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HomeMy WebLinkAbout05-22-78 Spec. Mtg. 283 Hastings, Minnesota May 22, 1978 The City Council of the City of Hastings, Minnesota met in a special meeting on Monday, May 22, 1978 at 5:00 o'c19ck P.M. in the Council Chambers of the City Hall. Members present: Shannon. Trautmann, Erickson, Trutna, Novak, Karnick, Collins, and Mayor Petersen. r-- I Members absent: Council member Fischer. Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Hastings, Washington, and Dakota Counties, Minnesota, was duly held at the City Hall in said City on the 22nd day of May, 1978, at 5:00 o'clock P.M. for the purpose of opening and considering bids for and awarding the sale of $920,000 General Obligation Improvement Bonds of 1978, Series A of said City. The Clerk presented affidavits showing publication of notice of call for bids on $920,000 General Obligation Improvement Bonds of 1978, Series A of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on April 17, 1978. 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: NET INI'EREST BIDDER COUPONS PRICE COST & RATE The First National Bank 5.20% 1981-89 $920,046.00 $319,407.34 of St. Paul (5.19925%) Carleton D. Beh Co. ,-- First National Bank , of Minneapolis Robert W. Baird & Co. Bancnorthwest 5.30% 1981-87 920,564.69 327,171.96 Cronin & Marcotte, Inc. (5.325%) Northwestern National Bank, Hastings Piper, Jaffray & Hopwood 5.25% 1981-82 920,142.60 327,259.07 Incorporated 5.30% 1983-87 (5.327%) Allison-Williams Company 5.40% 1988-89 Dain, Kalman & Quail, Inc. The Council then proceeded to consider such bids. Mter the bids had been considered and discussed, member Karnick introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $920,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1978, SERIES A AND PROVIDING FOR THEIR ISSUANCE RESOLUTION #167-78 follows: BE IT RESOLVED by the Council of the City of Hastings, Minnesota as 1. That the bid of The First National Bank of Saint Paul to purchase $920,000 General Obligation Improvement Bonds of 1978, Series A 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 $920,000 (plus a premium of $46.00) 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 uncuceessful bidders. Sadd 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. 284 2. The $920,000 negotiable coupon general obligation bonds of the City shall be dated June 1, 1978 and shall be issued forthwith. Said bonds shall be 184 in number and numbered from 1 to 184, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on February 1 in the years and amounts as follows: $100,000 $110,000 $100,000 $110,000 in the year 1981; in the year 1982; in each of the years in the year 1989. 1983 to 1988, both inclusive; and 3. Said bonds shall provide funds for the construction of various I~l improvements in the City. The total cost of said improvements, which shall l I includde abll cost IS enumeratled inhMinnesota Sftahtutbes'dsehction 475th.65,.isdesti-k ~J mate to e at east equa to t e amount 0 t e on s erein au orlze. Wor on the improvements shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1979 and semiannually thereafter on February 1 and August 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1981-89 1-184 5.20% 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA WASHINGTON AND DAKOTA COUNTIES CITY OF HASTINGS $5,000 No. GENERAL OBLIGATION IMPROVEMENT BOND OF 1978,SERIES A o KNOW ALL MEN BY 1HESE PRESENTS that the City of Hastings, Washington, and Dakota Counties, Minnesota, certifies that it is indebted and for value received promises to pay to bearer, without option of prepayment, the principal sum of FIVE rnOUSAND 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, 1979 and semi- annually tnereafter on the first day of February and the first day of August of each year, interest to maturity being represented by and payable 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 or any successor paying agent duly appointed by the Clty, 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 $920,000 all of like date and tenor, except as to serial number, 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 providing money for various improvements in the City, and is payable out of the Improve- ment Bonds COTIBIlon Account of the Ci 1;y. This bond constitutes a general obli - III gation of the City, and to provide moneys for the prompt and full payment of -..JI said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocable 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 ours tanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. 285 IN WITNESS WHEREOF, the City of Hastings, Washington and Dakota COlUlties, Minnesota, by its City COlUlcil has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signa- ture of the City Clerk, the corporate seal of said City having been inten- tionally 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 JlUle 1, 1978. City Clerk /s/ facsimile Mayor (Form of Coupon) r-- I $ No. On the first day of August, (February), 19 , the City of Hastings, Washington and Dakota COlUlties, Minnesota, will pay toOearer at , or any successor paying agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Improvement Bond of 1978, Series A No. dated JlUle 1, 1978. /s/ facsimile City Clerk /s/ facsimile Mayor 6. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles; 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. 7. The said bonds when so prepared and executed shall 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 has heretofore been created a special accolUlt designated "Improvement Bonds Connnon AccOlUlt" held and administered by the City Treasurer separate and apart from all other accolUlts of the City. Said ACCOlUlt shall continue to be maintained in the manner heretofore specified lUltil all of the bonds heretofore, herein and hereafter authorized and made payable from said ACCOlUlt and the interest thereon have been fully paid. In said AccOlUlt there shall be created and maintained a separate flUld, to be designated as the "1978 Improvement Bonds Construction FlUld". The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less capitalized interest in the amolUlt of $30,000 (subject to such adjust- ments as are appropriate to provide sufficient flUlds to pay interest due on the bonds on or before August 1, 1979), 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 costs thereof, shall be credited to the 1978 Improvement Bonds Construction FlUld, from which there shall be paid all costs and expenses of making said improvements listed in paragraph 9, including the cost of any construction contracts heretofore let and all other costs in- curred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said flUld 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 said bonds due prior to the anticipated date of connnencement of the collection of special assessments herein covenanted to be levied; and provided further that if upon completion of said improvements there shall remain any lUlexpended balance in said 1978 Improvement Bonds Con- struction FlUld, said balance (other than any special assessments) may be trans- ferred by the COlUlcil to the flUld of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assess- ments credited to the 1978 Improvement Bonds Construction FlUld 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 Connnon Debt Service FlUld here- tofore created (a) all collections of special assessments herein covenanted to be levied and either initially credited to the 1978 Improvement Bonds Construction FlUld and required to pay any principal and interest due on the bonds or collected subsequent to the completion of said improvements and payment of the costs thereof; (b) all accrued interest and any premium received upon delivery of said bonds, (c) capitalized interest in the amolUlt of $30,000 (subject to such adjustments as are appropriate to provide sufficient flUlds to pay interest due on the bonds on or before August 1,1979), and (d) all flUlds remaining in said 1978 Improvement Bonds 286 Construction !lffid after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Common Debt Service Fund shall be used solely to pay principal and interest and any premiums for redemption of the bonds issued hereunder and any other general obli- gation bonds of the City heretofore or hereafter issued by the City and made payable from said Flffid. 9. It is hereby determined that no less than 100% of the cost of each improvement project financed hereunder to the City within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1 (3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The City hereby covenants and agrees that it wi 11 do and perform as soon as they may be done, all acts and things necessary for the final rl and valid levy of such special assessments, and in the event that any such I I 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 precedent thereto, the City and this COlfficil will forthwith do all 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. Subject to such adjustments as are required by conditions in existence at the time said 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 deferred balance of all such assessments at the rate of at least 8.00% per annum: Improvement Designation East Hastings Sanitary Sewer & Water Extension AmOlffit Levy Years $260,000 1978-87 1978 Street Improvements $660,000 1979-88 Said special assessments are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of said bonds, will produce at least five percent in excess of the amolffit needed to meet when due the principal and interest payments on the bonds. 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. If the balance in the Common Debt Service Flffid is ever insufficient to pay all prin- cipal and interest then due on the bonds payable therefrom, the deficiency shall be promptly paid out of any other flffids of the City which are available for such purpose, and such other funds may be reimbursed without interest from the Common Debt Service Fund when a sufficient balance is available therein. o 10. The city Clerk is hereby directed to file a certified copy of this resolution'with the County Auditor of Washington and Dakota COlffities, 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 Aufitor's Bond Register. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser 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 [I otherwise known to them, and all such certified copies, certificates and affidavits, I including any heretofore furnished, shall be deemed representations of the City J as to the facts recited therein. The motion for the adoption of the foregoing resolution was duly seconded by COlfficilman Novak and upon vote being taken thereon, the following voted in favor thereof: all members present and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted. 287 . REOFFERING SCHEDULE OF THE PURrnASER (omitted from Page 1) Rate Year Yield 5.20% 1981 4.60% 5.20% 1982 4.70% 5.20% 1983 4.80% 5.20% 1984 4.90% 5.20% 1985 5.00% 5.20% 1986 5.00% 5.20% 1987 5.10% 5.20% 1988 5.15% 5.20% 1989 5.20% BBI: 5.98 Average Maturity: 6.68 years r- I 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 at the City Hall in said City on the 22nd day of May, 1978, at 5:00 o'clock P.M. for the purpose of opening and considering bids for the awarding the sale of $100,000 General Obligation Tax Increment Bonds of 1978 of said City. Members present: Councilmen Shannon, Trautmann, Erickson, Trutna, Novak, Kamick, Collins and Mayor Petersen. Members absent: Councilperson Fischer. The Clerk presented affidavits showing publication of notice of call for bids on $100,000 General Obligation Tax Increment Bonds of 1978 of the City, for which bids were to be received at this meeting, in accordancd with the resolution adopted by the City Council on April 17, 1978. 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 The First National Bank of Saint Paul Carleton D. Beh Co. First National Bank of Minneapolis Robert W. Baird & Co. 5.30% 1980 5.35% 1981-89 PRICE NET INTEREST COST & RATE $32,983.34 (5.3486%) $100,000 REOFFERING SCHEDULE OF THE PURrnASER Rate 5.30% 5.35% 5.35% 5.35% 5.35% 5.35% 5.35% 5.35% 5.35% 5.35% BBI: 5.98 Average Maturity: 6.17 Years Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Yield 4.50% 4.60% 4.70% 4.80% 4.90% 5.00% 5.00% 5.10% 5.15% 5.20% The Council then proceeded to consider such bids. After the bids had been considered and discussed, member Erickson introduced the fOllowing resolution and moved its adoption: RESOLUTION AUTHORIZING THE ISSUANCE OF $100,000 GENERAL OBLIGATION TAX INCREMENT BONDS AND PLEDGING FOR THE SECURITY lliEREOF TAX INCREMENTS FROM THE DOWNTOWN REDEVELOPMENT PROJECT BE IT RESOLVED by the Council of the City of Hastings, Minnesota as follows: RESOLUTION #168 288 1. That the bid of The First National Bank of Saint Paul to purchase $100,000 General Obligation Tax Increment Bonds of 1978 of the City, in accord- ance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $100,000.00 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 prin- cipal and interest at the First National Bank of Saint Paul, in St. Paul, Minn. or any successor paying agent duly appointed by the City. 2. The $100,000 negotiable coupon general obligation bonds of the City shall be dated June 1, 1978 and shall be issued forthwith. Said bonds shall be r-1 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, on February , 1 in the years and amounts as follows: L_ j $10,000 in each of the years 1980 to 1989, both inclusive. 3. Said bonds shall provide funds for contributions to a redevelopment project undertaken by the Housing & Redevelopment Authority of the City and desig- nated as the Downtown Redevelopment Project, herein called Project. Under an agreement between the Authority and the City, tax increments and net proceeds derived from the Project, have been poedged to the payment of such bonds and interest thereon. The estimated collection of such tax increments exceeds 20% of the cost of the Project. The total cost of said Project, 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 Project shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1979 and semiannually thereafter on February 1 and August 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years 1980 1981-89 Serial Numbers 1-2 3-20 Interest Rate 5.30% 5.35% n LJ 5. The bonds and interest coupons to be issued hereunder shall be ln substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA AND WASHINGTON COUNTIES CITY OF HASTINGS $5,000 No. GENERAL OBLIGATION TAX INCREMENT BOND OF 1978 KNOW ALL MEN BY 1HESE PRESENTS that the City of Hastings, Dakota and Washington Counties, Minnesota, certifies that it is indebted and for value re- ceived promises to pay to bearer, without option of prepayment, the principal sum of FIVE THOUSAND DOLLARS on the first Hay of February , 19 and to pay interest thereon from the date hereof until the principal is paia-at the rate of percent ( %) per annum, payable on the first day of August 1979 and semiannually thereafter [ l!', 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 pre- J sentation and surrender of the interest coupons hereto attached, as 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 time of payment is legal tender for public and private debts. # This bond is one of an issue in the total principal amount of $100,000 all of like date and tenor, except