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Home My WebLink About04-22-74 Special Mtg. 1468 Hastings, Minnesota April 22, 1974 Pursuant to due call and notice thereof, a Special meeting of the City Council of the City of Hastings, Minnesota, was duly held at the City Hall in said City on the 22nd. day of April, 1974, at 5:00 o'clock P.M. C.D.S.T. r Members present: Councilmen Collins, Kramer, Fischer, Driscoll, Novak and Mayor Petersen. Members absent: Councilmen Schnirring, Hallberg and O'Connor. Councilman Novak introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR PUBLIC SALE J-yl> OF $940,000 GENERAL OBLIGATION BONDS OF 1974, $395,000 IMPROVEMENT BONDS OF 1974 AND $145,000 GENERAL OBLIGATION PARKING IMPROVEMENT BONDS OF 1974 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:. .a. $940,000 General Obligation Bonds of 1974 to defray the expense of the construction and equipping of an ice arena and the expansion of a municipal industrial park; r b. $395,000 Improvement Bonds of 1974 to defray the expense of various improvements in the City; and c. $145,000 General Obligation Parking Improvement Bonds of 1974 to defray the expense of acquisition, con- struction and improvement of automobile parking facilities; 2. This Council shall meet at the time and place specified in the forms of notices hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of $940,000 General Obligation Bonds of 1974, $395,000 Improvement Bonds of 1974 and $145,000 General Obligation Parking Improvement Bonds of 1974, of said City. 3. The City Clerk is hereby authorized and directed to cause notices of the time, place and purposes 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 notices shall be in substantially the following form: \ NOTICE OF BOND SALE $940,000 G. o. BONDS OF 1974 CITY OF HASTINGS, MINNESOTA These Bonds will be offered Tuesday, May 28, 1974, at 7:30 P.M. CDST., at the City Hall in Hastings, Minnesota. Dated July 1, 1974, The Bonds will mature on January 1 in the years and amounts as follows: $40,000 1976 $30,000 1977-79 $35,000 1980-81 $40,000 1982-84 $45,000 1985-86 $50,000 1995 $50,000 1987-88 $55,000 1989 $60,000 1990-91 $65,000 1992 $70,000 1993-94 1469 All Bonds maturing on or after January 1, 1988 are subject to prior payment on January 1, 1987. 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 & Morgan Professional Assoc. of St. Paul, Minnesota. The proceeds will be used to construct and equip an ice arena and expand the municipal industrial park. Dated April 22, 1974 BY ORDER OF THE CITY COUNCIL sl Wallace H. Erickson Administrator NOTICE OF BOND SALE $395,000 IMPROVEMENT BONDS OF 1974 CITY OF HASTINGS, MINNESOTA lJ These Bonds will be offered Tuesday, May 28, 1974 at 7:30 P.M., CDST, at the City Hall in Hastings, Minnesota. Dated July 1, 1974, the Bonds will mature on January 1 in the years and amounts as follows: i h f $35,000 1976 $40,000 1977-85 with6u~^~r~or redemption. 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 & Morgan Professional Assoc. of St. Paul, Minnesota. The proceeds will be used to finance the construction of various improvements within the City. Dated April 22, 1974 BY ORDER OF THE CITY COUNCIL sl Wallace H. Erickson Administrator NOTICE OF BOND SALE $145,000 G. O. PARKING IMPROVEMENT BONDS OF 1974 CITY OF HASTINGS, MINNESOTA o These Bonds will be offered Tuesday, May 28, 1974, at 7:30 P.M. CDST, at the City Hall in Hastings, Minnesota. Dated July 1, 1974, the Bonds will mature on January 1 in the years and amounts as follows: $10,000 1976 $15,000 1977-85 without right of prior redemption. 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 & Morgan Professional Assoc. of St. Paul, Minnesota. The proceeds will be used to finance construction of downtown parking facilities in the City. April DatedA22, 1974 BY ORDER OF THE CITY COUNCIL sl Wallace H. Erickson Administrator 4. The terms and conditions of said bonds and the sale thereof are fully set forth in the Notices of Bond Sale attached hereto as Exhibits A, Band C and incorporated herein by reference. The motion for the adoption of the foregoing resolution was duly seconded by Goabeilman Driscoll and upon a vote being taken thereon, the following voted in favor thereof: Ayes, all present; and the following voted against the same: none. Whereupon said resolution was declared duly passed and adopted. OFFICIAL NOTICE OF BOND SALE $940,000 GENERAL OBLIGATION BONDS OF 1974 CITY OF HASTINGS (DAKOTA COUNTY), MINNESOTA r--- U These Bonds will be offered Tuesday, May 28, 1974, 7:30 P.M. CDST, at the City Hall in Hastings, Minnesota, on the follow- ing terms: DATE AND INTEREST The Bonds will be dated July 1, 1974. Interest will be payable January 1, 1975, and each July 1, and January 1, thereafter. 