HomeMy WebLinkAbout05-05-76 Spec. Mtg.
1917
Hastings, Minnesota
May 5, 1976
Pursuant to due call and notice thereof, a Special
Meeting of the City Council of the City of Hastings, Minnesota,
continued from May 3, 1976, was duly held at the City Hall in
said City on the 5th day of May, 1976 at 5:00 o'clock P.M.
Members present: Fischer, Erickson, Trautmann, Latch,
Hallberg and Mayor Petersen.
Members absent: Schnirring, Kramer and Novak.
Councilman Hallberg introduced the following resolution
and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $315,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1976
No. 33-76
BE IT RESOLVED by the City Council of the City of
Hastings, Minnesota, as follows:
1. It is hereby found, determined and declared that
this City should issue $315,000 General Obligation Improvement
Bonds of 1976 to defray the expense of various improvements.
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 $315,000 General Obligation Improvement Bonds
of 1976 of said City.
3. The City Clerk is hereby authorized and directed
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 substan-
tially the form set forth in Exhibit A attached hereto.
4. The terms and conditions of said bonds and
the sale thereof are fully set forth in the "Official Notice
of Bond Sale" attached hereto as Exhibit B and incorporated
herein by reference.
NOTICE OF BOND SALE
$315,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1976
CITY OF HASTINGS
DAKOTA AND WASHINGTON COUNTIES
MINNESOTA
These bonds w~ll be offered Monday, June 7, 1976 at 8:00
o'clock P.M., C.D.T., at the City Hall, in Hastings, MInnesota.
The bonds will be dated July 1, 1976 and interest will be pay-
able July 1, 1977 and semiannually thereafter. The bonds will
be general obligations of the Issuer for which its unlimited
taxing powers in addition to special assessments against bene-
fited property in the sum of approximately $312,600 will be
pledged. The bonds will mature without right of prior redemption
on January 1 in the years and amounts a~ follows:
1918
1978
1979-1981
1982
1983
1984-1985
1986
$30,000
$40,000
$35,000
$40,000
$35,000
$20,000
All dates are inclusive.
Sealed bids for not less than $312,600 and accrued interest
on the principal sum of $315,000 will be accepted. No rate of
interest nor the net effective average rate of the lssue may
exceed 7% per annum. An unqualified legal opinion will be
furnished by Briggs and Morgan, Professional Association, of
St. Paul, Minnesota. The proceeds will be used for various
improvements.
Dated: May 5, 1976
BY ORDER OF THE CITY COUNCIL
s/ Wallace H. Erickson
City Clerk/Treasurer
OFFICIAL NOTICE OF BOND SALE
$315,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1976
CITY OF HASTINGS
(DAKOTA AND WASHINGTON COUNTIES)
MINNESOTA
These Bonds will be offered Monday, June 7, 1976.
Bids will be opened for award at 8:00 o'clock P.M.,
C.D.T., at the City Hall, in Hastings, Minnesota.
The offering will be upon the following terms:
DATED AND INTEREST PAYMENTS
The Bonds will be dated July 1, 1976 and will bear
interest payable on each January 1 and July 1, to
maturity, commencing July, 1977.
TYPE AND PURPOSE
The Bonds will be general obligations of the Issuer
for which its unlimited taxing powers in addition to
special assessments against benefited property in
the sum of approximately $312,600 will be pledged.
The Bonds will be in bearer form with interest cou-
pons attached and will be in the denomination of
$5,000 each. The proceeds will be used for various
improvements.
MATURITIES AND REDEMPTION
The Bonds will mature on January 1, in the years and
amounts as follows:
1978
1979-1981
1982
1983
1984-1985
1986
$30,000
$40,000
$35,000
$40,000
$35,000
$20,000
:~-
All dates are inclusive. All Bonds will be without
right of prior redemption.
1919
PAYING AGENT
The successful Bidder may name the Paying Agent for
whose services the Issuer will pay customary and reasonable fees.
CUSIP NUMBERS
If, within three working days after the award of the Bonds,
the Purchaser in writing requests that CUSIP identification
numbers be printed on the Bonds and agrees to be responsible for
the CUSIP Service Bureau charge for the assignment of said numbers,
they will be printed on the Bonds, but neither the failure to print
such number on any Bond nor any error with respect thereto shall
constitute cause for failure or refusal by the Purchaser to accept
delivery of the Bonds.
DELIVERY
The Bonds shall be delivered within 40 days after award,
subject to the unqualified approving legal opinion of Briggs and
Morgan, Professional Association, of St. Paul, Minnesota, and
delivery of customary closing papers, including a statement of
nonlitigation. Bond printing and legal opinion will be paid for
by the Issuer. Delivery will be at a place of the Purchaser's
choice. Payment must be made in Federal, or equivalent funds,
to be immediately available on the day of delivery. The legal
opinion will be printed on the Bonds.
TYPE OF BID
Sealed bids for not less than $312,600 and accrued interest
on the principal sum of $315,000 from the date of the Bonds to date
of delivery must be filed with the undersigned prior to time of sale,
together with a certified or cashier's check in the amount of
$3,150.09 payable to the order of the Treasurer of the Issuer, to
be retained as liquidated damages if the Bidder fails to comply
with the accepted bid.
RATES
All rates must be in integral multiples of 5/100 of 1/8 of
1% and may not exceed 7% per annum. All Bonds of the same maturity
must bear a single rate from date of issue to maturity. The rate
specified for any maturity may not exceed the rate specified for
any subsequent maturity. Additional coupons may not be used. No
limitation is placed upon the number of rates which may be speci-
fied. The net effective average rate of the Issuer may not ex-
ceed 7% per annum. AWARD
AWARD
Award will be made on the basis of lowest dollar interest
cost determined by the addition of any discount to and the deduc-
tion of any premium from the total interest on all Bonds from their
date to their stated maturity as computed on the basis of the
schedule of bond years in the Official Statement pbulished for the
offering. The Issuer reserves-rKe right to reject any and all bids,
to waive informalities and to adjourn the sale.
Dated May 5, 1976
BY ORDER OF THE CITY COUNCIL
s/ Wallace H. Erickson
City Clerk/Treasurer
to
an Latch seconded the motion to adopt said resolution
passed by the following vote: Ayes, 5; Nayes, none.
and the
Councilman Fischer, seconded by Councilman Erickson
es, 5; Nayes, none.
ATTEST:
,I{~
Clty er reasurer