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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY
OF ROSEVILLE, MINNESOTA
HELD: JUNE 23, 1975
Pursuant to due call and notice thereof, a ~...lar
meeting of the City Council of the City of Roseville, Ramsey
County, Minnesota, was duly held at the City Hall in said
City on the 23rd day of June, 1975, at 7:30 o'clock P.M.
for the purpose of considering bids for and awarding the
sale of $850,000 General Obligation City Hall Bonds of said
City.
The following members were present: Mayor Lift.barver
and Councilaen Curley, oe.o. and arelU'laD
and the following were absent: COUftCi~ B...
The City Manager presented affidavits showing
publication of notice of call for bids on $850,000 General
Obligation City Hall Bonds of the City, for which bids were
to be received at this meeting, in accordance with the resolution
adopted by the City Council on May 19 , 1975. Said
affidavits were examined, found to comply with the provi-
sions of Minnesota Statutes, Chapter 475, and were approved
and ordered placed on file.
The following bids were received, publicly opened
and tabulated at the City Hall in Roseville on June 23, 1975
at 7:00 P.M.:
Bidder
Interest Rate
I'ir.t ..tional auk of St.. ..\11
A11i.on__i11i... C~y
Bancllort.h'tM.t
O8in, xalJaan . Quail, Inc.
John lIu"een . C~pany, Inc.
.iper, Jaffray . BOplOOd, lAC.
Calchfell-l'hi11ipa, Inc.
Cronin . Marcotte
ao.ev1118 stat.e Bank
Net Interest Cost
4.SOJ(. 1"7
4.'''' 1"8 .
5.0o,c. 1979
5.1'" 1980
5.30J(. 1981
5.5~ 1982
5.70,(. 1983
5.9. 1984
6.QOW. 1'85
6.1'" 19.
6.3~ 1ge,
"el'ican Bat.1. BaDIt . 'frUt. Co.
JUran . JIoo4y, Inc.
..iDe, webbe~ , Jac:JuIoD . CUl't.i.
1fhit......14 . Co., lac.
B. J. pnacot.t . C~y
Miller. SChroe4er Mufticipa18,Iac.
Firat. ..to1. aank of 011:1.-.. Cit.y
ChanDer - ..waa.n
Moore - -lUran . Coapaay
1&
6.4OJ' 1988
6.5. 1989
6.6. 1990
6.'~ 1"1
6.8. 1992
6.9~ 1993 - 1995
'83',675 Price
'639,477.50 Intere.t. Coat
6.53862~ ..t. Int.ereat Rat.e
4.60J(. 1977
4.8. 197.
5.0QJt. 1979
5.1'" 1980
5.3. 1981
5.5. 1982
5.7. 1983
5.901' 1984
6.0C* 1985
6.1'" 1986
6.30J(. 1987
6.40J(. 1988
6.501' 19.9
6.'OK 19to
6.7. 19.1
6." 1992
6.'. 1993
7.~ 19.. - 1'95
'836,825.00 Price
,642,417.50 Int.enat coat.
6.5'" .et. JD1:.el'e.t. Rat.e
6.~ 1977 - 1984
6.1'" 1985
6._ 19.
6.4'" 1987
6.6. 19.
6."" 1989
6.9. 1'90
7.~ 19'1 - 19.5
'.36.485.00 P~ioe
$665.415.00 laur..t. coat.
6.8. ..t. Jn1:.e~..t. ..t.e
The Council proceeded to consider such bids.
After the bids had been considered and discussed, meDber
o.moa introduced the following resolution
and moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$850~000 GENERAL OBLIGATION CITY HALL BONDS
PROVIDING FOR THEIR ISSUANCE AND LEVYING
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City of
Roseville~ Minnesota, as follows:
1. That the bid of~. Firat ..tioaal aank of st.. .a\11
to purchase $850,000 General Obligation City Hall Bonds
of the City, in accordance with the notice of bond sale,
at the rates of interest hereinafter set forth, and to Qay
therefor the sum of $837,675.00 (plus a premium of -0- )
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 Manager
is directed to retain the deposit of said bidder and to
forthwith return the good faith checks or drafts to the
unsuccessful bidders. Said bonds shall be ~ay~e as to
principal and interest at 7be Firat ..tiDDa~ . O~ St..
Paul 1ft st.. paul, Minn.aot..
,
or any successor Paying Agent duly appointed by the City.
2. The $850,000 negotiable coupon general obliga-
tion bonds of the City shall be dated May 1, 1975 and shall
be issued forthwith. Said bonds shall be 170 in number
and numbered from 1 to 170, both inclusive, in the denomination
of $5,000 each. Said bonds shall mature serially, lowest
numbers first.on May 1 in the years and amounts as follows:
$40~000 in each of the years 1977 to 1984,
both inclusive;
$45,000 in each of the years 1985 to 1988,
both inclusive; and
$50,000 in each of the years 1989 to 1995,
both inclusive.
