HomeMy WebLinkAboutCCRes_74-13s
' ~ RE 90LUT ION 7~. -13
EXTRACT OF MINUTES OF MEETIi~1G OF "1'HE
CITY COUNCIL OF THE CITY
OF FALCON HEIGHTS, MINNESOTA
HELD: MAY 23, 1974
Pursuant to due call and notice thereof, a regular
;neeting of the City Council of the City of Falcon Hes_ghts,
Ramsey County, Minnesota, eras du 1_y held at the City Hall -_
in said City on the 23rd day of May, 1974, at x:00 o'clock
P.M., C.D.S.T, for the purpose of opening and considering
bids for and awarding the sale of X100,000 General Obliga-
tion Bonds of 1q 711 of said City .
The following members were present : Mayor
Warkentien, members Black, Ecklund, Stocker and Steele.
and the following were absent : None
The Clerk presented affidavits shocaing publication
of notice of call for bids on $100,000 Ger~erai Gbli~,ation
• Bonds of 1974 of the City, for which bids were to be
received at this meeting, in accordance with the z°esolution
adopted by the City Council on April 2„ 1974. Said
affidavits were examined, found to comply with the provi-
sions of r•7innesota Statutes, Chapter 475, and were approved
and ordered placed on file.
The Council proceeded to receive and open bids for
the sale of said bonds. The following bids were received:
Bidder Interest Rate Net Interest Cost
SEE t~XT PAGE
. '~ B1~DDER
INTEREST RAT
E NET IN'I"I:REST
COST
(RAT.E)
FIRST NATIONAL BANK OF ST, PAUL 5.20% - I~7`-1980
5.300 - 1981
5,.40% - 1982
5.50% - 1983
S.60% - 1984
5.70% - 1985
5,80% - 1986
5,90% - 1987
6.00% - 1988-1989
PURCHASE FRICE $ 95,600.00 $56,990.00
(5.875258)
R03ERT W. BAIRD ~ CO,, INC. 5.30% - 1976-1980
Moore Juran ~ Company 5.40% - 1981-1982
5,60% - 1983-1984
5,80% - 1985-1986
6,OOo - 1987-1989
PURCHASE PRICE $98,100.00 $57,910.00
_.~__ __ (5.9701.)
DAIN, KALMAN ~ QUAIL, INC. 5.60% - 1976-1983
5.700 - 1984
5,800 - 1985
5.900 - 1986
6.00% - 1987-1989
PURCHASE PRICE $98,100.00 $58,580,00
(6 , 039)
E. J. PRESCOTT $ CO. 5.75% - 1976-1983
_ 5.800 - 1984
5.90% - 1985
6.00% - 1986-1989
PURCHASE PRICE $98,100.00 $59,240.00
PIPER, JAFFRAY ~ HOPWOOD, INC: 5,700 - 1976-1978 (6,107)
5,75 - 1979
5.80% - 1980-1984
5.90% - 1985
6,OOo - 1986-1989
PURCHASE PRICE $98,100.00 $59,292.50
(6.11.26)
`r'
•
The Council then proceeded to consider such bids.
After the bids had been considered a~~c di_scussed, member
Black introduced the following resolution
and moved its adoption:
RESOLUTION NO. 74-13
RESOLUTION ACCEPTING BID ON SALE OF
$100,000 GENERAL OBLIGATION
3 ONDS OF 1874
PROVIDING FOR THEIR ISSUANCE AND LEVYING
A 'TAX FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the City of
Falcon Heights, Minnesota, as follows:
1. That the bid of _THE FIRST NATIONAL BANK OF ST. PAUL
to purchase $100,000 General Obloatien Bonds of 19
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 $ 98,600 (plus a premium of NONE )
is hereby found, determined and declared to be the most
favorable bid received, and is hereby accepted and said
bonds are hereby awarded t;o said bidder. 'T'he City Clerk
is directed to retain the deposit bf said bidder and to
forthwith return the good faith checks or dr. efts to the
unsuccessful bidders. Said bends shall be payable as to
principal and interest at THE FIRST NATIONAL BANK OF ST. PAUL
or any successor ~aying Agent duly appointed by the City.
2. The $100,000 negotiable coupon general obliga-
tion bonds of the City shall be dated June 1, 1974 and
shall be issued forthwith. Said bonds shall be 20 in
number and numbered from 1 to 20, both inclusive, in the
denomination of $5,000 each. Said bonds shall mature
serially, lowest numbers first, on June 1 in the years
and amounts as follows
$5,000 in each of the years 19.76 to 1983,
both inclusive; and
$10,000 in each of the years 1984 to 1989,
both inclusive.
