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HomeMy WebLinkAboutCCRes_85-66• 560D EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF FALCON HEIGHTS, MINNESOTA HELD: NOVEMBER 13, 1985 Pursuant to due call and notice thereof, a regular meeting of the City Council of the. City of Falcon Heights, Ramsey County, Minnesota, was duly held at the City Hall in said City on the 13th day of November, 1985, at 7:30 o'clock P.M. The following members were present: Acting Mayor Ciernia, Councilmembers Baldwin and Chenoweth and the following were absent: Mayor Eggert and Councilmember Hard. Member Baldwin introduced the following resolution and moved its adoption: R-85-66 • RESOLUTION PROVIDING FOR PUBLIC SALE OF $745,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985,. SERIES B 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 $745,000 General Obligation Tax Increment Bonds of 1985, Series B, to defray the expense of certain capital and administrative costs of its Development District No. 1, specifically costs of acquiring land and making certain public stone drainage and- sewer improvements. 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, $745,000 General Obligation Tax Increment Bonds of 1985, Series B, of said City. 3. The City Clerk-Administrator. 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 the • date of sale, as provided by law, which notice shall be in substantially the form set forth as Exhibit A attached hereto. 4. The tet~ns and conditions of said bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit Band incorporated herein by reference. ,The motion for the adoption of the foregoing resolution was duly seconded by member Ciernia and, after full discussion thereof and upon a vote being. taken thereon, the following voted in favor thereof : Acting Mayor Ciernia, Councilmembers Baldwin and Chenoweth and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. • ATTEST: 7 d~ ewan B. Barnes, Clerk Administrator c Acting Mayor Paul Ciernia • STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting Clerk-Administrator 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 therefran insofar as the same relates to the proposed sale of the City's $745,000 General Obligation Tax Increment Bonds of 1985, Series B. • WITNESS my hand as such Clerk-Administrator and the official seal of the City this 13th day of November, 1985. City Clerk-Administrator (SEAL) • EXHIBIT A Notice of Bond Sale $745,000 CITY OF FALCON HEIGHTS - RAMSEY COUNTY, MINNESOTA _ GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985, SERIES B -These bonds will be offered Tuesday, December 3, 1985, at 6:00 P.M., Central Time at the City Hall in Falcon Heights, Minnesota. The bonds will be dated December 1, 1985 and interest will be payable September 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: Year Amount 1990 $ 20,000 1991 75,000 1992 125,000 .1993 150,000 1994 175,000 1995 200,000 All bonds maturing on or after March 1, 1994 are sub3ect to prior payment on March 1, 1993 and any interest payment date thereafter at a price of par and accrued interest. Sealed bids for not less than $733,825 and accrued • interest on the .principal sum of $745,000 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 the Development District No. 1 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: November 13, 1985 BY ORDER OF THE CITY COUNCIL Dewan Barnes Clerk-Treasurer Additional information may be obtained from: Ehlers and Associates, Inc. First National-Soo Line Concourse • 507 Marquette Avenue Minneapolis, Minnesota 55402 (612) 339-8291 • NOTICE IS HEREBY GIVEN that these bonds will be offered for sale according to the following terms: TIME AND PLACE: Sealed bids for these bonds will be opened and recorded on Tuesday, December 3, 1985, at 6:00 o'clock- . P.M., local time, at the office of the City Clerk-Administrator in the City Hall in the City of Falcon Heights, Minnesota. Consideration .and awarding of the bonds will be by the City Council thereafter oz~ the same day. OFFICIAL TERMS Ob' OFFERING $745,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985, SERIES B CITY OF FALCON HEIGHTS RAMSEY COUNTY MINNESOTA C, TYPE OF BONDS: Fully registered general obligation bonds, $5,000 denominations or any integral imxltiple thereof of a single maturity. DATE OF ORIGINAL ISSUE OF BONDS: EXHIBIT B December 1, 1985. PURPOSE: To defray certain capital and administrative costs of the City's Development District No. 1, specifically costs of acquiring land and making certain public storm drainage and sewer improvements. INTEREST PAYMENTS: September 1, 1986, and semi-annually thereafter on March 1 and September 1 in each year. TYPE OF BID: Sealed bids of not less than • $733,825 and accrued interest on the principal sum of $745,000 fram date of the bonds to date of delivery must be filed with the City Clerk-Administrator prior to the time of sale. Each bid must be unconditional except as to legality. A certified or cashier's check in the amount of $14,900 payable to the order of the City Treasurer must accompany each bid, to be forfeited as liquidated damages if the company making the bid fails to comply with the accepted bid. Bids for the bonds should be addressed to: Mr. Dewan Barnes City Clerk-Administrator -City Hall .Falcon Heights, Minnesota 55113 C. Bids delivered to Ehlers,a.nd Associates, Inc. , by 4:30 0' clock P.M. on the day of sale will be carried to the sale and the bid security will be retained in the offices of Ehlers and Associates, Inc., with the same effect as if delivered to the City .Clerk-Admninistrator. RATES: _ All rates must be in integral multiples of 1/20th or 1/8th of l$ and may not exceed the maximum rate permitted by-law. No limitation is placed upon the number of rates which may. be used. All rates shall be in ascending order. AWARD: Award will be made solely on the basis of lowest net interest cost, determined by addition of any dis- count to and deduction of any- . premium from the total interest on all bonds from their date to their . MATURITIES: March 1 in each of tkie years and amounts as follows: Years Amount 1990 $ 2U,UU0 1991 .75,000 1992 125,000 1993 150,UU0 1994 175,000 1995 200,000 REDEMPTION: All Bonds maturing on or after March 1, 1994, are subject to prior payment on March 1, 1993, and any interest payment date thereafter at a price of par and accrued interest. PAYING AGENT, The Issuer will select a Paying REGISTRAR, and Agent, Registrar and Transfer Agent TRANSFER AGENT: prior to the awarding of the bonds. The Issuer will pay the customary charges for this service. CUSIP NUMBERS: CUSIP numbers will be printed on the bonds at the option of the • purchaser, 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 said bonds in accordance with terms of the purchase contract. DELIVERY: On or before December 31, 1985, 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. C • stated maturity. The net effective average rate of the issue may not exceed the maximum rate permitted by law. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. BY ORDER OF THE CITY COUNCIL OF THE CITY OF FALCON HEIGHTS, MINNESOTA /s/ Dewan Barnes City Clerk-Administrator Additional information may be requested from, and bid forms will be distributed by, and bid may be delivered to: • EHLERS AND ASSOCIATES, INC. First National - Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: 612-339-8291 Financial Consultants to the City. :]