3. Said bonds shall provide funds for the acquisition
and betterment of a new City Hall. The total cost of said
project, including the cost of construction under the terms
of the lowest bid received, engineering, legal and other
professional charges, publication and printing costs~ interest
accruing on money borrowed for the project before the collection
of taxes levied therefor, and all other costs necessarily
incurred and to be incurred from the inception to the completion
of the project, is estimated to be at least equal to the
amount of the bonds herein authorized. Work on the project
shall proceed with due diligence to completion.
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4. 'lbe bonds of .aid 1.au. mat.uring in the y.ars
and bearing i:he ..r1al nu.bera ..t forth below .hall bear
intAl'..t., payable May 1, 19" and ._iannual1y t.hereaft..1'
on Rov-.bel' 1 and May 1 of each y.al', at the r..pect.ive
I'at... per annua ..t. oppoaiu Aid aat.ur1t.y years and ..rial
nuaberal
1977
1978
1979
1980
1981
1.82
1.83
1984
1985
1986
1'87
1988
1'.'
19to
1991
1992
1993
1994
19'5
..eria.\. ~I'.
1-8
'-16
17-24
~S-32
33-40
41-48
49-56
57-64
65-73
74-82
83-91
92-100
101-110
111-120
121-130
131-140
141-150
151-160
161-170
Int.el'..t Rat.e
4.50
4.75
5.00
5.1S
5.30
5.50
5.70
5.90
6.00
6.15
6.30
6.40
6.50
6.60
6.70
6.80
6.tO
6.90
6.90
lIatur:itv Years
s. All bond. of t:bia 1.au. mat.ur1ng in the year8
1986 t.o 1'95. both inc1ua1ve (boDda n\8lbend 74 to 170, both
incluaive), shall be aut,ject. to redemption and prepayment.
at the opt.ion of the Cit.y 1ft invers. order o~ ..ria1 nuaber..
on May 1, 1985 and on any intereat payment. dat.e 'thereafter
at. par a.n4 accrued int.or..t.. PuLliaMd notice of red-.pt.ioft
.hal1 in each ca.. be given in accordanco with law, aD.4
at. 1...t t.bil't.y day. prior _il.4 aot.1ce of rea_pt.1on .ba11
be 91ven to the baDJc. where .ai4 bon4a are payable and to any
r.9iat.e~e4 holc1era, pZ'ov14e4 t.hat. published not.ice alone
.bal1 b. effect.iv. without. _il.4 not.ice. Boldera desir1ng
t.o Z'eceive _i1ed Aot.ice au.t. A9iateZ' their DaIM., addr..aea
and bond n~ra with t.he Cit.y Jlaftager.
6. Ifhe bond. and iat.er..t. aoupoDa t.o be ia.ued
henunaer abal1 be .1n aubat.ant.ially the following fon..
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAMSEY COUNTY
CITY OF ROSEVILLE
No.
$5,000
GENERAL OBLIGATION
CITY HALL BOND
KNOW ALL MEN BY THESE PRESENTS that the City of
Roseville, 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 per cent
( %) per annum, payable on the first day of May, 1976
and semiannually thereafter on the first day of November
and the first day of May 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
princtpal and interest are payable at ~ .irat. ..~1Oft.l Bank
of S~. Paul in st. paul, Minn..ota , 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
1986 to 1995, both inclusive (bonds numbered 74 to 170,
both inclusive), are subject to redemption and prepayment
at the option of the City in inverse order of serial numbers,
on May 1, 1985 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
at least thirty days 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 Manager.
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This bond is one of an issue in the total principal
amount of $850,000 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 for the acquisi-
tion and betterment of a new City Hall, and is payable out
of the General Obligation City Hall Bonds Fund 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 Roseville, Ramsey
County, Minnesota, by its City Council has caused this bond
to be executed in its behalf by the signatures of the Mayor
and the City Manager, and the corporate seal of said City
to be affixed hereto, and has caused the interest coupons
to be executed and authenticated by the facsimile signatures
of said officers, all as of May 1, 1975.
Mayor
City Manager
(Form of Coupon)
$
No.
On the first day of May (November), 19 , unless
the bond described below is called for earlier redemption,
City of RO.wilifl:'t Rarns~Y C.P1IDty. Minnesota~ wi ill pay tQ
bearer at 1"~ Oft.~ BanK of 8~. ..u~ n st. paul,
or any successor Paying Agent duly appointed by the City,
the sum shown hereon for interest then due on its General
Obligation City Hall Bond No.___ dated May 1, 1975.
the
Mirme.ot.a
,
Isl Facsimile
City Manager,
Isl Facsimile
Mayor
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7. The bonds shall be executed on behalf of the
City by the signature of its Mayor and the signature of
its City Manager and be sealed with the seal of the City;
provided, that one of such signatures and the seal of the
City may be printed facsimiles. The interest coupons per-
taining thereto shall be executed by the printed, engraved
or lithographed facsimile signatures of the Mayor and City
Manager.
