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City Council Resolution 1981-30~ • X30 EX'PR~CT OF MINU'T'ES OF MET~:TING Or' THE CITY COUNCIL OF THE CITY O}? MONTICELLO, MINNESOTA HELD: SL:PTEMBER- 14, 1981 Pursuant to due call and notice th~~rer_>f, a _r_ e.~:xu.Ia~~ meeting oaf the City Council of the City of h~onticello, Wright County, Minnesota, was duly held at the City E:~al.l in the C i_ty on the 1.~4tra day c>f September, 1981., at .7:30 P. M. for the purpose of opening and considering bids for r~r~d awarding t~7~e sale of $4_:•0,000 General Obligation Improverner,t Bonds of 1x381, Series Fs of. the City. `T'he following members were present.: D ~ Bloni gen, F. Fair, K. Maus, P. White and Mayor A. Griulsmo and the following were absent: None The City Administrator presented affidavits showing publication of notice of call for bids on $49C;~,000 General Obligation Improvement Bands of 1981, Series Ft of the City, for which bids were to be received at. this meetincr, i.n accordance with they resalutian adopted by the City Council on August 3, 1981. 'T'i;1e affidavits were examined, found to comply with tkre provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. The Cauncil proceed~ci to receive .rritil. open bids fat- the sale of the bands. The fallowing bids w~~1~e received: BicAczer Interest Rate Net Interest Cast See Attached ,~ ~' /',f ~~ SPRINt ~STECi~ ~.,.~ INC4RF ORATE® ~~~~~-~~`~ PUBLIC. FINANCE ._f_._ I ADVISORS f $490,000 GENER,~4L OB!_1GA7'ION IMPRO`JE~~IENT BONDS OF i`~81, SEf~IES F3 CITY OF MONTICE:LLO, MINNESOTA ~~WARD: r ~I_ E__: i3ANCNORTHWEST Minneapolis, Minnesota And Associates September 14, 1981 Moody`s Rat i nq: A Net interest ~iddF~~.-_ ~,~~ Counons____ 'rice Cost & 'mate !i3AhJCNORTHWEST Cronin & IVlarcotte, In~:~orparated Moare, Juran and Company, Inc. 1-iRS~T NATIONAL B~,NK Oi MINNEAPOLIS ~(hc~a First National Bank of Saint Paul ~'~LLISON-WILLIAMS r'OrhPAlelY r>lyth Eastman Paine 0~lebber, inc.. !'(PER, JAFFRAY & HOP'~/OOD INC. ~`~R. 4-i. IUovick & Company, Inc. lo.5a% lo.7s% I I . ao°r° I .25% i I .50% I .75% 12.oo°r° 10.50aa i0. e0~b 10.90°~ 11.009'° I i .25% I I .50% Ii.70°~ I I .90% 10.00% 10.25% 10.50% 10.75° I I.00% I I > 20% 11.40% I 1 .60% 11.80% 11.90°~ 11.50°io i l .40°~ 10.60% 10.80°fo 11.00°b I I .25°~° I I .50"x, I .75`3~~ 12.00~~~ 1983-1986 1987 {988 1989 1990 1991 1992 1983-1985 1986 1987 1988 98'9 1990 1991 1992 1983 198+ 1985 1986 1987 1988 1989 1990 1991 199"? 1983-1984 1985 1986 1987 1988 I q8~~ 1990 1991 I~q7 $480,400.42 $48D,,+15.60 $4801, f~00.00 $48P~~, ~{ 14.80 $336,674.58 (I 1 .6161"4,) $336,742.73 (1 I .6184%) $338,637.53 (11.6838°,6) $340,160.20 8000sborn '~!.~ilciir~g, Saint P~~ linnesota 550:? (~~12) 2;22-241 MERICAN NATION,~~L BANK & TRUST CO. OF SAiI'JT PAUL Daugherty, Dnwkins, Strand & Yostlncarparated 11.50°ti 1983-1985 10.9090 1986 II.00°ro 1987 11.2590 1988 11.5090 1989 11.75" 1990 11.90% 1991. 12.00°ro I992 54t~I~oQ.o0 ~3~~+,975.ao (I ! . 902..5`x° } REOFFERING SCHEDULE OF THE PURCHA`~E1=Z Rate Year Yield 10.50%> 1983 10.00° 10.50°~ 1984 10..00% 10.50%~ 1985 10.2590 10.5090 1986 Par 10.7.5°h> 1987 Par II.00°,4> 1988 Par 11.25°~0 1989 Par 11.50%> 1990 Par 1 i .7590 1991 Par 12.0090 1992 Par BBI: 13.21 Av~:rage Maturity: 5.91 Years The Council t'nen proceeded to cor7side.r and ,a~.sc~.i~~~ the bids, after which member Bloni en _ __ _ intro<.; _,~~d the following rc~~olution and moved a~ adoj~tori: M RF,SOLU`PIO^, ACCEPTING BID ON SA?_G OF $490, 000 GEA1E12AL i~F~L.It=1ATION IMF'R:)V~;M;?NT BONDS OP 1981, Ser~_es E PROVIDI[1G FOR THEIR IS~>IIANCF'. RND LE.