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HomeMy WebLinkAbout06-16-70 Special Mtg. 529 Hastings, Minnesota June 16, 1970 Pursuant to due call and notice thereof, a Special Meeting of the City Council of the City of Hastings, Dakota County, Minnesota, was duly held at the City Hall in said City on the 16th day of June, 1970 at 5:00 o'clock P.M. for the purpose of opening and considering bids for and award- ing the sale of $285,000 Improvement Bonds of 1970, Series B of said City. r-, Members present: Councilmen Christenson, Driscoll, Hallberg, Kane, Novak and Mayor Rotty. Members absent: Councilmen Fischer, Soleim and Mayer. The Clerk presented affidavits showing publication of notice of call for bids on $285,000 Improvement Bonds of 1970, Series B of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on May 4, 1970. 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 Dain, Kalman & Quail, Minneapolis Allison-Williams Company Northwestern National Bank Minneapolis Northwestern National Bank Hastings ,---. First National Bank Minneapolis Piper, Jaffray & Hopwood Minneapolis Juran & Moody, Inc. St. Paul Paine, Webber, Jackson & Curtis E. J. Prescott Company Robert S.C. Peterson,Inc. All of Minneapolis ,--, I j First National Bank of St. Paul American National Bank & Trust Co. of St. Paul Coupons 5.40% 1972 5.50% 1973 5.75% 1974 5.80% 1975 5.90% 1976 6.00% 1977 6.10% 1978 6.20% 1979 6.30% 1980-81 5.60% 1972-73 5.75% 1974 6.00% 1975-76 6.20% 1977-78 6.30% 1979 6.40% 1980 6.50% 1981 5.70% 1972-74 6.00% 1975-76 6.10% 1977 6.20% 1978 6.30% 1979 6.40%1980 6.50% 1981 5.50% 1972 5.60% 1973 5.75% 1974 5.90% 1975 6.00% 1976 6.10% 1977 6.20% 1978 6.30% 1979 6.40% 1980 6.50% 1981 5.75% 1972-74 6.dO% 1975-76 6.20% 1977-78 6.50% 1979-81 5.60% 1972-74 5.80% 1975-76 6.00% 1977-78 6.20% 1979-80 6.40% 1981 Price Net Interest Cost $280,938.75 $106,548.75 (6.2953%) $281,100.00 $108,695.00 (6.4221%) $280,839.00 $108,731.00 (6.42428%) $279,585.00 $109 , 752 . 50 (6.48463%) $279,870.00 $110,751.25 (6.5436%) $280,459.00 $106,656.00 (6.3016%) 530 Reoffering Schedule of the Purchaser Rate Year Yield 5.40% 1972 5.40% 5.50% 1973 5.50% 5.75% 1974 5.75% 5.80% 1975 5.80% 5. 90% 1976 5.90% 6.00% 1977 6.00% 6.10% 1978 6.10% 6 .20% 1979 6.20% 6.30% 1980 6.30% 6.30% 1981 6.30% fi U The Council then proceeded to consider such bids. After the bids had been considered and discussed, Councilman Driscoll introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $285,000 IMPROVEMENT BONDS OF 1970, SERIES B PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of Hastings, Minne- sota, as follows: 1. That the bid of Dain, Kalman & Quail, Inc. to purchase $285,000 Improvement Bonds of 1970, Series B 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 $280,938.75 (plus of premium of - 0 -) 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 main office of the North- western National Bank of Minneapolis, in Minneapolis, Minnesota. fi , I l~ 2. The $285,000 negotiable coupon general obligation bonds of the City shall be dated July 1, 1970 and shall be'issued forthwith. Said bonds shall be 57 in number and numbered from 1 to 57, both inclusive, in the de- nomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on January 1, in the years and amounts as follows: $25,000 in the year 1972 $30,000 in each of the years 1973 to 1979, both inclusive; and $25,000 in each of the years 1980 and 1981. 3. Said bonds shall provide funds for the construction of various improvements in the City, as more fully set forth in Exhibit A attached hereto and incorporated herein by reference. The total cost of said improve- ments, including the cost of construction under the terms of the lowest bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, 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 July 1, 1971 ,r-;. ( and semiannually thereafter on January 1 and July 1 of each year, at the I respective rates per annum set opposite said maturity years and serial numbers: L-J Maturity Years 1972 1973 1974 1975 1976 1977 1978 1979 1980-81 Serial Numbers Interest Rate 1-5 6-11 12-17 18-23 24-29 30-35 36-41 42-47 48-57 5.40% 5.50% 5.75% 5.80% 5.90% 6.00% 6.10% 6.20% 6.30% 531 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS No. $5,000 r-i IMPROVEMENT BONDS OF 1970, SERIES B KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, Dakota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer, without option of