Loading...
HomeMy Public PortalAbout1976-021EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCLL OF THE. CITY OF MEDINA HEi. NEPIN COUNTY, MINNESOTA Pursuant to due call and notice thereof, a (regular) (special) meeting of the City Council of the City of Medina, Hennepin County, State of 'Minnesota, was duly held in the Council Chambers in said City on ��,2„,da , the / day of u hQ , 1976, at 7: SQ o'clock P.M. The following members were present: and the following were absent: * * * * * * * * * Councilman )10Lp1 n � � d-� Im introduced the following resolution and moved its adoption: 7 _ (>2- RESOLUTION PROVIDING FOR THE ISSUA`10E AND SALE OF $855,000 GENERAL OBLIGATION REFUNDING BONDS OF 1976 WHEREAS, the City is authorized by the provisions of Minnesota Statutes, Section 475.67 to issue bonds to refund outstand- ing bonds when determined by the City Council to be necessary and desirable for the reduction of interest cost, and the adjustment of maturities of outstanding issues of General Obligation Bonds, and WHEREAS, the City has outstanding certain General Obligation Improvement Bonds, and WHEREAS, the City Council has determined that it is necessary and desirable for the reduction of interest cost, the adjustment of maturities, to refund said bonds in advance of their maturities by the issuance of its General Obligation Refunding Bonds of 1976; NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of Medina, Hennepin County, Minnesota, as follows: 1. For the purpose of providing moneys to refund in advance of maturity outstanding the $855,000 General Obligation Improvement Bonds of 1975 of the. City dated July 1, 1975, the City shall issue and sell its General Obligation Refunding Bonds of 1976 in the total aggregate principal amount of $855,000. 2. The City Clerk is hereby authorized and directed to cause notice of the time, place, method of opening and tabulating bids, conditions of the sale, and consideration by the City of bids in the manner provided by law to be given. The notice of sale shall be in the following form, and all the terms and conditions of said notice are a part of this resolution. NOTICE OF SALE $855,000 GENERAL OBLIGATION REFUNDING BONDS OF 1976 CITY OF MEDINA HENNEPIN COUNTY, MINNESOTA Sealed bids for the purchase of $855,000 General Obligation Refunding Bonds will be received on Tuesday, July 20, 1976, until 2:00 o'clock P.M., at the City Hall, 12052 County Road 24, Medina, Minnesota 55340 at which time they will be opened and tabulated. The bids will then be considered by the City Council at a regular meeting at 7:30 o'clock P.M. the same day. PURPOSE, TYPE AND SECURITY The bonds will be issued pursuant to Chapter 475, Minnesota Statutes, as amended. Negotiable coupon general obligation bonds for which the full faith and credit and unlimited taxing powers of the City will be pledged, in addition to special assessments against benefited property, in denominations of $5,000 each. The proceeds of the bonds will be used to refund in advance of maturity the following described outstanding general obligation bonds of the City: $855,000 General Obligation Improvement Bonds of 1975 DATE AND MATURITIES The bonds will be dated August 10, 1976, and will mature on January 1 in the following years and amounts: Year 1977 '1978 1979 1980 1981 1982 1983 1984 Amount $50,000 50,000 50,000 55,000 55,000 55,000 55,000 55,000 Year 1985 1986 1937 1938 1989 1990 1991 1992 1993 Amount $55,000 55,000 55,000 55,000 55,000 55,000 55,000 30,000 15,000 The City Council reserves the right to reduce the principal amount of the refunding bonds by the amount which it determines by actuarial calculation is in excess of the amount needed to provide funds sufficient to provide for the payment of principal, interest and redemption- premiums on the bonds to be refunded. The reduction, if any, in principal amount of refunding bonds of the issue will be made in multiples of $5,000, in bonds maturing in 1992 and 1993 and the reduction shall not exceed $25,000. The determination of the exact amount of the refunding bonds of each. issue will be communi- cated to the successful bidder within 24 hours after award. REDEMPTION FEATURES At the Option of the issuer, all bonds maturing in the years 1988 and thereafter will be subject to redemption on January 1, 1987 and any interest payment date thereafter at a price of par and accrued interest. INTEREST Interest on the bonds will be payable on February 1, 1977, and semiannually thereafter on each February 1 and. August 1. All bonds maturing on the same date must bear interest f_rorn date of issue until paid at a single, uniform rate. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest may exceed 7%. The net effective rate may not exceed 6.34%. No supplemental or "B" coupons will be permitted. PAYING AGENT Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of sale, subject to approval by the City, and the City will pay the reasonable and customary paying agency charges. CUSIP NUMBERS The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds, or for the correctness of any numbers printed thereon, but will pesuit such numbers to be assigned and printed without expense to the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. DELIVERY It is anticipated that the bbnds will be delivered on or about August 10, 1976. In any event, the bonds will be delivered within 40 days after acceptance of the proposal unless an extension is mutually agreed upon. The purchaserwill be required to make payment for the bonds in funds available for expenditure by the City on the day of payment. The City will furnish and deliver at the office of the purchaser or, at his option, will deposit with a bank in the United States selected by him and approved by the City as its agent, to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending, together with customary closing papers. The charge of the delivery agent must be paid by the City. LEGAL OPINION An unqualified approving legal opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien and Drawz, of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. BIDDING A11 bids must be sealed and for not less than par and accrued interest to date of delivery. The bids must be filed with the under- signed no later than 2:00 P.M., on the date of sale together with a certified check or cashier's check in the amount of $17,100 payable to the order of the City'of Medina, to be retained by the City as liquidated damages if the bidder fails to comply with the accepted bid. No bid may be altered or withdrawn after 2:00 P.M. on the date of sale. The bids must be in a sealed envelope marked "Bid for $855,000 General Obligation Refunding Bonds of 1976 AWARD Award will be made on the basis of the loWest net interest cost, (total interest from date of bonds to stated maturities, less any cash premium offered). No oral bid and no bid of less than par for principal plus accrued interest on all bonds will be considered. The City Council reserves the right to reject any and all bids, to waive informalities in the bidding, and to adjourn the sale. BY ORDER OF THE CITY COUNCIL Donna Roehl City Clerk City of Medina 2052 County Road 24 Hamel, Minnesota 55340 Further information may be obtained from and bids may be delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants to the City, First National -Soo Line Concourse, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291. TAX EXEMPTION: In the opinion of counsel, the interest on bonds issued by Minnesota municipal corporations is tax exempt under U.S. Treasury regulations for determining federal income tax and under Minnesota law for determining Minnesota income tax •for individuals. 3. The City Clerk is authorized and directed to advertise such bonds for sale in accordance with the foregoing Notice of Sale and to cause such advertisement to be published in the manner re- quired by law. The City Council shall meet on Tuesday, July 20, 1976, at 7:30 P.M., in the Council Chambers at the City Hall in the City for the purposeof receiving and considering bids on the bonds. 4. Bids on the bonds shall be received in accordance with said Notice of Sale until 2:00 P.M. on July 20, and at which time such bids shall be opened and read aloud in the office of the City Clerk, in the presence of the City Clerk or her designate, a repre- sentative of the financial consultant for the City and at least one other officer or employee of the City; and after such opening, said bids shall be tabulated and presented to the C_ty Council for con- sideration at its regular meeting at 7:30 P.M. that same date. The motion for the adoption of the foregoing resolution was duly seconded by Councilman )r IYtQ/S , and upon vote being taken thereon, the ,�, ))following votedd in favor thereof • rfpml�l i✓� , /l1Q/ LJe S LCu.