1470 TYPE AND PURPOSE Negotiable coupon, general obligation, for which the unlimited taxing powers of the Issuer will be pledged, $5,000 each, unless other denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to construct and equip an ice arena and expand the municipal industrial parI. MATURITIES AND REDEMPTION --- i January 1, in the years and amounts as follows: $40,000 1976 $50,000 1987-88 $30,000 1977-79 $55,000 1989 $35,000 1980-81 $60,000 1990-91 $40,000 1982-84 $65,000 1992 $45,000 1985-86 $70,000 1993-94 $50,000 1995 All dates are inclusive. At the option of the Issuer all Bonds maturing on or after January 1, 1988, shall be subject to prior payment in inverse order of serial numbers on January 1, 1987, and any interest payment date thereafter, at a price of par and accrued interest. PAYING AGENT May be named by bidder subject to Issuer's acceptance, which may be assumed unless the Purchaser is otherwise notified within 24 hours after the Issuer has been advised of the proposed agent. Issuer will pay customary charges. CUSIP NUMBERS --- i CUSIP numbers will not be printed on the Bonds unless within 3 working days after the day of the award of the Bonds the Purchaser in writing requests that CUSIP numbers be printed on the Bonds and specifically agrees to pay all costs, including printing, related thereto. The Issuer will not be re- sponsible for the correctness of such numbers and incorrect numbers or de- livery delay by reason of the use of CUSIP numbers will not be a cause for refusal by the Purchaser to accept deliver. The Issuer will, at the request of the Purchaser, make the necessary arrangements for obtaining CUSIP numbers if they are requested and are available. DELIVERY Within 40 days after award, subject to the approving opinion of Briggs & Morgan Professional Association, bond counsel of St. Paul, Minnesota, and customary closing papers, including a statement of non-litigation. 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 Funds, or equivalent immediately available funds, on day of delivery. Legal opinion will be printed on the Bonds. TYPE OF BID Sealed bids for not less than $925,000 and accrued interest on the principal sum of $940,000 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 $18,800 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 or 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. No rate of any maturity may be more than 1% lower than the highest rate carried by any of the preceding maturities. Ad- ditional coupons may not be used. No limitation is placed upon the number of rates which may be specified. AWARD Award will be made on the basis of lowest dollar interest cost; determined by the addition of any discount to and the deduction of any premium from the 1471 total interest on all Bonds from their date to their stated maturity. The net effective average rate of the issue may not exceed 7% per annum. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated April 22, 1974 BY ORDER OF THE CITY COUNCIL sl Wallace H. Erickson Administrator OFFICIAL NOTICE OF BOND SALE $395,000 IMPROVEMENT BONDS OF 1974 CITY OF HASTINGS (DAKOTA COUNTY), MINNESOTA [-: These Bonds will be offered Tuesday, May 28, 1974, 7:30 P.M. CDST, at the City Hall in Hastings, Minnesota, on the following terms: DATE AND INTEREST The Bonds will be dated July 1, 1974. Interest will be payable July 1, 1975 and each January 1, and July 1, thereafter. TYPE AND PURPOSE Negotiable coupon, general obligation, for which the unlimited taxing powers of the Issuer will be pledged in addition to special assessments against benefited property in the approximate amount of $395,000, $5,000 each, un- less other denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to finance the construction of various improvements within the City. MATURITIES AND REDEMPTION January 1, in the years and amounts as follows: $35,000 1976 $40,000 1977-85 [: All dates are inclusive. All Bonds will be without right. of prior redemption. PAYING AGENT May be named by bidder subject to Issuer's acceptance, which may be assumed unless the Purchaser is otherwise notified within 24 hours after the Issuer has been advised of the proposed agent. Issuer will pay customary charges. CUSIP NUMBERS CUSIP numbers will not be printed on the Bonds unless within 3 working days after the day of the award of the Bonds the Purchaser in writing requests that CUSIP numbers be printed on the Bonds and specifically agrees to pay all costs, including printing related thereto. The Issuer will not be responsible for the correctness of such numbers and incorrect numbers or delivery delay be reason of the use of CUSIP numbers will not be a cause for refusal by the Purchaser to accept delivery. The Issuer will, at the request of the Purchaser, make the necessary arrangements for obtaining CUSIP numbers if they are re- quested and are available. DELIVERY Within 40 days after award, subject to the approving opinion of Briggs & [:\:,; Morgan Professional Association, bond counsel of St. Paul, Minnesota, and . customary closing papers, including a statement of non-litigation. Bond printing and legal opinion will be paid for by the Issuer. Delivery date will be at a place of the Purchaser's choice. Payment must be made in Federal Funds, or equivalent immediately available funds, on