3. Said bonds shall provide funds for the construc-
tion of park improvement in the City. The total cost
of said project including the cost of construction under
.~,
the terms of the lowest bid received, engineering, legal and
other professional charges, publication and .printing costs,
interest accruing on money borrowed for the project before
the collection of taxes levied therefor, and all other
costs necessarily incurred and to be incurred from the
inception to the completion of the project, is estimated
to be at least equal to the amount of the bonds herein author-
ized. Work on the project shall proceed with due dili-
gence to co repletion .
4. The bonds of said issue maturing in the years
and bearing the serial numbers set forth below shall bear
interest, payable June 1, 1975 and semiannually there-
after on December 1 and June 1 of each year, at the respec-
tive rates per annum set opposite said maturity years and
serial numbers:
Maturity Years Serial Numbers
1976-1980 1- 5
1981 6
198 2 7
1983 8
1984 9-10
1985 11-12
1986 13-14
1987 15-16
1988-1989 17-20
5. All bonds of this issu
1985 to lg8g, bot h inclusive (bonds.
both inclusive) , shall b e subject to
at the option of the City in inverse
5.200
5.300
5.400
S.SOo
5.600
5.700
5.800
5.900
6.OOo
e raturing in the years
numbered 11 to 20,
redemption and prepayment
order of serial numbers.,
on June 1, 198+ and on any interest payment date thereafter at
par and accrued interest, plus a premium of $25.00 per bond.
Published notice of redemption shall in each case be given
in accordance with law, and. at least thirty days prior
mailed notice of redemption shall be given to the bank
where said bonds are payable and to the last known holders,
provided that published notice alone shall be effective
without mailed notice. Folders desiring to receive mailed
notice must register their names, addresses and bond numbers
with the City Clerk.
6. The bonds and interest coupons to be issued
hereunder shall be in substantially the r"ollowing form:
Interest Rate
UNITED STATES OF AMERICA
STATE OF MTNNES~;
RAMSEY COUNTY
CITY OF FALCON HEIGHTS
No. $5,000
GENERAL OBLIGATION
BOND OF 1974
KNOW ALL MEN BY THESE PRESEPJTS that the City of
Falcon Heights, Ramsey County, Minnesota, certifies that it is
indebted and for value received promises to pay to bearer
the sum of
FIVE THOUSAND DOLLARS
on the first day of June, 19 and to pay interest
thereon from the date hereof until the principal is paid
at the rate of
per cent ( ~~ per ann?zm, payable. on the first day of
• .June, 1975 and semiannually thereafter on the first
day of December and -the first day of June in each year,
in accordance with and upon presentation and surrender• of
• the interest coupons hereto attached, as the same severally
beco me due, Both principal and interest are payable at
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
19$5 to lg~g, both inclusive (bonds numbered 11 to
20, both inclusive), are subject to redemption and pre-
payment 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, plus a
premium of $25.00 per bond called. Published
notice of redemption shall in each case be given in accord-
ance with law, and at least thirty days prior mailed notice
of redemption sha]_1 be given to the bank where said bonds
are payable and to the last known holders, provided that
published notice alone shall be effective without mailed
ncLic~~•, iic~lil~~i~„ ~.i~.,.,~t•ir~~ L~ 1•~:ceiv~ ;~:~a~l~u .~~ ~L
register their names, addresses and bond numbersrwith the.
i City Clerk,
• This bond is one of an issue in the total principal
amount of $100,000 all of like date and terror, except as to
serial number, maturity, interest rite and redemption privi-
lege, which bond has been issued pursizari~ to and in full
conformity with the Constitution and laws of the State of
Minnesota for the purpose of providing money for park
improvement, and is payable out of the General Obligation
Bonds of 1974 Fund of the City. This bond constitutes
a general obligation of the City, anal to provide moneys
for the prompt and full pay ment of said principal and inter-
est when the same become due, the full faith and credit and
to xing powers of said City have been and are hereby irre-
vocably pledged. _
IT IS HERBY 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 signatures of
'the Mayor and the City Clerk, a.nd the corporate seal of
said City to be affixed rereto, and has caused the inter-
est coupons to be executed and authenticated by the facsimile
si-gnatures of said officers, all as of June 1, 1974.
'City Clerk ~ ~~ Mayor
•
•
(Form of Coupon )
No. ~
On the first day of June (Decemh er), 19 unless
the bond described below is called for earlier redemption, the
City of Falcon Heights, Ramsey County, Minnesota, will pay to
bearer at
or any successor Paying Agent duly appointed by the City, -~
the sum shown hereon for interest then due on its General
Obligation B and of 197u No. dated June 1, 197+.
/s/ Facsimile
City Clerk
/s/ Facsimile
Mayor
•
7. The bends shall be executed on behalf of the
• City by the signature of its Mayor and the signature of
its Clerk and be sealed with the seal of the City; provided,
that one of such signatures and the seal of the City may
be printed facsimiles. The interes~ coupons pertaining there-
to shall be executed by the printed, engraved or lithographed
facsimile signatures of the Mayor and Clerk.
