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HomeMy WebLinkAbout1982-224 CCRadoption: Member Rich Theis introduced the following resolution and moved its RESOLUTION NO. 82 -224 RESOLUTION AWARDING THE SALE OF $2,625,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982; 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 Dain Bosworth Incorporated (the "Purchaser to purchase $2,625,000 General Obligation Improvement Bonds of 1982 (the "Bonds 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 advertised notice of sale and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $2,589,562.50 plus accrued interest to date of delivery, the Bonds to bear interest as follows: YEAR 1984 1985 1986 1987 1988 1989 1990 RATE YEAR 6.00% 1991 6.50% 1992 7.00% 1993 7.30% 1994 7.600 1995 7.80% 1996 8.20% 1997 RATE 8.50% 8.80° 9.10% 9.40% 9.70% 10.00% 10.00% The sum of $4,097.50, being the amount bid in excess of $2,585,465, shall be credited to the Sinking Fund hereinafter created. The City Clerk is directed to retain the good faith check of the Purchaser 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 shall forthwith issue and sell the Bonds in the total principal amount of $2,625,000, dated December 1, 1982, the Bonds being 453 in number and numbered 1 to 453, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable August 1, 1983, 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: 0 -1- RESOLUTION NO. 82 -224 YEAR AMOUNT YEAR AMOUNT 1984 $200,000 1991 $200,000 1985 200,000 1992 209,000 1986 200,000 1993 175,000 1987 200,000 1994 175,000 1988 200,000 1995 175,000 1989 200,000 1996 150,000 1997 150,000 All Bonds maturing after February 1, 1991, are subject to redemption at the option of the City on said date and on any interest payment date thereafter. Redemption may be in whole or in part and shall occur in inverse numerical order, except that if some but not all Bonds of a single maturity date are called for prepayment, the specific Bonds of that maturity to be prepaid shall be chosen by lot by the paying agent. Prepayment of Bonds shall be at the price of par plus accrued interest to date of redemption. 3. Both principal of and interest on the Bonds shall be payable at the First Trust Company of Saint Paul (the "Paying Agent in the City of St. Paul Minnesota, and the City shall pay the reasonable charges of the.Paying Agent for its services.. 4. The Bonds and the interest coupons to -be thereto at- tached 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 IMPROVEMENT BOND OF 1982 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, out of its General Obligation Improvement Bonds of 1982 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 and hundredths percent per annum, interest to maturity payable August 1, 1983, 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 Bank of (the "Paying Agent in the City of Minnesota,- in any coin or currency of the United States of America -2- RESOLUTION NO. 82 -224 which on the date of payment is legal tender for public and private debts. All bonds maturing after February 1, 1991, are subject to redemp- tion' at the option of the City on said date and on any interest payment date thereafter. Redemption may be in whole or in part and shall occur in inverse numerical order, except that if some but not all bonds of a single maturity date are called for prepayment, the specific bonds of that maturity to be prepaid shall be chosen by lot by the paying agent. Prepayment of bonds shall be at the price of par plus accrued interest to date of redemption. This bond is one of an issue of bonds in the total principal amount of $2,625,000, all of like date and tenor except as to maturity, interest rate, redemption privilege and serial number, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapte r 429, and the Home Rule Charter of the City, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of the principal of and interest on the bonds as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied 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 required 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 WIEREOF, the the City of Brooklyn Center, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the manual or facsimile signatures of its Mayor and its City Manager, and by the manual signature of one of said officers; to be 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 December 1, 1982. (Facsimile Signature) Mayor (manual signatute City Manager (FACSIMILE SEAL) -3- RESOLUTION NO 82 -224 (Form of Coupon) On the 1st day of August (February), 19_ (unless the bond to which this coupon appertains has previously been called for redemp- tion,) the City of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Improvement Bonds of 1982 Fund, at the Bank of in the City of Minnesota, the amount shown hereon for interest then due on its General Obligation Improvement Bond of 1982, dated December 1, 1982, No. (facsimile signature) Mayor 1 (facsimile signature) City Manager S. The City Clerk shall obtain a copy of the priposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien Drawz, a Professional Association, of 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 certificate in the name of the City upon receipt. of such opinion and to file the opinion in the City offices. 1 6. The Bonds shall be executed can behalf of the City by the manual or facsimile signatures of the Mayor and the City Manager, and RESOLUTION NO. 82 -224 by the manual signature of at least one of said officers, the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and City Manager, and a 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 First National Bank of Saint Paul, St. Paul, Minnesota, 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 each of the Bonds: "IN WITNESS WHEREOF, the City of Brooklyn Center, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signatures of its Mayor and City Clerk and to be sealed with a facsimile of the corpo- rate seal of the City, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, and such signatures to be authenticated by the manual signature of the City's duly authorized Authenticating agent on the reverse side of this bond, all as of December 1, 1982." b) Add the following on the reverse side of each of the Bonds: "This bond is one of the bonds of the series designated herein issued pursuant to the resolution authorizing its issuance and delivery." First National Bank of Saint Paul As Authenticating Agent By Its Authorized Officer The Bonds, when fully executed, shall be delivered by the City Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obligated to see to the proper application thereof. 7. The Bonds shall be payable from the General Obligation Improvement Bonds of 1982 Fund' (the "Sinking Fund hereby created., and the proceeds of any general taxes hereafter levied and special assessments to be levied for the improvements (the "Improvements") financed by the Bonds are hereby pledged to the Sinking Fund., If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in the Sinking Fund to pay the same, the City Finance Director shall pay such principal or interest from the general fund o.f the City, and such fund may be reimbursed for such -5- RESOLUTION NO. 82 -224 advances out of proceeds of assessments levied for the Improvements or from such ad valorem taxes, when collected. 8. It is hereby determined that the estimated collections of special assessments, the levy of which special assessments is hereby authorized, for the payment of the Bonds will produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds and that no tax levy is needed at this time. The City Clerk is directed to file a certified copy of this resolution with the Director of Property Taxation of Hennepin County, Minnesota, and to obtain the certificate required by Minnesota Statutes, Section 475.63. 9. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abut- ting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has duly ordered the making of the Improvements as contemplated in Minnesota Statutes, Section 429.031, and will cause the assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 1983 and will take all steps necessary to assure prompt collection. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements financed hereby to be taken due diligence that are required for the construction of each Improvement' financed wholly or partly from the proceeds of the Bonds and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated defi- ciency in any grants, funds, investment income or special assessments pledged or appropriated for payment of the principal of and interest on the Bonds, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. t (c) The Citv will keep complete and accurate books and records showing all receipts and disbursements relating to the Improvements, grants and pledged funds, any taxes or assessments levied therefor and other funds appropriated for Bond payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. (d) The City will cause its books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any in- terested person upon request. 1 1 RESOLUTION NO. 82 -224 10. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, 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. 11. 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 belief said statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement or prospectus as it relates to the City. ATTEST November 30, 1982 Date Mayor Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Gene Lhotka and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted. -7-