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•
ERTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: OCTOBER 10, 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 10th day of October, 1984, at 7:00 o'clock P.M.
The following members were present: Mayor Eggert, Council members
Cernia, Baldwin, Hard and Chestovich
and the following were absent: None
Member Eggert introduced the following resolution and moved its
adoption:
RESOLUTION 84-36
RESOLUTION PROVIDING FOR PUBLIC SALE
OF X600,000 GENERAL OBLIGATION TAX
INCREMENT BONDS OF 1984, 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 $600,000 General Obligation Tax Increment Bonds of 1984,
Series B to defray the expense of certain capital and
administration costs in Development District No. 2 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
$600,000 General Obligation Tax Increment Bonds of 1984, 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 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.
5. The sale will be cancelled by City Staff, the City Attorney and
Ehlers and Associates, Inc., the City's Financial Consultant, if
the minimum value of the project changes after discussions with
the County Assessor.
6. The sale will be cancelled if it appears that Bullseye is in
violation of the development agreement.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Chestovich and upon a vote being taken thereon, the
following voted in favor thereof:
Eggert, Cernia, Hard, Chestovich
and the following voted against the same: Baldwin
• Whereupon said resolution was declared duly passed and adopted.
OOlSi
•
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 therefrom insofar as the
same relates to the proposed sale of $600,000 General
Obligation Tax Increment Bonds of 1984, Series B of said City.
WITNESS my hand as such Clerk-~t+" nistrator and the
• official seal of the Cit this ~-- ~ v~
y ~ day of ~~~~~~ 1984.
~~
City Clerk-Administrator
(SEAL)
~.
EXHIBIT A
•
NOTICE OF BOND SALE
$600,000
CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION TAX
INCREMENT BONDS OF 1984, SERIES B
These bonds will be offered Monday, November 5, 1984, at 7:00
P.M., Central Time, at the City Hall, in Falcon Heights,
Minnesota. The bonds will be dated November 1, 1984 and
interest will be payable August 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 February 1 in the years and amounts as
follows:
1988
1989
1990
1991-1995
1996
1997-2000
2001-2005
$ 5,000
$10,000
$15, 000
$25,000
$35,000
$40,000
$50,000
All dates are inclusive.
All bonds maturing on or after February 1, 1998 are subject to
prior payment on February 1, 1997 and any interest payment date
thereafter at a price of par and accrued interest. Sealed bias
for not less than $588,236 and accrued interest on the
principal sum of $600,000 will be accepted. No rate of
interest nor the net effective average rate of the issue inay
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 expense of certain capital and administration costs in
Development District No. 2 in the City.
•
Bidders should be aware that the Official Terms of Bond 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 Terrns of Sale the provisions of the
latter shall be those to be complied with.
Dated: October 10, 1984 BY ORDER OF THE CITY COUNCIL
/s/ Dewan B. Barnes
City Clerk-Administrator
Additional information
may b e obtained from:
EHLERS AND ASSOCIATES
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone No. 612-339-8291
•
EXHIBIT B
• OFFICIAL TERMS OF
BOND SALE
$600,000
GENERAL OBLIGATION TAX
INCREMENT BONDS OF 1934 ,SERIES B
CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE: Monday, November 5, 1984, at 7:00
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: November 1, 1984.
• PURPOSE: To defray the expense of certain
capital and administration costs of
Development District No. 2 in the
City.
INTEREST PAYMENTS: August 1985, and semiannually
thereafter on February 1 and
August 1.
MATURITIES: February 1 in each of the years and
amounts as follows:
1988 $ 5,000
1989 $10,000
1990 $15,000
1991 $25,000
1992 $25,000
1993 $25,000
1994 $25,000
1995 $25,000
1996 $35,000
•
1997 $40,000
1998 $40,000
• 1999 .$40,000
2000 $40,000
2001 $50,000
2002 $50,000
2003 $50,000
2004 $50,000
2005 $50,000
All dates are inclusive.
REDEMPTION: At the option of the issuer, bonds
maturing on or after February 1,
1998 shall be subject to prior
payment, on February 1, 1997 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 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.
•
e I • S
CUSIP V[TMBERS: 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 CIISIP
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 iJnited
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
$588,236 and accrued interest on
the principal sum of $600,000 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 $12,000,
payable to the order of the Clerk-
Administrator of the issuer must
accompany each bid, to be forfeited
as liquidated damages if bidder
fails to comply with accepted bid.
Bids for the bonds should be '
addressed to:
•
Dewan B. Barnes,
Clerk-Administrator
City Hall
2077 West Larpenteur Avenue
Falcon Heights, Minnesota 55113
RATES: All bonds of the same maturity must
bear a single uniform rate from
date of issue to maturity and no
rate of any maturity may be lower
than the highest rate applicable to
bonds of any preceding maturities.
All rates must be in integral
multiples of 1/20th of 1$ and may
not exceed the maximum rate allowed
by law at the time of sale. No
limitation to 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: October 10, 1984
BY ORDER OF THE CITY COUNCIL
f s/ Dewan B. Barnes
City 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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