Loading...
HomeMy WebLinkAbout1974.03.18 CC Minutes KIARCH 18, 1974 T7I17JT ES OF PROCEEDINGS OF TTris CITY COUI,CIL II STING CITY OF 11LITGO a3 3 The meeting was called to order at 7:08 PI•'I by 1Tayor Crever. Roll was called: Crever, LaValle, Leroux, Natin, Lease present. The minutes of March 4th were reviewed, and page 2, paragraph 11 was corrected to read "Motion made by LaValle, seconded by Lease to adopt Resolution ;: 197 -4 , a resolution Neceivi_n- girl-, rind. .-iwardin�: a con- tr.?.ct On the r ;etrcr i:^nroveraent f973-1 to r-Toffr.,n.n rothers of .'_tj,;ater, I1innesota, for cost. of ",'1 r)2 )p113-1 .76 contingent, n.owever, upon (a.) successful sale of bonds by the Cite to finance said %rnpro'rci-rent; a-,d ( b) fines]_ n.pprova.l of t'ne n:, o vett the Pepa.rtinent o. Housing and. Urban Development." Crever, T:a,Val].e, z,_tin, I:eroux, Lea.sc for. Notion carried . ,otion glade b-T Leroux, seconded .-7 °-artin :� �•ccept minutes of ?",arch. 4th as corrected . ;- otion c=�rricu . :',otion r,.a,:e b.- i'artin., seconded by Crever to pay general claims as pre- sented . Potion carried. v Bob L;icci appeared before council as requested, re­a.rding a problem with his buil(lin; set back, an:-I a parkin;; problem at his place o.. business. '_ttorney Johnson said there should' be a. controlled access to 147th Street, and parTcing according; t.o the zoning; ordinance, should 'i;e on I,icci 's own or leased property. ';egardin ; the set back, the zoning ordinance provides for a vari�ince (econorri_c factors can be ta.l:en into consideration) . ,'':r. Ricci stated he was not ax.ra.re of uny parlci.nJ problem, and he plans to b].ac'ctop the parkin;-; facility in the near future. He t,,ras told to apply for a variance regaxding set bat's, and present this along with a. parking plan to the planning co,..imission in the near future . Richard V^.il a.ppea.red regarding; dividin^; approximately one half acre out of lot ,;'7 of ]ver_green Trills 2nd to sell to Bart LaValle for gardenin,, purposcs. The planning commission had recommended t?,Ia.t this minor sub- division be approved. The council then asked a. few questions of Dan Spitzer and '.nginecr 'Toward ITlzusisto concerning the ratter. Totion made by LaValle, seconded by Leroux to approve minor subdivision for Richard Vail. T., for carried . The bond sale opened at 8: 00 PF, for Fire TEquipment Bonds, and Sanitary Sewer_ Improvement Project Bonds . Clerk Burkard stated the notice of the mond sale had been published in the official ne��rspaper, the Forest Lake Times on February 28th, 2, the Commercial 7.1,est, Fiscal _` ,ent Bob ''filers stated Hu;�:o had been rated 13a,a-1 , which was a,- very good rating. He also said there is a, quarter of a, percent higher interest no,..r than about four weeks ago, because of availability of bonds in the state. I•"r. Ehlers opened the bids, and the first was from llison-:!illian?s Co. , I''pls. , !`inn. They had sent alon- a good faith c'•Iecic in the amount of :;18,1 20.00. ITet interest cost was ° 646,518.54 with interest rate at 5 .5438. The second bid was from \whe First i`Tationa._l BanTc of St . Paul, who had also sent a good faith check in the amount of :':18,120.00. Their net interest cost would be ';654,833 .90, with net interest rate bein ; 5.613357. '1bile r'r. ''hlers did some calculating, the council took .up other matters of business. Vern Tleloqu.in appeared with his survey for his minor subdivision, and T`r. Johnson and P"r. ✓uusisto said everythin.; was in order. Fotion made by Leroux: and seconded to approve Vern Peloquin's minor subdivision. "otion carried. "!:RCT-i 1 F, 1 "74 55 I`Tcxt item was a discussion of the r--ational Flood T-asurance _`)ro-ran. letter had been receive,! from the Department of Natural Resources, copies of which :dere given to the council. T1r. Bur'::ard had also received infor— :,tation from the Interstate Lumber Co. on the matter. ccor.din ; to the letter, tyte cit,-.r should be covered b;r _FlooC! insurance by July, 1 x)75 . The city ;"a Yes a.7'? applicati,):•_, 1T 7) ;"al. es inspections of the city, and the city makes reports . - .,ayo_r_ Craver stated there was provisions in the letter for cities to object if so desired. 'otion made by Crever, and seconded to send a letter to the Department of Natural Resources, to the effect that Nu--;o sloes not feel it should be included in the flood plain area, es :_�.cr.,is no history of flooding in this area. Lotion carried. I-;r. ';filers had finished his calculating, and stated the lowest bid was from the .:'_llison.=-!il1.iams Co. He then went on to explain to council how a bid is actually made. I"r. lliler... %. .�i prepared resolutions, and the follow— in-r action was taken. Potion rade by LaValle, seconded {)y 1,artin to adopt Resolution I 1974-5, a Resolution `cceptinE Bids on Sale of ,.56,000.00 General CY_igation Bonds of Tire Equipment of 1974, Providing for Their Issuance, and Levying a Tax for 71aynent Thereof: . Crever, laValle, I!ercux, '-ariin,, Lease for. ?iotion carried. T',otion made b7r Lease, seconded by T,eroux to adopt >?esol.ution .;l 1974-69 a Resolution V':cceptincl Bids on Sale of ''X50,000.00 General Obligation Sanitary* Sewer Improvement Bonds of 1971 , an(i Providing for Their Issuance. Crever, LaValle, Teroux, !,-,actin, and Lease for. Lotion carried. Fr. Ehlers then stated the funds should be received within thirty or fo_rt;;r days. Recess was called at 8: 55 P"'. Called back to order at 9:05 P public hearing opened. at 9:05 P'. on a. mobile home application for IIelen 3etz at 4.908 120th Street, ilu;�n, I*_inr.E:sota. Vie deputy Clerk read aloud the published notice from the Forest Lake Times. Adjacent property owner Russell Seboeller appeared objecting• to the application, as he said this havinL a inobile home on the property would cause his property to be de— valued . The council then asked a few questions of i:rs. Betz. She stated she can live in her home in ^noka County until I-Ia,y 1st, and then must move out. It was noted that the ordinance provides only for township residents to be given mobile home permits. T.-Trs. Metz said she had spoken with Torr LaValle about putti_n_; in a sewer systen, and the building inspec— tor had also visited the site. T"ayor Crever stated there could be no guarantee that the per-iit if --,ranted would be renewed. The hearin, closed at 9: 2.0 P-.T. T:otion made by Crever, seconded by Leroux that mobile home permit not be ;;ranted. ! oti on carried. Yext item on the agenda was -the Cor.,lprehensive ?lan. Charles Johnson had prepared a draft resolution for purposes of discussion. '.e stated he and Carl Dale had reviewed the plan, and he then went on to explain various minor changes to be incorporated into the plan. These changes would not -Wean resubmission of the plan to the ''etro Council. I•Tartin and Lease voiced favor of r;r. Johnson's resolution draft, rand Dan Spitzer said it was excellent. LaValle had a few questions, and stated he had reservations on the plan reap as it related to the proposed zoning reap. r:r. Johnson then explained the relationship of the plan map to the proposed zoning map. 457 is, i 74!- 1-:otior_ made by Lease, seconded by 1jeroux to ad-opt Resolution 1974-7, a Resolution ;'e?optin.; the City Of iluo Comprehensive :unicipal Plan, Providini- For The r,nnual Review Thereof, And Providin ; For The Integration Of Capitol Improvement Pror ramni.n, An('.' Physical Development Therewith. Crever, Leroux, -Partin, Lease for. , LaValle opposed. T:otion carried. Yext item was the Grace Developr,ient Land Division which had been before council alread7 last Jiil-;r, and tabled until they brought in <a survey of the property involved. It was stated they still did not have a correct survey of the property. Grace Jackson was told to provide this, and -report baclr to council when ready. Oak Vista Estates appeared Vlith a nc:,r preli.ninary plan, leaving out nine lots. I-Tow there would be twenty nine lots with an average density of 2 .5 acres per lot. The Rice Creek 'la.tershed Board will make a recomr..qen- dation on the natter on �a.rci-) 21st. 11ir. ";ogren sug;;ested they would donate ;5,000.00 to the cit., to help with road improvement in that area. Howard :,uusis 1,o stated that certainly would be a good start for tree roads. r. Johnson mentioned certain items pertaining thn subdivision to the council. Er. i- ogren mentionedlirni.tin` the number of: building permits issued each year. There will be wore; session on this subdivision in the near future. Clerk Burlcard reported on the following;: The oiralhaven Estates letter of credit expires on '�pril 309, 1974. Lotion made byLaValle, seconded by Lease -to send Royalha.ven ',,;states a letter noti l in;t; th.eri their letter of credit expires `;pril 30, 1974, and if construction is not completed Dir "pril 15tri, or their .letter of credit extended for one Near, a draw will be -marle upon their present letter of credit . ?`otion carried. The Rice Creek 'Ja.tershed ';oard asl, ed to have o. couple of their members appear on tine .=April 1st council a;enc.a, r.elatin J to the `Ihite Beer Rod and "un C0.1ib. letter had :peen received -from the Sewer .3oard stating invoices should be paid for the months of January, F ebrua.r -, anti TTarch, and no more bil- lin;rs be rade until a study is made . Fotion made by Lease, seconded by Crever, that the clerk write to the Sewer Boar(! explaining the usa,e situation right now. 'otion carried. The clerlrfs office had received a, check in the amount of :')12,355.78 for local -overn-rient aid. Clerk Burkard stated `;laterworks School_ is coming up .pril 3, 40 & 5 . T:otion rr_a.de and seconded to send the clerk to waterworks :school., paying a per diem rate, ::,27.00 registration fee, and mileage. Fotion carried. The clerk then stated he had been asked to inspect the sewer work until a man could be hired -Cor the job, and he would like compensation for t1iis. ?Toward said they are looking for a man for this position, but I-7r. Burka.rd would certainly help in the meantirle. Tlotion ma l.e by :'artin, and seconded to hire Robert l3urkard as sewer in- spector on a part. tirne basis :dor ''5 .00 per hour. notion carried. I.Totion rlade by Crever, and seconded bb-17- i1artin. that the previous motion regardin7 sendi.n- a letter to the Departrient of Natural Resources should include the sentence that Hur;o woiild l.il;e rior_e information on the flood insurance program. T'otion carried. i. Joh.n o � .:��.1�1�)ned •uIy)c; � . I �— 4(; r-.1' ,`-�.cv l� eY. �� _ ,� tus o c. i. � .r� xtU, "o 1 s ;na.tt.r. T]ne , are 1_.�:;.�: Church of St . John The Baptist- 3 ��.� 0 Trees 8; '.rubs 11)C;0.0r_. rs. Delores C . T!a,Vaale nsc�nent 1390.c�� Cron 1 T'otion made ;)�,r ,case, seconded by La.;rape that 1�ot arc? T'.uusistn be rar:)e t lai son man be wcen the City of TTu(Io, tb.e Contractor, and TTTTT). ''otion carried. Penar.din„ the nel , `at-rsuit arrainst the city, -'r. Johnson said they could admit: service as of P, certain. date, or : c c�.�u�.� 'ne alztborized to refuse service as it was not taken care o�' " oti on mane b-.- Crever, seconded by n"artir_ t_ at cit,-r a.ttorne;r be authorized to 2cfuse service of papers as t,,ey, not properly serviced. 17otion carried Lhe clerk. n)entioned ti_<a.t his office has no record of medical insurance for the police chief being cnamTed from -`2-x.00 to 1.450.00 per year. LaVa.11e mentioned Vere r:-islocated TTinncsota. Pipelines cheer. lotion made 'by T:a.Val-le, se�coneTed. by Lease to have cit;- attorney contact "innesota. p ,line ClY'c %?rdin the C'J�eC�i 1SS�JC ?_ by t`�e!ii to the city. ' OtlUn CdY'rle t. LaValle n(,,,_t mentioned he taould lime to order nets for t:.e ne�:r tenni s courts . He hod obtained the foll.owin�; prices: n;,=ion—".3� ,00, metal mesh :.?45-00, or small cl" ain lin'k- for :"'140-CO installed. '"oticn r '.e?e b; T-artin and seconded to have Suburban ?ence Cornx)an°r of -­Ihite Be^.r Lal:o install three ch^in l_i_rk tennis court nets <j.-t '`14.0.1)") install-ed . '"otion carried. T oticn raa.de by Cr.ever, secon�;c:T b;;- h_ra,Vca.1c- to ^d journ at 12 .25 .r T '•otion carried. "o':)ert .Ti. T9)urkard, Clerk City of TTu`o jfX EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA HELD: MARCH 18, 1974 Pursuant to due call and notice thereof, a c ial meeting of the City Council of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on the 18th day of March, 1974, at 8:00 o'clock P.M. , C.D.S.T. , for the purpose of opening and considering bids for and awarding the sale of $56,000 General Obligation Fire Equipment Bonds of 1974 of said City, as one of two bond Issues of the City offered for sale as one package and totaling $906,000 . The following members were present: Mayor Crever, Councilmen: Martin, LaValle, Lease, Leroux and the following were absent: none The Clerk presented affidvaits showing publication of notice of call for bids on $56,000 General Obligation Fire Equipment Bonds of 1974 and $850,000 General Obligation Sanitary Sewer Improvement Bonds of 1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City. Council on February 11, 1974 . Said affidavits were examined, found to comply with the provi- sions 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 said bonds . The following bids were received: Bidder Interest Rate Net Interest Cost See page 1 .1 . (Form of Coupon) No. $ On the first day of October (April) , 19 , unless the bond described below is called for earlier redemption, the City of Hugo, Washington County, Minnesota, will pay to bearer atthp—American Minnesota or any successor Paying Agent duly appointed by the City , the sum shown hereon for interest then due on its General Obligation Fire Equipment Bond of 1974 No. dated April 1, 1974 . /s/ Facsimile /s/ Facsimile City Clerk Mayor BID TABULATION $906,000 GENERAL OBLIGATION BONDS CITY OF HUGO, MINNESOTA SALE: MONDAY, MARCH 18, 1974 AWARD: ALLISON-WILLIAMS COMPANY, MINNEAPOLIS, MINNESOTA & ASSOCIATES Moody's Rating: Baa-1 NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE ALLISON-WILLIAMS COMPANY 4.80% 1976/80 $646,518.54 $891 ,875.46 Dain, Kalman & Quail , Inc. 5.00% 1981/84 Piper, Jaffray & Hopwood Inc. 5.20% 1985/86 5.5438% Minneapolis, Minnesota 5.40% 1987/89 Juran & Moody, Inc. 5.50% 1990/91 St. Paul , Minnesota 5.60% 1992/93 Paine, Webber, Jackson & Curtis 5.70% 1994/95 E. J. Prescott & Company Minneapolis, Minnesota . ..,ST NATIONAL BANK OF ST. PAUL 5.20% 1976/85 $654,883.90 $896,099.60 St. Paul , Minnesota 5.30% 1986 First National Bank of Minneapolis 5.40% 1987 5.6155% Miller & Schroeder Municipals Inc. 5.50% 1988/89 Moore, Juran & Company 5.60% 1990/91 Minneapolis, Minnesota 5.70% 1992/93 5.75% 1994/95 EHLERS AND ASSOCIATES, INC.. Financial Consultants to the City First National-Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: 339-8291 Area Code: 612 1 .1 The net effective average rate of interest of the $56,000 General Obligation Fire Equipment Bonds of 1974 , after allocating to this bond issue a pro rata share of the discount for the two bond issues , is _L2_% . The Council then proceeded to consider such bids . After the bids had been considered and discussed, member LaVallp introduced the following resolution and moved its adop ion: RESOLUTION ACCEPTING BID ON SALE OF' $56,000 GENERAL OBLIGATION FIRE EQUIPMENT BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. That the bid of All Uon-Wil I jams Company to purchase $56,000 General Obligation Fire Equipment Bonds of 1974 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 $ ,,317 go is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said 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 . Said bonds shall be payable as to principal and interest at the American National Bank and Tr st Comfy, n�St._Paul . Minnesota , or any successor Paying Agent duly appointed by the City. 2 . The $56,000 negotiable coupon general obliga- tion bonds of the City shall be dated April 1, 1974 and shall be issued forthwith. Said bonds shall be _12_ in number and numbered from 1 to l_, both inclusive, in the denomination of $ 5000 each., except for bonds numbered from 12 to ________ , both inclusive, which shall be in the denominat on o 1;000 each. Said bonds shall mature serially, lowest numbers first, on April 1 in the years and amounts as follows: $5,000 in each of the years 1976 to 4 1985, both inclusive; and $62000 in the year 1986 . -2- 3. Said bonds shall provide funds for the purchase of fire equipment consisting of a tank truck and pumper tanker (hereinafter called the Project) for the City . The total cost of said Project, including 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 authorized. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest , payable October 1, 1974 and semiannually there- after on April 1 and October 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers : Maturity Years Serial Numbers Interest Rate 1976/80 1 - 25 4.80% 1981/84 26 - 45 5.00% 1985/86 46 - 56 5.20% 5. All bonds of this ssue mat4jing in the years 1985 and 1986, (bonds numbered to , both inclusive) , shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers , on April 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 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. Holders 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 following form: UNITED STATES OF AMERICA STATE OF MINNESOTA WASHINGTON COUNTY CITY OF HUGO No. $ GENERAL OBLIGATION FIRE EQUIPMENT BOND OF 1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hugo, Washington County , Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of THOUSAND DOLLARS on the first day of April, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate- of per cent ( per annum, payable on the first. day of October, 197 and semiannually thereafter on the first day of April and the first day of October in each year, 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 American Natinnal RAnk and TrnSt Cnmpany- in St Pail] 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 1985 and 1986, (bonds numbered I to 1_, both inclusive) , are subject to redemption and prepayment at the option of the City in inverse order of serial numbers , on April 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 at least thirty dayr#, 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. Holders desiring to receive mailed notice must register their names , addresses and bond numbers with the City Clerk. This bond is one of an issue in the total principal amount of $56,000 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 purchase of fire equipment consisting of a tank truck and a pumper tanker for the City and is payable out of the General Obliga- tion Fire Equipment Bonds of 1974 Fund of the City . 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 and taxing powers of said 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 Hugo, Washington County, Minnesota, by its- City Council , has caused this bond to be executed in its behalf by the printed facsimile signature of its Mayor and the manual signature of its City Clerk, and by a printed facsimile of its corporate seal , has caused the interest coupons appurtenant hereto and the certificate as to opinion of bond counsel on the reverse side hereof to be executed and authenticated by the facsimile signatures of said officers, and has caused this bond to be dated as of April 1 , 1974. City Clerk Mayor —5— 7. The bonds 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 interest 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. 9 . There is hereby created a special fund to be designated "General Obligation Fire Equipment Bonds of 1974 Fund" to be held and administered 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 "Capital Account" and the "Sinking Fund Account", respectively . The proceeds of the sale of the bonds herein authorized, less any premiui3 and accrued interest received thereon, and less any amount paid for said bonds in excess of $54,900, and less capitalized interest in the amount of $ ;,,77p , shall be credited to the Capital Account, from which there shall be paid all costs and expenses of said Project, and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes herein levied. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of taxes herein covenanted to- be levied, a pro rata share of all accrued interest received upon delivery of the two sets of bonds , all funds paid for the bonds in excess of $54,900 , capitalized interest in the amount of $ X779 _, and all funds remaining in said Capital Account after completion 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 obliga- tion bonds of the City hereafter issued by the City and made payable from said account . -7- �t Any (a) earnings or net profits derived from invest- ment or deposit of the proceeds of said bonds not expended for said Project, (b ) accrued interest and premium received upon the sale of said bonds , and (c) any other bond proceeds not expended for said Project will be applied against interest and/or principal due on said bonds within three years of their date of issue. 10. To provide moneys for the payment 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: Year of Tax Year of Tax Levy Collection Amount 1974 1975 1975 1976 1976 1977 1977 1978 See Page 8.1 1978 1979 1979 1980 1980 1981 1981 1982 1982 1983 1983 1984 1984 1985 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 intere8t 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. —8— COMPUTATIM OF TAX LEVY ON: $56,000 G.O. FIFE EQUIPMENT BrUDS CITY OF HUGO, MINNESOTA LEVY COLLECT AHOIRIT ANI NT + 50-, TAX I 1974 1975 $7,772.00 $8,160 $8,200 1975 1976 $7,532.00 $7,908 $7,900 1976 1977 $7,292.00 $7,656 $7,700 I 1977 1978 $7,052.00 $7,4011 $7,400 1978 1979 $6,812.00 $7,152 $7,200 1979 1980 $6,572.00 $6,900 $6,900 1980 1981 $6,322.00 $6,638 $6,700 1981 1982 $6,072.00 $6,375 $6,400 1982 1983 $5,822.00 $6,113 $6,200 1983 1984 $5,572.00 $5,850 $5,900 19811 1985 $6,312.00 $6,627 $6,700 $73,132.00 $77,200 NOTE: BOND PROCEEDS (CAPITALIZED INTEREST) OF $2,772.00 WILL BE USED TO PAY $2,772.00 OF INTEREST PAYMENTS DUE 10-1-1974, 4-1-1975, RO(NDI NG BY COPIPUTER MAY CAUSE DIFFERENCE OF A FFl•1 CENTS WHEN CHECKING COLLM TOTALS WITH TOTALS SH(lHN. PRO(;RX4 COPYRIGHT BY EHLERS AND ASSOCIATFS, INC., 3-3-69, REV. 3-111-73, 2-27-74 8.1 11 . The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Washington County , Minnesota, together with such other infor- mation as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditorts 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 attorneys 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 information 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, and all such certified copies , certificates and affidavits , in- cluding any heretofore furnished, shall be deemed represen- tations of the City as to the facts recited therein. The motion for the adoption of the foregoing resolution was duly seconded by member Martin and upon vote being taken thereon, the following voted in favor thereof: Crever, Martin, LaValle, Lease, Leroux and the following voted against the same: none Whereupon said resolution was declared duly passed and adopted . STATE OF MINNESOTA COUNTY OF WASHINGTON CITY OF HUGO I, the undersigned, being the duly qualified and acting Clerk of the City of Hugo, 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 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 $56,000 General Obligation Fire Equipment Bonds of 1974 of said City . WITNESS my hand and the seal of said City this lRth day of March 1974. i y CleJrk (SEAL) • EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF HUG 0, MINNESOTA HELD: March 18, 1974 Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on the 18th day of March, 1974 , at 8-: 00 o'clock P.M. , C .D.S.T. , for the purpose of opening and considering bids for and awarding the sale of $850,000 General Obligation Sani- tary Sewer Improvement Bonds of 1974 of said City, as one of two issues of the City offered for sale as one package and totaling $906,000 . The following members were present: 'Mayor Crever, 'Councilmen: Martin, LaValle, Lease, Leroux and the following were absent: none The Clerk presented affidavits showing publication of notice of call for bids on $850 ,000 General Obligation Sanitary Sewer Improvement Bonds of 1974 and $56,000 General Obligation Fire Equipment Bonds of 1974 of the City , for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on February 11, 1974 . Said 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 said bonds . The following bids were received: Bidder Interest Rate Net Interest Cost .- -epee page 1.1 The net effective average rate of interest of the $850 ,000 General Obligation Sanitary Sewer Improvement Bonds of 1974, after allocating to`this bond issue 'To rata share of the discount for the two bond issues, is3• � . BID TABULATION $906,000 GENERAL OBLIGATION BONDS CITY OF HUGO, MINNESOTA SALE: MONDAY, MARCH 18, 1974 AWARD: ALLISON-WILLIAMS COMPANY, MINNEAPOLIS, MINNESOTA & ASSOCIATES Mood's Rating: Baa-1 NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE ALLISON-WILLIAMS COMPANY 4.80% 1976/80 $646,518.54 $891 ,875.4E Dain, Kalman & Quail , Inc. 5.00% 1981/84 Piper, Jaffray & Hopwood Inc. 5.20% 1985/86 5.5438% Minneapolis, Minnesota 5.40% 1987/89 Juran & Moody, Inc. 5.50% 1990/91 St. Paul , Minnesota 5.60% 1992/93 Paine, Webber, Jackson & Curtis 5.70% 1994/95 E. J. Prescott & Company Minneapolis, Minnesota -.ST NATIONAL BANK OF ST. PAUL ' 5.20% 1976/85 $654,883.90 $896,099.60 t. Paul , Minnesota 5.30% 1986 First National Bank of Minneapolis 5.40% 1987 5.6155% Miller & Schroeder Municipals Inc. 5.50% 1988/89 Moore, Juran & Company 5.60% 1990/91 Minneapolis, Minnesota 5.70% 1992/93 5.75% 1994/95 EHLERS AND ASSOCIATES, INC. Financial Consultants to the City First National-Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: 339-8291 Area Code: 612 The Council then proceeded to consider-such bids. After the bids had been considered and discussed, member Lease introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF GENERAL OBLIGATION SANITARY SEWER IMPROVEMENT BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. That the bid of Allison-Williams