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EXTRACT OF MINUTES OF MEETING OF THE
• CITY COUNCIL OF THE CITY OF
FALCON HEIGHTS, MINNESOTA
HELD: JULY 19, 1983
Pursuant to due call and notice thereof, a special meeting
of the Cady Council of the City of Falcon Heights, Minnesota,
was duly held at the City Hall in said City on the 19th day of
July, 1983, at 12:00 o'clock P.M., Noon.
The following members were present:
Larson, Ciernia, Warkentien;
and the following were absent:
Chestovich, Eggert.
Member Warkentien introduced the following resolution and
moved its adoption:
RESOLUTION NO. 83-23
• RESOLUTION PROVIDING FOR PUBLIC SALE
OF $525,000 GENERAL OBLIGATION TAX i
INCREMENT IMPROVEMENT BONDS OF 1983
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 $525,000 General Obligation Tax Increment
Improvement Bonds of 1983 to defray the expense of the
construction of various improvements 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 $525,000 General Obligation Tax Increment
..Improvement Bonds of 1983 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.
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 Larson and .upon a vote being taken
thereon, the following voted in favor. thereof:
Warkentien, Larson, Ciernia;
and the following voted against the same:
none.
Whereupon said resolution was declared duly passed and
adopted.
•
•
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 $525,000 General
Obligation Tax Increment Improvement Bonds of 1983 of said
City.
• WITNESS my hand as such Clerk-Administrator and the
official seal of the City this ~~ day of ~G.c , 1983.
_~
.Clerk-Administrator
(SEAL)
•
EXHIBIT A
• NOTICE OF BOND SALE
$525,000
.CITY OF FALCON HEIGHTS
RAMSEY COUNTY
MINNESOTA
GENERAL OBLIGATION TAX
INCREMENT IMPROVEMENT BONDS OF 1983
These bonds will be offered Wednesday, August 31, 1983, at 7:30
P.M., Central Time, at the City Hall, in Falcon Heights,
Minnesota. The bonds-will be dated September 1, 1983 and
interest will be payable March 1, 1984 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, without right of prior redemption., on
March l in the amounts and years as follows:
$50,000
$75,000
$50,000
$75,000
$50,000
• $75,000
All dates ar
the year 1985;
the year 1986;
the year 1987;
each of the years 1988 and 1989;
the year 1990; and
each of the years 1991 and 1992.
zclusive.
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in
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Sealed bids for not less than $514,706 and accrued interest on
the principal sum of $525,000 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 expense of certain capital and administration costs in
Development District No. 1 in the City.
Dated: July 19, 1983
BY ORDER OF THE CITY COUNCIL
/s/ Dewan Barnes
Clerk-Admina.strator
Additional information
may be obtained from:
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
. Minneapolis, Minnesota 55402
Telephone No: 612-339-8291
EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$525,000
GENERAL OBLIGATION TAX INCREMENT
IMPROVEMENT BONDS OF 1983
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:. Wednesday, August 31, 1983, at 7:30
P.M., Central Time at the City Hall
in Falcon Heights,. i~iinnesota.
TYPE OF BONDS: Fully registered general obligation
bonds, $5,000 denominations or any
integral multiple thereof at the
option of the bidder.
• DATE OF BONDS: September 1, 1983.
PURPOSE: To defray the expense of certain
capital and administration costs in
Development District No. 1 in .the
City.
INTEREST PAYMENTS: March 1, 1984, and semiannually
t'nereafter on September 1 and March
1.
MATURITIES: March 1 in each of the .years and
amounts as follows:
1985 $50,000
1986 $75,000
.1987 $50,000
1988 $75,000
1989 $75,000
1990 $50,000
1991 $75,000
1992 $75,000
All dates are inclusive.
REDEMPTION: All bonds shall be without option
of prior payment.
PAYING AGENT AND.
BOND~REGISTRAR: To be determined by the Issuer.
CUSIP NUMBERS: It is anticipated that CUSIP
numbers wall be printed on said
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 sand bonds in accordance
with terms of the purchase
contract.
.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 the 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
$514,706 and accrued interest on
.the principal sum of $525,000 from
date of 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 $10,500,
payable to the order of the
Clerk-Treasurer 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 Barnes, Clerk-Administrator
City Hall.
1644 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
by law. at the time of sale.
Additional interest coupons may not
be used. No limitation is placed
upon the number of rates which may
be used.
AWARD: Award wall 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 tame of .sale.
The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: July 19, 1983
. BY,ORDER OF THE CITY COUNCIL
/s/ Dewan Barnes
Clerk-Administrator
Additional information
may. be obtained from:
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone No: 612-339-8291
•