HomeMy WebLinkAbout1975.09.25 RESO 1975-33Member Lease introduced the follow-
ing resolution an moved its adoption:
RESOLUTION 75-33
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $ 155,000 IMPROVEMENT BONDS OF 1975
BE IT RESOLVED by the City Council of the City of
Hugo, Minnesota, as follows:
1. It is hereby found, determined and declared
that this City should issue $155,000 Improvement Bonds
of 1975 to defray the expense of street and storm sewer im-
provements 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 $ 155,000 Improvement Bonds of 1975 of
said City.
3. The City Clerk 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 sub-
stantially the following form:
NOTICE OF SALE
$155,000 GENERAL OBLIGATION IMPROVEMENT BONDS
CITY OF HUGO
WASHINGTON COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Hugo, Min-
nesota, will meet at the City Hall in the City of Hugo, on Monday, November 17,
1975, at 7:30 o'clock P.M., to receive, open and consider bids for the purchase of
$155,000 negotiable coupon, general obligation bonds of the City on the following
terms:
Purpose and Security
The purpose of the bonds is to provide funds for the construction of street and
storm sewer improvements in the City. The bonds will be general obligations of the
issuer, for which its full faith, credit and taxing powers are pledged.
Date and Maturities
The bonds will be dated December 1, 1975, will be in denomination of $1,000 or
$5,000 each (bidder's option) and will mature on March 1, without option of prior
payment in the following years and amounts:
Year
Amount
Year
Amount
1978
$15,000
1983
$15,000
1979
15,000
1984
15,000
1980
15,000
1985
15,000
1981
15,000
1986
15,000
1982
15,000
1987
20,000
Interest
Interest on the bonds will be payable on September 1, 1976, and semiannually there-
after on each March 1 and September 1. All bonds maturing on the same date must
bear interest from date of issue until paid at a single, uniform rate, not exceeding
the rate specified for bonds of any subsequent maturity. Each rate must be in an
integral multiple of 5/100 of 1%, and no rate of interest nor the net effective
average rate of the issue may exceed 7% per annum. No supplemental or "B" coupons
will be permitted.
Paying Agent
Principal and interest will be made payable at any suitable bank in the United States
designated by the successful bidder within 48 hours after award of sale, subject to
approval by the City, and the City will pay the reasonable and customary paying agency
charges.
CUSIP Numbers
The City will assume no obligation for the assignment or printing of CUSIP numbers
on the bonds or for the correctness of any numbers printed thereon, but will permit
such numbers to be assigned and printed at the expense of the purchaser, if the
purchaser waives any extension of the time of delivery caused thereby.
Delivery
Within 40 days after sale, the City will furnish and deliver at the office of the
purchaser or, at his option, will deposit with a bank in the United States selected
by him and approved by the City as its agent to permit examination by and to deliver
to the purchaser, the printed and executed bonds, the unqualified opinion thereon of
bond counsel, and a certificate stating that no litigation in any manner questioning
their validity is then threatened or pending. The charge of the delivery agent must
be paid by the purchaser, but all other costs will be paid by the City. The pur-
chase price must be paid upon delivery of the bonds, or within five days after
deposit with the delivery agent, in funds available for expenditure by the City on
the day of payment.
Legal Opinion
An unqualified legal opinion on the bonds will be furnished by Messrs. Briggs and
Morgan, Professional Association, of St. Paul, Minnesota. The legal opinion will be
printed on the bonds at the request of the purchaser. The legal opinion will state
that the bonds are valid and binding general obligations of the City, and the City
is obligated and required to levy taxes for the principal and interest thereon as
the same become due without limit as to rate or amount.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must be received
prior to the time of said meeting. Each bid must be unconditional and must be
accompanied by a cashier's or certified check or bank draft in the amount of $3,100,
payable to the City Treasurer, to be retained by the City as liquidated damages if
the bid is accepted and the bidder fails to comply therewith. The bid authorizing
the lowest net interest cost (total interest from date of bonds to stated maturities,
less any cash premium or plus any amount less than $155,000 bid for principal) will
be deemed the most favorable. 'No oral bid and no bid of'less than $152,000 for
principal plus accrued interest on all of the bonds will be considered, and the City
reserves the right to reject any and all bids and to waive any informality in any
bid.
BY ORDER OF THE CITY COUNCIL
Robert E. Burkard
City Clerk
Further information may be obtained from and bids may be delivered to: EHLERS AND
ASSOCIATES, INC., Financial Consultants to the City, First National -Soo Line Con -
curse, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612)
339-8291.
NOTICE OF SALE
$155,000 GENERAL OBLIGATION IMPROVEMENT BONDS
CITY OF HUGO, MINNESOTA
These bonds will be offered on Monday, November 17, 1975, at 7:30 o'clock
P.M., at the City Hall in the City of Hugo, Minnesota. Dated December 1, 1975, the
bonds will mature on March 1, without option of prior payment, in the years and
amounts as follows:
Year
Amount
Year
Amount
1978
$15,000
1983
$15,000
1979
15,000
1984
15,000
1980
15,000
1985
15,000
1981
15,000
1986
15,000
1982
15,000
1987
20,000
Interest will be payable on September 1, 1976, and semiannually thereafter. Each
rate will be in an integral multiple of 5/100 of 1%, and no rate may exceed 75111 per
annum. An unqualified legal opinion will be furnished by Messrs. Briggs and Morgan,
Professional Association, of St. Paul, Minnesota. The purpose of the bonds is to
provide funds for the construction of street and storm sewer improvements in the
City.
BY ORDER OF THE CITY COUNCIL
Robert E. Burkard
City Clerk
Further information may be obtained from and bids may be delivered to: EHLERS AND
ASSOCIATES, INC., Financial Consultants to the City, First National -Soo Line Con-
course, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612)
339-8291.
4 . Each and all of the te-rriis and provisions of
the foregoing for:- of notice are he-reby ad-)ptea as the terms
and conditions of Said bonds and of the sale thereof.
The motion for the adoption of the :'oregoing
resolution was duly seconded by member LaValle
and upon a vote being taken thereon, the follo;•ring voted
in favor thereof: Lease, LaValle, Leroux, Smith and Schletty;
and the following voted against the same: None;
Whereupon said resolution was declared duly passed
and adopted.
r
STATE OF MINNESOTA )
COUNTY OF WASHINGTON ) ss
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 carefully compared the attached and foregoing
extract of minutes of a meeting of the City Council of said
City held on the date therein indicated with the original
thereof on file in my office, and the same is a full, true
and complete transcript therefrom, insofar as the same relates
to the resolution awarding contract on Street and Storm
Sewer Improvements of 1975-1 and the proposed sale of 155.000
01
Improvement Bonds of 1975 of said City.
WITNESS my hand as such Clerk and the corporate
seal of the City this ,� day of 1975-
(SEAL)
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