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Home My WebLink About82-017 t:'.1 e Je . Extract of Minutes of Meeting of City Council City of Arden Hills Ramsey County, Minnesota March 8, 1982 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Arden Hills, Minnesota, was held at the City Hall in said City on the 8th day of March, 1982, at 7:30 o'clock p.m. The following members were present: Mayor Robert Woodburn, Councilmen Janet Hollenhorst, Mauriee Johnson,Diane McAllister, Dale Hicks and the following were absent: None Councilman Hollenhorst then introduced and moved the adoption of the following resolution: Resolution No. 82-17 RESOLUTION PROVIDING FOR PUBLIC SALE OF TEMPORARY IMPROVEMENT BONDS OF 1982 BE IT RESOLVED by the Council of the City of Arden Hills, Minnesota: l. Pursuant to Minnesota Statutes, Chapter 429, and upon published notice and hearing as therein required, the City has ordered the construction of the following improvements: Combined W-77-5 & W-78-2 P-80-l p-8l-l ST-8l-2 SS-W-P-ST-8l-3 SS-W-P-ST-8l-5 and hereby determines it necessary to defray in whole or in part the expenses incurred and estimated to be incurred in the making of such improvements in the amount of $3,289,348. 2. To finance the costs of the aforesaid improvements, as determined to date, the City shall issue temporary improve- ment bonds, for the payment of which the full faith and credit of the City shall be pledged. ,. '* . . NOTICE OF BOND SALE $3,355,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1982 CITY OF ARDEN HILLS RAMSEY COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that these bonds will be offered for sale according to the following terms: TIME AND PLACE OF BID OPENING Monday , April 26 , 1982, at 4:00 o'clock p.m. in the office of the C~ty's Bona-consultant, 314 Minnesota Building, St. Paul, Minnesota 55l0l. TIME AND PLACE OF BID AWARD Monday , April 26 , 1982, at 7:30 o'clock, p.m. in the City Hall, l4}0 West Highway 96, Arden Hills, Minnesota 55ll2. TYPE OF BONOS Negotiable coupon general obligation bonds in $5,000 de- nominations, for which the unlimited taxing power of the issuer will be pledged. DATE OF BONDS May l, 1982. PURPOSE To provide funds for various improvements. INTEREST PAYMENTS November 1, 1982 and May 1 and November 1 thereafter. MATURITIES All bonds mature on May l, 1985. REDEMPTION All bonds shall be subject to prior payment at the option of the City in inverse order of serial numbers on May l, 1983, and any interest payment date thereafter, without premium. PAYING AGENT May be named by bidder subject to issuer's acceptance, which may be assumed unless the purchaser is otherwise notified within 24 hours after the issuer has been advised of the pro- posed agent. Issuer will pay customary charges. CUSIP NUMBERS . The bonds will be printed without CUSIP numbers unless re- quested 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 pay for the bonds in accordance with the purchase contract. The pur- chaser shall waive any extension in delivery time due to use of the numbers and shall accept all responsibility in connection with use of the CUSIP numbers. DELIVERY Bonds will be delivered on or before May JUL' 1982, subject to approving legal opinion of Messrs. peterson, Popovich, Knutson & Flynn, Professional Association, of St. Paul, Minne- -sota, and Messrs. 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 continen- tal United States without cost to the purchaser. Legal opinion will be printed on the bonds. ' TYPE OF BID Sealed bids of not less than $3,289,348 and accrued inter- est on the principal sum of $3,355,000 from date of bonds to date of delivery, together with a certified or cashier's check in the amount of $67,lOO payable to the order of the City Treasurer, to be forfeited as liquidated damages if bidder fails to comply with accepted bid, may be mailed or delivered to the office of Peterson, Popovich,' Knutson & Flynn, 314 Minnesota Building, St. Paul, Minnesota 55l0l, and must be received at their office prior to 4:00 p.m. on April 26 , 1982, at which time the bids will be opened and tabulatea:- RATES Bidders must specify a single rate of interest which must be an integral multiple of l/20of l% and may not exceed l2% per annum. Additional interest coupons may not be used. . AWARD Award will be made on the basis of lowest dollar interest cost, determined by deducting any premium offered and adding any amount less than $3,355,000 to the total interest on all bonds from their date to their stated maturity. The net effec- tive average rate of interest may not exceed l2% per annum. ~.'. . . . The City Council will meet at 7:30 p.m. Central Time on April 26, 1982, at the City Hall, l450 West Highway 96, Arden Hills, M1nnesota, to consider the bids and award the sale. The issuer reserves the right to reject any and all bids, to waive infor- malities and to adjourn the sale. Dated: March 8, 1982 BY ORDER OF THE CITY COUNCIL Charlotte McNiesh City Clerk Administrator Additional information may be obtained from: PETERSON, POPOVICH, KNUTSON & FLYNN City Bond Consultants 314 Minnesota Building St. Paul, Minnesota 55l0l Telephone: 6l2-222-55l5 . . . . . . 4. Each and all of the terms and provisions of the fore- going form of notice are hereby adopted as the terms and condi- tions of said bonds and of the sale thereof. The motion for the adoption of the foregoing resolution was duly seconded by Councilman McAlli..tp.r r and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. .~ tf~ ~77C~~ ' CZt4~ . . 3. The Council shall meet at the time and place designated in the form of notice herein contained for the purpose of re- ceiving, opening and considering sealed bids for and awarding the sale of said bonds; and the Clerk Administrator is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in New Brighton Bulletin, the official newspaper of the City, and in the Commercial West, a financial newspaper published at Minneapolis, Minnesota, which notice shall be in substantially the following form: