HomeMy WebLinkAboutResolution 693'!. c fy a;�. R q3 ,,l�sa �yy, .} r Via. Y •'.i'F ' Fy�,.F
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2. To ,provide funds_to'refund the outstanding Improvement
kk u]yon ds1,ofw 1974, dated .Sep ember 11974,. Improvement. Bonds: of 1970,' J
,t f ft5eriesl, �.dated}ugu^st ,1, 19,70,. and�xlmproveinent;Bond"s of 1970,
Serie ;B, dated;Augu`st 4'1, 1970.,- the,C�ty' :shall . forthwith, issue its
,bwt� negotiable coupozi General Obligation...Refunding-Bonds •,of„1976 in;
'the; aggregate principal ,:amount o;f�r$2, 6? 5, 00,0, _ to ':.die dated, August 1, j: s
Y N197f, •to bear ��r terest at the rates��abave set forth, payable
rFebruary+ l,r;.1977 and- semannuallyd tk�ereafter• on°February 1 and F w `kCu
August 3 = in each, year, and to mature”: serially on=February l `in
il
the, years ,,,and amounts as follows:=o- t F ,.
'�•ki l `r �- �irc•#+ Td.ti .., �a ti °� ¢•r - >t ..:, fir',. : + 4�
wAr»Fq+ $165; 000 t znr_1977, i' "fit $215, 0OO in 1984, 6 r.
< � , $;16.0 ' 000 in 197$'r ff i
-`k
$16 ¢ $2`05 Q00`, n ^1985,. ,
�:a s ;'tt=$1,65; 0:00 (zn x1979 yt$2."10 00'0`; in19'86,.
$185 00;0 in 1980, $190, 000 in• 1987; (`
a {q5 t $190, Q00. zn 198Y and 1982, $'125, 000 in 1,988, ` and y Vit,
? $185, OOQ ,in
1983--,$150, 000 in 19.89 .to'• 1991, all
years inclusive,
nr�r';f 4 r {° •. C+'.,>F jt+ ;... , a _.. Ft F i ;mss !Y t :`. .. ^ .,'" '. ,.+ .. " .'t;
spall: bonds •=maturing •in ,the . ears 1988 i to 1991,, beth inclusive',; bei
Y
r�� moi.,{ � : s - .
u .; subject t. redemption at the option "of the City.;and in inverse
(,rr %nuiuericaI. order' on February 1, 1987 :and any interest payment date
t.
thereafter At par and :'accrued interest: The bonds shall . be' numbered
T sekially. from 1 upward's in:. chronological: order of maturity dates
''and shall, 'be int the following denomination (s)
:Serial` Lumbers '' Denomination'
} .r i •�� t x T r 'i
t 1 through••52:7 $5,000, r
V. .
,,3 . Both principal, .and 'interest shall be payable • - .k,
at the main office of the Northwestern National,. Bank L i n Minneapolis �•; s
Minnesota, and: the City shall pay ;the reasonable #
charges of said: bank , f r- its.,,, vices as paying .agent.
4
� 6.0 kY :}= SA The bonds, -the. interest`couporis and the certificate '
��
to legal opinion to be printed on `the: back of the bonds' shall
` , f
lb "subs-atiallg'.in the;`forn prescribed ,by' Ordinance No: 5.6 .of
>as
the;'City a`s follows ' .
s
n Y%3M,Fr a` ,: ,' • s UNITED STATES OF AMERICA
�(X, * : OF
STATE`' . MINNESOTA
COUNTY OF HENNEPIN
CITY OF ORONO P.
No $5,000
°4 GENERAL OBLIGATION REFUNDING BOND OF; 1976
}• `
KNOW ALL 14EN BY THESE PRESENTS That the City of Orono, a
"municipal .'corpora ion •.of Hennepin.+ County,,.Minnesota, hereby acknowl -
�l„s eg' i -self to be indebted and for. value received promises to pay
to. k earer , the sum of FIVE' THOUSP.�LTD DOLLARS on the first day cif. .
"..February,' -19 or', if this bond is :prepayable as noted below, on
a prior date on which it shall have 'been duly called for redemption,
wa.
m
S r
Qyflll.,
A n• �r
alai, J
.. ......_. _.. .. ._.:.: r. . a... y._ - :. ,r,i ...M ....- : ...:..�• .a :."`_:...n.Xal:'}.t'n•�. FL;.t.4:w YS+Yar's�'..R 1?•ti%n hSi:.eF
s
.e
iV
and to pay interest thereon at the, rate
,of
; percent annum, -from the -date hereof until said
pr ncipalr-sum is paid or until `this' b'o'nd, if prepayable; is "duly
called ..€or;.redemption; rwhich' interest"' is payable on Februa'r, l
Y+/
1977 and. ;semiannually .thereafter` on February l and August ° 1 in
as , :each year;'interest -to`'maturity `being"payable dance,', with
�_ and,'upon surre'nde'r
a
f
of the interestwscoupons appurtenant hereto.
