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HomeMy WebLinkAbout1970-141 CCR Member John Leary introduced the following resolution and moved its adoption: RESOLUTION NO. 70 -141 RESOLUTION FIXING THE FORM AND SPECIFICATIONS FOR $1,050,000 GENERAL OBLIGATION STATE -AID STREET BONDS, 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 City of Brooklyn Center shall forthwith issue its negotiable coupon State -Aid. Street Bonds of 1970 in the aggregate principal amount of $1,050,000, said bonds to be dated September 1, 1970, to be 210 in number and numbered 1 to 210, both inclusive, in the denomination of $5, 000 each, bearing interest payable March 1, 1971, and semiannually thereafter on March 1 and September 1 in each year, and which bonds shall mature serially on March 1 in the years and amounts as follows: $20,000 in 1971; $25,000 in 1972 to 1975, both inclusive; $55,000 in 1976 to 1981, both inclusive; and $60,000 in 1982 to 1991, both inclusive, all bonds maturing after March 1, 1983, being subject to redemption on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest. Said bonds shall bear 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. 6 5 per annum; Bonds maturing in 1988, 6.70% per annum; Bonds maturing in 1989 to 1991 inclusive, 6.75% per annum. 2. Both 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. 3. 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 Resolution No. 70 -141 GENERAL OBLIGATION STATE -AID STREET BOND OF 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 on the 1st day of March, 19 the sum of FIVE THOUSAND DOLLARS and to pay interest thereon from the date hereof until said principal amount is paid at the rate of per cent per annum, interest to maturity payable March 1, 1971, and semiannually there- after on the lst day of March and the 1st day of September 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 payment 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 after March 1, 1983, are subject to redemption on said date and any interest payment date thereafter at par and accrued interest upon thirty days prior notice in the manner required by law. This bond is one of an issue of $1, 050, 000 principal amount, all of like date and tenor except as to maturity, interest rate and redemption privilege, all issued for the purpose of providing money for establishing, constructing and improving municipal state -aid streets pursuant to authority granted to the City by Minnesota Statutes 1969, Section 162.18, and the City has irrevocably pledged and appropriated to the sinking fund from which the bonds are payable an amount of the moneys alloted or to be alloted to the City from its account in the municipal state -aid street fund sufficient to pay the principal of and interest hereon as they respectively become due. 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 so required; that the full faith and credit of the City is pledged for its payment, and taxes will be levied upon all of the taxable property in said City, if required for such purpose, 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, statutory or charter limitation thereon. IN WITNESS WHEREOF, The City of Brooklyn Center, 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 its corporate seal to be hereto affixed, and has caused the attached interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of September 1, 1970. (facsimile signature) Mayor City Manager Resolution No. 70 -141 (SEAL) (FACSIMILE) (Form of Coupon) No. On the 1st day of March (September) 19 the City of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer at the amount shown hereon for interest then due on its General Obligation State -Aid Street Bond of 1970, dated September 1, 1970, No. (facsimile signature) Mayor (facsimile signature) City Manager 4. The City Manager shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each bond together with a certificate 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 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. 5. The bonds shall be prepared under the direction of the City Manager and shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Manager and a facsimile of the corporate seal of the City shall be affixed to each thereof, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of said officers. When said bonds have been so executed they shall be delivered by the City Treasurer to the purchaser thereof upon receipt of the purchase price and the purchaser shall not be obligated to see to the proper application thereof. Resolution No. 70 -141 6. There is hereby created a separate sinking and interest fund for said bonds, which shall be held by the City Treasurer and used for no other purpose than to pay principal of and interest on said bonds, into which shall be paid such sums as may be alloted to the City from its account in the municipal state -aid street fund sufficient to pay such principal and interest as they become due. The City Treasurer shall certify to the Commissioner of Highways on or before March 1 of each year the amount of money required for the payment of principal and interest on the bonds. 7. The City Clerk is hereby directed to cause a copy of this resolution, certified by the Clerk, to be filed in the office of the County Auditor of Hennepin County, Minnesota, and to obtain from him the certificate required by Minnesota Statutes, Section 475.63. 8. The Manager, Clerk and Treasurer are hereby authorized and directed to prepare and furnish to the purchasers of the bonds and the attorneys approving the issue, certified copies of all proceedings and records of the City relating to the issue of said bonds or to the right, power and authority of the City to issue said bonds, and such certified copies and certificates shall be deemed representations of the City as to all facts stated therein. August 24, 1970 Date Mayor ATTEST Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Howard Heck, 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.