as to serial number, maturity and interest rate, which bond has been issued pursuant to and in full conformity with 289 the Constitution and laws of the State of Minnesota for the purpose of pro- viding money for contributions to a redevelopment project undertaken by the Housing & Redevelopment Authority of the City pursuant to the Municipal Housing & Redevelopment Act, and is payable out of the General Obligation Tax Increment Bonds of 1978 Account of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment os said principal and interest when the same become due, the full faith and credit and taxing powers 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 constitutional or statutory limitation of indebted- ness. IT 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 facsimile signature of the Mayor and the manual signature of the City Clerk, and the corporate seal of said 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 June 1, 1978. City Clerk /s/ facsimile Mayor (Form of Coupon) No. $ On the first day of August (February), 19 , 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 Tax Increment Bond of 1978 No. dated June 1, 1978. /s/ facsimile City Clerk /s/ facsimile Mayor 6. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles; and provided further that the corporate seal may 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 or Clerk. 7. The said bonds when so prepared and executed shall 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 account to be designated "General Obligation Tax Increment Bonds of 1978 Account" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. Said account shall be maintained in the manner herein specified until all of the bonds herein authorized, and any other general obligation tax increment bonds hereafter issued to complete the Project, including any modifications or additions thereto, and the interest thereon have been fully paid and the City has been fully reim- bursed from the pledge of tax increments and net proceeds for all of the principal and interest of such bonds paid by the City from taxes levied on property in the City other than the Project area. In said Account there shall be maintained two separate funds, to be designated as the "Capital Fund" and the "Debt Service Fund", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less such amount as is necessary together with other available funds to pay interest due on the bonds prior to the anticipated date of commencement of the collection of taxes herein levied, shall be credited to the Capital Fund, from which there shall be paid all costs and expenses of said Project, including the cost of any construction contracts, here- tofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose. There is hereby pledged and there shall be credited to the 290 Debt Service Fund, all accrued interest received upon delivery of said bonds, collections of all tax increments derived from the Project and all taxes herein levied for the payment of said bonds, and all funds remaining in said Capital Fund after completion of the Project and payment of the costs thereof. The Debt Service Fund shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligations tax increment bonds hereafter issued and made payable from said fund, except that upon discharge of such bonds the City shall use the remaining funds in said fund to reimburse the City as provided above. To the extent that any of the Project is sold during the life of the bonds herein authorized so as to enable the City to retire substantially all of the bonds at a date which is significantly earlier than the last maturity date l~ of the issue, the City covenants that it will comply with the requirements of the Internal Revenue Code, Section 103(c) and the applicable regulations from time to time promulgated thereunder if and to the extent such provisions remain .. J in full force and effect. 9. The County Auditor of Dakota County has certified that the original taxable value of real property within the Downtown Redelelopment Project area, as most recently determined according to the assessment'as of January 1,1974 is $1,872,837.00. Under the provisions of Minnesota Statutes, Section 465.585, sub- division 3, the County Auditor will include only the original taxable value in the assessed valuation upon which he computes the rate of all state, county, city, school district and other taxes, but will extend the rates so determined against the entire assessed valuation of such real property in 1975 and each subsequent year, and the County Treasurer will remit to the City of Hastings acting on behalf of the Housing & Redevelopment Authority of the City that proportion of the taxes paid each year on such real property which the excess of the assessed valuation over the original taxable value bears to such original value. 