�_ Both principal"" and interest °payable,
are at ' the ma fn office of the, Northwestern
"i's
F�* Nat i ona 1 Bank: of M i'nrieapo l in M i nneapo l i s 'Minnesota "'"A
' in any coin or currency of the UnitedStatest of Arierica' which on mt
x,.the respective dates
4.
of, payment is .legal tender for public and
private debts. For the
prompt and full a
p yment'of said principal
and interest as the same - become due '�the "faith,
full
credit: andmaxi ng powers of'', said City: shall be -and are' hereby
,pledged: y irrevocabl
. Y
`4 t SYy, a U w Thus bond° is, one ofY' a series'+
f .in the° aggregate,pri ricipal
r amount of 2' 5,, 0'00 all' of ' ike `date' and teinor` except''as
.
to
' Y
r
} er.al number, maturity, .:inte'rest';crate and. redemption privilege,
issued
`
;, by said City pursuant .to,- a`• resolution duly adopted by the
r City Council
for, the`purpose of re -funding in advance of maturity'
outstanding improvement
bonds :of t e G'i
h y, which `outstanding bonds
'. were duly and regularly'r for 'purpose
b'k
ssuedh value for the of paying
4�:costs of iaeeessary loeal improvement �proj,ects
; within City:.
z
}
<.This bond is issued . pursuant to' and, int full conformity
_ .
°the `laws.
}•4h i
,. with Co,n'stztution and; Sta`te of Minnesota' and'
,' ordi�nancesof. the�Cityi'thereiAnto-enabling;
� including -'Minnesota
'Statutes, vChapter.'.475 and Ordinance 56
'fJo. of the City and i s
*y p y _ le ,primarily ;from ..the Improvement Bond Rede'mptio'n Fund
the Cit c of ,
City reated,;by Ordinance'`,No. 56;;but:the City Council' is
i
required by . law to ,pay the principal a and ,interest thereof out of
r anX4 fund of Sthe City if, ever'.the';amount 'ered".ted"'to said''fur_.d
k f should be 'znsuff ic`ient for-- such purpose
T N + ?
Bcinds o= this =seizes; maturing in the"'years
1977 through.
987;,are not sub0ect to redemption,prior'to.maturity, but those
maturing,' in the years 1988 :'through' 1991` are each subject to `
}G
redemption and re. a ��
N� p p yment.:'at the _ o tion . of the Ci yon February
`
r 1987 , andany interest, payment: date thereafter, lh' -inverse order
their `sera.al
=of nunbers,l, and at arice, of
P parand'accrued interest.`
Not .than 'thirty days `before, `d'ate 'specified
,less .the for previa
` ,andr redemptian' of any of said bozids, ;the "Cit ym� nt
y wil'1 'mail ., a notice of
„R Ethe call thereof
s'u
`to : the holder `. if knoran
• , ,:',and,` o ;the bank at which
1y'principal ,;interest
and are'then payable',, and gill-'p.ublish the'notice
s' of
cal as required by Minnesota Statutes; Chapter1:475. Bondholders
desiring.
'to receive; such ,notice may• register' their `names and°'addresses
id and the
serial numbers of their,' bonds°xwith` the City :Treasurer.'
IT R IS HEREBY. CERTIFIED RECITED', CO�TENANTED t�zIVDAGREED_
?�that.,:all
acts; conditions and things required by the Constitution
L�
!and laws 'of the State of .Minnesota. and- ordinances ,,of � the City `to be
done; to
exist, to. happen and to be:performed` precedent to and in
the. issuance?of
>r?,
: valid this" bond; have been- done, do exist, have
• happened and ,have been= performed in r'e'gular and due form; bine and '
runner: asp so,rreaured; that: the' proceeds of the bonds of this issue
together with''other' duly "funds -been
appropriatedhave deposited ,in
scrow% witi "a qualifi�e&,banking for investmentau-
'
,ins•titution
ri,thorzed securities, acknowledged` to be` sufficient foY, and irrevocably
,,appropriated to, the payment of the principal of and interest on the
a
-3-
t °��,�si _ ,�. :.S - c� ! .. -�._ - � :a.�:. !; � .. t,� r.'y�'.Y.= .,fir. JF. ,- -�'k�p - � + 5.. �:Z'Se.7f •t,``'+.lf.�» .".r
�7Jh
1 i' 6 � r L`.i 7 s -.K t'-itt i tr �i•"} A i j�k t� � ti �... �.s �fs�'���'Yk�aw
} r r
obligations being refunded when 'due `. or.: if prepayable, to the eariz �.r
g,
r r est date such 'obli at>ons may be called for redemption, and the: n`s'
'emi u61 payable` on °such: redemption date';. {that -the average annual r
A< net"'interest rate` on the bonds; oif th.s; issue, computed to stated {
a
�;�° matur>.ty dates,r after, adding the expenses `of this issue including r
the,- amount in : excess" of the; proceeds; of this issue deposited by' the
Cz'ty in 'the escrow account
r is lowex.,by at,least one-fourth of one
;. percent per, annum than the average'; annual• interest rate of"the obl>_
gat> ons refunded•; by "the' bonds ' of this issue; that notice of redemption'
P_ the 'obligations being refunded, by the bonds of this issue has been
dul give' and `'`such notice will be zepublished` as required by la�,r;
y g�
that prior to the issuance: hereof ±the City has .levied upon all taxabley �:
r
r`r property within ,its ,corporate limits .ha direct annual, ad valorem
,..