prepayment, the sum of FIVE THOUSAND DOLLARS on the first day of January, 19 and to pay interest thereon from the dat hereof until the principal is paid at the rate of per cent ( %) per annum, payable on the first day of July, 1971 and semiannually thereafter on the first day of January and the first day of July 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 main office of the North- western National Bank of Minneapolis, in Minneapolis, Minnesota 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. '---', This bond is one of an issue in the total principal amount of $285,000. all of like date and tenor, except as to maturity and interest rate, 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 pro- viding money for various improvements, and is payable out of the Improve- ment Bonds of 1970, Series B 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 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 consti- tutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Hastings, Dakota 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, and a facsimile of the corporate seal of said City to be printed hereon, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of July 1, 1970. sf Wallace H. Erickson City Clerk sf E.' J. Rotty Mayor ,--- (Form of Coupon) $ No. On the first day of July (January), 19 , the City of Hastings, Dakota County, Minnesota, will pay to bearer at the main office of the North- western National Bank of Minneapolis the sum shown hereon for interest then due on its Improvement Bondof 1970, Series B, No. dated July 1, 1970. sf Facsimile City Clerk sf Facsimile Mayor 6. The City Clerk is directed to cause said bonds to be prepared 532 and the Mayor and the Clerk are authoized and directed to execute the same, and to cause said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. 7. The said bonds when so prepared and executed aha11 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. 8. There is hereby created a special fund to be d~signated "Improvement Bonds of 1970, Series B Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be 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 interestthereon 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 authori~ed, 1e~accrued interest received thereon and less any amount paid for saidbonds in excess of $279,420, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, includ- ing 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 pay interest on said bonds due prior to the anticipated date of commence- ment of the collection of taxes or special assessments herein levied, and provided further that if 4pon 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 p1edgooand there shall be credited to the Sinking Fund Account, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $279,420, and 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. 9. It is hereby determined that no less than $285,000 of the cost of imprevements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improve- ments. 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 Councilor any of the City officers or employees, either in the making of such assessments or in the performance of any condition presedent thereto, the City and this Council will forthwith do,al1 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 years shown below and with interest on the deferred balance of all such assess- ments at the rate of 8% per annum. Improvement Designation Street State Aid Improvements - Project No. 5568, Sewer and Water Improvements - Projects No. 5521, and Street Improvements - Projects No. 5520 Amount Levy Years $285,000.00 1971-1980 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 Levy 1970 1971 Year of Tax Collection Amount 1971 1972 $1 , 52 9 -0- n LJ fi , I l__i r' , I ~-' 533 1972 19?3 $ -0- 1973 1974 -0- 1974 1975 251 1975 1976 672 1976 1977 1,062 1977 1978 1,421 1978 1979 -0- 1979 1980 -0- r-, Said tax levies are such that if collected in full they, together with estimated collections of special assessments 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 Se. 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 irrevocable pledged. 11. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information 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, and that the tax levy required by law has been made. ,--- 12. The officers of the City are hereby authorized and directed to prepare and furnish to the purshaser 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, inclu- ding any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption for the foregoing resolution was duly seconded by Councilman Hallberg and upon vote being taken thereon, the following voted in f~vor thereof: All; and the following voted against the same: None. ATTEST: Whe7]on said reso,lutio,n was . ,/'l {;;6..~- City C erk declared duly passed and adopted. /? PO:9 t:/ Mayor The Clerk presented affidavits showing publication of notice of call for bids on $100,000 General Obligation Water Revenue Bonds of 1970 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on May 4, 1970. 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 Coupons 5.40% 1972 5.50% 1973 5.75% 1974 5.80% 1975 5.90% 1976 6.00% 1977 6.10% 1978 6.20% 1979 6.30% 1980 Pri,ce Net Interest Cost $41,695.00 (6.2699%) - Dain, Kalman & Quail, Inc. Allison-Williams Cb. Northwestern Nat'l Bank All of Minneapolis Northwest Nat'l Bank of Hastings $98,575.00 534 First National Bank of 5.60% 1972-73 $98,350.00 $42,675.00 Minneapolis 5.75% 1974 (6.4172%) First National Bank of 6.00% 1975-76 Hastings 6.20% 1977-78 6.30% 1979 6.40% 1980 American Nat'l Bank & Trust 5.70% 1972-74 $98,377 .00 $42,075.50 Co. of St. Paul 5.90% 1975-76 (6.3271%) 6.10% 1977-78 6.25% 1979-80 Piper, Jaffray & Hopwood 5.70% 1972-74 $98,540.00 $42,435.00 n Inc., Minneapolis 6.00% 1975-76 (6.381203%) U 6~10% 1977 6.20% 1978 6.30% 1979 6.40% 1980 Juran & Moody, Inc. 5.50% 1972, $98,100.00 $42,795.00 St. Paul 5.60% 1973 (6.4353%) Paine, Webber, Jackson & 5.75% 1974 Curtis 5.90% 1975 E. J. Prescott & Co. 6.00% 1976 Robert S.C. Peters()n, Inc. 6.10% 1977 All of Minneapolis 6.20% 1978 6.30% 1979 6.40% 1980 First National Bank of 5.75% 1972-74 $98,200.00 $43,305.00 St. Paul 6.00% 1975-76 (6.5120%) 6.20% 1977-78 6.50% 1979-80 Reoffering Schedule of the Purchaser Rate Year Yield r; : i 5.40% 1972 5.40% L__) 5.50% 1973 5.50% 5 . 75% 1974 5.75% 5.80% 1975 5.80% 5.90% 1976 5.90% 6.00% 1977 6.00% 6.10% 1978 6.10% 6.20% 1979 6.20% 6.30% 1980 6.30% The Council then proceeded to consider such bids. After the bids had been considered and discussed, Councilman Kane introduced the follow- ing resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $100',000 GENERAL OBLIGATION WATER REVENUE BONDS OF 1970 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF WHEREAS, the City Council has heretofore determined that it is necessary and expedient to issue $100,000 General Obligation Water Revenue Bonds of 1970, pursuant to M.S.A. 475 and M.S.A. 444.075; fj LJ BE IT RESOLVED by the City Council of the City of Hastings, Minnesota as follows: 1. That the bid of Dain, Kalman & Qua11, Inc. to purchase $100,000 General Obligation Water Revenue, Bonds of 1970 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 $98,575.00 (plus a premium of - 0 -) 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 un- successful bidders. Said bonds shall be payable as to principal and interest at the main office of the Northwestern National Bank of Minneapolis. 535 2. The $100,000 negotiable coupon general obligation water revenue bonds of the City shall be dated July 1, 1970 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, without option of prepayment, on July 1 in the years and amounts as follows: $5,000 in the 1972, $10,000 in each of the years 1973 to 1977, both inclusive; and $15,000 in each of the years 1978 to 1980, both inclusive. '-, 3. Said bonds are issued to provide funds for the expansion project, including the cost of construction under the terms of the low- est bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the project before the collection of taxes and revenues, 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 January 1, 1971 and semiannually thereafter on July 1 and January 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate ,.---. 