10. The Authority has agreed to segregate the tax increments derived from the Project in the Debt Service Fund until payment of all bonds and interest thereon and reimbursement of the City as provided in paragraph 9 hereof. In accordance with the provisions of Minnesota Statutes, Section 475.61, the City Clerk shall certify annually to the County Auditor of Dakota County the amount of tax increments and any other funds appropriated to and then held in the Debt Service Fund and shall request the County Auditor to reduce by the amount so cer- l~ tified, and if possible to cancel, the amount of the tax levy otherwise to be included in the tax rolls next thereafter prepared. _J 11. 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 Amount 1978 1979 $19,854 1979 1980 15,556 1980 1981 14,994 1981 1982 14,433 1982 1983 13,871 1983 1984 13,309 1984 1985 12,747 1985 1986 12,186 1986 1987 11,624 1987 1988 11,062 Ir-':II Said tax levies are such that if collected in full they will produce at least five percent in excess of the amount needed to meet when due the prin- I___....J cipal 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 Section 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 irrevocably pledged. If the balance in 291 the Debt Service Fund 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 without interest from the Debt Service Fund 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 said Auditors their certificate that said bonds have been entered in their Bond Registers, that the levy required by law has been made, and that the Tax Increment Pledge Agreement to be entered into by the City and its Housing & Redevelopment Authority to secure payment of the bonds has been filed with the County Auditors. 13. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approv- ing 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, including any heretofore furnished, shall be deemed representa- tions of the City as to the facts recited therein. 14. Notwithstanding any provision herein to the contrary, the City and the Authority reserve the right to terminate or reduce the tax increments herein pledged to the payment of the bonds and interest thereon to the extent and in the manner permitted by law. The motion for the adoption of the foregoing resolution was duly seconded by Councilman Shannon and upon vote being taken thereon, the following voted in favor thereof: all members present and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted. Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Hastings, Washington and Dakota Counties, Minnesota, was duly held at the City Hall in said City on the 22nd day of May 1978, at 5:00 o'clock P.M. for the purpose of opening and considering bids for and awarding the sale of $140,000 General Obligation Bonds of 1978 of said City. The Clerk presented affidavits showing publication of notice of call for bids on $140,000 General Obligation Bonds of 1978 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on April 17, 1978. 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: NET INTEREST BIDDER COUPONS PRICE COST & RATE The First National Bank 5.00% 1981-85 $138,033.00 $ 66,766.17 of Saint Paul 5.20% 1986-89 (5.4577%) Carleton D. Beh Company 5.35% 1990 First National Bank of Minneapolis 5.60% 1992 Robert W. Baird & Co. Piper, Jaffray & Hopwood 4.75% 1981 $138,602.10 $ 67,251. 24 Incorporated 5.20% 1982-88 (5.49737%) 5.25% 1989 5.60% 1990-92 292 REOFFERING SGIEDULE OF THE PUROiASER Rate Year 5.00% 5.00% 5.00% 5.00% 5.00% 5.20% 5.20% 5.20% 5.20% 5.35% 5.50% 5.60% 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Yield 4.60% 4.70% 4.80% 4.90% 5.00% 5.00% 5.10% 5.15% 5.20% 5.35% 5.50% 5.60% r~ l_~ BBI: 5.98 Average Maturity: 8.74 Years The. COlUlcil then proceeded to consider such bids. After the bids had been co~idered and discussed, member Trautmann introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $140,000 GENERAL OBLIGATION BONDS OF 1978 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF RESOLUTION #169 follows: BE IT RESOLVED by the COlUlcil of the City of Hastings, Minnesota as 1. That the bid of The First National Bank of Saint Paul to purchase $140,000 General Obligation Bonds of 1978 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therfor the sum of $138,033.00 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 J at The First National Bank of Saint Paul, in St. Paul, Minnesota or any successor paying agent duly appointed by the City. 2. The $140,000 negotiable coupon general obligation bonds of the City shall be dated June 1, 1978 and shall be issued forthwith. Said bonds shall be 28 in number and numbered from 1 to 28, both inclusive, in the denom- ination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on February 1 in the years and amounts as follows: $10,000 in each of the years 1981 to 1988, both inclusive; and $15,000 in each of the years 1989 to 1992, both inclusive. 