~"YIN~:~ A TAX FOR T"r~E PA~i'i~IEN'Z" THEF;EC`[' }3F I T R?SOL.VF.D by t.i~e Counci]_ of t,~e City of ;~Ionticell.a, Minnesota, as follows: 1. The bid of L'~ancNorthwest to purchase $490,000 General Oblzg-T at ion ImproverF`r,t B~.rds of 19t~1, Series B of tYr.e City, in accordance with the notice of bon~3 sale, at the rates of interest hereinafter sF:~t forth, <.ind to pay therefor the sum of $ 4 f30~. 400 . 4 2 is herc>'oy found, determined and. declared to be the most favar~i~b;.e bid r<-~.^~>.ived, and is hereby accert.ed and the bonds are herc:~by awarded to said bidder. `The City Administrator is directed t:_o retain the deposit cs:E said bidder and to forthwith return the yaod fait7~r checks or drafts to the unsuccessful bidders. The bands shzill be payable as to principal and interest at _ Ncrt:hwestern National. Bank of Minneapo_l_is, in Minneapa? ~~_`_NIN~, or any successor paying agent duly appointed by the City. 2. The $490,000 negotie~ble coupon <~eneral oblig:.~ti.on bonds of the City shall be dated October I, 19~! 1 a.nd shal ]. be issued forthwith. The bonds shall. be 9B in n~_i,rber and nt~r~,.~red from 1 to 98, both inclusive, in t:he denomination of $5,000 each. The bonds shall mature serially, lowest nurric~ers fi.rst,. on Februa:rv 1, in the years ~-.~nd amaunts as fal.law<->>: $45,000 i_n each of the years 1983 anc 1984; and $5fJ, 000 i.n each of the years 19f35 and 1992, bath inclusive 3. The bonds shall provide funds for ti~c_ construction of various irrrprovements ir. the City. The total cost of the improvements, whic°h shall include all costs -'numerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. tvark on the improvements shall proceed with due diligE~nce to completion:. 4. Thcr bonds sha11 mature in t_he °•~ear;~> ,ind Z>e~zr f 1_lc~ serial nt:imbers seat forth below, and shall be~~~r interest pa.yabl e August 1, 1982 and se.niannually thereafter on February 1 ~~nc? August 1 of each year at the respective rate ., per annum sit opposite the maturity years ,and serial n,irr~r.-~.s: Maturity Fears Serial Numbers interest Rate 198:3 1-9 10.50 % 1984 10-18 10.50 198'.1 19-28 1.0.50 1.9~;r,; 29-38 ~ 0 . 50- 19 87 3 9 ~- 4 8 .f. 0. i 5` 1988 49-58 11.00 198':3 59-68 .L1 . 25 ~; 1990 69-78 11.50~~ 1991 79-88 11_ . 7 ~`~ 1992 €39-98 12.00` ' `~. All bonds of this issue rnatur~..nc~ i_n the years 1990 to 19~~2, bot~lz inclusive (boncts ntrmberec~ (~9 to 9II, both inclusive}, s1-iall be subject t.o redempti_on ~i;:ZC prepayment_ <nt the option of the City on February 1, 1989 inc. on any .int_e, eyst payment d~-~t:e thereafter at par and accrued .merest. Rec3c>,~p~~i~:~n may be i_n whole or in part of the bonds subject to prepayrnr=nt. If redemoti.on is in part, those bonds remair,irtg unpaid wh:~:cYi have the latest maturity date s11a7.1 be prep-: id first and :~.f only part cif the bonds having a common maturit:.y date are c~al_l.e=d for prepayment, the specific bonds to be prc~p~~id shall be chosen by J_ot by the paying agent:. Publishc>d notice of redemption shall in each case be given in accordance with law, and mai]_ed notice of redemption shall be given to the banY where the bonds are p~.iyable. C~. The bonds and interest coupon:-, t o x~e is>sue:3 hereunder shall be in strbstanti a?.ly the fol'~ owing form: • iJNI'I'EU S'1'ATES OI' AMERIC:A STATE OF MINNF;SOTA WRIGHT COUCJTY CITE.' OF IKONTICELLO No. ~ GENERAL OE3L,IGA'I'ION IP~4PROVI:M];NT BOND OF 1981, Series B KNO4~1 ALL .PERSONS BY THESfs' PRESEI~fT5 that the City of Montire.llo, Wright County, Minnesota, certii_ies that i.t is indebted and for value rer.eived promises to pay to bearer. the principal. ::>urn of FIVE TfiUUSAND DOLLARS on thc: first day of February, .19 and to pay interest thereon from the date hereof until the principal i.s paid at the rate of _. pE:~rc:ent ( _ w) per annum, payable on the first day of August, 1.982 andJ semiannually thereafter on the first day of February and the first day of August in each year, interests t:o matu.rity being represented by and payable in accor. dance ~~ait:h and upon presentation and surrender of the interestk. coupons hereto attached, as the Name severally become duce. Both principal and interest are payable at _!~ or any successor pay:i.ng agent duly app roe lted by the City, in any r_oin or curr-erlcy of the L.Tnited States of America which at the tune of pa~rment is legal tender for pi.rblic and private debts . All. bonds of this issue maturing s.n the years 1990 to 1992, both inclusive (bonds numbered 69 to ~~8, both inclusive), are subject to redemption and prepayment zit the option of the City on February 1, 1989 and on any interest:. payment date thereafter at par and accrued .interest. f;eclernption may be in whole ar in part of the bonds subject to prepayment. If redemption is in part, those bonds remain:e_ng unpaid which have the latest maturity date shall be prepaid first and if only part of the bonds having a cormnon maturity ciat~e are called for prepa,~rnent, the specific bonds to be prep~:~ici shall be chosen by lot h~y the paying agent. Published notice c_~f redempti_on shall in each case be given .in accordance with 1_a~,~, and rnailc,d notice of redemption shall be given to the bank whf~re the bonds are payable. ~ i This bond is one of an issue in the total principal amount of $490,000 ali of like date and t.er,;or, except as to serial number, maturity „ interest rate and redernption privi- lege, which bond has been issued pursuant. ~t.o grid in full conformity with the Constituti.or~ and laws ~~~f the State ofd Minnesota for the purpose of providing money for the construction of various improvements and is, payable out of the Improvement Bonds Common Fund of the City This bond constitutes a ~aneral obligation of the City, and to provide moneys for the prompt and full. payment o:E the principal and interest when the same become due, the fall faith and credit and taxing powers of the City have been acrd are hereby irre~aocably pledged. IT IS HEREBY CERTIFIED Ar7D REC_I'i'ED that a1.1 acts, cond:i.tions and things required by the Constitution and .law: of the State o:f Minnesota to be done, to hap,~~en and to be performed, precedent to and in the issuane~e of~this bond, have been done, have happened and have been performed, in regul.ar_ and due form, time and manner as required by law, and this bond, together with all other debts of the City outstanding on the date hereo:E and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. IN WITPdESS WHEREOF, the City of Monticello, ~~ric3ht County, Minnesota, by its City Council has caused this bond to be executed irr its behalf by the facsimile signatures of t]ie Mayor and the City Administrator and the rlanual signature of one of said officers; the corl~orate seal of tyre City having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of October 1, 1931 . ~__r'acsimi 1 e ~~.,~'aGSimile City .F~dministrator Mayor • (Form of Coupon} No. On the first day of August (Februa~~~y), 19 unless the bond described below is called for ear:li.F:r redemption, the City of Monticello, Wright County, Minnesota, ~bai11 pay to bearer at _ _ or any s~~ccessor paying agent duly appointed by the City, the sum show~Z hereon for interest then due on its. ~:~eneral Obligation Improvement Bonds of 1981, Series E',,, No. ____, dated October ]_, 1981. s Facsimile Facsimile ~._.. City Administrator Mayar i 'T. The bonds shall be executed on rtehal:E of the City by the signatures of its Mayor and Administrator and be sealed with the seal of the City; provided, that one (or both) of` the signatures and the seal of the City may be pr~inte<i facsimi.]