1972 1973 1974 1975 1976 1977 1978 1979 1980 1 2-3 4-5 6-7 8-9 10-11 12 -14 15-17 18-20 5.40% 5.50% 5.75% 5.80% 5.90% 6.00% 6.10% 6.20% 6.30% 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS $5,000 No. , ,. GENERAL OBLIGATION I , '~ATER REVENUE BOND OF 1970 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, Dakota County, Minnesota, certified that it is indebted and for value received promises to pay to bearer, without option of prepayment, the sum of FIVE THOUSAND DOLLARS ,---- on the hereof ( semiannually thereafter on the first day of July and the first day of January 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 main office of the North- western National Bank of Minneapolis, Minnesota 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. first day of July, 19 and to pay interest thereon from the date until the principal is paid at the rate of per cent %) per annum, payable on the first day of January, 1971 and This bond is one of an issue in the total principal amount of $100,000 all of like date and tenor, except as to maturity and interest rate, 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 536 providing money for the expansion of the present water system in the City, and is payable out of the General Obligation Water Revenue Bonds of 1970 Sinking 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 in- terest when the same become due, the full faith and credit of said City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECEITED That all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed, precedent to and in r--\ the issuance of this bond have been done, do exist, have happened and have I been performed in regular and due form, time and manner as required by l~ law; that the City has covenanted and agreed with the holders of said bonds that it will impose and collect charges for the service, use and availability of its municipal water facility at the times and in amounts necessary to produce net revenues adequate to pay all principal and inter- est when due on the bonds of this issue; that the City will 1eby a direct annual, irrepealable ad valorem tax upon all the taxable property in said City, without limitation as to rate or amount, for the years and in amounts sufficient to pay the principal and interest of the bonds of this issue as they respectively become due, if the net revenues from said water facility are insufficient therefor; and this bond, together with all other indebtedness of the City outstanding on the date hereof, and on the date of its actual, issuance. and:.deU.1V'ery, does not exceed and constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Hastings, Dakota County, Minne- sota, by its City Council has caused this bond to be executed in its be- half by the signatures of the Mayor and the City Clerk, and a facsimile of the corporate seaLof said City to be printed hereon, and has caused the interestl,coupons to,..'oe"axe4u.ted and authenticated by the facsimile signatures of said officers, all as of July 1, 1970. sf Wallace'H. Erickson City Clerk E. J. Rotty Mayor (1 l~J (Form of Coupon) No. $ On the first day of ~anuary (July), 19 , the City of Hastings, Dakota County, Minnesota, will pay to bearer at the main office of the Northwestern NationalBank of Minneapolis the sum shown hereon for interest then due on its General Obligation Water Revenue Bond of 1970, No. dated July 1, 1970. sf Facsimile City Clerk sf Facsimile Mayor 6. The City Clerk is directed to cause said bonds to be prepared and when so prepared they shall be executed in behalf of the City by the signatures of the Mayor and the City Clerk and sealed with a printed fac- simile of the corporate seal of the City, and the interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of the Mayo~ and Clerk. When said bonds have been so prepared, they shall be deliverd by the City Treasurer to the purchaser on receipt of the purchase price and said purchaser shall not be required to see to the application thereof. 7. It is hereby found, determined and declared that the City owns and operates a municipal waterworks plant and system as a revenue producing public utility and th~t1~g~re are outstanding Water Revenue Bonds of 1953, 1960 and 1961ta~ne ~n~erest and principal of which consti- tute prior liens upon the revenues of said facility, and that the net revenues of said facility are sufficient in amount ~ pay when due the principal of and interest on the bonds herein authorized and the said Water Revenue Bonds of 1953, 1960, 1961 and 1968 and the net revenues of said water utility are hereby pledged subject to the prior lien of said bond issues of 1953, 1960, 1961 and 1968 to the payment of the bonds of this issue, but solely to the extent required to meet the principal and interest requirements of this issue as the same become due. Excess net revenues may be used for any proper purpose. 