HomeMy Public PortalAbout1978-042Member d-NrO S 1911 introduced the following resolution and moved
its adoption:
CITY OF MEDINA
RESOLUTION NO. 7��
RESOLUTION AUTHORIZING THE SALE OF WATER REVENUE BONDS BY
THE CITY OF MEDINA TO THE HAMEL IMPROVEMENT BOND FUND
WHEREAS, there is a need for interim financing to pay a portion
of the cost of the construction of a public well and water supply
appurtenances in the amount of $13,022.00; and
WHEREAS, permanent financing of the said cost shall be arranged
through an increase in the rates charged to the users of the said water
supply system; and
WHEREAS, such interim financing shall be in the form of Temporary
Bonds which shall be sold by the City of Medina to the Hamel Improvement
Bond Fund at 8% interest with a maturity date of three (3) years; and
WHEREAS, the amount contained in the Hamel Improvement Bond Fund
is $137,512.00 and the amount to be collected by special assessment over
the succeeding three (3) year period is $180,000.00, creating an
aggregate in the said Bond Fund of $317,512.00; that the amount to be
paid from the Hamel Improvement Bond Fund over the said three (3) year
period for the retirement of Special Assessment Bonds maturing is
$230,978.00, making $86,534.00 available for purchase of Temporary Bonds;
and
WHEREAS, the holders of the Bonds in the Hamel Improvement Bond
Fund shall have the same right as the City of Medina to sell permanent
Bonds to replace the said Temporary Bonds, or to exchange the same prior
to their maturity; and
WHEREAS, the said Temporary Bonds are authorized by MSA 5429.091
Subd. 3, by MSA §471.56 and by MSA §475.66.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MEDINA as follows:
1. The City Attorney is authorized to draft the Temporary Water
Revenue Bonds as set forth herein and the City of Medina hereby
authorizes the sale thereof to the Hamel Improvement Bond Fund;
2. The Mayor and the City Clerk are hereby authorized and
directed to execute said Bonds on behalf of the City of Medina;
3. The City Clerk is hereby directed to establish a sinking fund
for the purpose of retiring the Temporary Water Revenue Bonds and to
fund said sinking fund from the proceeds of an increase in the water rate
charged to the users of the water supply system herein described.
DATE: L a(le,/2-) r / /g Cr
ATTEST : r C 7'2!K/a- ) ex-e_ tcel
Clerk, Donna Roehl
Mayor, yne Neddermeye G,
The motion fpF the adoption of the foregoing resolution was duly seconded
by member ice-/ Se de and upon vote being .taken thereon, the
following voted in favor thereof 4,/e-, /n.ee ep.- L/Se./ Cros6,, ku�,��
and the following voted aginst the same: Yl aam• l
whereupon said resolution was declared duly passed and adopted.
CITY OF MEDINA
HENNEPIN COUNTY, MINNESOTA
Revenue Bond No. 1. $13,022.00
The City of Medina, a Minnesota Municipal Corporation located in
the County of Hennepin and State of Minnesota, hereinafter referred to
as the City, for value received, has obligated itself to pay to the
Hamel Improvement Bond Fund from, its General Account on the 'j
day of /),,,I n 61 - , 19, , the sum of $13,022.00, together with
interest thereon from the date of issuance at the rate of 8% per annum.
Such interest shall be payable annually on the anniversary ofthedate
of issuance of this bond.
If this bond, together with ail interest thereon, is not paid at
maturity, the bond and interest payments then accrued shall continue
to bear interest at the rate stated herein until paid in full.
This bond shall be owned by the Hamel Improvement Bond Fund and
shall be non-negotiable.
The City may, at any time prior to maturity, pay all or a portion
of the face amount of the bond, together with interest thereon and issue
a new bond for the remaining face amount yet unpaid upon the same terms
and conditions.
This bond is issued by the City for the purpose of providing interim
financing to pay the cost of the acquisition, construction, and financing
of a public well to serve the Hamel Sewer and Water District and both
principle and interest are payable from the General Fund of the City of
Medina.
This bond shall incorporate the provision of paragraphs five and
six of Resolution No. of the City of Medina dated the
day of , 1978.
IN WITNESS WHEREOF, the City of Medina, by its City Council has
caused this bond to be executed in its behalf and under its official seal
by its Mayor and countersigned by its Clerk this / day of /lli,7,Je X6,4-
, 1978.
Mayor Wayne ed.ermeyer
Countersigned:
City Clerk Donna Roehl