_c~s (if the bonds are also signed manually by at least one such officer), and provided further that the corporate seal may be omitted on the bonds as permitted by law. Ths interest coupons pertaining thereto shall be executed by the }?rinted, engraved or lithographed facsimile signatures of the P1a.yor and Administrator. 8. The bonds when so prepared and executed shall be deliver~r~d by the Administrator the purchaser thereof upon receipt of the purchase price, and the purchaser small not be obliged to see to the proper application thc:rerof. 9. There has heretofore been creatl~d a special fi:trtd designated "~Cmprovement Bonds Common Fund" held and administered by the City Administrator separate and apart from all other funds of the City. The fund shall. c::ont:iniae to be maintained in the manner heretofore specified unt:i_1 all of t_he bonds heretofore, herein and hereafter aut.hor_i.zed and made payable from the fund and the interest thereon have been ful.~_y paid. "There shall be created and maintained i.n the fund a sepG_r~te account to be designated the "1981 Intprovernent Bonds, Series Ft Construction Account". The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for the bc:yn~cl.s in excess of: $480,400, plus any special assessments levied with respect too improvements financed by the bonds and collect:.ed prior to completion of the improvements and payment of the costs thereof, shall be credited t.o the 1981 Impro'JE:'ment Bands, Series F3 Construction Account, from which tYrer°e shall be paid all costs and expenses of making the improvements listed in paragr_a.E~h 1Q, including the cost of any cony>tz°uction contracts heretofore let and all other costs incurred artd to be incurred of the kind authorized in Minnesota Statute;, Section 475.65; and the moneys in said Account shall be used i::or no other purpose except as otherwise provided by law; ~arovided that the bond proceeds may also be used to the extent: rzeccssary to pay interest on the bonds due prior to the ant.ir..ir:>ated date of commencE'.ment of the collection of_ taxes or s~Fscial assessrterits herein 1_evied or covenanted to be levied; ar~d provided further that if upon completion of the improvements ttker.e: sha]_1 rE?rnai.n any une~:pended balance in the 1981 Irnprovemcnt:_ Bcfnds, Series B , Construction Account, the balance (other th~_ira any special assessrn.ents) may be transferred by the Council to t:he account of any othez• improvement instituted pursuant. to Minnesota Statutes, Chapter 429; and provided further. that any special assessments credited to the 1981. Improvement. bonds, Series f3 Construction Account are hereby pledged and shall be used only to pay ,principal and interest due on the bonds. There is hereby pledged and there shall be credited t.a the Common Debt Service Account heretofor created (a) all col.:Lections of special. assessments herein covenanted to be levied and either initially credited to the 1981 .Improvement 33o~~nds, Series B Constrt:action Account and required to pay an_y principal and interest due an tiie bonds or collected subs+:~q+.ient to the completion of the improvements and payment +;f the costs thereof; (b) all accrued interest received. upon delivery of the bonds, (c) all funds paid for the bonds in ~:~x~Ness of $480,400, (d) any collections of all taxes herein or Hereafter levied for payment. of the bonds; and (e) all funds rem~ii~:ling in the 1981 Improvement Bonds, Series B Construction Acc~~o~znt after. complet.:ion of the improvements and payment c:~f the costs thereof, not so transferred to the account ref another improvement. The Common Debt Service Account shall be used solely 'ko pay principal and interest and an~~ ~7rerniums for redemption on the bonds issued hereunder and ~~ny other general obligation bonds of the City heretofore or her.