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HomeMy WebLinkAbout1970-142 CCR Member Vernon Ausen introduced the following resolution and moved its adoption: RESOLUTION NO. 70 -142 RESOLUTION AWARDING THE SALE OF $2, 290, 000 IMPROVEMENT BONDS OF 1970, FIXING THE FORM AND SPECIFICATIONS THEREOF, DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by the Council of the City of Brooklyn Center, Minnesota as follows: 1. The bid of The First National Bank of Saint Paul, Minnesota and Associates to purchase $2,290,000 Improvement Bonds of 1970 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, said bid being to purchase bonds bearing interest as follows: Bonds maturing in 1971 to 1975 inclusive, 5.50% per annum; Bonds maturing in 1976 to 1979 inclusive, 6.00% per annum; Bonds maturing in 1980 to 1982 inclusive, 6.25% per annum; Bonds maturing in 1983, 6.30% per annum; Bonds maturing in 1984, 6.40% per annum; Bonds maturing in 1985, 6.50% per annum; Bonds maturing in 1986, 6.60% per annum; Bonds maturing in 1987, 6.65% per annum; Bonds maturing in 1988, 6.70% per annum Bonds maturing in 1989 to 1990 inclusive, 6.75% per annum; at a price of $2 250, 000.00. The treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds, and the clerk is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Brooklyn Center shall forthwith issue its negotiable coupon Improvement Bonds of 1970 in the aggregate principal amount of $2, 290, 000, said bonds to be dated July 1, 1970, to be 458 in number and numbered 1 to 458, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, payable July 1, 1971, and semiannually thereafter on January 1 and July 1 in each year, and which bonds mature serially on January 1 in the years and amounts as follows: $45,000 in 1971; $170,000 in each of the years 1972 and 1973,, $165,000 in each of the years 1974 to 1978, both inclusive; $125,000 in each of the years 1979 to 1986, both inclusive; and $20, 000 in each of the years 1987 to 1990, both inclusive, all bonds maturing after January 1, 1983, being subject to redemption on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest. RESOLUTION NO. 70 -142 3. Both the principal of and interest on said bonds shall be payable at 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 IMPROVEMENT BOND 1970 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 from 1970 Improvement Fund on the 1st day of January, 19 the sum of FIVE THOUSAND DOLLARS, 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 July 1, 1971, and semiannually thereafter on the 1st day of January and the lst day of July in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal and interest are payable at in any coin or currency of the United States of America which at the time of pay- ment is legal tender for public and private debts. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith, credit and taxing powers of the city have been and are hereby irrevocably pledged. All bonds of this issue maturing in 1983 and prior years are without option of prior payment; all bonds of this issue maturing after January 1, 1983, are subject to redemption on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest. Thirty days prior notice of redemption will be given in the manner provided by law. This bond is one of an issue of $2,290,000 principal amount, all of like date and tenor except as to maturity, interest rate and provision for redemption, all issued by the city for the purpose of providing money to defray expense incurred or to be incurred in making various local improvements as authorized by Chapter 429, Minnesota Statutes, and by resolution of the Council and is payable primarily from special assessments heretofore levied against property specially benefited by said improvements. RESOLUTION NO. 70 -142 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 said city to be done, to happen, to exist and to be performed precedent to and in the issuance of this bond have been done, have happened, do exist and have been performed in regular and due form, time and manner as so required; that the full faith and credit of the city is pledged for the payment of the principal of and interest on the bonds, and taxes will be levied upon all taxable property, if required to take care of any deficiency, which taxes may be levied without limitation as to rate or amount, and that the issuance of this bond did not cause the indebtedness of the city to exceed any constitutional, charter or statutory limitation thereon, IN WITNESS WHEREOF, the City of Brooklyn Center, Hennepin County, Minnesota, by its Council, has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the City Manager and a facsimile of the City Seal to be affixed hereto, and the interest coupons to be exeucted and authenticated by the facsimile signatures of said officers, all as of July 1, 1970. (facsimile signature) Mayor City Manager (facsimile of seal) (Form of Coupon) No. On the 1st day of January (July), 19 the City of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer from 1970 Improvement Fund at the amount set forth hereon for interest then due on its Improvement Bond of 1970, dated July 1, 1970, No. (facsimile signature) Mayor (facsimile signature) City Manager S. The City has agreed to furnish the approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson to the purchasers and such opinion is hereby requested. The city clerk is authorized and directed to cause a copy of such opinion to be printed on each bond, together with a certif- icate executed by his facsimile signature that such opinion is on file in his office prior to the delivery of such bonds, which clerk's certifict3te. shall be in substantially the following form: RESOLUTION NO. 70 -142 I, the undersigned City Clerk of the City of Brooklyn Center, Minnesota, hereby certify that except for the dating thereon, the above is a full, true and correct copy of the legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson of Minneapolis, Minnesota, which was delivered to me prior to the delivery of this bond and is on file in my office. (facsimile signature) City Clerk City of Brooklyn Center, Minnesota and at the time of delivery, the clerk shall prepare a similar separate certificate and 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 city manager shall cause the bonds to be printed and said 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 shall be sealed with a facsimile of the official seal of the city, and said coupons shall be executed and authenticated by the printed facsimile signatures of said officers. When the bonds have been so executed, they shall be delivered to the purchaser upon receipt of the purchase price and the purchaser shall not be obligated to see to the property application of such purchase price beyond its payment to the city. 7. The bonds is.sued hereunder shall be ,payable from 1970 Improve- ment Fund heretofore created and there is hereby irrevocably., appropriated to such fund all special assessments hereafter levied for the improvements referred to herein, provided that if any payment of principal or interest shall become due when thereis not sufficient money in said fund to pay the same, the treasurer, shall pay such principal or interest from the general fund of the city and such fund shall be reimbursed for such advances out of proceeds of assessments for said improvements when collected. 8. It is hereby determined that the entire cost of said improvements shall be assessed against property specially benefited by the improvements. There is hereby appropriated to the special fund hereby created all such special assess- ments, to provide a sum at least five per cent in excess of the amounts needed to meet, when due, the principal and interest payments on the bonds. No ad valorem tax levy is required to be made at this time. 9. The City Clerk shall deliver a copy of this resolution to the County Auditor of Hennepin County and obtain his certificate in accordance with Section 475. 63, Minnesota Statutes. RESOLUTION NO, 70 -142 10. It is hereby determined that said improvements will benefit the entire city and the city hereby covenants with the holders from time to time of said bonds as follows: (a) The city will cause the assessments for said improvement to be promptly levied so that the first ins tallment..will be collectible during 1971 and will take all steps necessary to assure prompt collection. (b) The city will keep complete and accurate books and records showing all receipts and disbursements in connection with each improve- ment, the assessments levied therefor and other funds appropriated for theirpayment and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. (c) 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. 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, certified copies of all 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. August 24, 1970 Date Mayor ATTEST: 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, Vernon Ausen and Howard Heck; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.