for .the years and in the amounts required, ..together with estimated `
: collection"s=`of; .the- special "assessments levied An to be, levied for
tia t local improvements and appropriated ,to said Redemption Fund,, to � .
s" produce° sums not less than 5s in excess of 'the: -annual .amounts of
K"
Principal -.`and interest to become due`iipon the bonds of.:this<issue
# and;'all' 'other bonds payable; from said.Redemption Fund; that addi
yd? ;tlonal taxes if needed for the '
r + p yment• of said principal and
#t ' Y k _ L
` =interest ma be levied upon :such property without ,limitation as
rxgf to' rate :or.'amount; and thatthe issuance of this,'bond did not cause
krs sa A '. the ;indebtedness of said City Y. to exceed any contitutional, statutory Y fir.. • .
{
or ordinance limitation.
WITNESS -OF,the city k:. y
of Orono, ,Hennepin County,
x Minnesota; by i.ts, Iit Coun61 1, hasrrcaused this bond to be executed
in its behalf by,' the facsimile signature of vi s .Mayor, countersigned
r b'arid y .the City Clerk; and the, corporate seal or facsimile thereof to be, >< <
a`fixed • hereto,•• the appurtenants interest coupons' and the certif'
ica'te as to opinion of bond counsel:'on the reverse side hereof to
n.vr b�' lexecuted .and ,authenticated" by the facsimile signatures of said .r
=ricers, and has caused this bond to be dated as of August 1, 1976.
«'
_ A�
H2
<br+t s riayor .
trGl ` Coitern e ,
iff
s,r Ci y Clei } a
� f (Seal
(Form ' of Coupon)
i k !
• .
[Uni ess theF bond described below,hasbeen ;called for earlier redemption]' '
5�! On• the 1st da of February $
y e uary (august), 19 the City of ;.
Orono, Hennepin County, Minnesota, will pay to bearer at the main office
r
'' ofthe NorthtveSt`ern Nat tong l' Bank of M i nneapo3 i s, Minnesota,
4A, sum :shown hereon in lawful money of the United States of
%r:mer,zca for.':interest then due on its,:Ge'neral Obligation Refunding
„fix\ 3orid` of 197.6, dated August l,• 197&, No:
f tt"ta -
Y . (Facsimile Siqnature)
Mayor --
{
g (Facsimile Signature)
City Clerk -Administrator
n F 1 r
tA.
?rye - 4
w.k f%�tr�'t'!+ro$..t.. lt;. ;.,."i!',1'1, ....,r„... 9•L ,k�. ''r.•:. ,. ,'G(z!'."hax .-. .. ., d'.c �-^r'w. •3t.sk,�!b.`d. 4i'c:: +` f9'aY ..1nP•?t ::,.'.. ...w ir..taicW.a<.N- .. "r`_ .- _. ..-A... .._.. k
O r t s
s
(Worn o= certificate to be printed -on the back of each bond)
:. IMe hereby,tcertify, that the above is `a full, " true and
M 5correct,..copy of , the'. legal opinion_ rendered by'bond counsel on the
R, =Tissue of',bond s .of the City of;Orono;;Minnesota, which includes the
within bond, dated as of 'the date of;:.,delivery.' of . and 'payment for
the bonds : jr
.' (Facsimile Signature)
Mayor.
.Signature)
{ z (Facsunfile
it.; Clerk -Administrator
"City
'S. The City Clerk -Administrator .is directed to cause' said
T,"Y rwbonds to -be prepared�,�and the Mayor and City Clerk -Administrator are
'
;
authorized and" directed to execute `'the same, one by manual and one. by '
"
4: facsimile,: signature, ,-and affix. thereto_ or rind thereon the seal of
p
A •
the city,;' r. a' -"f acsimile .thereof;° `and to cause the interest coupons
to be executed,and authenticated by the printed facsimile signatures
:Qf
j4
said officers. The approving Legal opinion of Messrs. Faegre &.