Company to purchase $850,000 General Obligation Sanitary Sewer Improvement Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest herein- after set forth, . and to pay therefor the sum of $ 336,757.56 is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said 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 . Said bonds shall be payable as to principal and interest at the American national Bank and Trust Company, in St. Paul , Minnesota _, or any successor Paying Agent duly appointed by the City. 2. The $850,000 negotiable coupon general obliga- tion bonds of the City shall be dated April 1, 1974 and shall be issued forthwith. Said bonds shall be 170 in number and numbered from 1 to 170 , both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on April 1 in the years and amounts as follows: $ 25,000 in each of the years 1976 to 1978, both inclusive; $ 30 ,000 in each of the years 1979 to 1981, both inclusive; $ 35,000 in each of the years 1982 and 1983; $ 40,000 in each of the years 1984 to 1986, both inclusive; $ 45,000 in each of the years 1987 and 1988; $ 50,000 in each of the years 1989 and 1990; $ 55,000 in the year 1991; $ 60 ,000 in each of the years 1992 and 1993; and $ 65,000 in each of the years 1994 and 1995 • -2- • • J 3 . Said bonds shall provide funds to defray the expense of various sanitary sewer improvements in the City . The total cost of said improvements , including the cost of construction under the terms of the lowest bid received, engineering, legal and other professional charges, publica- tion and printing costs , interest accruing on money borrowed for the improvements before the collection of special assess- ments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the comple- tion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceeds with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest , payable October 1, 1974 and semiannually there-- . after on April 1 and October 1 of each year, at the .respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1976/80 1 - 27 4.80% 1981/84 28 - 55 5,00% 1905/86 56 - 71 5.20% 1937/89 72 - 79 5.40% 1990/91 100 -120 5.50% 1992/93 121 -144 5.60% 1994/95 145` -170 5.70% 5 ., All bonds of this issue maturing in the years 1985 to 1995, both inclusive (bonds numbered 56 to 170, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers , on April 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 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 -3- holders , provided that published notice alone shall be effective without mailed notice. Holders 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 following form: t ` s UNITED STATES OF AMERICA STATE OF MINNESOTA WASHINGTON COUNTY CITY OF HUGO No. $ GENERAL OBLIGATION SANITARY SEWER IMPROVEMENT BOND OF 1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hugo, Washington County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of THOUSAND DOLLARS on the first day of April, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( per annum, payable on the first day of October, 197T and semiannually thereafter on the first day of April and the first day of October in each year, 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 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 1985 to 1995, both inclusive (bonds numbered 56 to 170, both inclusive) , are subject to redemption and pre- payment at the option of the City in inverse order of serial numbers , on April 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 accord- ance 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. Holders desiring to receive mailed notice must register their names , addresses and bond numbers with the City Clerk. This bond is one of an issue in the total principal amount of $850,000 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 to defray the cost of various sanitary sewer improvements , and is payable out of the General Obligation Sanitary Sewer Improvement Bonds of 1974 Fund of the City . 