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HomeMy WebLinkAbout77-010 \. t. ~/ ". . . f ~?U. 77-/0 EXTRACT OF MINUTES OF NEETING OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA HELD: FEBRUARY 14, 1977 Pursuant to due call and notice thereof, a ....-1.. meeting of the City Council of the City of Arden Hills, Ramsey County, Minnesota, was duly held at the City Hall in said City on the 14th day of February, 1977, at 8:00 o'clock P.M. for the purpose of opening and considering bids for and awarding the sale of $500,000 General Obligation Refunding Bonds of 1977 of said City. The following members were present: __ C.......... C!.milTl~ Cd.__",SV---.a., WiaI.-t ... "ll~",". and the following were absent: ...... The Clerk presented affidavits showing publication of notice of call for bids on $500,000 General Obligation Refunding Bonds of 1977 of the City, for which bids were to . be received at this meeting, in" accordance ~lith t..~e resolution adopted by the City Council on January 3, 1977. Said affi- . davits 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 were received: Bidder In;:erest Rate Net Interest Cost '1M run aU..l ...... of ...... ...,. 4.... 1'71- 1.. 4.111' 111I - 1116 4.'. I.' -I.,. 1_ IU .1M....'." za.... 4.1'" at. _.~t. 4._ 1'" - lta 4." 1.1 -1116 4.'. 1.' 4.'" 1_ IU 1111....... za...... 4.110* .. zat.e...., IILlta. weld . co. ... . . .. a.aa- .u..s. .-It . ftU~ co. ".1. 1'" - 1.... ..... 1.. ... 1_ ...,. 1M' ...,. 1_ .. ,1I1.117.H ~I""~ ....11.. lid __.._~ .... 1'" - 11U .... 1_ - 1_ ..,. 1'" ... 1_ ,..M a.-f. '116.11I." ___~ ..,~ lid lat...... .... 1'" - llU .._ 1ta - 1_ ...,.1_ .... 1'" I.. 1_ .. .111.111.11 Iat.... ..m. ... IatM". .. ~. .1r."II.~. . .......1Ga of CUloaa D. .... CO. ....... .U.a1 .-It of .f--l~r.u. a. .. ~ . Co.. 1M. :tt:. .ffa7 .._.._1" .1........... _ .Ulf- C -"'I - _fa. Pl.. . Quil. ."lJa.'" .. _ 1'" - lMI ... 1114 - lM7 .... 1_ .. .111.1..... Iat__~ ...... ... IMI"'~ ~-. .. ru~ a., f.. ---___ .... 1'" - 1teI ... llU .... 1_ - 1.., I.. 1_ 1M .JA.t.UI.OI lat...... ....",. ... .,t.... , .', . . . .u.. . The Council then proceeded to consider such bids. After the bids had been considered and discussed, member CW~... introduced the following resolution and moved its ~ption: _ -. :41 ~{/W 77-/0 RESOLUTION ACCEPTING BID ON SALE OF $500,000 GENERAL OBLIGATION REFUNDING BONDS OF 1977 pROVIDING FOR THEIR ISSUANCE AND DETERMINING THE FORM AND DETAILS THEREOF BE IT RESOLVED by the Council of the city of Arden Hills, Minnesota, as follows: '1. That the bid of 'IIIIII..UM 1IHu..1 .... .. ft. '.d. to purchase $500,000 General Obligation Refunding Bonds of 1977 of the City (hereinafter "Refunding Bonds"), in accor- dance with the notice of bond .sa1e, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 101.... (plus a premium of .10 ) 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 City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccess~ul bidders. Said Refunding Bonds shall be payable as to principal and interest at _ ~. ".~1 .... of ... ..-1 ia ... ,.-1. _ , or any successor paying agent duly appointed by the City. 2. The $500,000 negotiable coupon general obliga- tion Refunding Bonds of the City sh~ll be dated February 1 and shall be issued forthwith. Said bonds shall be 100 in number and numbered from 1 to 100, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first in the amount of $50,000 on May 1 in each of the years 1979 to 1988, both inclusive. 3. Said Refunding Bonds, together with other avail- able funds, shall provide funds to refund the city's outstanding Improvement Bonds, Series 1, dated November 1, 1970, maturing in the years 1981 through 1988 (hereinafter "Refunded Bonds"), pursuant to Minnesota Statutes, Section 475.67. Said refunding is desirable for the reduction of interest cost to the City and for the adjustment of maturities of the Refunded Bonds in relation to the resources available for their payment. -2- "." . . { 4. The Refunding Bonds maturing in the years and bearing the serial numbers set forth below shall bear inter- est, payable November 1, 1977 and semiannually thereafter on May 1 and November 1 of each year, at the respeotive rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1.."..1... 1....1.. 1.., 1_ .... .... .... ..7. 1.... 61.... al-to .1 - 100 5. All Refunding Bonds maturing in the years 1984 to 1988, both inclusive (bonds numbered 51 to 100, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on May 1, 1982 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 prior 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 numberswit~ the City Clerk. 6. The Refunding Bonds and interest coupons to be issued hereunder shall be in substantially the following form: -3- .- .' " . UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF ARDEN HILLS No. $5,000 GENERAL OBLIGATION REFUNDING BOND OF 1977 ~NOW ALL MEN BY THESE PRESENTS that the City of Arden Hill~, 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 May, 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, 1977 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 ..... .~ """'11 .... o.t ... ..-1 &II ... .