HomeMy WebLinkAboutCCRes_82-44RESOLUTION 82-44
The Council proceeded to consider and discuss the
bids, after which member Larson introduced the
• following resolution and moved its adoption:
RESOLUTION ACCEP`PING BID ON SALE OF
$225,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982
AND PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED by the Council of the City of Falcon
Heights, Minnesota, as follows: ~_
1. The bid of American National Bank & Trust Co. to
purchase $225,000 General Obligation Improvement Bonds of 1982.
of the City, in accordance-with the notice of bond sale, at the
rates of interest hereinafter set forth, and to pay therefor
the sum of $ 222 , 300 is hereby found, determined and
declared to be the most favorable bid received, and is hereby
accepted and the bonds are hereby awarded to said bidder. The
City Clerk is directed to retain the deposit of said bidder and
to forthwith return the good faith checks or drafts to the
unsuccessful bidders. The bonds shall be payable as to
principal and interest at the American National Bank & Trust Company in
St. Pau1,_Mi_nnesota or any .successor paying agent duly
appointed by the City.
2. The $225,000 negotiable coupon general obligation
bonds of the City shall be dated October 16, 1982 and shall be
• issued forthwith. The bonds shall be 45 in number and numbered
from 1 to 45, both inclusive, in the denomination of $5,000
each. The bonds shall mature serially, lowest numbers first,
on March 1 in the amount of $25,000 in each of the years 1985
to 1993, both inclusive.
3. The bonds shall provide funds for the construc-
tion of various improvements in tYie City. The total cost of
the improvements, which shall include all costs enumerated in
Minnesota Statutes, Section 475.65, is estimated to be at least
equal to the amount of the bonds herein authorized. Work on
the improvements shall proceed with due diligence to
completion.
4. The bonds shall mature in the years and bear the
serial numbers set forth below, and shall bear interest payable
March 1, 1983 and semiannually thereafter on September 1 and
March 1 of each year at the respective rates per annum set
opposite the maturity years and serial numbers:
Maturity Years Serial Numbers
Interest Rate
1985 1-5 7.00%
• 1986 6-10 7 , 25%
1987 11-15 7.50%
1988 16-20 ~ 7.75%
1989 21-25 8.00%
1990 26-30 8.20%
1991 31-35 8.40%
1992 36-40 8.60% ' _
1993 41-45 8.80%
5. All bonds of this issue maturing in the years
1991 to 1993, both inclusive (bonds numbered 31 to 45, both
inclusive), shall be subject to redemption and prepayment at
the option of the City in inverse order of serial numbers, on
March 1, 1990 and on any interest payment date thereafter at
par ahd accrued interest, plus a premium of $75.0.0 per bond
called. Published notice of redemption shall in each case be
given in accordance with law, and mailed notice of redemption
shall be given to the bank where the bonds are payable.
6. The bonds and interest coupons to be issued
hereunder shall be in substantially .the following form:
•
•
~,- 7. The bonds shall be executed on behalf of the City
by the signatures of its Aiayor and Cler]c and be sealed with the
seal of the. City; provided, that one (or both) of the
signatures and the seal of the City may be printed facsimiles
• (if the bonds are also signed manually by at least one such
officer); and provided further that the corporate seal may be
omitted on the bonds as permitted by law. The interest coupons
pertaining thereto shall be executed by the printed, engraved
or lithographed facsimile signatures of the Mayor and Clerk.
