HomeMy WebLinkAboutCCRes_82-45RESOLUTION N0. 82-45
The Council then proceeded to consider and discuss
the bids, after which member Larson introduced
• the following resolution and moved its adoption:
RESOLUTION ACCEPTING_ BID ON SALE OF
$675,000 GENERAL OBLIGATION TEMPORARY
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 the First National Bank of St. Paul to
purchase $675,000 General Obligation Temporary 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 $ 671, 793.75 is hereby found,
determined and declared to be the most favorable bid received,
and is hereby accegted 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 main office of the First National
Bank of St. Paul or any successor paying agent duly
appointed by the City.
2. The
bonds of the City
issued forthwith.
numbered from 1 t~
$5,000 each. The
first, on June 1,
$675,000 negotiable coupon general obligation
shall be dated October 16, 1982 and shall be
The bonds shall be 135 in number and
~ 135, both inclusive, in the denomination of
bonds shall mature serially, lowest numbers
1985.
3. The bonds shall provide funds .for the construc-
tion of various improvements in the City within Development
District No.l heretofore created by the City pursuant to
Minnesota Statutes, Section 472A. 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.
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4. The bonds shall bear interest payable June 1,
1983 and semiannually thereafter on December 1 and June 1 of
each year at the rate per annum of seven
percent (7.0 ~) .
5. All bonds of this issue shall be subject to
redemption and prepayment at the option of the City in inverse
order of serial numbers, on June 1, 1984 and on any interest
payment date thereafter at par and accrued interest. 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:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA.
RAMSEY COUNTY
CITY OF FALCON HEIGHTS
No. $5,000
GENERAL OBLIGATION TEMPORARY
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 June, 1985 and to pay interest thereon-from
the date hereof until the principal is paid at the rate of
seven percent ( 7.00 ~ ) per
annum, payable on the first day of June, 1983 and semiannually
thereafter on the first day of December and the first day of
June 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 become due. Both principal and interest are payable
at the main office of the First National Bank of St. Paul ,
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 are subject to redemption and
prepayment at the option of the City in inverse order of serial
numbers, on June 1, 1984 and on any interest payment date
thereafter at par and accrued interest. 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.
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This bond is one of an issue in the total principal
• amount of $675,000 all of like date and tenor, except as to
serial number 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 to which fund there has been .irrevocably pledged the
special assessments levied in respect to the improvements
financed by said issue, and into which fund there are to be
paid the proceeds of the improvement bonds which the City is
required by law to issue at or prior to the maturity of this
bond for the purpose of refunding the same if the. special
assessments theretofore collected, or any other municipal funds
which are properly available and are appropriated by the City
Council for such purpose, are not sufficient for the payment
thereof. This bond constitutes a general obligation of the
City and to provide moneys for the prompt and full payment of
said principal and interest when the same become due, the full
faith and credit of the City have been and are hereby
irrevocably pledged.
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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 and the manual signature of the City Clerk, the
corporate seal of the City having been intentionally omitted as
permitted by law, and has caused the interest coupons to be
executed and authenticated by the facsimile signatures of said
officers, all as of October 16, 1982.
/s/ Dewan B. Barnes /s/ Facsimile '
City Clerk Mayor --
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No .
(Form of Coupon)
On the first day of June (December), 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 main office of the First National Bank of St_ Paul or anY _
successor paying agent duly appointed by the City, the sum
shown hereon for interest then due on its General Obligation
Temporary Improvement Bond of 1982, No. dated October
16, 1982.
1s/ Facsimile
City Clerk
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/s/ Facsimile
Mayor _
• 7. The bonds shall be executed on behalf of the City
by the signatures of its Mayor and Clerk 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 Uy 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 the 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 Temporary 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
accrued interest received thereon, and less any amount paid for
• the bonds in excess of $&61,775, and less capitalized interest
in the amount of $ 29,531.25 (subject to such adjustments as are
appropriate to provide sufficient funds to pay interest due on
the bonds on or before December 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 of special assessments herein .
