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HomeMy WebLinkAbout10-26-81 Special Mtg. DAIN BOSWORTH 10.50% 1984 INCORPORATED 10.20% 1985 10.40% 1986 10.60% 1987 10.80% 1988 11. 00% 1989 11. 20% 1990 11. 40% 1991 11. 60% 1992 11. 80% 1993 BANCNORTHWEST 10.20% 1984 Cronin & Marcotte, 10.40% 1985 Inc. 10.60% 1986 Dougherty, Dawkins, 10.75% 1987 Strand & Yost, Inc. 10.90% 1988 Moore, Juran and 11. 00% 1989 -- Company, Inc. 11. 20% 1990 Northwestern 11.40% 1991 National Bank, 11.60% 1992 Hastings 11. 75% 1993 PIPER, JAFFRAY & 10.00% 1984 HOPWOOD, INC. 10.20% 1985 Allison-Williams 10.40% 1986 Company 10.60% 1987 10.80% 1988 11. 00% 1989 11.25% 1990 11.50% 1991 11. 75% 1992 12.00% 1993 II I I ~ 01 o CD CD <t I, Hastings, Minnesota October 26, 1981 77 The City Council of the City of Hastings, Minnesota met in a special meeting on Monday, October 26, 1981 at 5:00 o'clock P.M. in the Council Chambers of the City Hall. (a.cting Mayor). . Members present: Councilmen Kulzer, Trau~mann, P~ke, Karn~ck, Trutna, Klimek and Bond. Members absent: Councilman Legler and Mayor Stoffel. Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Hastings, Dakota and Washington Counties, Minnesota, was duly held in the City on the 26th day of October, 1981, at 5:00 P.M. for the purpose of opening and considering bids for and awarding the sale of $720,000 General Obligation Improvement Bonds of 1981, of the City.,. The Clerk-Treasurer presented affidavits showing publication of notice of call for bids on $720,000 General Obligation Improvement Bonds of 1981 of the City, for which bids were tobe.recei:ved., at this meeting, in acco~dance with the resolution adopted by the City Council on September 21, 1981. The 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 the bonds. The following bids were received: BIDDER THE FIRST NATIONAL BANK OF SAINT PAUL First National Bank of Minneapolis Robert W. Baird & Company, Inc. M.H. Novick & Company, Inc. First National Bank of Hastings NET INTEREST COST & RATE $560,905.55 (11. 2518%) COUPONS PRICE $706,003.20 10.20% 10.25% 10.50% 10.75% 11. 00% 11. 20% 11. 40% 11.50% 1984-86 1987 1988 1989 1990 1991 1992 1993 $706,005.70 $572,724.30 (11. 4889%) $706,000.00 $573,685.43 (11. 5082%) $706,032.00 $576,062.17 (11. 5559%) October 26, 1981 78 The Council then proceeded to consider and discuss the bids, after which member Kulzer introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $720,000 GENERAL .OBLIGATION IMPROVEMENT BONDS OF 1981 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF RESOLUTION #50-81 AWARD BIDS FOR BOND SALE BE IT RESOLVED by the Council of the City of Hastings, Minnesota, as follows: 1. The bid of The First National Bank of St. Paul to U. purchase $720,000 General Improvement Bonds of 1981 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 $706,003.20 is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and the 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. The bonds shall be payable as to principal and interest at The First National Bank of Saint Paul, in St. Paul, Minnesota, or any successor paying agent duly appointed by the City. 2. The $720,000 negotiable coupon general obligation bonds of the City shall be dated December 1, 1981 and shall be issued forthwith. The bonds shall be 144 in number and numbered from 1 to 144, both inclusive, in the denomination of $5,000 each. The bonds shall mature serially, lowest numbers first, on February 1 in the years and amounts as follows: $70,000 in the year 1984; $60,000 in the year 1985; $65,000 in each of the years 1986 and 1987; $70,000 in each of the years 1988 and 1989; $75,000 in the year 1990; 0 $80,000 in the year 1991; $85,000 in the year 1992; and $80,000 in the year 1993. 3. The bonds shall provide funds for the construction of various improvements in the City. The total cost of the improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due diligence to completion. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable August 1, 1982 and semiannually thereafter on February 1 and August 1 of each year at the respective rates per annum set opposite the maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1984 1-14 10.20% 1985 15-26 10.20% 1986 27-39 10.20% 1987 40-52 10.25% 1988 53-66 10.50% U 1989 67-80 10.75% 1990 81-95 11. 00% 1991 96-111 11. 20% 1992 112-128 11.40% 1993 129-144 11. 50% -- , I ~ OJ o (]) (]) <( I' I -- October 26, 1981 5. All bonds of this issue maturing in the years 79 1991 to 1993, both inclusive (bonds numbered 96 to 144, both inclusive), shall be subject to redemption and pre~ayment at the option of the City on February 1, 1990 and on any lnterest payme~t date thereafter at par and accrued interest. Redemption may be 7n whole or in part of the bonds subject to prepayment. If redempt~on is in part, those bonds remaining unpaid which have the latest maturity date shall be prepaid first and if only part of the bonds having a common maturity date are called for prepayment, the . specific bonds to be prepaid shall be chosen by lot by the paY7ng agent. Published notice of redemption shall in each case be glven in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA AND WASHINGTON COUNTIES CITY OF HASTINGS