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Home My Public Portal About1985-083Extract 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 20,1985, commencing at 7:30 o'clock P.M. The following members were present: Reiser, Mitchell, Scherer, Heideman and the following were absent: * * * Anderson The following resolution was presented by Councilmember f✓P.�G✓��L� who moved its adoption: RESOLUTION NO. g - D RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $415,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 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 Construction $312,179 Engineering 46,827 Contingency 15,609 Cost of Issuance 7,400 Subtotal $382,015 Plus: Capitalized Interest Less Investment Earning Subtotal Plus: Allowance for Discount Bidding Total Bond Issue 27,548 (2,700) $406,863 8,137 $415,000 (b) That it is necessary and expedient to the sound finan- cial management of the affairs of the City to issue $415,000 General Obligation Improvement Bonds of 1985 (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 $406,863. 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 $8,137. Any excess of the purchase price of the Bonds over the sum of $406,863 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 $415,000 General Obligation 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 $415,000 general obligation improve- ment 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 October 1, 1985, will be in integral multiples of $5,000 each and will mature on October 1 in the following years and amounts: Year Amount Year Amount 1987 $40,000 1992 $40,000 1988 45,000 1993 45,000 1989 45,000 1994 40,000 1990 45,000 1995 40,000 1991 45,000 1996 30,000 Redemption Feature A11 bonds of this issue maturing after October 1, 1994 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 April 1, 1986, and semiannually thereafter on each April 1 and October 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 any 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 $8,300, 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 authorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $415,000 bid for principal) will be deemed the most favor- able. No oral bid and no bid of less than $406,863 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 is l 421 ,---7G City Clerk Dated: August 6,1985. 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, September 3, 1985, 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 G f and upon vote being taken thereon, the following voted in favor of the motion: and the following voted against: A, A✓Q whereupon said resolution was declared duly passed and adopted. ) 44 /4C-h e EXHIBIT A NOTICE OF BOND SALE $415,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 CITY OF MEDINA, MINNESOTA HENNEPIN COUNTY 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 AMOUNT YEAR AMOUNT 1987 $40,000 1992 $40,000 1988 45,000 1993 45,000 1989 45,000 1994 40,000 1990 45,000 1995 40,000 1991 45,000 1996 30,000 Bonds maturing after October 1, 1994, will be subject to redemption and prepayment on that date and any interest payment date thereafter at par plus accrued interest. No rate of interest nor the net effec- tive rate of the issue may exceed the maximum rate permitted by law. Bidders must specify a price of not less than $406,863 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. Dated: August 6, 1985. Further Information: Ehlers and Associates, Inc. First National -Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 (612) 339-8291 BY ORDER OF THE CITY COUNCIL /s/ City Clerk STATE OF MINNESOTA ) COUNTY OF HENNEPIN )SS. 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, August 6, 1985, 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 $415,000 General Obligation Improvement Bonds of 1985, of the City. WITNESS My hand as such City Clerk and the corporate seal of the City this �'n day of Z/i-4, r;`f, , 1985. City Clerk City of Medina, Minnesota (SEAL)