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HomeMy WebLinkAbout1980-205 CCR After due consideration of the bids, Councilmember Scott III introduced the following resolution and moved its adoption: RESOLUTION NO. 80- 205 RESOLUTION AWARDING THE SALE OF $1,500,000 GENERAL OBLIGATION PARK IMPROVEMENT BONDS OF 1980; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Brooklyn Center, Minnesota, as follows: 1. The bid of The First National Bank of Saint Paul, in St. Paul, Minnesota to purchase $1,500,000_ General Obligation Park Improvement Bonds of 1980, of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly adver- tised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of 1,500,000.00 plus accrued interest to date of delivery, such bonds to bear interest as follows: III 8.00% 1983 -88 7.40% 1991 7.00% 1989 7.50% 1992 7.20% 1990 7.60% 1993 The sum of -0- being the amount bid in excess of $1,500,000, shall be credited to the bond sinking fund hereinafter created. The City Clerk is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Clerk is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Brooklyn Center shall forthwith issue and sell its General Obligation Park Improvement Bonds of 1980 (the "Bonds in the principal amount of $1,500,000, dated September 1, 1980, the Bonds being 300 in number and numbered 1 to 300, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable August 1, 1981, and semiannually thereafter on February 1 and August 1 in each year, and which Bonds mature serially on February 1 in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1983 $40,000 1989 $100,000 1984 50,000 1990 120,000 1985 60,000 1991 280,000 1986 70,000 1992 300,000 Ill 1987 80,000 1993 310,000 1988 9b,000 The Bonds are issued without right of prior redemption. 3. It is hereby determined that the combination of the fore going maturity schedule for the bonds and the maturity schedule for the City's $2,280,000 General Obligation Building and Improvement Bonds of 1969, so combined pursuant to Minnesota Statutes, Section 475.54, Sub division 2, conforms to the maturity schedule requirements of Minnesota Statutes, Section 475.54, Subdivision 1. 4. Both principal of and interest on the Bonds shall be payable at The First National Bank of Saint Paul, in St. Paul, Minnesota and the City of Brooklyn Center shall pay the reasonable charges of said bank for its services as paying agent. 5. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER GENERAL OBLIGATION PARK IMPROVEMENT BOND OF 1980 KNOW ALL MEN BY THESE PRESENTS that the City of Brooklyn Center, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer without option of prior payment out of its.General Obligation Park Improvement Bonds of 1980 Fund the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19 and to pay interest thereon from the date hereof until the principal amount is paid at the rate of percent per annum, interest to maturity payable August 1, 1981, and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presentation and surrender of the interest 'coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable at the in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. This bond is on e of an o a issue principal sue of bonds in the total rinci al amount of $1,500,000, all of like date and tenor except as to maturity, interest rate and serial number, all issued by the City for the purpose of providing funds to finance the improvement and equipping of various park properties and related public recreational facilities in the City, and is issued pursuant to the authority conferred by the requisite majority vote of the q ualified electors of the City votin g on the of the issue at an election duly and regularly called and held and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, and this bond constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of said prin- cipal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council has levied ad III valorem taxes for such purposes, and, in event of any deficiency, has obligated itself to levy additional ad valorem taxes on all of the taxable property in the City without limitation as to rate or amount. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the Home Rule Charter of the City to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as re- quired by law; and that this bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional, statutory or Charter limitation thereon. IN WITNESS WHEREOF, the the City of Brooklyn Center, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signature of the Mayor and the manual signature of the City Manager and sealed with a facsimile of the corporate seal of the City and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of September 1, 1980. (facsimile signature) Mayor (manual signature) City Manager (facsimile seal) (Form of Coupon) No. On the 1st day of February (August), 19 the City of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Park Improvement Bonds of 1980 Fund at the the amount shown hereon for interest then due on its General Obligation Park Improvement Bond of 1980, dated September 1, 1980, No. (facsimile signature) Mayor (facsimile signature) City Manager e 6. The City Clerk shall obtain a copy of the proposed approving legal opinion of Messrs. LeFevere, Lefler, Kennedy, O'Brien and Drawz of III Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the City Clerk in substantially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile, signature) City Clerk City of Brooklyn Center, Minnesota The City Clerk is hereby authorized and directed to execute such certif- icate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. 7. The Bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City III Manager, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and City Manager, and the facsimile of the corporate seal of the City may, but need not be, printed thereon; provided, however, that the signatures of both the Mayor and the City Manager may be facsimile signatures, duly authenticated by the manual signature of an officer of the Bank of hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision 1, and, if the bonds are to be so executed and authenticated, the bond form set forth in paragraph 4 hereof shall be modified as follows: a) Substitute the following paragraph for the final paragraph of the bond: "IN WITNESS WHEREOF, the City of Brooklyn Center, Hennepin County, Minnesota, by its City Council, has caused this bond to be exe- cuted by the facsimile signatures of its Mayor and City Manager and to be sealed with the facsimile of the corporate seal of the City, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, except for the manual signature of its duly authorized Authen- ticating Agent on the reverse side of this bond, all as of September 1, 1980." b) Add the following on the reverse side of the bond: "This Bond is one of the Bonds of the series designated herein issued pursuant to the resolution authorizing its issuance and delivery." Bank of III As Authenticating Agent By Its Authorized Officer The Bonds, when fully executed, shall be delivered by the City Manager to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obligated to see to the proper application thereof. 8. The Bonds shall be'payable from the General Obligation Park Improvement Bonds of 1980 Fund (the "Sinking Fund hereby created, and the proceeds of the general taxes hereinafter levied for the improvements (the "Improvements financed by the Bonds are hereby pledged to the Fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in the Fund to pay the same, the City Clerk shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of the taxes for the Improvements, when collected. 9. To pay for the cost of the Improvements, there is hereby levied a direct, annual, irrepealable ad valorem tax levy against all taxable properties in the City, which tax levies shall be in the years and III amounts as follows (year stated being year of levy for collection the following year.) YEAR LEVY YEAR LEVY 1980 $169,010 1986 $188,601 1981 $161,301 1987 $191,541 1982 $168,441 1988 $205,191 1983 $174,741 1989 $364,119 1984 $180,201 1990 $363,363 1985 $184,821 1991 $350,238 It is hereby determined that the estimated collection of the foregoing ad valorem tax will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The City Clerk is directed to file a certified copy of this resolu- tion with the County Finance Director of Hennepin County and obtain the certificate required by Minnesota Statutes, Section 475.63. 10. The tax levy herein provided shall be irrepeal until all of the Bonds are paid, provided that the City Clerk may annually, prior to October 10th, certify to the County Finance Director the amount available in the Sinking Fund to pay principal and interest due during the ensuing year, and the County Finance Director shall thereupon reduce the levy collectible during such year by the amount so certified. 1 11. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to the attorneys approving the same, III certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 12.. The Mayor and City Manager are hereby authorized and. directed to certify that they have examined the official statement or prospectus prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their. knowledge and relief said statement is a complete and accurate representation of the facts and representations. made therein as of the date of said official state- ment or prospectus as it relates to the City. August 25, 1980 C i Date Mayor III ATTEST: C erk The motion for the adoption of the foregoing resolution'was duly seconded by member Bill Fignar, and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Tony Kuefler, Bill Fignar, Gene Lhotka, and Celia Scott; and the following voted against the same: none,,whereupon said resolution was declared duly passed and adopted.