No. $5,000 GENERAL OBLIGATION IMPROVEMENT BOND OF 1981 KNOW ALL PERSONS BY THESE PRESENTS that the City of Hastings, Dakota and Washington Counties, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS on the first day of February, 19__ and to pay interest thereon from the date hereof until the principal is paid at the rate of percent ( %) per annum, payable on the first day of August, 1982 and semiannually thereafter on the first day of February and the first day of August in each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached, CI.S the same severally become 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 tiD1e of pa}~ent is legal tender for public and private debts. All bonds of this issue maturin[ in the years 1991 to 1993, both inclusive (bonds numbered 96 to 144, both inclusive), are subject to redemption and prepayment at the option of the City on r>ebruary 1, 1990 and on any interest payment date thereafter a.t par and accrued interest. Redemption may be in whole or in part of the bonds subject to prepayment. If redemption is in part, those bonds remaining unpaid which have the latest maturity date sr..a1l be prepaid first and if only pa.rt of the bonds ha.ving 2. common. maturity date are called for pre:?ayment, the specific bonds to be prepaid s11.a11 be chcsen by lot by the paying agent. Published. notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank vlhere the bonds are lJayable. This bond is one of an issue in the totaJ_ principal amount of $720,000 all of like date and te~or, except as to serial nUDber, maturity, interest rate and redemption privilege, 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 uoney for various im?rovements in the City and is payable out of the Improvement Bonds Common Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the pro~pt and full payment of the principal and interest when tbe same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. October 26, 1981 80 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 Hastings, Dakota and Washington Counties, Minnesota, by its City Council has caused C this bond to be executed in its behalf by the facsimile signatures ., ' of the Mayor and the City Clerk and the manual signature of one of said officers, the corporate seal of the City having been intentionally omitted as permitted by law and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of December 1, 1981. /s/ Facsimile City Clerk /s/ Facsimile Mayor (FORM OF COUPON) No. $ On the first day of August (February), 19 ,unless the bond described below is called for earlier redemptio~ the City of Hastings, Dakota and Washington Counties, 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 Improvement 0, Bond of 1981, No. , dated December 1, 1981. /s/ Facsimile City Clerk /s/ Facsimile Mayor 7. The bonds shall be executed on behalf of the City by . the signatures of its Mayor and Clerk and be sealed with the seal of the City; provided, that one (or both) of the signatures and the seal of the City may be printed facsimiles (if the bonds are also signed manually by at least one such officer); and provided further that the corporate seal may be omitted on the bonds as permitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obliged to see to the proper application thereof. 9. There has heretofore been created a special fund designated "Improvement Bonds Connnon Fund" held and administered D by the City Treasurer separate and apart from all other funds of the City. The fund shall continue to be maintained in the manner heretofore specified until all of the bonds heretofore, herein and . hereafter authorized and made payable from the fund and the interest thereon have been fully paid. There shall be created and maintained in the fund a separate account to be designated the "1981 Improvement Bonds Construction Account". The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for the bonds in excess of $706,000, and less capitalized interest in the amount of $31,071 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before February 1, 1983), plus any special assessments levied with respect to improvements financed by the bonds and collected prior to completion of the improvements and payment of the cost thereof, shall be credited to the 1981 Improvement Bonds Construction Account, from which there shall be I I '" OJ o m m c::( I' I ,--- October 26, 1981 81 paid all costs and expenses of making the improvements listed in paragraph 10, including the cost of any construction c~ntracts heretofore let and all other costs incurred and to be 1ncurred of kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said Account shall be used for no other purpose except as otherwise provided by law; provided that the bond proceeds may also be used to the extent necessary to pay interest on the bonds due prior to the anticipated date or commencement or the collection of taxes or special assessments herein levied or covenanted to be levied; and provided further that if upon completion of the improvements there shall remain any unexpended balance in the 1981 Improvement Bonds Construction Account, the balance (other than any special assessments) may be transferred by the Council