HomeMy WebLinkAboutCCRes_84-094~i
EXTRACT OF MII~IUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: MARCH 14, 1984
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 on the
14th day of March, 1984, at 7:00 P.M.
The following members were present: Mayor Ronald Eggert,
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Council-members Baldwin, Hard, chestovich, Ciernia
and the following were absent: None
Member Ronald Eggert introduced the following
resolution an moved its adoption:
Resolution No. 84-9
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,075,000 GENERAL OBLIGATION
TAX INCREMENT BONDS OF 1984
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 $1,075,000 General Obligation Tax Increment
Bonds of 1984 to refund the City's outstanding General
Obligation Temporary Improvement Bonds of 1982, dated October
16, 1982 and to defray the expense of certain capital and
administration costs in 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 award-
ing the sale of $1,075,000 General Obligation Tax Increment
Bonds of 1984 of said City..
3. The Clerk-Administrator is hereby authorized and dir-
ected 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 Exhibit B and incorporated
herein by reference.
The motion for the adoption of the foregoing resolution
was duly seconded by member Baldwin and upon a vote
being taken thereon, the following voted in favor thereof:
Eggert, Baldwin, Hard, Chestovich, Ciernia
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 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 CounSil 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 $1,075,000 General
Obligation Tax Increment Bonds of 1984 of said City.
WITNESS my hand as such Clerk-Ad inistrator and the
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offici -~
al seal of the Cit this da of
y .~_ Y 1984.
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Clerk-Administrator
(SEAL)
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• EXHIBIT A
NOTICE OF BOND SALE
$1,075,000
CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION TAX INCREMENT
BONDS OF 1984
These bonds will be offered Wednesday, April 25, 1984, at
7:30 P.M., Central Time, at the City Hall, in Falcon Heights,
Minnesota. The bonds will be dated June 1, 1984 and interest
will be payable March 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 March 1 in the amounts and years as follows:
• 1988
1989
1990
1991
1992
1993
1994
$125,000
$125,000
$150,000
$150,000
$175,000
$175,000
$175,000
All bonds maturing on or after March 1, 1992 are subject to
prior payment on March 1, 1991 and any interest payment date
thereafter at a price of par and accrued interest. Sealed bids
for not less than $1,054,000 and accrued interest on the
principal sum of $1,075,000 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
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the City's outstanding General Obligation Temporary Improvement
Bonds of 1982, dated October 16, 1982 and to defray the expense
• of certain capital and administration costs in Development
District No. 1 in the City.
Dated: March 14, 1984 BY ORDER OF THE CITY COUNCIL
/s/ Dewan B. Barnes
Clerk-Administrator
Additional information
may be obtained from:
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone No.: 612-339-8291
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EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,075,000
GENERAL OBLIGATION TAX INCREMENT
BONDS OF 1984
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: Wednesday, April 25, 1984, at
7:30 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, 1984.
PURPOSE: To refund the City's outstanding
General Obligation Temporary
Improvement Bonds of 1982, dated
October 16, 1982, and to defray the
expense of certain capital and
administration costs in Development
District No. 1 in the City.
INTEREST PAYMENTS: March 1, 1985, and semiannually
thereafter on September 1 and
March 1.
MATURITIES: March 1 in each of the years and
amounts as follows:
1988 $125,000
1989 $125,000
1990 $150,000
1991 $150,000
1992 $175,000
1993 $175,000
1994 $175,000
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REDEMPTION: At the option of the issuer, bonds
maturing on or after March 1, 1992
shall be subject to prior payment,
on March 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 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 common
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
which shall be subject to applic-
able 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 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.
C]
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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
$1,054,000 and accrued interest on
the principal sum of $1,075,000
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 $21,000,
payable to the order of the
Clerk-Administrator of the issuer
must accompany each bid, to be
forfeited as liquidated damages if
bidder fails to comply with
accepted bid. Bids for the bonds
should be addressed to:
Dewan B. Barnes,
Clerk-Administrator
City Hall
2077 W. Larpenteur Avenue
Falcon Heights, Minnesota 55113
RATES: All rates must be in integral
multiples of 1/20th of 1$ and may
not exceed the maximum rate allowed
bx 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
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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: March 14, 1984
BY ORDER OF THE CITY COUNCIL
f s/ Dewan B. Barnes
Clerk-Administrator
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Additional information
may be obtained from:
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone No: 612-339-8291
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