covenanted to be levied; and provided further that if upon _
completion of the improvements there shall remain any
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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 on 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 $661,775, (d)
capitalized interest in the amount of $ 29,351.25 (subject to
such adjustments as are appropriate to provide sufficient funds
to pay interest due on the bonds on or before December 1,
1983), (e) any collections of all taxes which may hereafter be
levied in the event that the special assessments herein pledged
to the payment of the principal and interest on the bonds are
insufficient therefor; and (f) 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, provided, however, that upon
termination of the Debt Service Account all collections of such
special assessments herein covenanted to be levied and any
• other sums pledged and appropriated to the Debt Service Account
and not used for the payment of said temporary bonds and
interest shall be pledged and credited to the extent necessary
to the Debt Service Account of any definitive bonds issued to
pay in whole or part said temporary bonds. 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
irregalarity, 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 special assessments are hereby
authorized. Subject to such adjustments as are required by
conditions in existence at the time the assessments are levied,
it is hereby determined that the assessments shall be payable
• in equal, 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 greater
than the maximum permitted by law and not less than 10 %:
Improvement
Designation Amount Levy Years
Gortner/Larpenteur/Prior $215,664.03 1982/1991
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. To further provide moneys for the prompt and full
payment of principal and interest on said .temporary improvement
bonds, the City shall issue and sell bonds, at or prior to the
maturity date of the bonds issued hereunder, in such amounts as
are needed to pay the principal and interest then due on said
temporary improvement bonds after the application of the
assessments collected, and the appropriation of such other
municipal funds as are properly avilable for such purpose. The
Council hereby finds, determines and declares that the
estimated collections of special assessments to be received
before the maturity date of said temporary improvement bonds,
together with the proceeds of any bonds to be issued at or
before said maturity date, and other revenues pledged for the
payment of said temporary improvement bonds and the interest
thereon will equal at least 5% in excess of the principal and
interest requirements of said temporary improvement bonds as
the same become due.
12. It is presently expected that the bonds issued
hereunder will be retired in whole or in part with the proceeds
of general obligation tax increment bonds issued in connection
with one or more tax increment financing districts to be
created in Development District No. 1.
- 13. 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 zither 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.
14. 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.
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15. The officers of the City are hereby authorized
• and directed to prepare and furnish to t'ne 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 the books and records under their custody and
control or as otherwise 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 Warkentien 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.
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Willis C. A. Warkentien, Mayor
ATTEST:
Dewan B. Barnes, Clerk Administrator
Special City Council Meeting of October 5, 1982
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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.Gity 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 $675,000 General
Obligation Temporary Improvement Bonds of 1982 of said .City.
• ITNESS my hand and the seal of said City this
day of ~' 1982.
City lerk
(SEAT,)
C~
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EXTRACT OF MINUTES OF MEETIL~IG Off' 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 $675,000 General Obligation Temporary 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 $675,000 General Obligation
Temporary Improvement Bonds of 1982 of the Gity, 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"
C~
BID TABULATION
$675,000 G.O. Temporary Improvement Bonds of 1982
City of Falcon Heights, Minnesota
SALE: Tuesday, October 5, 1982
AWARD: THE FIRST NATIONAL BANK OF SAINT PAUL
MOODY'S RATING "A-1"
NAME OF BIDDER COUPON
RATE
YEAR NET INTEREST COST
& RATE
PRICE
THE FIRST NATIONAL BANK OF SAINT PAUL 7.00% 1985 $127,237.50 $671,793.75
Saint Paul, Minnesota
M.H. Novick & Company, Inc. 7.180%
North Star State Bank of Roseville: ~
AMERICAN NATIONAL BANK & TRUST COMPANY 7.00% 1985 $128,081.25 $670,950.00
Saint Paul, Minnesota
Dougherty, Dawkins, Strand & Yost, Inc. 7,22%
Juran & Moody, Inc.
BANCNORTHWEST 7.00% 1985 $129,768.75 $669,262.50
Minneapolis, Minnesota
7.323%
FIRST NATIONAL BANK OF MINNEAPOLIS 7.00% 1985 $130,578.75 $668,452.50
Minneapolis, Minnesota
7.369%
PIPER, JAFFRAY & HOPWOOD, INC. 7.25% 1985 $133,860.94 $669,600.00
Minneapolis, Minnesota
.Allison-Williams Company 7.554%
Robert W. Baird & Company, Inc.
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' CRONIN & MARCOTTE, INC. 7.00% 1985 $134,156.25 664
$
875 00
Minneapolis, Minnesota
,
7.571%
F & M MARQUETTE NATIONAL BANK 7.20% 1985 $134,475.00 $668,100.00
Minneapolis, Minnesota
Kidder, Peabody & Company, Inc. 7.589%
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EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone: (612) 339-8291