to the account of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the 1981 Improvement Bonds Construction Account are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is hereby pledged and there shall be credited to the Common Debt Service Account heretofore created (a) all collections of special assessments herein covenanted to be levied and either initially credited to the 1981 Improvement Bonds Construction Account and required to pay any principal and interest due on the bonds of collected subsequent to the completion of the improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of the bonds, (c) all funds paid for the bonds in excess of $706,000, (d) capitalized interest in the amount of #31,071 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before February 1, 1983), (e) any collections of all taxes herein or which may hereafter be levied for payment of the bonds; and (f) all funds remaining in the 1981 Improvement Bonds Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the account of another improvement. The Common Debt Service Act shall be used solely to pay principal and interest and any premiums for redemption on the bonds issued hereunder and any other general obligation bonds of the City heretofore or hereafter issued by the City and made payable from said account as provided by law. Any sums from time to time held in the Common Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after taking into account any applicable "temporary periods" made available under the federal arbitrage regulations. 10. It is hereby determined that no less than 20% of the cost to the City or each improvement financed hereunder within the meaning of Minnesota Statutes, Section 475.58 Subdivision 1 (3) shall be paid by special assessments to be levied against every assessable 10tJpiece and parcel of land benefited by the improvements. The City hereby covenants and agrees that it will let all construction contracts not heretorore let within one year after ordering each improvement financed hereunder unless the resolution ordering the improvement specifies a different time limit for the letting of construction contracts and 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 Councilor any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. Subject to such adjustments as are required by conditions in existence at the time the assessments are levied, it is hereby determined that the assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the declining balance of all such assessments at the rate of at least 12.75% per annum: October 26, 1981 82 Improvement Designation Pleasant Drive North 1981 Utilities and Streets Amount Levy Years $294,916 $ 54,114 1982-1991 1982-1991 At the time the assessments are in fact levied the City Council shall, based on the then current estimated collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that .the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 11. To provide moneys for payment of the principal and interest on the bonds 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 the City for the years and in the amounts as follows: Year of Tax Year of Tax Levy Collection Amo~t 1981 1982 $62,347 1982 1983 64,374 1983 1984 61,954 1984 1985 65,228 1985 1986 62,717 1986 1987 65,421 1987 1988 62,154 1988 1989 63,952 1989 1990 64,990 1990 1991 65,282 1991 1992 54,307 The tax levies are such that if collected in full they, together with estimated collections of special assessments and other revenues herein pledged for the payment of the bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the bonds. The tax levies shall be irrepealable so long as any of the 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 Minnesota Statutes, Section 475.61 (3). For the prompt and full payment of the principal and interest on the bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Common Debt Service Account is ever insufficient to pay all principal and interest then due on the bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Common Debt Service Account when a sufficient balance is available therein. 12. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditors of Dakota and Washington Counties, Minnesota, together with such other information as they shall require, and to obtain from the Auditors their certificates that the bonds have been entered in their Bond Registers and that the tax levy required by law has been made. 13. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to the 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 the bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all n o u I ri OJ o m m <t I r- ! October 26, 1981 such certified copies, certificates and affidavits, including 83 any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption of the foregoing resolution was duly seconded by member Trautmann and upon vote being taken thereon, the following voted in favor thereof: All members present; and the following voted against the same: None. Moved by Councilman Pike, seconded by Councilman Kulzer to adjourn the meeting at 5:09 P.M. Ayes, 7; Nayes, none. ) lv~~ ~~~ City Adm1n1strator ATTEST!': -May Whereupon said resolution was declared duly passed and adopted.