HomeMy WebLinkAbout77-004
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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
ARDEN HILLS, MINNESOTA
HELD:
"'lIIluary 3
, 197.!.
Pursuant to due call and notice thereof. a regular
meeting of the City Council of the City of Arden Hills.
Minnesota; was duly held at the City Hall in said City on the
3rd day of Jel'l\Ulry , 1977_, at '7:30 o'clock~.M.
The following members were present: .Maya:' cz:epeau
and CClImclllll8ll WO~, Cric:hum, Wingert and Hanac:n
and the following were absent: Hc:ne
ing
Member :.Criehum introduced the follow-
resolution an~a~r?7~:-I
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $500.000 GENERAL OBLIGATION REFUNDING
BONDS OF 1977
BE IT RESOLVED by the City Council of the City of
Arden Hills. Minnesota. as follows:
1. It is hereby found. determined and declared that
this City should issue $500,000 General Obligation Refunding
Bonds of 1977 to defray the expense of refunding certain of
the City's outstanding Improvement Bonds, Series I dated November 1,
1970.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $500.000 General Obligation Refunding Bonds of
1977 of said City.
3. The City Clerk is hereby authorized and dir-
ected to cause notice of the time. place and purpose of said
meeting to be published in the official newspaper of the City
and in Commercial West not less than ten days in advance of
date of sale, as provided by law, which notice shall be in
substantially the following form:
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NOTICE OF BOND SALE
$500,000
GENERAL OBLIGATION REFUNDING
BONDS OF 1977
CITY OF ARDEN HILLS
RAMSEY COUNTY
MINNESorA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE
Monday, February 14, 1977, at 8:00 o'clock P.M., at
the City Hall, in Arden Hills, Minnesota.
TYPE OF BONDS
Negotiable coupon general obligation bonds, $5,000
denominations.
DATE OF BONDS
February 1, 1977.
PURPOSE
To refund certain of the City's outstanding Improvement
Bonds, Series I, dated November 1, 1970.
INTEREST PAYMENTS
November 1, 1977, and semiannually thereafter on
May 1 and November 1.
MATURITIES
May 1 in each of the years 1979 to 1988, both inclusive
in the amount of $50,000.
REDEMPTION
At the option of the issuer, bonds maturing on or after
May 1, 1984 shall be subject to prior payment, in inverse order of
serial numbers, on May 1, 1982 and any interest payment date
thereafter, at a price of par and accrued interest.
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PAYING AGENT
Bidder's discretion.
CUSIP NUMBERS
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The bonds will be printed without CUSIP numbers
unless requested by the purchaser who must agree in the offer
for the Bonds to pay all costs and expenses thereof including
printing and CUSIP Service Bureau charges. Any failure to
print such numbers or errors in printing shall not be cause for
failure or refusal of the purchaser to accept delivery of and
payment 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.
DEI,IVERY
Thirty days after award subject to approving legal
opuuon of Messrs. Peterson, Popovich, IDlutson & Flynn,
Professional Association of st. paul, Minnesota, and Briggs
and Morgan, Professional Association, of st. paul, Minnesota.
Bond printing and legal opinion will be paid by issuer and
delivery will be anywhere in the continental united states
without cost to the purchaser. I,egal opinion will be printed
on the bonds at the request of the successful bidder.
TYPE OF BID
Sealed bids of not less than $500,000 and accrued
interest on the principal sum of $500,000 from date of bonds
to date of delivery must be filed with the undersigned prior
to the time of sale. Bids must be unconditional except as to
legality. A certified or cash ier' s check ,in the amount of
$10,000, payable to the order of the Treasurer of the issuer
must accompany each bid, to be forfeited as liquidated damages
if bidder fails to comply with accepted bid. Bids for the
bonds should be addressed to Charlotte McNiesh, City Clerk,
1450 W. Hwy. 96, Arden Hills, Minnesota 55112
RATES
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All rates must be in integral multiples of 1/20th or
1/8th of 1% and may not exceed 7"10 per annum. Additional
interest coupons may not be used. All bonds of the same
maturity must bear a single uniform rate from date of issue to
maturity and no rate of any maturity may be lower than the
highest rate applicable to bonds of any preceding maturities.
NO limitation is placed upon the number of rates which may be
used.
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AWARD
Award will be made solely on the basis or lowest
dollar interest cost, determined by deduction or any premium
rrom the total interest on all bonds from their date to their
stated maturity. The net erfective average rate or 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: January 3
, 197.1..
BY ORDER OF THE CITY COUNCIL
Is/Charlotte McNiesh
City Clerk
Additional inrormation may be obtained rrom:
PETERSON, POPOVICH, KNUTSON
City Bond Consultants
314 Minnesota Building
St. Paul, Minnesota 55101
Telephone: 1-612-222-5515
& FLYNN
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4. Each and all of the terms and provlslons of
the foregoing form of notice are hereby adopted as the terms
and conditions of said bonds and of the sale thereof.
The motion for the adoption of
resolution was duly seconded by member
and upon a vote being taken thereon. the
in favor thereof: All
the foregoing
Hansen
following voted
and the following voted against the same: Nene
Whereupon said resolution was declared duly passed
and adopted.
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