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Home My WebLink About1969-228 CCR 289 Member Howard Heck introduced the following written resolution and moved its adoption: RESOLUTION NO. 69 -228 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF BONDS 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 issue and sell general obligation bonds of the City in the amount of $1,482,000 to provide money for acquisition and betterment of a civic center, in the amount of $472,000 to provide money for acquisi- tion and betterment of public buildings and in the amount of $296,000 for acquisition and betterment of parks, all as authorized by vote of more than the requisite majority of the voters of the City at an election held November 5, 1968, and that it is for the best interest of the City that bonds for all such purposes be combined as a single issue of General Obligation Building and Improvement Bonds. 2. The City has heretofore undertaken various local improve- ments 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 this paragraph. 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 $745,000 is needed to complete the financing of such improve- ments and that the City shall issue and sell its Improvement Bonds of 1969 in that amount to provide money for that purpose. Improvement No. Sanitary Sewer Improvement No. 1967 -4 24,257.53 Sanitary Sewer Improvement No. 1967 -16 6,957.44 Sanitary Sewer Improvement No. 1967 -27 59,090.20 Sanitary Sewer Improvement No. 1967 -48 14,285.38 Storm Sewer Improvement No. 1967 -28 23,859.15 Storm Sewer Improvement No. 1967 -38 24,574.77 Storm Sewer Improvement No. 1967 -41 6,059.07 Storm Sewer Improvement No. 1967 -44 13,768.69 Storm Sewer Improvement No. 1967 -52 16,275.78 Water Main Improvement No. 1967 -36 51,076.31 Water Main Improvement No. 1967 -49 10,319.31 Curb Gutter Improvement No. 1967 -11 550.38 Curb Gutter Improvement No. 1967 -15 5,027.68 Curb Gutter Improvement No. 1967 -19 14,294.58 Curb Gutter Improvement No. 1967 -51 7,737.36 Street Surfacing Improvement No. 1967 -10 275.19 Street Surfacing Improvement No. 1967 -14 2,812.95 29-3 RESOLUTION NO. 69 Street Surfacing Improvement No. 1967 -18 4,427.16 Street Surfacing Improvement No. 1967 -25 13,362.18 Street Surfacing Improvement No. 1967 -29 21,381.32 Street Surfacing Improvement No. 1967 -33 3,190.01 Street Surfacing Improvement No. 1967 -37 30,919.35 Street Surfacing Improvement No. 1967 -40 7,051.50 Street Surfacing Improvement No. 1967 -43 14,802.50 Street Surfacing Improvement No. 1967 -46 9,674.18 Street Surfacing Improvement No. 1967 -50 55,164.65 Sanitary Sewer Improvement No. 1968 -14 11,937.64 Sanitary Sewer Improvement No. 1968 -15 5,045.67 Sanitary Sewer Improvement No. 1968 -20 2,721.40 Sanitary Sewer Improvement No. 1968 -27 8,107.64 Sanitary Sewer Improvement No. 1968 -49 5,902.56 Storm Sewer Improvement No. 1968 -12 40,481.25 Storm Sewer Improvement No. 1968 -48 5,879.31 Water Main Improvement No. 1968 -2 17,698.03 Water Main Improvement No. 1968 -6 19,563.73 Water Main Improvement No. 1968 -8 10,598.07 Water Main Imrpovement No. 1968 -13 16,085.57 Water Main Improvement No. 1968 -16 19,840.09 Water Main Improvement No. 1968 -19 7,035.37 Water Main Improvement No. 1968 -24 5,231.16 Water Main Improvement No. 1968 -26 6,033.42 Water Main Improvement No. 1968 -29 8,369.51 Water Main Improvement No. 1968 -31 49,048.23 Water Main Improvement No. 1968 -35 4,747.47 Water Main Improvement No. 1968 -50 7,750.96 Curb Gutter Improvement No. 1968 -4 12,365.64 Curb Gutter Improvement No. 1968 -11 10,007.07 Curb Gutter Improvement No. 1968 -23 6,400.99 Curb Gutter Improvement No. 1968 -52 9,002.17 Street Surfacing Improvement No. 1968 -3 7,732.64 Street Surfacing Improvement No. 1968 -7 19,023.48 Street Surfacing Improvement No. 1968 -10 5,513.09 Street Surfacing Improvement g I pro ement No. 1968 -17 18,737.39 Street