8. The said 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 City Hall Bonds Fund" to
be held and administered by the City Treasurer separate
and apart from all other funds of the City. Said fund shall
be maintained in the manner herein specified until all of
the bonds herein authorized and the interest thereon have
been fully paid. In said fund there shall be maintained
two separate accounts, to be designated as the "Construction
Account" and the "Sinking Fund Account", respectively. The
proceeds of the sale of the bonds herein authorized, less
any premium and accrued interest received thereon, and less
any amount paid for said bonds in excess of $835,000, shall
be credited to the Construction Account, from which there
shall be paid all costs and expenses of said project, including
the costs of construction contracts heretofore let and all
other costs incurred and to be incurred and the moneys in
said account shall be used for no other purpose, provided
that the bond proceeds may also be used to the extent necessary
to pay interest on said bonds due prior to the anticipated
date of commencement of the collection of taxes herein levied.
There is hereby pledged and there shall be credited to the
Sinking Fund Account, all accrued interest received upon
delivery of said bonds, all funds paid for the bonds in
excess of $835,000, collections of all taxes herein levied
for the payment of said bonds, and all funds remaining in
said Construction Account after completion of the project
and payment of the costs thereof. The Sinking Fund Account
shall be used solely to pay principal and interest on the
bonds issued hereunder and any other general obligation
bonds of the City hereafter issued by the City and made
payable from said account.
10. To provide moneys for the payment of said
principal and interest there is hereby levied upon all of
the taxable property in the City a direct annual ad valorem
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t.ax whioh .hal1 be spr.ad upon t.Jw t.ax rolls and col1eoted
with and .. pal'~ of, otbel' general property tax.. in ..id
elt.y for the y.ar. and in tbe ..ount. .. follows.
Y.ar of Tax Year of 1'_
LeVY .R Col~.ct.\~ ~t.
1975 19" '150,300
19. 1977 119.400
1977 1978 '1,200
1978 1971 8',100
1971 1'80 ",toO
1980 1.11 84,600
1111 1M2 82,300
1982 1983 79,900
1983 1'84 82 ,400
1984 1'85 7t ,600
1985 1'. 76,600
19. 118'7 73,600
198'7 1.. 75,700
1988 111' n,200
198' 1"0 '8,700
1990 19.1 65,200
1991 1"2 61,600
1992 1"3 57,900
1993 19.4 54,400
..1d t.u 1.,,1.. an .UClb t.Jt.at. lf oo11ect.ed in full
t.hey , ~t.bel' vi t:b ..t.t.at.ed aol1eet.ioaa of other 1'...."..
ple49ed fo~ dae JNl~t of aaid bODde. will produce .t 1eut.
fi.. per ceDt. ill ..... of the -.ouat. ...484 ~ _t. wbeIl
due the priDo1pal aad ifttAn.t. payaeau OIl tbe boDda.
aaid t.ax le"i.. aba11 be 11'npealable eo 101111 ..
any of ..1d boD4. an out.at.aDdiat ad UDpa14, pro,,1ded tbat.
t.be Cit.y naene. t.be 1'19bt. aDd IM"Mr ~ reduce th. lev1..
J.a ~ ....e.. aa4 t.o die ..u.at. paaait.U4 by Sea. 475.61(3)
.....A.
!'or t.be ~t. UId full papMIDt. of t.be pr1Daipal
of aDd iDtAr.at. OIl aai4 boe48, .. the __ n.peot.i..ly
be... due, t.be full faith, an41t. aDd t.ax1D9 po1Ml'. of
the Cit.y .bal1 be uad an ber.by il'nvooab1y ple49ed.
11. tlle Cit.I ......1' i_ Mn1:>>y 41nat.ec1 t.o fil.
. _Rifled oopy of t.h . n.olut.1on w1th t.be coaat.y Au41~1'
of _.y couat.y, ..i....ot.a, tov.t.ber vith .\IOb ot.bel' iD1ol'-
..t.ioa .. be .ball requj.n, aDd to obt.aiD &011 ..14 Auditor
Ilia _&'t.J.fiaa1:.e t::bat. .aid !>>OD48 'ba.. beea _t..red 1ft t.be ..14
Auc:Utor'. BoD4 ...i.tAl'. aa4 t:hat. t.be t.a levy nqui~ed by
law baa been .-ct..
12. 'Ibe officer. of dl. Ci t.y .n !Mlftl)y author-
iaed eel du.otecl t.o ....pan ..4 ~.b to the punlbuel'
of .aid boDdII. aacl t.o the .t.t.oneya &ppZ'ov1D9 the 1...11t.y
01 the i..uaac. t.bel'eol, _n.11.1ecl copl.. 01 all prooee4iap
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and records of the City relating to said 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 bonds as the same appear from the books and records under
their custody and control or as otherwise known to them, and
all such certified copies, certificates and affidavits, in-
cluding any heretofore furnished, shall be deemed represen-
tations of the City as to the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by member Curley
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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STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ROSEVILLE
I, the undersigned, being the duly qualified and
acting City Manager of the City of Roseville, Mihnesota~
DO HEREBY CERTIFY that I have compared the attached and
foregoing extract 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
indicated, insofar as such minutes relate to the opening
and considering of bids for, and awarding the sale of $850,000
General Obligation City Hall Bonds of said City.
WITNESS my hand and the seal of said City this
23rd day of
~
, 1975.
(SEAL)
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