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Home My Public Portal About1984-079Extract 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 meeting of the City Council of the City of Medina, Hennepin County, Minnesota, was held at the City Hall in said City on Tuesday, October 30, 1984, commencing at 7:30 o'clock P.M. The following members were present: Mayor Thomas Anderson, Council Members Thomas Crosby, Jr., Anne Heideman, William Reiser, Jr., and Wilfred Scherer and the following were absent: none * * * The following resolution was presented by Councilmember Anne Heideman who moved its adoption: RESOLUTION N0, 8479 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $725,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984 BE IT RESOLVED By the City Council of the City of Medina, Hennepin County, Minnesota as follows: 1. It is hereby determined: (a) That the following assessable public improvements (the "Improvements") have been made, duly ordered or con- tracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429: Project Designation & Description Total Project Cost Hunter Drive Hamel Well Hamel Sewer Rolling Green Street Sewer Total Contract Items Contingency Cost of Issuance (Legal, Fiscal, Administration) 2.00% Subtotal Less Funds Available: Cash Flow during construction Subtotal Less investment earnings (.05 yrs. @ 10.50%) $230,400 85,840 265,000 107,000 $688,240 14,500 $702,740 - 67,691 $635,049 - 10,914 Net project cost $624,135 Plus: Capitalized Interest (1.25 yrs. @ bond interest rate of 9.50%) 86,650 Principal Amount Needed $710,785 Plus: Allowance for discount bidding (2.00%) 14,215 Total Bond Issue $725,000 (b) That it is necessary and expedient to the sound finan- cial management of the affairs of the City to issue $725,000 General Obligation Improvement Bonds of 1984 (Bonds) to provide financing for the Improvements. 2. In order to provide financing for the Improvements, the City shall therefore issue and sell Bonds in the amount of $710,785. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $14,215. Any excess of the purchase price of the Bonds over the sum of $710,785 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on such additional Bonds. The Bonds shall be issued and sold in accordance with the terms of the following Official Terms of Bond Sale: OFFICIAL NOTICE OF SALE $725,000 General Obligation Improvement Bonds of 1984 City of Medina Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that the City Council of the City of Medina, Minnesota, will receive and consider bids at the City Hall in the City of Medina on Tuesday, November 20, 1984, at 7:30 o'clock p.m., C.T., for the purchase of $725,000 general obligation improvement bonds of the City on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the finan- cing of various assessable public improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. Date and Maturities The bonds will be issued in fully registered form, will be dated December 1, 1984, will be in integral multiples of $5,000 each and will mature on March 1 in the following years and amounts: Year Amount Year Amount 1987 $50,000 1995 $50,000 1988 50,000 1996 50,000 1989 50,000 1997 25,000 1990 75,000 1998 50,000 1991 50,000 1999 50,000 1992 50,000 2000 50,000 1993 50,000 2001 25,000 1994 50,000 Redemption Feature A11 bonds of this issue maturing after March 1, 1992 will be subject to prior redemption at the option of the City in inverse order of bond maturities on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemp- tion. Interest Interest on the bonds will be payable on September 1, 1985, and semiannually thereafter on each March 1 and September 1. A11 bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed the maximum rate of interest permitted by law on the day of sale. Paying Agent The City will name the Registrar which shall be subject to applicable SEC regulations. Principal will be payable at the prin- cipal office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the reasonable and customary charges for the services of the Registrar. 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 at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and deliver to 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 anv manner questioning their validity is then threatened or pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the City. The purchase price must be paid upon delivery of the bonds in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Associa- tion of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City, payable primarily from special assessments against benefited property, and that the City is obligated and required to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $14,500, payable to the City Clerk, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid author- izing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $725,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $710,785 for principal plus accrued interest on all of the bonds will be considered, and the City reserves the right to reject any and all bids and to waive any infor- mality in any bid. BY ORDER OF THE CITY COUNCIL /s/ ' /c, t _ 71.-e-1 City Clerk Dated: October 30, 1984. 3. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Terms of Bond Sale and to cause the abbreviated notice of sale attached hereto as Exhibit A, to be published in the manner required by law. The City_ Council shall meet on Tuesday, November 20, 1984, at 7:30 o'clock p.m. for the purpose of considering sealed bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Thomas Crosby and upon vote being taken thereon, the following voted in favor of the motion: Mayor Thomas Anderson, Council Members Thomas Crosby, Jr., Anne Heideman, William Reiser, Jr., and Wilfred Scherer and the following voted against: none whereupon said resolution was declared duly passed and adopted. EXHIBIT A :NOTICE OF BOND SALE $725,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984 CITY OF MEDINA, MINNESOTA HENNEPIN COUNTY These bonds will be offered for sale on sealed bids on Tuesday, November 20, 1984. Bids will be accepted by the undersigned until 7:30 o'clock p.m., Central Time at the City Ball, when they will be opened and considered for award by the City Council. The Bonds will be dated December 1, 1984, will bear interest payable semiannually or each March 1 and September 1 to maturity, commencing September 1, 1985, and will mature on March 1 in the amounts and years as follows: YEAR 1987-1989 1990 1991-1996 AMOUNT $50,000 75,000 50,000 YEAR 1997 1998-2000 2001 AMOUNT S25,000 50,000 25,000 Bonds maturing after March 1, 1992, will be subject to redemption and prepayment on that date and thereafter at par plus accrued interest. No rate of interest nor the net effective rate of the issue may exceed the maximum rate permitted by law. Bidders must specify a price of not less than $710,785 plus accrued interest. A legal opinion on the Bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The proceeds of the Bonds will be used to finance a portion of the costs of various Improvement projects in and for the City. Bidders should be aware that the Official Statement of Offering to be published in the the Official Statement for the Offering may contain additional bidding terms and information relative to the Issue. In the event of a variance between statements in this Notice of Bond Sale and said Official Terms of Offering, the provisions of the latter shall be those to be complied with. BY ORDER OF THE CITY COUNCIL Dated: October 30, 1984. City Clerk Further Information: Ehlers and Associates, Inc. First National -Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesote 55402 (612) 339-8291 STATE OF MINNESOTA ) ) COUNTY OF HENNEPIN ) ) CITY OF MEDINA ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Medina, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of a regular meeting of the City Council of said City held on Tuesday, October 30, 1984, with the original thereof on file in my office and the same is a full, true and correct copy thereof, insofar as the same relates to the issuance and sale of $725,000 General Obligation Improvement Bonds of 1984, of the City. WITNESS My hand as such City Clerk and the corporate seal of the City this,37 day of d2c 7!:-O b e Ar , 1984. /C / City Clerk City of Medina, Minnesota (SEAL)