8. The bonds when so prepared and executed shall be
delivered by the Treasurer to t'ne purchaser thereof upon
receipt of the purchase price, and the 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 Improvement Bonds of 1982 Fund"
to be-held and administered by the City Treasurer separate and
apart, from all other accounts of the City. The Fund shall be
- maintained in the manner herein specified until all of the
bonds herein authorized and the interest thereon have been
fully paid. There shall be maintained in the Fund two separate
accounts, to be designated the "Construction Account" and the
"Debt Service 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 the
bonds in excess of $220,600, and less capitalized interest in
the amount of $ 6,703.12 (subject to such adjustments as are
appropriate to provide sufficient funds to pay interest due on
the bonds on or before September 1, 1983), plus any special
• assessments levied with respect to improvements financed by the
bonds and collected prior to completion of the improvements and
payment of the costs thereof, shall be credited to the
Construction Account, from which there shall be paid all costs
and expenses of making the improvements listed in paragraph 10,
including the cost of any construction contracts heretofore let
and all other costs incurred and to be incurred of the kind
authorized in Minnesota Statutes, Section 475.65; and the
moneys in said account shall be used for no other purpose
except as otherwise provided by law; provided that the bond
proceeds may also be used to the extent necessary to pay
interest on the bonds due prior to the anticipated date of
commencement of the collection special assessments herein
covenanted to be levied; and provided further that if upon
completion of the improvements there shall remain any _
unexpended balance in the Construction Account, the balance
•
• (other than any special assessments) may be transferred by the
,~ Council to the fund of any other improvement instituted
pursuant to Minnesota Statutes, Chapter 429; and provided
further that any special assessments credited to the
• ~ Construction Account are hereby pledged and shall be used only
to pay principal and interest due-an the bonds. There is
hereby pledged and there shall be credited to the Debt Service
Account (a) all collections of special assessments herein
covenanted to be levied and either initially credited to the
Construction Account and required to pay any principal and in-
terest due on the bonds or collected subsequent to the com-
pletion of the improvements and payment of the costs thereof;
(b) all accrued interest received upon. delivery of the bonds,
(c) all funds paid for the bonds in excess of $220,600, (d)
capitalized interest in the amount of $6,703.12 (subject to
such adjustments as are appropriate to provide sufficient funds
to pay interest due on the bonds on or before September 1,
1982), (e) surplus monies in the state-aid road fund of the
City which are hereby pledged for the payment of the bonds
- .issued hereunder, (f) any collections of all taxes which may
hereafter be levied in the event that the state-aid monies and
special assessments herein pledged to the payment of the
principal and interest on the bonds are insufficient therefor;
and (g) all funds remaining in the Construction Account after
completion of the improvements and payment of the costs
thereof, not so transferred to the account of another
improvement. The Debt Service Account herein created shall be
used solely to pay the principal and interest and any premiums
- for redemption of the bonds issued hereunder and any other
general obligation bonds of the City hereafter issued by the
• City and made payable from said account as provided by law.
Any sums from time to time held in the Debt Service Account (or
any other City account which will be used to pay principal or
interest to become due on the bonds) in excess of amounts which
under the applicable federal arbitrage regulations may be
invested without regard as to yield shall not be invested at a
yield in excess of the applicable, yield restrictions imposed by
said arbitrage regulations on such investments.
10. It is hereby determined that no less than 20% of
the cost to the City of each improvement financed hereunder
within the meaning of Minnesota Statutes, Section 475.58,
Subdivision 1(3) shall be paid by special assessments to be
levied against every assessable lot, piece and parcel of land
•
- _. ._ _. -
•
•
•
benefited by the improvements. The City hereby covenants and
agrees that it will let all construction contracts not here-
tofore let within one year after ordering each improvement
financed hereunder unless the resolution ordering the
improvement specifies a different time limit for the letting of
construction contracts and will do and perform as soon as they
may be done, all acts and things necessary for the final and
valid levy of such special assessments, and in the event that
any such assessment be at any time held invalid with respect to .
any lot, piece or parcel of land due to any error, defect, or
irregularity, in any action or proceedings taken or to be taken
by the City or this Council or any of the City officers or
employees, either in the making of the assessments or in the
performance of any condition precedent thereto, the City and
this Council will forthwith do all further acts and take all
further proceedings as may be required by law to make the
assessments a valid and binding lien upon such property. The
assessments have not heretofore been authorized, and
accordingly, for purposes of Minnesota Statutes,. Section
475.55, Subdivision 3, the assessments are hereby authorized.
Subject to such adjustments as are required by conditions in
existence at th° time the assessments are leable~in elu lereby
determined. that the assessments shall be pay q
consecutive, annual installments, with general taxes for the
years shown below and with interest on the declining balance of
all such assessments at a rate per annum not greateertannum e
maximum permitted by law and not less than 1Q _~ p
Improvement Levy Years
Designation Amount -
1982/1991
Pascal $143,816:.80
At the time the assessments are in fact .levied the
City Council shall, based on the then current estimated col-
lections of the assessments, make any adjustments in any ad
valorem taxes required to be levied in order to assure that the
City continues to be in compliance with Minnesota Statutes,
Section 475.61, Subdivision 1.
. 11. The special assessments are such that
' collected in full they,. together with other revenues
- ~ ~ pledged for the payment of the bonds, will produce a
five percent in excess of the amount needed to meet
•
•
the principal and interest payments on the bonds.
if
herein
t least
when due
12. For the prompt and full payment of the principal
and interest on the bonds, as the same respectively become due,
the full faith, credit and taxing powers of the City shall be
and are hereby irrevocably pledged. If the balance in the Debt
Service Account is ever insufficient to pay all principal and
interest then due on the bonds payable therefrom, the
deficiency shall be promptly paid out of any other funds of the
City which are available for such purpose, and such other funds
may be reimbursed with or without interest from the Debt
Service Account when a sufficient balance is available therein.