8. The said bonds when so prepared and executed
shall be delivered by the Treasurer to the purchaser thereof
upon receipt of the purchase price, .and the said purchaser
shall not be obliged to see to the proper application thereof.
g. There is hereby created. a special fund to be-
designated "General Obligation ~3onds of 1974 Fund"
to be held and ad ministered by the City Treasurer separate
and apart from all other funds of the City. Said fund
shall be maintained in the manner herein specified, until all
of the bonds herein authorized and the interest thereon have
been fully paid.- In said fund there shall be maintained two
separate accounts,. to be designated as the "Construction
Account" and the "Sinking Fund 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 said bonds in excess of $98,100.00, shall be
credited to the Construction Account, from which there shall.
• be paid all costs and expenses of said project, including
the costs of construction contracts heretofore let and
all other costs incurred and to be incurred and tYie moneys
in said account shall be used for no other purpose, provided
that the bond proceeds may also be used f.o the extent necessary
to pay interest on said bonds due prior to the anticipated
date of commencement cf the collection of to xes herein
levied, There is hereby pledged and there shall be credited
to the Sinking Fund Account, all accrued interest received
upon delivery of said bonds, all funds paid for the bonds
in excess of $98,100.00, collections of all taxes herein
levied for the payment of said bonds, and all funds remaining
in said Construction Account after co;npletion of the project
and payment. of the costs thereof. The Sinking Fund Account
shall be used solely to pay principal and interest on the
bonds issued hereunder and any other general obligation
bonds of the Cit"y hereafter issued by the City and made
payable from said account.
•
• Any (a) earnings or net profits derived fro m
investment or deposit of the proceeds of said bonds not
expended for said project, ( fa) accrued interest and premium
received upon .the sale of said bona:., a.nd C c ) any other
-bond proceeds not expended for said project will be applied
a gainst interest and/or principal due on said bonds within
three. years of their date of issue.
10. To provide moneys for the pay ment of said
principal and interest there is hereby levied upon all of
the taxable property in the City a direct annual ad valorem
-tax which shall be spread upon the tax rolls and collected
with and as part of, other general property taxes in said
City for the years and in the amounts as follows:
r~
LJ
Year of Tax Year of Ta x
Levy Collection Amount
1974 1975 $11,500
1975 1976 11,700
8
1977 197 11,700
1978 1979 11,700
1979 1980 11,700
1980 1981 ~ 11,700
1981 1982 11,700
1982 1983 11, 700
1983 1884 11,700
' 1984 1885 11,700
1985 1986 11,.700
1986 1987 11,700
1987 1988 11,700
Said tax levies are such that if collected in full
they, together with estimated collections of other revenues
pledged for the payment of said bonds, will produce at least
five per cent in excess of the amount needed to meet when
due the principal and interest payments on the bonds.
Said tax levies shall be irrepealable so long as
any of said bonds are outstanding and unpaid, provided that
the City reserves the right and power to reduce the levies
in the manner and to the extent permitted by Sec. 475.61( 3)
M.S.A.
• For the prompt and full payment of the principal
of and interest on said bonds, as the same respectively
become due, the full faith, credit and taxing powers of
the City shall be and are hereby irrevocably pledged.
11. 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 infor-
mation as he shall require, aild to obtain from said Auditor
his certificate that said bonds have been entered in the said
Auditor's Bond Register, and that the tax levy required by
law has been made.
12. The officers of the City are hereby author-~
ized and directed to prepare and furnish to the purchaser
of said bonds , and to the attcrreys approving the legality
of the issuance thereof, certified copies of all proceedings
and records of the City relating to said bonds and to the
financial condition and affairs of the City, and such other
affidavits, certificates and infor mation as are required to
show the facts relating to the legality .and marketability of
said bonds as the same appear from the books and records under
their custody and control or as otherwise known to them, ar_d
all such certified copies, certificates and affidavits, in-
eluding any heretofore furnished, shall be deemed represen-
Cations of the City as to the facts recited therein.
The motion for the adoption of the foregoing
resolution was duly seconded by .member ~
and upon vote being taken thereon, the fo owing voted in
favor thereof: Mayor Warkentien, members Black, Ecklund, Stocker
and Steele
and the following voted against the same:
None
Whereupon said resolution was declared duly
passed and adopted.
WILLIS C. A. WARKENPIEN, Mayor -'
Attest:
• Dawan B. Barnes, Clerk-Ac1~.nistrator
,,.~ r .
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 fore- -.
going extract of minutes with the original thereof on file
in my office, and that the sa me is a full, true and co mplete
transcript of the minutes of a meeting of the City Council
of said City, duly called and held on the date tr.erein
indicated, insofar as such minutes relate to the opening and
• consoidering of bids for, and awarding the sale of X100,000
General Obligation Bonds of 1974 of said City.
" ~ WITNESS my hand and the seal of said City this
0~3. day of May, 1974.
City Clerk
(SEAL )
L~