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 and taxing powers of said 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. I . IN WITNESS WHEREOF, the City of Hugo, Washington County, Minnesota, by its City Council , has caused this bond to be executed in its behalf by the printed facsimile signature of its Mayor and the manual signature of its City Clerk, and by a printed facsimile of its corporate seal , has caused the interest coupons appurtenant hereto and the certificate as to opinion of bond counsel on the reverse side hereof to be executed and authenticated by the facsimile signatures of said officers, and has caused this bond to be dated as of April 1 , 1974. City Clerk Mayor (Form of Coupon) No. $ On the first day of October (April) , 19 unless the bond described below is called for earlier redemption, the City of Hugo, Washington County, Minnesota, will pay to bearer at the American Nytiqqal Rank and Trust CompL:%n%i in 4Zt Pajej Minnesota or any successor Tayihg' Agent duly appointea--by th6 _Cify-, the sum shown hereon for interest then due on its General Obli- gation Sanitary Sewer Improvement Bond of 1974 No. dated April 1 , 1974. /s/ Facsimile Isl Facsimile City Clerk Mayor ' C C 7 . The bonds 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 interest 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. 9 . There is hereby created a special fund to be designated "General Obligation Sanitary Sewer Improvement Bonds of 1974 Fund" to be held and administered 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 $833,600, and less capitalized interest in the amount of $70 ,125, shall be credited to the Construction Account , from which there shall be paid all costs and expenses of making said improvements , including the costs of construction contracts heretofore let and all other costs incurred .and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to. pay interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Sinking Fund Account , all collec- tions of special .-assessments herein covenanted to be levied, a pro rata share of all accrued interest received upon delivery of the two sets of bonds , all funds paid for the bonds in excess of $833,600 , capitalized interest in the amount of $70, 125, and -7- all funds remaining in said Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement . 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 City hereafter issued by the City and made payable from said account . Any (a) earnings or net profits derived from investment or deposit of the proceeds of said bonds not expended for said improvements , (b) accrued interest and premium received upon the sale of said bonds , and (c) any other bond proceeds not expended for said improvements will be applied against interest and/or principal due on said bonds within three years of their date ofissue. 10 . It is hereby determined that no less than $ 5769250 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The City hereby covenants and agrees that it 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 such assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property . Said assessments shall be payable in equal, consecutive, annual installments , with general taxes for the yearp shown below and with interest on the deferred balance of all such assessments at 'the rate of 7 % per annum: Improvement Designation Amount Levy Years Sanitary Sewer Improvement 1973-1 $5761,250 1974-93 -8- Said special assessments 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 . 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 Washington County , Minnesota, together with such other infor- mation as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor' s Bond Register. 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 attorneys 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 information 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, and all such certified copies, certificates and affidavits , in- cluding any heretofore furnished, shall be deemed represen- tations of the City as to the facts recited therein. The motion for the adoption of the foregoing resolution was duly seconded by member Leroux and upon vote being taken thereon, the following voted in favor thereof: Crever, Martin, LaValle, Lease, Leroux and the following voted against the same: none Whereupon said resolution was declared duly passed and adopted . STATE OF MINNESOTA COUNTY OF WASHINGTON CITY OF HUGO I, the undersigned, being the duly qualified and acting Clerk of the City of Hugo, 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 $850,000 General Obligation Sanitary Sewer- Improvement Bonds of 1974 of said City. WITNESS my hand and the seal of said City this _1= day of flarch 1974. City"C'lerk CSEAL) 10