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HomeMy WebLinkAbout1973-027 CCR1 Member Tony Kuefler and moved its adoption: introduced the following resolution RESOLUTION NO. 73 -27 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $745,000 IMPROVEMENT BONDS OF 1973 BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota as follows: 1. The City has heretofore undertaken 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 of each are set out in Paragraph 3. It is estimated, however, that funds from such sources as prepayment of special assessments will reduce the amount required to complete the financing of such improvements. It is, therefore, determined that the sum of $733,350 is needed to complete the financing of such improvements and that the City shall issue and sell its improvement bonds of 1973 in that amount to provide money for that purpose. 2. It is hereby determined that it is necessary and expedient to provide in part the additional interest required to market bonds at this time by issuance of additional bonds which shall be in the amount of $11,650. Any excess of payments over $733,350 shall be credited to the sinking fund for purpose of paying in- terest first due on said bonds. 3. The improvements to be financed hereunder and the amount required for each is as follows: Improvement No. Type Amount 1969 74 Storm Sewer Improvement 8,456.92 1969 76 Water Main Improvement 13,277.42 1969 78 Water Main Improvement 12, 195.40 1969 38 Curb and Gutter Improvement 34,121.71 1969 52 Curb and Gutter Improvement 9,787.02 1969 57 Curb and Gutter Improvement 10,131.21 1969 77 Street Surfacing Improvement 10,036.91 1969 79 Street Surfacing Improvement 6,557.83 1970 9 Sanitary Sewer Improvement 12,020.83 1970 12 Sanitary Sewer Improvement 22, 630.55 1970 21 Sanitary Sewer Improvement 33,162.08 1970 10 Storm Sewer Improvement 49, 606.69 1970 5 Water Main Improvement 34, 832.47 1970 8 Water Main Improvement 13,982.18 1970 11 Water Main Improvement 23,629.65 1970 22 Water Main Improvement 8,888.73 1970 4 Curb and Gutter Improvement 6,472.47 1970 14 Curb and Gutter Improvement 12, 150.71 1970 16 Curb and Gutter Improvement 2,509.90 1 1 1 Re solution No 73-27 Improvement No. 1970 1970 1970 1970 1970 1970 1970 1970 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 3 6 13 15 17 18 19 20 13 16 20 21 10 14 17 18 22 6 7 2 4 5 8 19 23 Type Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Street Surfacing Improvement Sanitary Sewer Improvement Sanitary Sewer Improvement Sanitary Sewer Improvement Storm Sewer Improvement Water Main Improvement Water Main Improvement Water Main Improvement Water Main Improvement Water Main Improvement Curb and Gutter Curb and Gutter Street Surfacing Street Surfacing Street Surfacing Street Surfacing Street Surfacing Street Surfacing Improvement Improvement Improvement Improvement Improvement Improvement Improvement Improvement Amount 4,121.77 27,446.58 35,410.25 11,677.26 56,269.75 11,318.36 34,439.74 61,625.91 14,234.10 8,188.80 12,214.33 20,196.69 12,719.83 34,779.82 10,298.13 26,929.70 9,466.38 6,961.51 5,080.18 21,274.64 15,455.31 27,693.90 101,157.31 4,157.15 8,725.19 It is further determined that more than 20% of the cost of said improvements 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. There is hereby created a special fund to be designated 1973 Improvement Bond Fund, out of which the City will pay the principal of and interest on bonds authorized hereunder and into which fund shall be paid all proceeds of special assessments to be levied for said improvements and the ad valorem taxes required to pay the general City share of the cost of said improvements. 4. The City shall, therefore, issue and sell its improvement bonds of 1973 in the total principal amount of $745,000, with the terms of such bonds to be in accordance with the following notice of sale: 1 1 Resolution No. 73 -27 NOTICE OF BOND SALE $745,000 IMPROVEMENT BONDS OF 1973 CITY OF BROOKLYN CENTER (HENNEPIN COUNTY) MINNESOTA. Bids for these Bonds will be received Monday, March 26, 1973, 2 :00 p.m. CST, in the City Manager's Office, 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota, at which time they will be opened and tabulated. The City Council will consider the bids at its regular meeting at 8:00 p.m. the same day. The Bonds will be offered on the following terms: DATE AND INTEREST The Bonds will be dated April 1, 1973. Interest will be payable January 1, 1974, and each July 1 and January 1, thereafter. TYPE AND PURPOSE Negotiable coupon, general obligation, for which the unlimited taxing powers of the Issuer will be pledged in addition to special assessments in the amount of approximately $707,360 against the benefited property, $5,000 each, unless other denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to provide funds for construction of various improvement projects undertaken by the City since 1969. MATURITIES AND REDEMPTION January 1, in the years and amounts as follows: 50,000 1974 55,000 1975 -76 50,000 1977 -84 185,000 1985 All dates are inclusive. At the option of the Issuer all Bonds maturing on or after January 1, 1985, shall be subject to prior payment in the inverse order of serial numbers on January 1, 1984, and any in- terest payment date thereafter, at a price of par and accrued interest. PAYING AGENT May be named by bidder subject to Issuer's acceptance, which may be assumed unless the Purchaser is otherwise notified within 24 hours after the Issuer has been advised of the proposed agent. Issuer will pay customary charges. 1 1 1 Resolution No. 73 -27 Dated: February 26, 1973 DELIVERY Within 40 days after award, subject to the unqualified approving legal opinion of Messrs. LeFevere, Lefler, Hamilton Pearson of Minneapolis, Minnesota, and customary closing papers, including a statement of non litigation. Bond printing and legal opinion will be paid for by the Issuer. Delivery will be at a place of the Purchaser's choice. Payment must be made in Federal Funds, or equivalent immediately available funds, on day of delivery. Legal opinion will be printed on the Bonds. TYPE OF BID Sealed bids for not less than $733,350 and accrued interest on the principal sum of $745,000 from the date of the Bonds to date of delivery must be filed with the undersigned prior to time of sale, together with a certified or cashier's check in the amount of $14,900 payable to the order of the Treasurer of the Issuer, to be forfeited as damages but without limitation of the rights of the Issuer to additional damages if the bidder 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 Bonds of the same maturity must bear a single rate from date of issue to maturity. No rate of any maturity may be more than 1% lower than the highest rate carried by any of the preceding maturities. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. AWARD Award will be made on the basis of lowest dollar interest cost; determined by the addition of any discount to and the deduction of any premium from the total interest on all Bonds from their date to their stated maturity. The net effective average rate of the issue may not exceed 7% per annum. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. BY ORDER 0 COUNCIL City Manager 1 1 Resolution No. 73 -27 5. Bids for such bonds will be received Monday, March 25, 1973, until 2:00 p.m. CST in the office of the City Manager, 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota, at which time they will be opened and tabulated. The City Council shall meet and consider the bids so received at its regular meeting in the Council Chambers of the City Hall, at 8:00 p.m. CST, March 26, 1973. 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. February 26, 1973 Date Mayor The motion for the adoption of the foregoing resolution was duly seconded by member john Leary, and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, John Leary, Maurice Britts, and Tony Kuefler; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.