-.1. Ilia. ,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. . All bonds of this issue maturing in the years 1964 to 1988, both inclusive (bonds numbered 51 to 100, both in- clusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on May 1, 1982 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 prior 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 City Clerk. \ -4- .. " . This bond is one of an issue in the total principal amount of $500,000 all of like date and tenor, except as to serial number, maturity, interest rate and redemption privi- lege, 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 in addition to other available funds to refund outstanding Improvement Bonds, Series 1, dated November 1, 1970, of the City, maturing in the years 1981 through 1988, and is payable out of the General Obligation Bonds 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 City Clerk, the corporate seal having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authen- ticated by the facsimile signatures of said officers, all as of February 1, 1977. Mayor City Clerk . -5- ,. No. . (Form of Coupon) $ 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 .... r~ ".~1 -.Jl .. .... Pn1 ... ft. PnJ.. - or any successor paying agent duly appointed by the City, the sum shown hereon for interest then due on its General Obli- gation Refunding Bond of 1977 No. dated February 1, 1977 . \ /s/ Facsimile City Clerk . -6- /s/ Facsimile Mayor . 7. The Refunding 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 the seal may be omitted and that one of such signatures and the seal of the City, if not omitted, may be printed fac- similes. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The Refunding 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 fund to be designated "General Obligation Bonds 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 Refunding Bonds and the balance of said Improvement Bonds, Series 1, dated November 1, 1970, not hereby refunded, and the interest thereon have been fully paid. In said account there shall be main- tained two separate funds, to be designated as the "Payment Fund" and the "Debt Service Fund", respectively. . (a) The proceeds of the sale of the Re- funding Bonds, less any accrued interest and premium received thereon plus such other avail- able municipal funds as may be required to adequately fund the Payment Fund for the purpose for which the Payment Fund has been established, are hereby pledged and irrevocably appropriated and shall be credited to the Payment Fund upon issuance of the Refunding Bonds. Monies in the Payment Fund shall be used for the purpose of paying when due the interest to accrue on each Refunded Bond to May 1, 1977, the date on which it is called for redemption as herein provided, and to pay the principal amount of each such obligation on said date on which it has been called for redemption and to pay any premium required for redemption on such date; and the monies in said Payment Fund shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Payment Fund after all of the principal, interest and premium has been paid on the Refunded Bonds pursuant to this resolu- tion, including any earnings from the invest- ment thereof, then such balance shall be trans- ferred to the Debt Service Fund established hereunder. [ -, -7- . - - _...."_...~,. - y"~-".- -'.~"''' -... . (b) Upon issuance of the Refundinq Bonds, the sinking fund account heretofore established for said Improvement Bonds, Series 1, dated November 1, 1970, shall be redesignated the Debt Service Fund of the General Obligation Bonds Account, and all unexpended taxes collec- table in 1977 and special assessments hereto- fore levied and pledged to the sinking fund account of said Improvement Bonds and any other unexpended monies pledged to said sinking fund account pursuant to the Resolution of the City Council adopted November 16, 1970 authorizing the issuance of said Improvement Bonds, plus all accr~ed interest and premium (if any) received upon\delivery of the Refunding Bonds, less any funds in said sinking fund account appropriated to the Payment Fund as herein provided, are hereby irrevocably pledged and appropriated to the Debt Service Fund for the payment of the principal and interest on the Refundinq Bonds, and, to the extent not discharged out of the Payment Fund, said Improvement Bonds, Series 1, dated November 1, 1970. . 10. Until retirement of the Refunded Bonds, all provisions theretofore made for the security thereof shall be observed by the City and all of its officers and agents. However, the City Council hereby finds, determines and certi- fies to the County Auditor of Ramsey County that the proceeds of the sale of the Refunding Bonds to be used to refund said Refunded.,Bonds, together with other funds available and appro- priated to the Payment Fund for said purpose, will be sufficient to pay when called for redemption as herein provided all of the principal of and interest and premium on the Refunded Bonds. Accordingly, upon issuance of the Refunding Bonds, the County . Auditor of Ramsey County is hereby authorized and directed to the extent and in the manner permitted by law to cancel forth- with or if necessary from year to year the taxes levied in the years 1977 through 1987 under the Resolution of the City Council adopted on November 16, 1970 for the payment of principal of and interest on said Improvement Bonds, Series 1 and not needed as a result of the establishment of the aforesaid Payment Fund and the levy of taxes hereinafter made for the payment of the Refunding Bonds and interest thereon and the balance of said Improvement Bonds, Series 1 not refunded hereunder. 