�Y', �vS , CAS"' and the following voted against the same: ALAJeArra whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS. CITY OF MEDINA ) I, the undersianed, being the duly qualified and acting Clerk of the City of Medina, hereby certify that I have carefully compared the attached and foregoing extract of minutes of the regular meeting of the Council of the City of Medina held on , 1976, with the original thereof on file in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $855,000 General Obligation Refunding Bonds of 1976 of the City. of WITNESS My hand officially as such Clerk this i' day (SEAL) , 1976. \9'ir-nyzdiWaid Donna Roehl City Clerk City of Medina, Minnesota EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE. CITY OF MEDINA HENNEPIN COUNTY, MINNESOTA Pursuant to due call and notice thereof, a (regular) (special) meeting of the City Council of the City of Medina, Hennepin County, State of Minnesota, was duly held in the Council Chambers in said City on Tuesday the first day of June , 1976, at 7:30 o'clock P.M. The following members were present: Mayor Neddermeyer, Councilmen DesLauriers, Franklin, Reiser, and Theis. and the following were absent: none * * * Councilman Franklin introduced the following resolution and moved its adoption: 76-21 RESOLUTIO_`d PROVIDING FOR THE ISSUANCE AND SALE OF $855,000 GENERAL OBLIGATION REFUNDING BONDS OF 1976 WHEREAS, the City is authorized by the provisions of Minnesota Statutes, Section 475.67 to issue bonds to refund outstand- ing bonds when determined by the City Council to be necessary and desirable for the reduction of interest cost, and the adjustment of maturities of outstanding issues of General Obligation Bonds, and WHEREAS, the City has outstanding certain General Obligation Improvement Bonds, and WHEREAS, the City Council has determined that it is necessary and desirable for the reduction of interest cost, the adjustment of maturities, to refund said bonds in advance of their maturities by the issuance of its General Obligation Refunding Bonds of 1976; NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of Medina, Hennepin County, Minnesota, as follows: 1. For the purpose of providing moneys to refund in advance of maturity outstanding the $855,000_ General Obligation Improvement Bonds of 1975 of the. City dated July 1, 1975, the City shall issue and sell its General Obligation Refunding Bonds of 1976 in the total' aggregate principal amount of $855,000. 2. The City Clerk is hereby authorized and directed to cause notice of the time, place, method of opening and tabulating bids, conditions of the sale, and consideration by the City of bids in the manner provided by lase to be given. The notice of sale shall be in the following form, and all the terms and conditions of said notice are a part of this resolution. _3OTICE OF SALE $855,000 GENERAL OBLIGATION REFUNDING BONDS OF 1976 CITY OF MEDINA. HEN EPIN COUNTY, MINNESOTA Sealed bids for the purchase of $855,000 General Obligation .Refunding Bonds will be received on Tuesday, July 20, 1976, until 2:00 o'clock P.M., at the City Hall, 12052 County Road 24, _Medina, Minnesota 55340 at which time they will ha opened and tabulated. The bids will then be considered by the City Council at a regular meeting at 7 : 30 o'clock P.M. the same day. PURPOSE, TYPE AND SECURITY The bonds will be issued pursuant to Chapter 475, Minnesota Statutes, as amended. Negotiable coupon general obligation bonds for which the full faith and credit and unlimited taxing powers of the City will be pledged, in addition to special assessments against benefited property, in denominations of $5,000 each. The proceeds of the bonds will be used to refund in advance of maturity the following described outstanding general obligation bonds of the City: $855,000 General Obligation Improvement Bonds of 1975 DATE AND MATURITIES The bonds will be dated August 10, 1976, and will mature on January 1 in the following years and amounts: Year Amount Year Amount 1977 $50,000 1985 $55,000 `-1978 50,000 1986 55,000 1979 50,000 1987 55,000 1980 55,000 198 55,000 1981 55,000 1939 55,000 1982 55,000 1990 55,000 1983 55,000 1991 55,000 1984 55,000 ! 1992 30,000 1993 15,000 The City Council reserves the right to reduce the principal amount of the refunding bonds by the amount which it determines by actuarial calculation is in excess of the amount needed to provide funds sufficient to provide for the payment of principal, interest and redemption -premiums on the bonds to be refunded. The reduction, if any, in principal amount of refunding bonds of the issue will be made in multiples of $5,000, in bonds maturing in 1992 and 1993 and the reduction shall not exceed $25,000. The determination of the exact amount of the refunding bonds of each issue will be communi- cated to the successful bidder within 24 hours after award_. REDEMPTION, FEATURES - At the Option of the issuer, all bonds maturing in the years 1968 and thereafter will be subject to redemption on January 1, 19$7 and any interest payment date thereafter at a price of par and accrued interest. INTEREST Interest on the bonds will be payable on February 1, 1977, and semiannually thereafter on each February 1 and August 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest may exceed 70. The net effective rate may not exceed 6.34%. No supplemental or "B" coupons will be permitted. PAYING AGENT Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of