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HomeMy WebLinkAbout1976-148 CCR1 1 Member Robert Jensen introduced the following resolution and moved its adoption: RESOLUTION NO. 76 -148 RESOLUTION AWARDING THE SALE OF $980,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976, 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 BancNorthwest of Minneapolis, Minnesota to purchase $980,000 General Obligation Improvement Bonds of 1976, 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 such bonds at a price of $980,000 plus accrued interest to date of delivery, such bonds to bear interest as follows: 1978 -1979 4.50% 1989 5.20% 1980 -1983 4.75% 1990 5.30% 1984 -1987 5.00% 1991 5.40% 1988 5.10% The City Finance Director is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds and the City Clerk is directed to return the checks to the unsuccessful bidders forthwith. 2. The City of Brooklyn Center shall forthwith issue and sell its General Obligation Improvement Bonds of 1976, in the principal amount of $980,000 dated November 1, 1976, said bonds being 196 in number and numbered 1 to 196, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable August 1, 1977, 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 1978 $80,000 1985 $65,000 1979 80,000 1986 65,000 1980 80,000 1987 65,000 1981 80,000 1988 60,000 1982 80,000 1989 60,000 1983 75,000 1990 60,000 1984 70,000 1991 60,000 1 1 1 RESOLUTION NO. 76 -148 All dates 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. 3. Both principal and interest shall be payable at the Bank of and the City shall pay the reasonable charges of said bank for its services as paying agent. 4. 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 IMPROVEMENT BOND OF 1976 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 1976 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 per cent per annum, interest to maturity payable August 1, 1977, 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 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. All bonds maturing on or after February 1, 1987, are subject to redemption at the option of the City in inverse order of serial numbers on said date, and any interest payment date thereafter, at a price of par plus accrued interest. This bond is one of an issue of bonds in the total principal amount of $980,000, 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 con- formity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 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 said principal and interest as the same become due, the full faith and credit of the 1 1 RESOLUTION NO. 76 -148 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 or statutory limitation thereon. 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 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 November 1, 1976. No. City Manager (facsimile seal) (Form of Coupon) (facsimile signature) Mayor On the 1st day of August (February) 19 the City of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Improvement Bonds of 1976 Fund at the Bank of the amount shown hereon for interest then due on its General, Obligation Improvement Bond of 1976, dated November 1, 1976, No. (facsimile signature) City Manager (facsimile signature) Mayor 1 1 RESOLUTION NO. 76 -148 5. The City Clerk shall obtain a copy of the proposed approving legal opinion of Messrs. LeFevere, Lefler, Pearson, O'Brien Drawz 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 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 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 his office. 6. The bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City 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 City Manager may be facsimile signatures, duly authenticated by the manual signature of an officer of the First National Bank of Saint Paul hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision 1. 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 executed by the facsimile signatures of its Mayor and City Manager (and with the facsimile of the corporate seal of the city imprinted thereon) 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 Authenticating Agent on the reverse side of this bond, all as of November 1, 1976." 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." 1 1 RESOLUTION NO. 76 -148 of (a) The City has caused the assessments for said improvements to be levied so that the first installment will be collectible not later than 1977 and will take all steps necessary to assure prompt collection; and the City Council shall cause all further actions and proceedings in connection with said assessments to be taken with due diligence that are required for the construction of each improvement financed wholly or partly from the proceeds of the obligations issued hereunder, and the final and valid levy of special assessments, and the appropriation of any other funds needed to pay the obligation and interest thereon when due. (b) In the event of any current or anticipated deficiency in said special assessments, the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. Bank By Its The bonds when fully executed, shall be delivered by the City Finance Director to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obligated to see to the proper application thereof. 7. The bonds issued hereunder shall be payable from the General Obligation Improvement Bonds of 1976 Fund hereby created, and the proceeds of general taxes hereinafter levied and special assessments to be levied for the improvements financed by these bonds are hereby pledged to said fund. If any payment of principal or interest on said bonds shall become due when there is not sufficient money in said fund to pay the same, the Finance Director 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 assessments for said improvement when collected. 8. It is hereby determined that the estimated collections of special assess- ments for the payment of said 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 Clerk is directed to file a certified copy of this resolution with the County Auditor of Hennepin County and to obtain from him his certificate as required by Minnesota Statutes, Section 475.63. 9. It is hereby determined that the improvements to be financed by the issuance of bonds hereunder will directly or indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of said bonds as follows: 1 1 1 RESOLUTION NO. 76 -148 (c) The City will keep complete and accurate books and records showing all receipts and disbursements in connection with the improvement, the taxes levied and the assessments levied therefor and other funds appropriated for their payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. (d) The City will cause its said books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. 10. 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, certified copies of proceedings and records of the City relating to said 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 said 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 $980,000 General Obligation Improvement Bonds of 1976 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 said official statement or prospectus as it relates to the City of Brooklyn Center. Dated: October 18, 1976 ATTEST: it Clerk ayor The motion for the adoption of the foregoing resolution was duly seconded by Councilman Tony Kuefler, 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: none, whereupon said resolution was declared duly passed and adopted.