11. To provide monies for the payment of principal and interest on the Refunding Bonds and the balance of said Improvement Bonds, Series 1, dated November 1, 1970, not -8- ." /I'. . refunded hereunder, there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and co~lected with and as part of, other general property taxes in said City for the years and in the amounts as follows: Year of Tax Levy 1177 11. 1171 1180 {:~ 1181 1184 llU 11M 1M' Year of Tax Collection Amount 11. 1171 1110 lMl 1_ lMI 1184 llU 1.. 1M' 111I ...lOG -.... 11.600 13.... 13.... 11.... 11.... H.'" H.... H.... 1..... . Said tax levies are such that if collected in full they, together with the estimated collection of unexpended special assessments heretofore levied and pledged to the payment of said Improvement Bonds and now pledged to the payment of the Refunding Bonds and the balance of said Im- provement Bonds not refunded hereunder and the estimated collections of other revenues pledged for the payment of said Bonds, will, if collected when due, produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Refunding Bonds and said Improvement Bonds. Said tax levies shall be irrepealable so long as any of said Refunding Bonds and Improvement Bonds are out- standing and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61(3). For the prompt and full payment of the principal of and interest on said Refunding Bonds and Improvement Bonds as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irre- vocably pledged. ~- ...9- , . , . 12. The Improvement Bonds, Series 1 dated November 1, 1970, refunded hereunder which mature in 1981 and thereafter shall be redeemed and prepaid on May 1, 1977, in accordance with the terms and conditions set forth in the Notice of Call attached hereto as Exhibit A, which terms and conditions are hereby approved and incorporated herein by reference; and the City Clerk is hereby authorized and directed to cause the Notice of Call to be published and mailed in accordance with the terms of the Refunded Bonds. 13. The City Clerk 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 Refunding Bonds have been entered in his Bond Register, that the tax levy for the Refunded Bonds has been cancelled to the extent provided in this Resolution and that the tax levy required by law for the Refunding-Bonds has been made. 14. The officers of the City are hereby authorized and directed to prepare and furnish to the purchasers of the Refunding 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 Refunding 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 Refunding Bonds as the same appear from the books and records under the~r custody and control or as otherwise known to them, and all such certified copies, certificates and af- fidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption of the tion was duly seconded by member ...IL~_ upon vote being taken thereon, the following thereof: All foregoing resolu- and voted in favor and the following voted against the same: - . Whereupon said resolution was declared duly passed and adopted. ~ ~~~ ~~~ -10- , . . .- STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS \1, the undersigned, being the duly qualified and acting Clerk of the City of Arden Hills, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing exfract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indi- cated, insofar as such minutes relate to the opening and considering of bids for, and awarding the sale of $500,000 General Obligation Refunding Bonds of 1977 of said City. WITNESS my hand and the seal of said City this l/fd day of ~_ ,1977. ~ City Clerk (SEAL) " . EXHIBIT A . NOTICE OF CALL FOR REDEMPTION $500,000 IMPROVEMENT BONDS, SERIES 1 CITY OF ARDEN HILLS RAMSEY COUNTY MINNESOTA \ NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Arden HillS, Ramsey County, Minnesota, there have been called for redemption and prepayment on May 1, 1977 ~.~. outstanding bonds of the City designated as Improvement Bonds, Series 1, dated November 1, 1970, bearing serial numbers 141" through 240, having stated maturity dates in the years 1961 through 1988, and totalling $500,000 in principal amount. The bonds are being called at a price of par plus a premium of $100.00 per bond called plus accrued interest to May 1, 1977, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment, with May 1, 1977 and subsequently maturing interest coupons attached, at the American National Bank and Trust Company, in St. Paul, Minnesota, on May 1, 1977. . Dated February 14, 1977.. BY ORDER OF THE CITY COUNCIL Is! Charlotte McNiesh Ci ty Clerk . Additional information may be obtained from: PETERSON, POPOVICH, KNUTSON & FLYNN City Bond Counsultants 314 Minnesota Building Saint Paul, Minnesota 55101 Telephone No.: 612-222-5515