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