13. The City Clerk is hereby directed to file a
certified copy of this resolution with the County Auditor of
Ramsey County, Minnesota, together with such other information
as he shall require, and to obtain from the Auditor his
certificate that the bonds have been entered in the Auditor's
Bond Register.
14. The officers of the City are hereby authorized
and directed to prepare and furnish to the purchaser of the
bonds, and to the attorneys approving the legality of the
issuance thereof, certified copies of all proceedings and
records of the City relating to the 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 the bonds as the
same appear from t'ne books and records under their custody and
control or as othentise known to them, and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall be deemed representations of the City as to
the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by member Eggert and
upon vote being taken thereon, the following voted in favor
thereof
Warkentien, Larson, Eggert, Ciernia
and the following voted against the same: None (Member Chestovich
being absent)
Whereupon said resolution was declared duly passed
and adopted.
ATTE
~~
Dewan B. Barnes, Clerk Administrator
i
Willis C. A. Warkentien, Mayor
Special City_Council Meeting of October 5, 1982
•
UNITED STATES OF AMERICA
STATE OF MINNESOTA
RAM5EY COUNTY
CITY OF FALCON HEIGHTS
No. ~ $5, OOfJ
GELdERAL OBLIGATION IMPROVEMENT.
BOND OF 1982
KNOW ALL PERSONS BY THESE PRESENTS that the City of
Falcon Heights, 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 March, 19 .and to pay interest thereon
from the date hereof until the principal is paid at the rate of
percent ( ~) per
annum, payable on the first day of March, 1983 and semiannually
thereafter on the first day of September and the first day of
March 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 becorne due. Both principal and interest are payable
at American National Bank & Trust Company in St Paul Minnesota
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 1991 to
1993, both inclusive (bonds numbered 31 to 45, both inclusive),
are subject to redemption and prepayment at the option of the
City in inverse order of serial numbers, on March 1, 1990 and
on any interest payment date thereafter at par and accrued
interest, plus a premium of $75.00 per bond called. Published
notice of redemption shall in each case be given in accordance
with law, and mailed notice of redemption shall be given to the
bank where the bonds are payable.
•
This bond. is one of an issue in the total principal
amount of $225,000 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
construction of various improvements in the City and is payable
out of the General Obligation Improvement Bonds of 1982 Fund of
the City. This bond constitutes a general obligation of the
City, and to provide moneys for the prompt and full payment of
the principal and interest when the same become due, the full
faith and credit and taxing powers of the 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 Falcon Heights,
Ramsey County, Minnesota, by its City Council has caused this
bond to be executed in its behalf by the facsimile signature of
• the Mayor
corporate
permitted
executed
officers,
and the manual signature of the City Clerk, the
seal of the City having been intentionally omitted as
by law, and has caused the interest coupons to be
and authenticated by the facsimile signatures of said
all as of October 16, 1982.
/s/ Dewan B. Barnes
City Clerk
•
/s/ Facsimile
Mayor
r~~ ~ : --..~-
(Form of Coupon)
No.
On the first day of March (September), 19 unless
the bond described below is called for earlier redemption, the
City of Falcon Heights, Ramsey County, Minnesota, will pay to
bearer at the American National Bank & Trust Company in St Pail, J~ihnesota,_
or any successor paying agent duly appointed by the City, the
sum shown hereon for interest then due on its General
Obligation Improvement Bond of 1982, No. dated
October 16, 1982. '
/s/ Facsimile
City Clerk
/s/ Facsimile
Mayor
•
•
..
,, ..
.:... i.
.. _ _.. ,.
.. .. _
,a ~ _
.-
_ .-_
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: OCTOBER 5, 1982
Pursuant to due call and notice thereof, a special
meeting of the City Council of the City of Falcon Heights,
Ramsey County, Minnesota, was duly held at the City Hall in
the City on the 5th day of October, 1982, at 7:00 o'clock P.M.
for the purpose of opening and considering bids for and
awarding the sale of $225,000 General Obligation Improvement
Bonds•of 1982 of the City.
The following members were present: Mayor Warkentien,
Council Members Larson, Eggert,.Ciernia
and the following were absent: Council Member Chestovich
The Clerk presented affidavits showing publication of
notice of call for bids on $225,000 General Obligation
Improvement Bonds of 1982 of the City, "for which bids were to
_ be received at this meeting, in accordance with the resolution
• adopted by the City Council on September 8, 1982. The
affidavits were examined,. found to comply with the provisions
of Minnesota Statutes, Chapter 475, and were approved and
ordered placed on file.
The Council proceeded to receive and open bids for
the sale of the bonds. The following bids were received:
See attached "Bid Tabulation"
BID TABULATION
• $225,000 G.O. Improvement Bonds of 1982
City of Falcon Heights, Minnesota
SALE: Tuesday, October 5, 1982
AWARD: AMERICAN NATIONAL BANK & TRUST COMPANY
MOODY'S RATING "A-1"
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
AMERICAN NATIONAL BANK & TRUST COMPANY
Saint Paul, Minnesota
Dougherty, Dawkins, Strand &-Yost, 'Inc.