°ea9'ter issued by the City and made payable from said account a:~ pa°ovided by :Law. Any sum::~ from time to time held in the Common Debt Service Account (or any other City account wnich wi'!_1 be used to pay principal or interest to become due on the bonds) in excess of amounts which under the applicable federal ~~rl:~itrage regulations may be invested without regard as to yield sha11_ not be invested at a yield in excess of the applicable yield restrictions imposed by the arbitrage regulations on such investments after takii;g into acr_ount any app]icable "temporary periods" made available under the federal az•b~i_trage regulations. 10. It is hereby determined that no less than 20~ of the cost to the City of each improvement finariceci hereunder within the meaning of Minnesota Statutes, S~>ct:ion 475.58, Subdivision 1(3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by the improvements. The City hereby covenants and agrees ghat it will let all construction contracts not here- tofore ]Let within one year after ordering each improvement financed hereunder unless the resolution orcler•ing the improvement specifies a different time limit::. f:or the letting of construction c~orrtracts and will do and perfc~rin as soon ~~°_. t'f5~y may be done, a.tl acts and things necessary -~o:~ the final ~~~,d valid levy of such special assessments, and in the event th<rt 'any such. assessment be at any time held inv<~l:~d with resy,t_>ct. to any lot, niece or parcel of land due to any error, defect:, or irregularity, in any action or pr_oceedinys taken or to be ~-_<jkc~n by the City or t.hi.s Council or any of the C.t~~ officers or employees, eitt3er in the making of the asses> ~-ients or i.r~ th~.: perform<rnce of any condition precedent thert~ta, the City <ind this Coi.rncil wi1.l forthwith do a'~ l further ~Ac':s and t kc~ a 1.1 further prc~ceedings as may be required by l~rw to make the assessments a valid and binding )_ien upon s~~cli prod:~~rty. Subject to such adjustments as are required bar conditions iri existence at the time the assessments are l~~v°tied, it is hF~r-~by determined that t_YZe assessments shall. be pa~,~~rhle. in egt<<rl, consecu'~:_i.ve, annual installments, with genera~l_ t=sixes for t ~ years s}sown below and with irrt.erest on the ~~:_eclirring b~~l~_i~~ce of all such czsscyssments at. the rate of at leasi-_ _~`,} b p~~Yr ~rnnurn: Improvement Designation Amount I_E_vy ~_frrs Project. 1`.81-1 $ 350 , ~ 25 19 ~3:i - ~ 9 90 Project. 1981-2 $ 92,400 1.981.-1.990 At the time the assessments are in tract levied th. City Council shall, based on the then current esti.rnated col- lections of the <rssessments, make any adjustments in any ad valorem taxes rep:~~.zired to be levied in order t.o assure that the City continues to be i.n compliance with Minrse:.ota. Statutes, Section 475.61, Subdivision 1. 11. To provide moneys for payment of the princiY~al and interest on the bonds there is hereby lf~vi.ed upon all of the taxable proY:aE~rty in the City a direct arrr7ual ad valorem t.ax which shall i>e sj>read upon the tax rolls and collected with and as part of, other- general property taxes in the City for the years and in the amounts as follows: • Year of Tax Year of Tax _ I_e~~~__ Coa._lection Amount ~~~.981 19 82 S 9 , 111 :L982 1983 2,972 _'L983 1984 9 , 0 ]_8 ?.984 1985 9 , 262 1985 1986 9,SOi 1.986 1987 9,620 1987 1988 9,6012 19038 1989 9 , ~? .