Surfacing Improvement No. 1968 -22 12,874.50 Street Surfacing Improvement No. 1968 -25 4,363.00 Street Surfacing Improvement No. 1968 -28 13,467.51 Street Surfacing Improvement No. 1968 -30 8,531.50 Street Surfacing Improvement No. 1968 -36 3,481.41 Street Surfacing Improvement No. 1968 -47 2,195.96 Street Surfacing Improvement No. 1968 -46 27,189.13 Street Surfacing Improvement No. 1968 -51 18,735.68 RESOLUTION NO. 69 -228 It is further determined that more than 20% of the cost of said improvement has been or will be assessed against property specially benefitted 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 1969 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. 3. It is further 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 $10,000 of Improvement Bonds and $30,000 of General obliga- tion Building and Improvement Bonds. In the event the accepted bid provides for payment in excess of $2,995,000, 75% of any excess of payments over $2,995,000 shall be credited to the sinking fund of the General Obligation Building and Improvement Bonds and 25% to the sinking fund of the Improvement Bonds, both for purpose of paying interest first due on said bonds. 4. The General Obligation Building and Improvement Bonds shall be in total principal amount of $2,280,000, shall bear date July 1, 1969, shall bear interest payable July 1, 1970 and semi- annually thereafter on January 1 and July 1 in each year and shall mature 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, $130,000 in 1976, $140,000 in 1977, $130,000 in 1978, $135,000 in 1979, $125,000 in 1980, $115,000 in 1981, $120,000 in 1982, $125,000 in 1983, $130,000 in 1984, $135,000 in 1985 and 1986, $140,000 in 1987 and 1988, $150,000 in 1989 and 1990. It is hereby determined that the City has outstanding improvement bonds having maturities which permit the municipality to adjust the maturity schedule of this bond issue pursuant to the provisions of Minnesota Statutes, Section 475.54, Subdivision 2, in order that the maturities are as hereinabove set forth, and it is further determined that the total amount of principal and interest to become due on such general obligation building and improvement bonds and all other general City, during the obligation bonds of i y, g ears in which such general y obligation building and improvement bonds mature, will"be as nearly equal as practical. RESOLUTION NO. 69 -228 5. The Improvement Bonds shall be in total principal amount of $755,000 shall bear date July 1, 1969, shall bear interest pay- able July 1, 1970 and semiannually thereafter on January 1 and July 1 in each year and shall mature serially on January 1 in the years and amounts as follows: $45,000 in 1970, $65,000 in 1971 to 1974 inclusive, $60,000 in 1975 to 1976 inclusive, $50,000 in 1977, $25,000 in 1978 to 1985 inclusive, $20,000 in 1986 to 1989 inclusive. 6. All bonds of both issue maturing after January 1, 1983 shall be 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. 7. Bids for said bonds shall be received at the City Manager's office prior to 2:00 o'clock P.M. and the Council shall meet at the Council Chambers in the City Hall on Monday, the 16th day of June, 1969, at 8:30 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 purchaser, shall require sealed bids accompanied by a good faith check in the amount of at least $60,700; shall state that all bids shall state one or more rates of interest (not to exceed six) in multiples of 5 /100ths 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 paying agent within 48 hours after sale. Mav 12. 1969 Date Mayor ATTEST: rT f Cl (rrk The motion for the adoption of the foregoing resolution was duly seconed by member John Leary and upon vote being taken thereon the following voted in favor thereof: Philip Cohen, John Leary, Earl Rydberg, Howard Heck and Theodore Willard; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.