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HomeMy WebLinkAbout85-013 . . . EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA HELD: FEBRUARY 25, 1985 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 ~all in said City on the 25th day of February, 1985, at 7,30 P.M. The following members were present, Mayor Robert Woodburn. Councilmen Dale Hicks. Nancy Hansen, Gary Peck and Tom Sather. and the following were absent: None Member Dale Hicks introduced the following resolution and moved its adoption: RESOLUTION NO. 85-13 RESOLUTION PROVIDING FOR PUBLIC SALE OF $2,515,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 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 $2,515,000 General Obligation Improvement Bonds of 1985 to defray the expense of refunding at maturity the City's outstanding General Obligation Temporary Improvement Bonds of 1982 and financing various additional improvements in the City. 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 $2,515,000 General Obligation Improvement Bonds of 1985 of said City. 3. The City Clerk is 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 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 form set forth in Exhibit A attached hereto. . 4. The terms and conditions of said bonds and the sale thereof are fully set forth in the "Official Terms of Bond Sale" attached hereto as Exhibit B and incorporated herein by reference. The motion for the adoption of the foregoing resolution was duly seconded by member Gary Peck and upon a vote being taken thereon, the following voted in favor thereof, Mayor Robert Woodburn, Councilmen Dale Hicks, Nancy Hansen. Gary Peck, and Thomas Sather and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. . STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS . I, the undersigned, being the duly qualified and acting Clerk of the City of Arden Hills, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council held on the date therein indicated, whiCh are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the proposed sale of $2,515,000 General Obligation Improvement Bonds of 1985 of said City. WITNESS my hand as such Clerk and the official seal of the City this h/ day of !flJ!."AA~/ , 1985. C2iA/~ f?l}n;~ city Clerk (SEAL) . EXHIBIT A NOTICE OF BOND SALE $2,5l5,000 . CITY OF ARDEN HILLS RAMSEY COUNTY MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 Sealed bids on these bonds will be received until Monday, March 25, 1985, at 3:00 P.M., Central Time, at the City Hall, in Arden Hills, Minnesota. The award of the sale will be at 7:30 P.M., Central Time, of the same day at the same place by the City COuncil. The bonds will be dated April 1, 1985 and interest will be payable December 1, 1985 and semiannually thereafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The bonds will mature on December 1 in the years and amounts as follows: 1986-l989 1990 1991 1992-l993 1994-l995 1996 $ 350,000 $ 250,000 $ 200,000 $ l50,000 $ l25,000 $ 115,000 All bonds maturing on or after December 1, 1992 are subject to prior payment on December l, 1991 and any interest payment date thereafter at a price of par and accrued interest. Sealed bids for not less than $2,467,215 and accrued interest on the principal sum of $2,515,000 will be accepted. No rate of interest nor the net effective average rate of the issue may exceed the maximum rate allowed by law at the time of sale. An acceptable approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. The proceeds will be used to refund at maturity the outstanding General Obligation Temporary Improve- ment Bonds of 1982 of the City and to finance various additional improvements in the City. . Bidders should be aware that the Official Terms of Bond Sale to be published in the Official Statement for the sale may contain additional bidding terms and information relative to the Issue. In the event of a varianCe between statements in this Notice of Bond Sale and said Official Terms of Bond Sale the provisions of the latter shall be those to be complied with. Dated: February 25, 1985 BY ORDER OF THE CITY COUNCIL . /s/ Charlotte McNiesh City Clerk Additional information may be obtained from: JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert Street Suite 800 St. Paul, Minnesota 55101 Telephone No: 6l2-224-l500 . EXHIBIT B OFFICIAL TERMS OF BOND SALE . $ 2 ,5l5 ,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 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, Sealed bids will be received until Monday, March 25, 1985, at 3:00 P.M., Central Time at the City Hall in Arden Hills, Minnesota. The award of the sale will be at 7:30 P.M., Central Time, of the same day at the same place by the City Council. TYPE OF BONDS: Fully registered general obligation bonds, $5,000 or larger denomina- tions at the option of the bidder. DATE OF ORIGINAL ISSUE OF BONDS: April 1, 1985. PURPOSE: To refund at maturity the outstand- ing General Obligation Temporary Improvement Bonds of 1982 of the City and to finance various additional improvements in the City. INTEREST PAYMENTS: December l, 1985, and semiannually thereafter on June land December 1. . MATURITIES: December 1 in each of the years and amounts as follows: 1986-l989 1990 1991 1992-1993 1994-l995 1996 $ 350,000 $ 250,000 $ 200,000 $ 150,000 $ 125,000 $ 115,000 . REDEMPTION: At the option of the Issuer, bonds maturing on or after December 1, 1992 shall be subject to prior payment, on December 1, 1991 and any interest payment date thereafter, at a price of par and accrued interest. Redemption may be in whole or in part of the bonds subject to prepayment. If redemp- tion is in part, the bonds remaining unpaid which have the latest maturity date shall be prepaid first and if only part of the bonds having a common maturity date are called for prepayment the specific bonds to be prepaid shall be chosen by lot by the Registrar. BOND REGISTRAR: The successful bidder will name the Registrar and paying agent which shall be subject to applicable SEC regulations and to the approval of the Issuer. principal will be payable at the main corporate office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of the bond at his address as it appears on the books of the Registrar. The Issuer will pay reasonable and customary charges for the services of the Registrar. . CUSIP NUMBERS: If the bonds qualify for assignment of CUSIP numbers such numbers will be printed on the bonds, but neither the failure to print such numbers on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the Purchaser thereof to accept delivery of and pay for the bonds in accordance with terms of the purchase contract. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. . DELIVERY: Forty days after award subject to approving legal opinion of Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, 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. Legal opinion will be printed on the bonds at the request of the successful bidder. TYPE OF BID: Sealed bids of not less than $2,467,2l5 and accrued interest on the principal sum of $2,515,000 from date of original issue of the 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 cashier's check in the amount of $50,000, 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: . Donald Lamb, Treasurer City Hall 1450 W. Highway 96 Arden Hills, Minnesota 55112 RATES: All rates must be in integral multiples of 1/20th or 1/8th of 1% and may not exceed the maximum rate allowed by law at the time of sale. No limitation is placed upon the number of rates which may be used. . AWARD, Award will be made solely 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 to their stated maturity. The net effective average rate of the issue may not exceed the maximum rate allowed by law at the time of sale. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated: February 25, 1985 BY ORDER OF THE CITY COUNCIL /s/ Charlotte McNiesh City Clerk Additional information may be obtained from: JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert Street Suite 800 St. Paul, Minnesota 55l0l Telephone No: 612-224-1500 .