HomeMy WebLinkAbout1970-117 CCR Member Howard Heck introduced the following resolution and
moved its adoption:
RESOLUTION NO. 70 -117
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF $1,050, 000 GENERAL OBLIGATION STATE -AID STREET BONDS
WHEREAS, the City is authorized to issue and sell bonds for the purpose
of improving state -aid streets, payable from moneys to be alloted to the City from
the municipal state -aid street fund of the State of Minnesota, pursuant to Minnesota
Statutes 1961, Section 162.18; and
WHEREAS, the Council has determined to improve certain streets under this
program, and the amounts and terms of the proposed issue are such that the average
annual amount of principal and interest due in all subsequent calendar years will
not exceed 505/c of the amount of the last annual allotment preceding the bond issue
from the Construction Account in the Municipal State -Aid Street Fund in the sum of
$189,736:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. 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 $20,000. Any
excess of payment over $1, 030, 000 shall be credited to the sinking fund for
purpose of paying interest first due on said bonds.
2. It is hereby determined that it is necessary to borrow money on the
credit of the City and to issue general obligation State -Aid Street
Bonds pursuant to Minnesota Statutes, Section 162.18, in the total principal
amount of $1,050,000, said bonds to be dated September 1, 1970, to be in the
denomination of $5, 000 each, or another denomination if specified by the success
ful bidder within 48 hours after the time of sale, to bear interest at the rate or
rates designated by the successful bidder payable March 1, 1971, and semiannually
thereafter on March 1 and September 1 in each year and to 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; $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.
3. Bids for bonds shall be received at the City Manager's office prior
to 2:00 o'clock P. M. on August 24, 1970 and the Council shall meet
at the Council Chambers in the City Hall at 8 :00 o'clock P.M. for the purpose of
considering sealed bids for the purchase of said bonds. The clerk shall cause
notice of sale to be given by publication at least ten days in advance of the date
of sale in the official newspaper of the City and in Commercial West, a financial
paper published in Minneapolis, Minnesota. Said notice shall recite that the City
will furnish printed bonds and approving legal opinion of Messrs. Howard, LeFevere,
Lefler, Hamilton and Pearson, Minneapolis, Minnesota, both without expense to the
RESOLUTION NO. 70 -117
purchaser, shall require sealed bids accompanied by a good faith check in the
amount of at least $21,000, shall state that all bids shall state one or more
rates of interest (not to exceed ten) in multiples of 5 /100th of one per cent;
shall state that the bonds will be payable at any suitable bank designated by
the purchaser; that delivery will be made within forty days after the date of
sale and that the purchaser may designate bond denomination and a paying agent
satisfactory to the City within 48 hours after sale.
July 27, 1970
Date Mayor
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ATTEST:
C
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 and Howard Heck;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.