11 u 537 r-, 8. There has heretofore been created a Water 'Fund of the City in connection with said municipal waterworks plant and system. Said fund contains a "Capital Expenditure Account", into which shall be paid the proceeds of the sale of the bonds herein authorized, less accrued interest received thereon and less any amount paid for said bonds in excess of $98,040. From such account there shall be paid all cost and expenses of improving the waterworks plant and system of the City for which these bonds are issued, and the moneys so paid into said account shall be used for no other purpose provided that if upon completion of said improve- ments there shall remain any unexpended balance of the proceeds of this issue in said Capital Expenditure Account, said balance shall be trans- ferred to the General Obligation Water Revenue Bonds of 1970 Sinking Fund. 9. There shall be credited to the General Obligation Water Rev- enue Bonds of 1970 Sinking Fund accrued interest payable at the time of delivery of said bonds, any amount paid for said bonds in excess of $98,040, all collections of taxes which may hereafter be levied for the payment of the interest on and principal of the bonds of this issue, together with other funds which may from time to time be credited to said fund to meet the principal and interest requirements of this issue, including but not limited to net revenues of said waterworks plant and system not otherwise pledged to the payment of outstanding obligations. 10. In accordance with M.S.A. 444.075, the City of Hastings hereby convenants and agrees with the holders oft the bonds'herein author- ized that it will impose and collect chargesJ,for the ,service, use, availability and connection to said water utility at the times and in the amounts required to produce net revenues adequate to pay all principal and saidbond issues of 1953, 1960, 1961 and 1968. ,---- 11. The full faith and credit of the City is hereby irrevocably pledged for the prompt and full payment of the principal and interest on the bonds herein authorized. If the neu'-<revenues oj ,the municipal water utility appropriated and pledged to the payment of principal and interest on the bonds herein authorized shall at any time be insufficient to pay such principal and interest when due, the City covenants and agrees to levy, without limitation as to rate or amount an ad valorem tax upon all property in the City sufficient to pay such principal and interest as it becomes due. Nothing contained herein shall be deemed to preclude the City from making further pledges and appropriations of the net revenues of the water utility for the payment of other or additional obligations of the City, provided that it has first been determined by the City Council that the estimated net revenues of said utility will be sufficient in add- ition to all other sources, for the payment of the bonds herein authorized and such additional obligations and any such pledge and appropriation of said net revenues may be made superior to or subordinate to, or on a parity with the pledge and appropriation herein. 12. 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 AmCiunt 1970 1971 $17,756 1971 1972 16,470 1972 1973 15,892 r 1973 1974 15,288 1974 1975 14,679 1975 1976 14,060 1976 1977 18,680 1977 1978 17,719 1978 1979 16,743 Said tax 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 extenb permitted by Sec. 475.61(3) M.S.A. 13. The City Clerk is hereby directed to file a certified copy "' 538 of this resolution with the County;Auditor of Dakota County, Minnesota, together with such other information as he ,shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bonq Register. 14. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bondst and to the attor- neys 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 ,r---- to the legality and ~arketabi1ity of said bonds as the same appear from , the books and records under their custody and control or as otherwise I I U' known to them, and ,all suqh certified copies, certificates and affidavits, including 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 Councilman Christenson and upon a vote being taken thereon, the following voted in favor thereof: . All; and none voted against the same. Whereupon said resolution was declared duly passed and adopted. ATTEST: {;.N ~"r- City Clerk. ~~ t/ r Moved by Councilman Driscoll, seconded by Councilman Christenson that the meeting be adjourned: Ayes, all; Nays, none. ATTEST: 1/114 ~ , City Clerk ~~ t/ y?f r-'1 LJ ..J .~ ':....1 c