HomeMy WebLinkAbout1974.02.11 RESO 1974-03EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
HUGO, MINNESOTA
HELD: FEBRUARY 11, 1974
Pursuant to due call and notice thereof, a special
meeting of the City Council of the City of Hugo, Minnesota,
was duly held at the C i ty Hal l in said City on the
11th day of February, 1974, a o'clock P M.
The following .members were present: LaValle, Lease,
Laroux, Martin and Crever;
and the following were absent: None;
Member Lease introduced the follow-
ing
ollow-
ing resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $56-0000 GENERAL OBLIGATION FIRE EQUIPMENT
BONDS OF 1974
AND
$850,000 GENERAL OBLIGATION SANITARY SEWER
IMPROVEMENT BONDS OF 1974
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 $56,000 General Obligation Fire Equipment
Bonds of 1974 to defray the expense of fire equipment and
$850,000 General Obligation Sanitary Sewer Improvement Bonds
of 1974 to defray the expense of various improvements to the
sanitary sewer system.
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 awarding
the sale of $56,000 General Obligation Fire Equipment Bonds
of 1974 and $850,000 General Obligation Sanitary Sewer Improvement
Bonds of 1974 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 puhlished 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 SALE
$56,000 GENERAL OBLIGATION FIRE EQUIPMENT B014DS OF 1974
$850,000 GENERAL OBLIGATION SANITARY
SEWER IMPROVEMENT BONDS OF 1974
These bonds will be offered Monday,
March 18, 1974
at 8:00 P.M., C.D.S.T., at the City Hall, Hugo, Minnesota.
Dated April 1, 1974, the bonds will mature on April 1 in
the years and amounts as follows:
Year
Sanitary Sewer
Fire Equipment
Total
1976
$ 25,000
$ 5,000
$ 30,000
1977
25,000
5,000
30,000
1978
25,000
5,000
30,000
1979
30,000
5,000
35,000
1980
30,000
5,000
35,000
1981
30,000
5,000
35,000
1982
35,000
5,000
40,000
1983
35,000
5,000
40,000
1984
40,000
5,000
45,000
1985
40,000
7,000
45,000
1986
40,000
6,000
46,000
1987
45,000
45,000
1988
45000
45,000
1989
50,000
50,000
1990
50,000
50,000
1991
55,000
55,000
1992
60,000
60,000
1993
60,000
60,000
1994..
65,000
65,000
1995
65,000
65,000
all bonds maturing 1985 through 1995 are subject to prior
redemption on April 1, 1984. Interest will be payable on
October 1, 1974, and semiannually thereafter. No rate of
Interest nor the net effective average rate of the issue may
exceed 7% per annum. An unqualified legal opinion will be
furnished by Messrs. Briggs and Morgan, of St. Paul, Minnesota.
The purpose of the Fire Equipment Bonds is to purchase fire
equipment. The purpose of the Sanitary Sewer Improvement Bonds
is to defray the expense of various sanitary sewer improvements.
Dated: February 11, 1974 BY ORDER OF THE CITY COUNCIL
Robert E. Burkard
City Clerk
is
Further information; may be obtained from and bids may be j
delivered to: EHLERS AND ASSOCIATES, INC., Financial
Consultants to the City, First National Soo Line Concourse,
507 Marquette Avenue, Minneapolis, Minnesota 55402.
Telephone: 612-339-8291
0
4 . The term,,; and conditions of said bonds and
the sale thereof are fully set forth in the Official Notice
of Sale attached hereto as Exhibit A and incorporated herein
by reference.
The motion for the adoption of the foregoing
resolution was duly seconded by member LaValle
and upon a vote being taken thereon, the following voted
in favor thereof: LaValle, Lease, Laroux, Martin and Crever;
and the following voted against the same: None;
Whereupon said resolution was declared duly
passed and adopted.
Ik
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 HERE-
BY 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 indi-
cated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom inso-
far as the same relates to the proposed sale of $56,000
General Obligation Fire Equipment Bonds of 1974 and $850,000
General Obligation Sanitary Sewer Improvement Ponds of 1974
of said City.
WITNESS my hand as such Clerk and the official seal
of the ,City this > > th day of February , 1974.
eA i. I NO PW'_ -, A�' P =0
(SEAL,)
EXHIBIT A
OFFICIAL
NOTICE OF SALE
$56,000 GENERAL OBLIGATION FIRE EQUIPMENT BONDS OF 1974
$850,000 GENERAL OBLIGATION SANITARY SEWER
IMPROVEMENT BONDS OF 1974
CITY OF HUGO, MINNESO`T'A
NOTICE IS HERIEBY GIVEN THAT the City Council of
Hugo, Minnesota, will meet at the City Hall in the City of
Hugo, on Monday, March 18th, 1974, at 8:00 o'clock P.M.,
to receive, open and consider bids for the purchase of
$906,000 negotiable coupon, general obli.Eation Uonds of the
City on the following terms:
Redemption Feature
Bonds maturing in the years 1985 through 1995 will each be subject
to redemption and prepayment at the option of the City Council
and in inverse numerical order, on April 1, 1984, and any inter-
est payment date thereafter, at 100% of par plus accrued interest.
Interest
Interest on the bonds will be payable on October 1, 1974, and
semiannually thereafter on each April 1 and October 1.. All
Date and Maturities
The bonds
will be dated April 1, 1974, will
be in denomination
of $11000
or $5,000 each (bidder's option)
and will
mature
on April
1 in the following years and amounts:
Year
Sanitary Sewer Fire
Equipment
Tota
1976
$ 25,000 $
5,000
$ 30,000
1977
25,000
5,000
30,000
1978
25,000
5,000
30,000
1979
30,000
5,000.
35,000
1980
30,000
5,000
35,000
1981
30,000
5,000
5,000
35,000
40,000
1982
1983
35,000
35,000
5,000
40,000
1984
40,000
5,000
115,;,00
1985000
6,000
45,000
46,000
1986
40,000
1987
45,000
45,000
1988
45,000
45,000
1989
50,000
50,000
1990
50,000
50,000
1991
55,000
55,ouo
1992
60,000
60,000
1993
60,000
6o,000
1994
65,000
65,000
1995
65,000
65,000
Redemption Feature
Bonds maturing in the years 1985 through 1995 will each be subject
to redemption and prepayment at the option of the City Council
and in inverse numerical order, on April 1, 1984, and any inter-
est payment date thereafter, at 100% of par plus accrued interest.
Interest
Interest on the bonds will be payable on October 1, 1974, and
semiannually thereafter on each April 1 and October 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. Not
more than 7 interes`. rates may be specified for the issue.
Each rate must be in an integral multiple of 5/100 of 1%, and
no rate may exceed 7%. 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
with 118 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 furnloh 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 unquali-
fied opinion thereon of bond counsel, arid 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 purchase 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 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 requir,.d 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 $18,120,
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 $906,000 bid
for principal) will be deemed the most favorable. No oral
bid and no bid of less than $888,500 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