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HomeMy WebLinkAbout1969-255 CCR 263 Councilman Theodore Willard introduced the following resolution and moved its adoption: RESOLUTION NO. 69 -255 RESOLUTION RELATING TO $2,280,000 GENERAL OBLIGATION BUILDING AND IMPROVEMENT BONDS OF 1969, FIXING THE FORM AND SPEC- IFICATIONS, 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 shall forthwith issue its negotiable coupon general obligation Building and Improvement Bond in the total principal amount of $2,280,000 dated July 1, 1969, being 456 in number and numbered 1 to 456 both inclusive, in the denomination of $5,000 each, bearing interest as follows: 6,.50% on all bonds due January 1, 1972 thru January 1, 1990. payable July 1, 1970, and semiannually thereafter on January 1 and July 1 in each year and maturing serially on January 1 in the years and amounts as follows: $10,000 in 1972; $35,000 in 1973; $110,000 in 1974; $125,000 in 1975, 1980 and 1983; $130,000 in 1976, 1978 and 1984; $140,000 in 1977, 1987 and 1988; $135,000 in 1979, 1985 and 1986; $115,000 in 1981; $120,000 in 1982; and $150,000 in 1989 and 1990, the Courrlhaving in its discretion adjusted such schedule of maturities so that the combined maturities of the new issue and all other issues of general obligation bonds will conform to subdivision 1 of Section 475. 54, all bonds maturing after January 1, 1983, being subject to redemption, in inverse numberical order, on said date and any interest payment date there- after at par and accrued interest. 2. Both principal and interest shall be payable at the American National Bank and Trust Company in St. Paul, Minnesota, 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 substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER BUILDING AND IMPROVEMENT BOND OF 1969 261 RESOLUTION NO. 69 -255 KNOW ALL MEN BY THESE PRESENTS That the City of Brooklyn Center, a municipal corporation of Hennepin County, Minnesota, hereby acknowledges itself to be indebted and, for value received, promises to pay to bearer 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 sum is paid at the rate of all interest to maturity payable January 1, 1970, and semiannually thereafter on the 1st day of January and the 1st 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 payment is legal tender for public and private debts, and for the prompt pay- ment of said principal and interest as the same respectively become due, the full faith, credit and taxing powers of the city have been and are hereby ir- revocably pledged. All bonds of this issue maturing after January 1, 1983, are subject to redemption, at the option of the city, on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest. Thiry days prior notice of redemption will be given in the manner provided by law. This bond is one of an issue in the total principal amount of $2,280,000, all of like date and tenor except as to maturity, interest rate and redemption privilege, all of which have been issued for the purpose of providing money for acquisition and betterment of public buildings and acquisition and betterment of parks all as authorized by vote of more than the requisite majority of the electors of the city voting at an election duly and regularly called and held and in full conformity with the Constitution and laws of the State of Minnesota and the Home Rule Charter of said city. 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; that prior to the issuance of this bond, the Council of the City of Brooklyn Center has levied ad valorem taxes for the payment of principal of and interest on the bonds of this issue as the same become due, and the full faith and credit of the city is pledged for their payment and additional taxes will be levied, if required for such purpose, which may be levied without limitation as to rate or amount; and that this bond, together with all other indebtedness of the city outstanding on the date of its issuance, does not exceed any constitutional, statutory or charter limitation thereon. 259 RESOLUTION NO. 69 -2 55 IN WITNESS WHEREOF, the City of Brooklyn Center, Hennepin County, Minnesota, by its Council, has caused this bond to be executed in the name of the city by the facsimile signature of the Mayor and the manual signature of its City Manager, and its corporate seal to be hereunto affixed, and the attached interest coupons to be executed and authenticated by the facsimile signatures of both officers, all as of July 1, 1969. (facsimile signature) Mayor City Manager (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 at the sum stated hereon in lawful money of the United States of America for interest then due on its Building and Improvement Bond of 1969, dated July 1, 1969. No. (facsimile signature) Mayor (facsimile signature) City Manager 4. The clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, which shall be completed except as to dating 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, the undersigned, City Clerk of the City of Brooklyn Center, Minnesota, 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 and is on file in my office 257 RESOLUTION NO. 69-255 (facsimile signature) City Clerk City of Brooklyn Center, Minnesota and the clerk is hereby authorized and directed to execute a separate certificate to such effect in the name of the city, upon receipt of such opinion, and to file the opinion in his office. 5. 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 the official seal of the City, and said coupons shall be executed and authenticated by the printed facsimile signatures of both 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 proper application of such purchase price beyond its payment to the City. 6. Principal of and interest on the bonds issued hereunder shall be paid from a special account in the Sinking Fund hereby created for payment of said bonds. 7. The full faith and credit of the City are hereby irrevocably pledged to the prompt and full payment of the principal of and interest on said bonds as such principal and interest become due. In compliance with Minnesota Statutes, Section 475. 61, and in order to provide moneys for the payment of principal of and interest on said bonds, there shall be and is hereby levied upon all of the taxable property in the City a direct, annual ad valorem tax, to be spread upon the tax rolls and collected with and as a part of other general taxes of the City, in the years and amounts as follows: LEVY COLLECTION LEVY COLLECTION YEAR YEAR AMOUNT YEAR YEAR AMOUNT 1969 1970 $233,400 1979 1980 $212,200 1970 1971 166,100 1980 1981 209,600 1971 1972 191,700 1981 1982 206,700 1972 1973 268,000 1982 1983 203,400 1973 1974 276,300 1983 1984 199,800 1974 1975 273,000 1984 1985 190,600 1975 1976 274,600 1985 1986 186,600 1976 1977 254,600 1986 1987 177,000 1977 1978 251,000 1987 1988 178,000 1978 1979 231,200 1988 1989 167,700 X69 RESOLUTION NO. 69 -255 8. The City Manager is hereby directed to cause a copy of this resolution, certified by the secretary, 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. 9. The city manager, clerk and financial director are hereby authorized and directed to prepare and furnish to the purchasers of the bonds and the attorneys approving the issue, certified cipies 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. APPROVED: Mayor June 30, 1969 Date, ATTEST: C erk 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, Earl Rydberg, Howard Heck and Theodore Willard; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.