. diseret:lon.
CUSIP NOMBERS
'rhe bond. will be printed without CUSIP numbers unless
recpIe&te4 by the purchaser who must agree in the Offer for
the Bonde 1:0 pay all coats and expenses thereof includill9
p:dattnv ana mull' service Bureau charges. Any failure to
print suc:h "~T:S or errors in printin9 shall not be cause
for fail... or refusal of the purchaser to accept delivery
of and P-.r for the bonds in accordance with the purchase
contract. The purchaser shall waive any extension in
delivery time due to use of the numbers and shall accept all
responsibility in connection with use of CUSIP numbers.
DELIVERY
Bonds will be delivered on or before November 10, 1977
subject to approving legal opinion of Messrs. Peterson, popovich,
Knutson & Flynn, Professional Association, of St. Paul,
Minnesota, and Messrs. Briqqs and Morqan, Professional l.4lsoeia-
tion, of St. Paul, Mismesota. Bond printinq and leqal opinion
will be paid by issuer and delivery will be anywhere in the
continental United ftat:es without cost to the purchaser. Legal
opinion will be printed OIl the bonds at the %'equest of the
successful bidder.
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TYPE OF BID
Sealed bids of not less than $1,733,300 and accrued
interest on the principal sum of $1,765,000 from date of bonds
to date of delivery must be filed with the undeJ:signed prior
to the time of sale, together with a certi(ied or cashier's
check in the amount of $35,300 payable to the order of the
Treasurer of the issuer, to be forfeited as liquidated
damages if bidder fails to comply with accepted bids. Bids
for the bonds should be addressed to Charlotte McNiesh, Clerk
Administrator, City Hall, 1450 West Highway 96, Arden Hills,
Minnesota 55112.
RATES
All rates and combination of rates must be in inte(jJ1"al
multiples of 1/2Oth of 1% and may not exceed 7% per annum.
Additional interest coupons may not be used. NO limitation
is placed on the number of rates which may be used. All ~onds
of a single maturity shall bear a uniform basic rate of
interest from date of issue until paid and the basic rate
of interest payable on each bond of the issue must not exceed
the basic rate of interest payable on other bonds of the
same or subsequent maturities.
AWARD
Award will be made on the basis of lowest dollar interest
cost, determined by addition of any discount to and deduction
of any premium from the total interest on all bonds from
their date of their stated maturity. The net effective
average rate of the. issue may not exceed 7% per annum.
The issuer reserves the right to reject any and all
bids, to waive informalities, and to adjourn the sale.
Dated: August 29, 1977
BY ORDER OF THE CITY OOUNCIL
Charlotte McNiesh
City Clerk Administrator
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Additional information may be obtained from:
PETERSON, POPOVICH, :KNUTSON & FLYNN
City Bond Consultants
314 Minnesota BUilding
St. Paul, Minnesota 55101
Telephone: 1-612-222-5515
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4. None of the cost.s of the foregoing improvements
which are to be financed by issuance of the bonds herein
described have been previously financed by the issuance of
bonds or other obligations of this City.
5. Each and all of the terms and provisions of the
foreqoi1lg form of notice are hereby adopted as the terms and
conditions of the said bonds and of the sale thereof.
The IIlOtion for the adoption of the foregoing resolution
was duly seconded by Councilman crichton and upon vote
being taken thereon, the following voted in favor thereof: All
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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