3. Said bonds shall provide funds for the improvement and installa- tion of recreation facilities and other open space and park improvements at Lake Rebecca Park area in the City (hereinafter referred to as "Project"). The total cost of said project, 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 Project shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1979 and semiannually thereafter on February 1 and August 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers: n Maturity Years 1981-1985 1986-1989 1990 1991 1992 Serial Numbers 1-10 11-19 20-22 23-25 26-28 Interest Rate 5.00% 5.20% 5.35% 5.50% 5.60% 293 5. The bonds and interest coupons to be issued hereunder shall be ln substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA WASHINGTON AND DAKOTA COUNTIES CIIT OF HASTINGS No. $5,000 GENERAL OBLIGATION BOND OF 1978 ,--. KNOW ALL MEN BY 1HESE PRESENTS that the City of Hastings, Washington, and Dakota Counties, Minnesota, certifies that it is indebted and for value received promises to pay to bearer, without option of prepayment, 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 para-at the rate of percent ( %) per annum, payable on the first day of August, 1979 and semi- annually tiiereafter 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, as the same severally become due. Both principal and interest are payable at or any successor~ying agent duly appointed by the City, in any coin or currency of the ~ed States of America which at the time of payment is legal tender for puhlic and private debts. This bond is one of an issue in the total principal amount of $140,000 all of like date and tenor, except as tsi serial number, 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 providing money for the improvement and installation of recreational facilities and other open space and park improvements at Lake Rebecca Park area in the City, and is payable out of the General Obligation Bonds of 1978 Account 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 and taxing powers 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 constitutional or statutory limitation or indebted- ness. IT WITNESS WHEREOF, the City of Hastings, Washington and Dakota Counties, Minnesota, by its City Council has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the City Clerk, the corporate seal of said 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 June 1, 1978. City Clerk /s/ facsimile Mayor (Form of Coupon) ,--. No. $ On the first day of August (February), 19 ,the City of Hastings, Washington and Dakota 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 Bond of 1978, No. dated June 1, 1978. /s/ Facsimile City Clerk /s/ Facsimile Mayor 294 6.. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that o!ne of such signatures and the seal of the City be printed facsimiles; and prbvided further that the corporate seal may be omitted on the bonds as pennitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 7. The said bonds when so prepared and executed shall 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 account to be designated "General Obligation Bonds of 1978 Account" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. Said Account shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said Account there shall be maintained two separate funds, to be designated as the "Capital Fund" and the "Debt Service Fund", respectively. The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for said bonds in excess of $138,000, shall be credited to the Capital Fund, from which there shall be paid all costs an~ expenses of making such project, including the cost of any construction con- tracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said fund 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 said bonds due prior to the anitcipated date of commencement of the collection of taxes herein levied. There is hereby pledged and there shall be credited to the Debt Service Fund (a) all accrued interest received upon delivery of said bonds, (b) all funds paid for said bonds in excess of $138,000, (c) any collections of all taxes herein levied for the payment of said bonds; and {d) all funds remaining in said Capital Fund after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Debt Service Fund herein created 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 hereafter issued by the City and made payable from said Fund. 9. 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 Amount 1978 1979 $12,789 1979 1980 18,173 1980 1981 17,648 1981 1982 17,123 1982 1983 16,598 1983 1984 16,073 1984 1985 15,548 1985 1986 15,002 1986 1987 14,456 1987 1988 19,160 1988 1989 18,341 1989 1990 17,499 1990 1991 16,632 Said tax levies are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of said 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. n o c 295 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 Sec. 475.61(3) M.S.A. 10. 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 irrevocably pledged. If the balance in the Debt Service Fund 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 without interest from the Debt Service Fund when a sufficient balance is available therein. 11. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditors of Washington and Dakota Counties, 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 purchaser 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 affi- davits, 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 a and upon vote being taken thereon, the following voted in favor thereof: a members present, and the following voted against the same: none. ATTEST: Mayor said resolution was declared duly passed and adopted. ~ ----- .