~ 3 _19~t9 1990 _y , :17 2 1990 1991 8,765 T]ze tax levies are sucYa that: if cc~17 ected it f.u11 they, tca,~:~.ther with estimated collections of: :special ~::ase::~:, ments and ot}~er revenues herein pledged for tYce payment of t_l~c:~ bonds, will ~>roduce at least fivca percent i.r~ excess of the amount, needed to meet when due the pri_ncif>a] ~:;ncl interest payments on the bonds. The tax levies shall k>e irrepea].al~le so long a.s any c>f the bonds are outstanding anti t:cnpaid, proviel~~~.3 that the City reserves the right and power t:.o reduce the lcu~~~ i es in t'^~ r.~anner and to the extent permitted by hlinn~esota Statutes, Section 475.6i(3). For the prompt and fu11_ payment of: t:.he principal ;and interest. on t_Yre bonds, as the same respectiv~n]..y become due, the full fa i-ch, credit and taxing powers of the Ci..ty shall be t:~nd are hereby irrevocably pledged. if the balance in the Cozrunc?n Debt Service Account is ever insufficient tc, pay all principal. and interest then Sue on the bonds payable t..hc~refrom, the deficiency sl-iall_ be promptly paid out of an~r other funcz s of the City which are available for such purpose, ~~.nc:~ such other :Funds may be reimbursed w.i.th or. without interest. t rc~m the Corunon T~cbt Service Account when a sufficient balance i~~ available tlaf~rc~in. 12. ~Che City Administrator is herF~~by di.r.zcted to file a certified copy of this resolution with they Count}' Fiuditor of Wright County, Minnesota, together with su~nl~ c>thc~r int=or'~rrE_a'_ i_on as he shall require, and to obtain from the A~~dit.or h~~s certificate that the bonds have been enterec't ~ n tine l~:ad i.tor' s Bond Recsister, and that. the tax levy require;:3 by l ciw ]~.~s b~r:~n made. 13. The officers of the. City are hf}s eby autliorizr~ci and directed to prepare and furnish to the L>si:~ch~:~ser of ti}.~~ bonds, and to the attorneys apprc>ving the LF~~g<:..lit-y of t]ie issuance thereof, certified copies of all ~ro:~cec!ings anti • records of t2re Ci~y relating to t_Yre hands arsd to the' fr~~~r~ci.r1 condition and af:~ai.rs of the City, and such other affidavits, certificates aru3 Lnformat:ion as rite requ:zrecl to show t~h^ fe3;.ts relating to t_he ~~gaiity and mar};stability of the bonds as t:he same appear from the books and records under. their custody and control or as otherwise known to them, and ~.ll such certi f i c><3 copies, certificates and affidavits, includ:i.nc3 any ?rerE~tof"ar- furnished, sha1.1 be deemed representations of the City as too tyre facts recited therein. The motion far the adoption of the for~~,going resolution was duly seconded by m~.~mber Whi t__c:- ___ _ _ gird upon vote being taken thereon, trre fo]_lowinc~ ~°oted in favor thereof: All members and the fo]_lowing voted against the same: Nona 6lhereuzzon :said resolut~_on was decl ar-ed duly p~r~~s:ad and adopted. STATE OP' P~IINNESOTA COUNTY OF YJRIGHT CITY OF MOPITICFLLO I, the undersigned, being the dt~.l~~ qualified and actirc~~ Administrator of the City of Montic.e:Llo, Minnesota, t~0 HEREBY CERTIFY that I have corn~ared the aR_t.~~ched and fore~joing extract of minutes, with the original therc~o.~ on file i-n rily offic+~, and that the same is a full, true a.rid complete transcript of the minutes of a meeting of the City Caunc~.~ of sa? c~ city, duly called anti held on the da-~:e therein indicatead, insof<~r as such Illinutes relate to the opening anal con;.idering of bids for, and awarding the sale of $490,000 General Obligation Improvement Bands o.f 1981, Seri..e:> B of said City. ir7ITNE.~S my hand and the seal of said City th~_s l~~t'_ day of ~ i.~~~.~,.,.-, ~~~ ,_,~,. 1~~8:i . __~~~~ Citydrninistrator (SEAL)