HomeMy WebLinkAboutCCRes_85-21EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: MAY 8, 1985
RESOLUTION N0. R-85-21
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Falcon Heights, Minnesota,
was duly held at the City Hall in said City of the 8th day of
May, 1985, at 7:00 o'clock P.M.
The following members were present: Mayor Eggert, Hard,
Baldwin, Chenoweth
and the following were absent: Ciernia
Member EQQert introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,300,000 GENERAL OBLIGATION
TAX INCREMENT BONDS OF 1985
BE IT RESOLVED by the City Council of the City of Falcon
Heights, Minnesota, as follows:
1. It is hereby found, determined and declared that this
City should issue $1,300,000 General Obligation Tax Increment
Bonds of 1985 to defray the expense of certain capital and
administration costs within Development District No. 1 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 awarding the sale
of $1,300,000 General Obligation Tax Increment Bonds of 1985 of
said City.
3. The Clerk-Treasurer 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.
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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 F,xhibit B and incorporated
herein by reference.
The motion for the adoption of the foregoing resolution
was duly seconded by member Hard and upon a vote
being taken thereon, the following voted in favor thereof:
Eggert, Hard, Baldwin, Chenoweth
and the following voted against the sa~-ne: None
Whereupon said resolution was declared duly passed and
adopted.
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• EXHIBIT A
NOTICE OF BOND SALE
$1,300,000
CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION TAX
IPJCREMENT BONDS OF 1985
These bonds will be offered Monday, June 10, 1985, at 6:00
P.M., Central Time, at the City Hall, in Falcon Heights,
Minnesota. The bonds will be dated June 1, 1985 and interest
will be payable March 1, 1986 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 March 1 in the years and amounts as follows:
1989 - 1990 $ 50,000
1991 - 1993 $ 100,000
1994 $ 125,000
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1995 - 1996 $ 150,000
1997 $ 175,000
1998 $ 300,000
All bonds maturing on or after March 1, 1995 are subject to
prior payment on March 1, 1994 and any interest payment date
thereafter at a price of par and accrued interest. Sealed bids
for not less than $1,280,500 and accrued interest on the
principal sum of $1,300,000 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 defray
the cost of certain capital and administration costs within
Development District No. 1 in the City.
Bidders should be aware that the Official Tenns of Bond Sale to
be published in the Official Statement for the sale may contain
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• 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: may $, lyS5 BY ORDER OF THE CITY COUNCIL
/s/ Dewan B. Barnes
Clerk-Treasurer
Additional information
may be obtained from:
EHLERS AND ASSOCIATES, INC.
First National - Soo Line Concourse
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone No.: 612-339-8291
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C~
r:
EXHIBIT B
OFFICIAL TERP9S OF
BOND SALE
$1,300,000
GENERAL OBLIGATION TAX INCREMENT
BONDS OF 1985
CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
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NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE: Monday, June 10, 1985, at 6:00
o'clock P.M., Central Time at the
City Hall in Falcon Heights,
Minnesota.
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: June 1, 1985.
PURPOSE: To defray the expense of certai n
capital and administration costs
within Development District No. 1
in the City.
INTEREST PAYMENTS: March 1, 1986, and semiannually
thereafter on September 1 and March
1.
MATURITIES: March 1 in each of the years and
amounts as follows:
1989 - 1990 $ 50,000
1991 - 1993 $ 100,000
1994 $ 125,000
1995 - 1996 $ 150,000
1997 $ 175,000
1998 $ 300,000
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• REDEMPTION: At the option of the Issuer, bonds
maturing on or after March 1, 1995
shall be subject to prior payment,
on March 1, 1994 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 redemption 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 co,-nmon
maturity date are called for
prepayment the specific bonds to be
prepaid shall be chosen by lot by
the Registrar.
BOND REGISTRAR: The Issuer will name the Registrar
and paying agent which shall be
subject to applicable SEC
regulations. 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 CiISIP 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.
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• 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
$1,280,500 and accrued interest on
the principal sum of $1,300,000
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 $26,000,
payable to the order of the
Clerk-Treasurer of the Issuer must
• accompany each bid, to be forfeited
as .liquidated damages if bidder
fails to comply with accepted bid.
Bids for the bonds should be
addressed to:
Dewan B. Barnes, Clerk-Treasurer
City Hall
2077 W. Larpenteur Avenue
Falcon Heights, Minnesota 55113
RATES: All rates must be in integral
multiples of 1/20th of 1$ 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.
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.
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• 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: ~~iay 8, - 1985
BY ORDER OF THE CITY COUNCIL
J s/ Dewan B . Barnes
= Clerk-Treasurer
• Additional information
may be obtained from:
EHLERS APJD ASSOCIATES, INC.
First National - Soo Line Concourse
507 Marquette Avenue
t4inneapolis, Minnesota 55402
Telephone No.: 612-339-8291
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STATE OF MINNESOTA
• COUNTY OF RAMSEY
CITY OF FALCON HEIGHTS
I, the undersigned, being the duly qualified and acting
Clerk-Treasurer of the City of Falcon Heights, 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 $1,300,000 General
Obligation Tax Increment Bonds of 1985 of said City.
WIT'~TESS my hand as such Clerk-Treasurer and the official
• seal of the City this ~~~~ day of ~~'~~!~ 1985.
/ ~ f..~~ , ~~_
Clerk-Treasurer
(SEAL)
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