HomeMy Public PortalAbout1985-066Extract 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, August 6, 1985, commencing at 7:30
o'clock P.M.
The following members were present:
.Sc�
ff /� UG-✓ S o .r . / CI /, f G ( , �f�' LAY' I
and the following were absent:
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* * *
The following resolution was presented by Councilmember
who moved its adoption:
RESOLUTION N0. /9 67
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $475,000 GENERAL OBLIGATION
REFUNDING IMPROVEMENT BONDS OF 1985
BE IT RESOLVED By the City Council of the City of Medina, Hennepin
County, Minnesota (City) as follows:
Section 1. Findings: Purpose.
1.01. The City is authorized by the provisions of Minnesota Statutes,
Chapter 475 (Act) and Section 475.67 of the Act to issue and sell its
general obligation bonds to refund outstanding 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 bonds.
1.02. It is hereby found and determined that it is necessary and
desirable for the reduction of interest cost and the adjustment of
maturities of bonds that the City issue its general obligation refunding
bonds to refund in advance of their maturities certain outstanding general
obligations of the City.
Section 2. Refunded and Refunding Bonds.
2.01. The outstanding bonds to be refunded (Refunded Bonds) consist
of $700,000 General Obligation Improvement Bonds of 1981, dated November 1,
1981, of which the principal amount of $500,000 is outstanding.
2.02. To provide moneys to refund in advance of maturity the Refunded
Bonds, the City shall issue and sell its $465,687 General Obligation
Refunding Improvement Bonds, Series 1985 (Refunding Bonds). Additional
Refunding Bonds representing additional interest in the amount of $9,313
shall also be issued and sold as authorized by Section 475.56 of the Act.
Any amount in excess of $465,687 received as the purchase price of the
Refunding Bonds shall be deposited in the debt service fund for the Refund-
ing Bonds. The $475,000 Refunding Bonds shall be issued, sold and de-
livered in accordance with the terms and conditions of the following
Official Notice of Sale:
OFFICIAL
NOTICE OF SALE
$475,000 General Obligation
Refunding Improvement Bonds
of 1985
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, September 3, 1985, at 7:30 o'clock p.m., C.T.,
for the purchase of $475,000 general obligation refunding improvement bonds
of the City on the following terms:
Purpose: Security: Form
The purpose of the bonds is to provide funds to refund in advance
of maturity the outstanding principal amount of the City's General
Obligation Improvement Bonds of 1981, dated November 1, 1981. The bonds
will be general obligations of the issuer, for which its full faith, credit
and taxing powers are pledged together with special assessments which have
been levied against benefitted properties. The bonds will be issued in
fully registered form.
Date and Maturities
The bonds will be dated October 1, 1985, will be in denomination
of $5,000 each or any integral multiple thereof, and will mature on October
1 in the following years and amounts:
YEAR AMOUNT YEAR AMOUNT
1986 $ 50,000 1990 $ 75,000
1987 50,000 1991 75,000
1988 75,000 1992 75,000
1989 75,000
Redemption Feature
Bonds of this issue are not subject to redemption prior to their
stated maturities.
Interest
Interest on the bonds will be payable on April 1, 1986, and
semiannually thereafter on each April 1 and October 1. All 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 1/10 or
1/8 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.
Paying Agent/Registrar
Principal and interest on the bonds will be payable at the office of a
Paying Agent and Registrar to be designated by the City. The City will pay
charges for the services of the Paying Agent and 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 at
the office of the purchaser or, at its option, will deposit with a bank in
the United States selected by it 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 the
validity of the bonds 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, or within five days after deposit with the delivery agent, in funds
available for expenditure by the City on the day of payment.
Legal Opinion
An unqualified legal opinion on each bond issue will be furnished
by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association,
Minneapolis, Minnesota. The legal opinion will be printed on the bonds at
the request of the purchaser. The legal opinion will state, among other
things, that the bonds are valid and binding general obligations of the
City, that the City is obligated and required to levy taxes if necessary
for the principal and interest thereon as the same become due without limit
as to rate or amount, and that the interest on the Bonds is exempt from
Federal income taxation.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time specified above. Each bid must be
unconditional and must be accompanied by a cashier's or certified check or
bank draft in the amount of $9,500, payable to the City Clerk -Treasurer, to
be retained by the City as liquidated damages if the bid is accepted and
the bidder fails to comply therewith. The good faith check of the purchas-
er will be deposited by the City and deducted from the purchase price of
the bonds at delivery. The bid authorizing the lowest net interest cost
(total interest from date of bonds to�.tra end maturities, less any cash
premium or plus any amount less than $/i$,'26,87 bid for principal) will be
deemed the most favorable. No oral bid and no bid of less than $465,687
for principal plus accrued interest on all of the bonds will be considered.
The City reserves the right to reject any and all bids and to
waive any informality in any bid.
BY ORDER OF THE CITY COUNCIL
/s/ Donna Roehl
City Clerk -Treasurer
Medina, Minnesota
Dated: August 6, 1985
3. The City Clerk -Treasurer is authorized and directed to advertise
the Refunding Bonds for sale in accordance with the foregoing notice of
sale and to cause the abbreviated notice of sale attached hereto as Ex-
hibit A, to be published in the manner required by law. The City Council
shall meet on Tuesday, September 3, 1985, at 7:30 o'clock p.m. for the
purpose of considering the bids on the Refunding Bonds and taking any other
appropriate action.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember
thereon, the following voted in favor:
dr�✓sonl Zie-i��Y�
and the following voted against:
/704
, and upon vote being taken
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF MEDINA
) SS.
I, the undersigned, being the duly qualified and acting City
Clerk -Treasurer of the City of Medina, Minnesota do hereby certify that I
have carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council of said City held on Tuesday, August 6,
1985, with the original thereof on file in my office and the same is a
full, true and complete transcript thereof, insofar as the same relates to
the issuance and sale of $475,000 General Obligation Refunding Improvement
Bonds of 1985, of the City.
WITNESS My hand as such City Clerk -Treasurer and the corporate
seal of the City this ,.5— day of August , 1985.
/tau-e kiz_}
Donna Roehl
City Clerk -Treasurer
City of Medina, Minnesota
(SEAL)
Exhibit A
NOTICE OF SALE
$475,000 General Obligation Refunding
Improvement Bonds of 1985
City of Medina
Hennepin County, Minnesota
These bonds will be offered for sale on sealed bids on Tuesday,
September 3, 1985.
Bids will be accepted by the undersigned until 7:30 o'clock p.m., Central
Time at the City Hall, when they will be opened and considered for award by
the City Council. The Bonds will be dated October 1, 1985, will bear
interest payable semiannually on each April 1 and October 1 to maturity,
commencing April 1, 1986, and will mature on October 1 in the amounts and
years as follows:
Year
1986 - 1987
1988 - 1992
Amount
$ 50,000
75,000
The Bonds are not subject to prior redemption. 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 $465,687 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 purpose of the Bonds is to provide funds to refund in
advance of maturity certain general obligation improvement bonds of the
City.
Bidders should be aware that the Official Statement of Offering to be
published in 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: August 6, 1985 /s/ Donna Roehl
City Clerk -Treasurer
Further Information:
Ehlers and Associates, Inc.
First National -Soo Line Concourse
507 Marquette Avenue
Minneapolis, Minnesota 55402
(612) 339-8291