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HomeMy WebLinkAbout1976-125 CCR Member Maurice Britts introduced the following resolution and moved its adoption: RESOLUTION NO. 76 -125 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $980,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1 976 BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, as follows: 1 The City has heretofore undertaken the construction and temporary financing of various local improvements pursuant to Minnesota Statutes, Chapter 429. Such improvements and the amount of money required to be raised by the City to complete the construction and provide definitive financing of each are set out in Paragraph 2. It is estimated, however, that funds from collection and pre- payment of special assessments and other sources will reduce the amount required to complete the financing of such improvements. It is therefore determined that the sum of $980,000 is needed to complete the financing of such improvements and that the City shall issue and sell its General Obligation Improvement Bonds of 1976 in that amount to provide money for that purpose. 2. The improvements to be financed hereunder and the amount required for each is as follows: Improvement No. Type Amount 1971 -3 Curb and Gutter Improvement 6,344.45 1971 -15 Street Surfacing Improvement 3,333.35 1972 -16 Sanitary Sewer Improvement 21,946.07 1972 -28 Sanitary Sewer Improvement 10,991 .92 1972 -17 Storm Sewer Improvement 77,966.19 1972 -18 Water Main Improvement 33,204.69 1972 -27 Water Main Improvement 6,310.18 1972 -32 Water Main Improvement 10,906.99 1972 -19 Street Surfacing Improvement 32,610.13 1972 -29 Street Surfacing Improvement 1,464.49 1972 -33 Street Surfacing Improvement 3,498.82 1972 -34 Street Surfacing Improvement 30,325.82 1972-20 Bridge Construction Improvement 173,346.26 1973 -33 Sanitary Sewer Improvement 7,152.76 1973-9 Water Main Improvement 21,505.42 1973 -31 Water Main Improvement 18, 927.09 1973 -36 Water Main Improvement 15,607.90 1973 -8 Street Surfacing Improvement 9,378.93 1973 -10 Street Surfacing Improvement 12,205.86 1973 -11 Street Surfacing Improvement 1,830.97 1973 -13 Street Surfacing Improvement 23,308.43 1973 -32 Street Surfacing Improvement 7,139.80 1973 -37 Street Surfacing Improvement 7,942.32 RESOLUTION NO. 76 -125 Improvement No. Type Amount 1973 -12 Curb and Gutter Improvement 6,943.81 1973 -14 Curb and Gutter Improvement 17,522.34 1973 -16 Public Utilities Service Extensions 4,132.30 1974 -2 Sanitary Sewer Improvement 27,060.66 1974 -8 Sanitary Sewer Improvement 11,949.96 1974 -18 Sanitary Sewer Improvement 10,682.29 1974 -3 Storm Sewer Improvement 37,372.75 1974 -9 Storm Sewer Improvement 6,262.50 1974 -19 Storm Sewer Improvement 20,333.19 1974 -23 Storm Sewer Improvement 5,526.07 1974 -1 Water Main Improvement 93 ,135.38 1974 -7 Water Main Improvement 56,111.35 1974 -11 Water Main Improvement 23,699.69 1974 -17 Water Main Improvement 16, 285.22 1974 -21 Water Main Improvement 14,581.95 1974 -34 Water Main Improvement 47, 929.59 1974 -4 Street Surfacing Improvement 108, 842.81 1974 -5 Street Surfacing Improvement 20,332.94 1974 -10 Street Surfacing Improvement 28,734.99 1974 -12 Street Surfacing Improvement 10,796.16 1974 -16 Street Surfacing Improvement 909.92 1974 -22 Street Surfacing Improvement 8,407.89 1974 -32 Street Surfacing Improvement 5,594.22 1974 -35 Street Surfacing Improvement 24,191.60 1974 -6 Curb and Gutter Improvement 13,570.45 1974 -14 Curb and Gutter Improvement 19,223.29 1975 -1 Alley Paving Improvement 8,674.48 1975 -2 Alley Paving Improvement 8,380.21 1975 -3 Alley Paving Improvement 11,852.54 Total $1,206,289.39 3. It is further determined that more than 20% of the cost of said improve- ments has been or will be assessed against property specially benefited thereby, and the Council is authorized to issue bonds to provide money to pay the cost thereof without vote of the electors. All said improvements are hereby combined for purposes of financing. 4. The City shall, therefore, issue and sell its General Obligation Improvement Bonds of 1976 in the total principal amount of $980,000 with the terms of such bonds to be in accordance with the following notice of sale: RESOLUTION NO. 76 -125 OFFICIAL NOTICE OF BOND SALE $980,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976 CITY OF BROOKLYN CENTER (HENNEPIN COUNTY) MINNESOTA These bonds (the "obligations will be offered Monday, October 18, 1976. Bids will be opened at 2:00 p.m. Central Time, in the City Manager's office at the City Hall, 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota, at which time they will be opened and tabulated for consideration by the City Council at its meeting at 7 :30 p.m, on the same day. The offering will be upon the following terms: DATE AND INTEREST PAYMENTS OF THE OBLIGATIONS The obligations will be dated November 1, 1976 and will bear interest payable on each February 1 and August 1 to maturity, commencing August 1, 1977. TYPE AND PURPOSE OF THE OBLIGATIONS The obligations will be general obligations of the issuer for which its unlimited taxing powers will be pledged. In addition, special assessments of approximately $948, 000 will be pledged. The obligations will be in bearer form with interest coupons attached and will be of the denomination of $5,000 each unless other denominations are requested by the purchaser within 48 hours after the award. The proceeds will be used