sale, subject to approval by the City, and the City will pay the reasonable and customary paying agency charges. CUSIP NUMBERS The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds, or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed without expense to the purchaser, if .the purchaser waives any extension of the time of delivery caused thereby. DELIVERY It is anticipated that the bonds will be delivered on or about August 10, 1976. In any event, the bonds will be delivered within 40 days after acceptance of the proposal unless an extension is mutually agreed upon. The purchaserwill be required to make payment for the bonds in funds available for expenditure by the City on the day of payment. The City will furnish and deliver at the office of the purchaser or, at his option, will deposit with a bank in the United States selected by him and approved by the City as its anent, to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending, together with customary closing papers. The charge of the delivery agent must be paid by the City. LEGAL OPINION An unqualified approving legal opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien and Drawz, of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. BIDDING All bids mast be sealed and for not less than par and accrued interest to date of delivery. The bids must be filed with the under- signed no later than 2:00 P.M., on the date of sale together with a certified check or cashier's check in the amount of $17,100 payable to the order of the City -of Medina, to be retained by the City as liquidated damages if the bidder fails to comply with the accepted bid. No bid may be altered or withdrawn after 2 : 00 P.M. on the date of sale. The bids rust be in a sealed envelope marked "Bic. for $855,000 General Obligation Refunding Bonds of 1976". AWARD Award will be made on the basis of the lowest net interest cost, (total interest from date of bonds to stated maturities, less any cash premium offered). No oral bid and no bid of less than par for principal plus accrued interest on all bonds will be considered. The City Council reserves the right to reject any and all bids, to waive informalities in the bidding, and to adjourn the sale. BY ORDER OF THE CITY COUNCIL Donna Roehl City Clerk City of Medina 2052 County Road 24 Hamel, Minnesota 55340 Further information may be obtained from and bids may be delivered to: EHLERS AND ASSOCIATES, INC., Financial Consultants to the City, First `rational -Soo line Concourse, 507 Marquette Avenue, Minneapolis, Minnesota 55402. Telephone: (612) 339-8291. TAX EXF:-_PTION: In the opinion of counsel, the interest on bonds issued by-1innesota municipal corporations is tax exempt under U.S. Treasury regulations for determining federal income tax and under _Minnesota lay: for determining Minnesota income tax for individuals. 3. The City Clerk is authorized and directed to advertise such bonds for sale in accordance with the foregoing Notice of Sale and to cause such advertisement to be published in the manner re- quired by law. The City Council shall meet on Tuesday, July 20, 1.976, at 7:30 P.M., in the Council Chambers at the City Hall in the City for the purpose of receiving and considering bids on the bonds. 4. Bids on the bonds shall be received in accordance with said Notice of Sale until 2:00 P.M. on July 24, and at which time such bids shall be opened and read aloud in the office of the City Clerk, in the presence of the City Clerk or her designate, a repre- sentative of the financial consultant for the City and at least one other officer or employee of the City; and after such opening, said bids shall be tabulated and presented to the C_ty Council for con- sideration at its regular meeting at 7:30 P.P. that same date. The motion for the adoption of the foregoing resolution was duly seconded by Councilman Theis , and upon vote being taken thereon, the following voted in favor thereof: DesLauriers, Reiser. ' Franklin, Theis, and the following voted against the same: Neddermeyer whereupon said resolution was declared duly passed and adopted. ., , STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS. CITY OF MEDI`1A ) I, the undersigned, being the duly qualified and acting Clerk of the City of Medina, hereby certify that I have carefully compared the attached and foregoing extract of minutes of the regular meeting of the Council of the City of Medina held on June 1st , 1976, with the original thereof on file in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $855,000 General Obligation Refunding Bonds of 1976 of the City. of ` WITNESS My hand officially as such Clerk this c,1 ct n e- (SEAL) , 1976. i ag'st7-i, Donna Roehl City Clerk City of Medina, Minnesota day