Juran & Moody, Inc.
BANCNORTHWEST
Minneapolis, Minnesota
~e, Juran & Company, Inc.
FIRST NATIONAL BANK OF MINNEAPOLIS
Minneapolis, Minnesota
F & M MARQUETTE NATIONAL BANK
Minneapolis, Minnesota
•
7.00%
7.25%
7.50%
7.75%
8.00%
8.20%
8.40%
8.60%
8.80%
7.00%
7.25%
7.50%
7.75%
8.00%
8.25%
8.50%
8.75%
9.00%
7.00%
7.25%
7.50%
7.75%
8.00%
8.25%
8.50%
8.75%
9.00%
7.20%
7.40%
7.60%
7.80%
8.00%
8.25%
8.50%
8.75
9.00%
$120,028.13
$222,300.00
$222,862.50
$222,075.00
. Continued on reverse side
1985
1986
1987
1988
1989
1990
1991
1992
1993
1985
1986
1987
1988
1989
1990
1991 ,
1992
1993
1985
1985
1987
1988
1989
1990
1991
1992
1993
1985
1986
1987
1988
1989
1990
1991
1992
1993
8.367%
$120,637.50
8.410%
$121,425.00
8.465%
$121,734.38
$222,187.50
8.486%
• ` f:i C: F~i i::: X:; 1.1 I.., E" t:1 ~.. F' i~? :1: i~! t:; :(. F'r~, I.., i• i•~! i:~ 1: i'~!'T i:M I? is E i f 1~'r-i ~' ~i [:: i -! 7' `.->
;~ ~' :~ ;~; , Q ti t? ti (°: t ~! 1~: Fi r•~} 1.., t:t t I.., :!: t:3 r1'T' :C (:l s ~! 7: iii f' i~? t?'s~ 1-: i~ E~ i~~'r JCS t:J ~a I.-
• t:, ~: 'T' z L? F' !•° r"~ !_, t:' t:l t•:! I..i !"::f: t: ~ I•d •1' ":; , ivi 1:14? i~! !~. ~: ~ t:l'r' ~a
F'r1 t:i f::: 1.
I:~ r1 T' C:: X:, t t r,! C; {~:! t:t , f' i;'.1: ~! F; F"~'T F 1: P•~ f E. i? F.:: f:i'I
i ~Z
{J} ! ~. /' 1.3
~L
7 !
~
S7 J f.:r' .i. ~,7 S.~ ~'''
' t 1~
r,7 r r~ r+
. r'7.f i.rtis;l
.-
(~ r~ .i. rr J. it'd .t.
`~ 1 7. ~ 1. `~ ;~ ~-r
..~ t.~,.y ..
~.. ~
. ~::~
j7 i• tt ::? .1..:j
t:i i? :~ r , ~i t1
!:~ t7 "" "T r- t~
1. wF ! w~
{~3f~=;:f'r . ;:, to
.;~ .I. Ewa ti: r7 t-.
1 , v~
~.F x:..l. 5:J , i ~
..:a . ti it ~ . '; ,.f iS.:..:i. ~ , '~ i
........ ~ :~ .:a ti . C t')
~I•':i t1 , t1 t1
::? -'."i t) tl t? `::' , ~~I• tJ ~ :~~ :.? . tl it
::~
1.:I. tj t) , it tt
::' •.`.i t? tJ t) :3 , ~:i D 1.1.0 t1 . t1 0
•
'Y' tl'T' i .~ I_, F' f `~ `~ :i: i'+! to r"~s t:'s i:°. i~!'Y'
r--
i#~:.'~'i Jt~
r~;~', , ~w:, r~
JVi"~-?..7t~
::F .::..I.:a ~..r .::..::1
.F .i... i:. , 1 •.t
~= -•, ~:.
.! x:...! t:F t~ t!
:i.:l. tt tt , ti r}
:' 1~, :t tt t 1 , tt tl
`G 1.1. "l;3't:3 , 1. ;? 1~ ::3r+?;3:?3 . 1:?
~*..~ .~ f
STATE OF MINNESOTA
COUNTY OF RAMSEY
• CITY OF FALCON HEIGHTS
I, the undersigned, being the duly qualified and
' acting Clerk of the City of Falcon Heights, Minnesota, 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 $225,000 General
Obligation Improvement Bonds of 1982 of said City.
• ~~~~ITNESS my hand and the seal of said City this
. - day of ~-~ 1~a2.
City Clerk
(SEAL)