to finance various improvements within the city. MATURITIES AND REDEMPTION The obligations will mature February 1 in the years and amounts as follows: Amount Year $80,000 1978 -82 $75,000 1983 $70,000 1984 $65,000 1985 -87 $60,000 1988 -91 All dates are inclusive. At the option of the issuer all obligations maturing on or after February 1, 1988 shall be subject to redemption prior to maturity in inverse order of serial numbers on February 1 1987, and any interest payment date thereafter, at a price of par and accrued interest. RESOLUTION NO. 76 -125 PAYING AGENT The purchaser may name the paying agent for whose services the issuer will pay customary and reasonable fees. An alternate paying agent may also be named by the purchaser provided that there is no additional cost to the issuer by reason thereof. CUSIP NUMBERS If, within three working days after the award of the obligations, the purchaser in writing requests that CUSIP identification numbers be printed on the obligations, and agrees to be responsible for the CUSIP Service Bureau charge for the assignment of said numbers, they will be printed on the obligations, but neither the failure to print such number on any obligation nor any error with respect thereto shall constitute cause for failure or refusal by the purchaser to accept delivery of the obligations. DELIVERY, LEGAL OPINION, COSTS AND PAYMENT The obligations shall be delivered without cost to the purchaser at a place mutually satisfactory to the issuer and the purchaser within 40 days following the date of their award. Delivery will be subject to receipt by the purchaser of an acceptable approving legal opinion of LeFevere, Lefler, Pearson, O'Brien Drawz of Minneapolis, Minnesota relative to the obligations, which opinion will be printed upon the obligations, and receipt also of customary closing papers, including a nonlitigation statement. Payment for the obligations must be made by the purchaser in federal, or equivalent, funds on the day of settlement in a timely manner so as to be available to the issuer on said day. TYPE OF BID Sealed bids for not less than par and accrued interest from the date of the obligations to the date of delivery must be filed with the undersigned prior to the time of sale, together with a certified or cashier's check in the amount of $9,800, payable to the order of the treasurer of the issuer, to be retained as liquidated damages if the purchaser fails to comply with the accepted bid. RATES All rates must be in integral multiples of 5/100 or 1/8 of 1% and may not exceed 7% per annum. All obligations of the same maturity must bear a single rate from the date of issue to maturity. The rate specified for any maturity may not exceed the rate specified for any subsequent maturity by more than 1% per annum. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. The net effective average rate of the issue may not exceed 7% per annum. RESOLUTION NO. 76 -125 AWARD Award will be made on the basis of the lowest dollar interest cost deter- mined by the deduction of any premium from the total interest on all obligations from their date to their stated maturity as computed on the basis of the schedule of bond years in the Official Statement published for the offering. The issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated September 20, 1976 BY ORDER OF THE CITY COUNCIL /S/ Allen Lindman Clerk 4. The Clerk shall cause notice of sale to be given by publication at least ten days in advance of the sale in the official newspaper of the City and in Commercial West, a financial paper published in Minneapolis, Minnesota. Such notice shall be substantially in accordance with the foregoing notice of sale and may be in the abbreviated form attached hereto as Exhibit "A". City Manager Attest: City Clerk EXHIBIT "A" NOTICE OF BOND SALE $980,000 General Obligation Improvement Bonds of 1976 City of Brooklyn Center Hennepin County, Minnesota These bonds will be offered Monday, October 18, 1976. Bids will be opened and tabulated at 2:00 p.m. Central Time at the office of the City Manager, 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota, and will be considered by the City Council at its meeting at 7 :30 p, m. the same day Dated November 1 1976, the bonds will mature on February 1 in the years and amounts as follows: RESOLUTION NO. 76 -125 Years Amounts 1978 -82 $80,000 1983 $75,000 1984 $70,000 1985 -87 $65,000 1988 -91 $60,000 All dates are inclusive. All bonds maturing after February 1 1988 subject to prior redemption on said date at par and accrued interest. Neither any rate of interest nor the net effective average rate of the issue may exceed 7% per annum. An unqualified legal opinion will be furnished by LeFevere, Lefler, Pearson, O'Brien Drawz of Minneapolis, Minnesota. Minimum price of par. The proceeds will be used to finance construction of various improvements in the City. Dated: September 20, 1976. BY ORDER OF THE CITY COUNCIL /s/ Allen Lindman City Clerk Brooklyn Center, Minnesota 55430 Further information: Springsted Incorporated Suite 813 Osborn Building St. Paul, Minnesota 55102 Telephone: (612) 227 -8318 G/ September 20, 1976 Date Mayor ATTEST* clerk The motion for the adoption of the foregoing resolution was duly seconded by member Robert Jensen and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, Maurice Britts, Tony Kuefler, Bill Fignar, and Robert Jensen; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.