day of delivery. Legal opinion will be printed on the Bonds. TYPE OF BID Sealed bids for not less than $390,200 and accrued interest on the princi- pal sum of $395,000 from the date of the Bonds, to date of delivery must be filed with the undersigned prior to time of sale, together with a cashier's check in the amount of $7,900, payable to the Treasurer of the Issuer, 1472 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 or 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. No rate of any maturity may be more than 1% lower than the highest rate carried by any of the preceding maturities. Ad- ditional coupons may not be used. No limitation is placed upon the number of rates which may be specified. AWARD Award will be made on the basis of lowest dollar interest cost; determined by the addition of any discount to and the deduction of any premium from the total interest on all Bonds from their date to their stated maturity. The net effective average rate of the issue may not exceed 7% per annum. The Issuer reserves the right to reject any and all bids to waive informalities and to adjourn the sale. Dated April 22, 1974 BY ORDER OF THE CITY COUNCIL s/ Wallace H. Erickson Administrator OFFICIAL NOTICE OF BOND SALE $145,000 GENERAL OBLIGATION PARKING IMPROVEMENT BONDS OF 1974 CITY OF HASTINGS (DAKOTA COUNTY), MINNESOTA These Bonds will be offered Tuesday, May 28, 1974, 7:30 P.M. CDST, at the City Hall in Hastings, Minnesota, on the following terms: DATE AND INTEREST -- I The Bonds will be dated July 1, 1974. Interest will be payable July 1, 1975, and each January 1, and July 1, thereafter. TYPE AND PURPOSE Negotiable coupon, general obligation, for which the unlimited taxing powers of the Issuer will be pledged in addition to special assessments in the approximate amount of $145,000 against benefited property, $5,000 each, un- lessother denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to finance construction of downtown parking facilities in the City. MATURITIES AND REDEMPTION January 1, in the years and amounts as follows: $10,000 1976 $15,000 1977-85 All dates are inclusive. All Bonds will be without right of prior redemption. PAYING AGENT May be named by bidder subject to Issuer's acceptance, which may be assumed unless the Purchaser is otherwise notified within 24 hours after the Issuer has been advised of the proposed agent. Issuer will pay customary charges. CUSIP NUMBERS CUSIP numbers will not be printed on the Bonds unless within 3 working days after the day of the award of the Bonds the Purchaser in writing requests that CUSIP numbers be printed on the Bonds and specifically agrees to pay all costs, inclusing printing, related thereto. The Issuer will not be respon- sible for the correctness of such numbers and incorrect numbers or delivery delay be reason of the use of CUSIP numbers will not be a cause for refusal by the Purchaser to accept delivery. The Issuer will, at the request of the Purchaser, make the necessary arrangements for obtaining CUSIP numbers if they are requested and are available. 1473 DELIVERY Within 40 days after award, subject to the approving opinion of Briggs & Morgan Professional Association, bond counsel of St. Paul, Minnesota, and customary closing papers, including a statement of non-litigation. Bond printing and legal opinion will be paid for by the Issuer. Delivery will be at a place of the Purchaser's choice. Payment must be made in Federal Funds, or equivalent immediately available funds, on day of delivery. Legal opinion will be printed on the Bonds. TYPE OF BID seialeld bidsffo$r14n500toloesfs thahn $d143,250f ahnd accrdued indterestf Odnlithe prin- 1_ , c pa sum 0 , rom t e ate 0 t e Bon s to ate 0 e very must I' -_ be filed with the undersigned prior to time of sale, together with a cer- tified or cashier's check in the amount of $2,900, 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 or 1/8 of 1% and may not exceed 7% per annum. All Bonds of the same maturity must bear a single ratefrom date of issue to maturity. No rate of any maturity may be more than 1% lower than the highest rate carried by any of the preceding maturities. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. AWARD Award will be made on the basis of lowest dollar interest cost; determined by the addition of any discount to and the deduction of any premium from the total interest on all Bonds from their date to their stated maturity. The net effective average rate of the issue may not exceed 7% per annum. The Issuer reserves the right to reject any all bids, to waive informalities and to adjourn the sale. [. ~j Dated April 22, 1974 ATTEST.--L -N t!(~ City erk Moved by Councilman Novak, seconded by Councilman Fischer to approve the wage rate increase of 7.6% for the Fire and Police Department and authorize the prepara~ion of the final act for review and approval by the City Council. Ayes~ all; Nayes, ATTEST: lJ'~ ~_ Ci Y Clerk Councilman Fischer that Moved by Councilman Driscoll, se this meeting be adjourned. Ayes, all; Nay s I~ l~\