HomeMy WebLinkAboutCCRes_74-09i
. EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
.FALCON HEIGHTS, MINNESOTA
HELD: APRIL 25, 1974
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. 25th day of April, 1974, at 7:30 o~clock P.M.,
C.D.S.T.
The. following members were present: Mayor
War kentien, members Black, Ecklund, Stocker and Steele.
and the following were absent: none
Member Black introduced
• the following resolution and moved its adoption:
RESOLUTION 7l~-9
RESOLUTION PROV D PUBLIC SALE
OF $100,00.0 GENERAL OBLIGATION
BONDS OF 1974
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 $100,000 General Obligation
Bonds of 1974 to defray the expense of park improvements.
2.. This Council shall meet at the time and
place specified in the form of .notice hereinafter con- 1
tamed for the purpose of opening and considering sealed
bids for, and awarding the sale of $100,000 General
Obligation Bonds of 1874 of said-City.
3. The City Clerk 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 date of sale, as provided by law, which notice shall be
in substantially the following form:
•
• NOTICE OF
BOND SALE
$100,D00
GENERAL OBLIGATION
BONDS OF 1974
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; May 23, 1974 at 8:0O o'clock
P.M., City Hall, 16.44 West
Larpenteur, Falcon Heights,
Minnesota.
TYPE OF BONDS: Negotiable coupon general obliga-
tion bonds, $5,000 denomination.
• DATE OF BONDS: June 1, 1974._
PURPOSE:. Park improvement.
INTEREST PAYMENTS: June 1, 1975, and semiannually
thereafter on December l and
June 1.
MATURITIES: June 1 in each of the years and
amounts as follows:
$5,000 in the years 1976
through 1983.
$10,000 in the years 1984
through 1989..
REDEMPTION: At the option of the issuer, bonds
maturing on or after June 1, 1985
shall be subject to .prior paymen ,
in inverse order of serial numbers,
on June 1, 1884 and any interest
payment date thereafter, at a price
of par and accrued interest plus a
premium of .5% of par.
PAYING AGENT: Bidder's discretion.
•
CUSIP NUMBERS: The bonds gill be printed without
CUSIP numbers unless requested by
the purchaser who must agree in
.the Offer for the Bonds to pay
all costs and expenses thereof
including printing and CUSIP
Service Bureau charges. Any
failure to print such numbers
or errors in printing shall not
be cause for failure or refusal
of the .purchaser to accept
delivery of. and payment .for
the bonds in accordance with the
purchase contract. The purchaser
shall waive any extention in deliv-
ery time due to use of the numbers
-and shall accept all responsibility
in connection with: use of CUSIP
numbers.
DELIVERY: ~ Forty days after award subject
• to approving legal opinion of
Messrs. Briggs and Morgan,
Professional Association, of
St. Paul., Minnesota. Bond print=
ing and legal opinion will be paid
by issuer and delivery will be any-
where in the continental United
States without cost to the~pur-
chaser. Legal•opinion will be
printed on the bonds at the
request of the successful bidder.
TYPE OF BID : Sealed b ids of not les s than
$98,100 and accrued interest.
on the principal sum of $100,000
from date of bonds to date of
delivery must be filed with the
undersigned prior to the time of
sale. Bids must be uncond itional
except as to legality. A certified
or cashier's check in the amount of
$2,000, payable to the order of
the 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 B. Barnes
City Clerk-Administrator
City Hall
164 West Larpenteur
Falcon Heights , Minnesota
RATES: A11 rates must be in .integral
multiples of 1/20th of I% and
may not exceed 7% per .annum.
Additional interest coupons
may .not be used. All bonds of
the same maturity must bear a
single uniform rate from date
of issue to maturity and nc rate.
of any maturity may be dower
than the highest rate applicable
to bonds of any preceding maturi-
ties. No limitation is placed
upon the number of rates which
may b e 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" 7`% per
annum.
-The Issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
Dated: April 25, 197.
BY ORDER THE CITY OUNCIL
9
/s/ Dewan B. arnes
City C1_erk
• Additonal information
may be obtained from:
JURAN & MOODY, INC.
li4 East Seventh Street
St Paul., ~~2innesota 55101
Telephone No. 612-224-9b61
•'
4.- Each and all of the terms and provisions of
- the foregoing form. of notice are hereby adopted as the terms
~3nd conditions of said bonds and of the sale thereof.
The motion for the adoption of fhe foregoing
resolution was duly seconded by member Warkentien
and upon a vote being taken thereon, the following voted
in favor_ thereof : Mayor Warkentien, Councilmen Black, Ecklund, and
Steele, and Councilwoman Stocker,
and the following voted against the same: None.
Whereupon said resolution was declared duly passed
and adopted.
s/ Willis C. A. Warkentien
WIL~IS C. A. WARKENTIEN, Mayor
Attest
s/ Dewan B. Barnes
Dewan B. Barnes, Clerk-Administrator
~.
•
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 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 ~Y office,
and the same is a full, true an.' complete transcript there-
from insofar as the same relates to the proposed sale of
$100,000 General Obligation Bonds of 1974 of said City.
WITNESS my hand as such Clerk and the official
seal. of the City this `26th day of April, 1974.
Cit erk
(SEAL )