Bensonsha11
be printed on the back of each bond which shall be
followed by.a certificate in.the•form set forth above, Which shall
`
be. authenticated by 'the facsimile signatures of the, Mayor and City
Clerk -;Administrator.
:; 6 . The .principal 'of 'and' interest onthe bonds herein
,authorized•. shall` be paid from the Improvement Bond Redemption Fund
:of
the City of orono'in.accordance`with' the"provisions of Ordinance
,.
` . .No. 56,r,- adopted; on September 4, 1963, ,'.and shall' be secured. by the
`
" full faith, credit and taxing power of the City, and by.all the
covenantsrand governed'by •.the terms.;arid provisions set'•forth in
� that ordinance `the'
: ; If principal.' or .interest upon the said .Bonds
r `shall become
s` due;• and =payable. and there.. are insufficient moneys in
rsaid.Fund
V, to pay such principal and`�int_erest, the' City. Treasurer
�rt txs;'autho*-azed anddirected to pay, said principal and interest from
' any fund of ' the�'City . and -.'thereafter"- to`" reimburse 'such fund ;fromJR:
'.colectonsL.,of `taxes• levied and special assessigents pledged to
4
r the' Improvement •: Bond;' Redemption Fund.
7 Tt' is hereby found and ' .determined that the estimated
et .
u t L collection: of special assessments and taxes levied and pledged to
the . impr'ovement'�Bond � Redempt "ion Fund and the ). other moneys appropriated
thereto 'produce at least,:five percentins excess . of the . amount needed
-"
-meet,,whendue, the principal and interest payments on the Bonds
w herein authorized and' on' aiiother ,•bonds of "the;' City payable from
the. Tmpro,rement.`Bond Redemption Fund.., previously levied in
„Taxes
, connection` with ahe Improvement Bonds of., 19,74, . the Improvement Bonds
.
' ;of..1970 Series`A', and 'the "Improvement Bonds of 1970, Series B, are
hereby reconfirmed Such taxes shall continue to' be collected by
the Countv'.Auditor as -before and shall.be deposited in the Improve-,
anent Bond Redemption Fund .
:he City`s Improvement
'ies A, and Improvement
authorizing the same,
974 maturinq after
redelptzon and pre-
tanding Improvement
g after February 1,,
on and prepayment on
of such issues may
lerk-tidministrator
12_ The said,, bonds when fully executed shall be delivered
�. by the City Treasurer to the purchaser thereof upon receipt of the
aurchase price, and the purchaser shall not be obligated to•see to
the proper application of the purchase price.
r
13. The City Clerk -Administrator and City Treasurer are
r'authorized ' and directed to prepare and Turn h to tbe purchaser and
„.
to the attorneys approving the issue, certifies: copies of all proceed-
ings and records relating,to the issuance of said General obligation
;;•:Refunding Bonds of 1976 and to the right, power and authority of
has caused notice of such redemption ,o be published in Commercial
}s "in
} Y Ile st accordance with 'Section 475 '54, Subd. 4, , Minnesota Statutes,'
and has mailed a,�copy of the notice.to the First National Bank of
`
"h
ry
, �Iinneapolzs in riinneapolis, Minnesota, 'the banks`' where such bonds
are payable":
9 The form° of Escrow A regiment
g proposed to be
entered into between,�the 'City"and .F,,irst flat ionaI Bank' of -Minneapolis `
:of , `Minneapol is , 'Minnesota,'as escrow
agent, ishereby approved and.shall be'executed
.;."
by the Mayor and
Clerk-Admnistrat or' in substantiallythe form on file with such
changes therein not inconsistent with Section 475.67, Minnesota
Statutes; 'or other'law as the officers executing ,the same may
F, approve, which approval shall be conclusively, evidenced by -the
{' execution thereof. The Escrow Agreement shall be irrevocable
,
�} and the. City hereby covenants to perform'the terms and conditions
:.
r. ,'thereof for so long as the Improvement Bonds of 1974, Improvement
,.
`
Bonds of 1970, Series A, and Improvement Bonds of 1970, Series B
are outstanding: .The City hereby agrees to pay the reasonable
,charges of the escrow agent for acting as such.':'
-
ay 10., Upon delivery of the..bbnds and receipt of the purchase
Price therefor, the Cityshall deposit $20721 7 .Consisting
'
of $ 2.635;417.g
t* I3 of proceeds of the Bon sand of 86'326.72
of :amounts -in the Improvement Bond 'Redemption Fund and general
available funds, of the':*City which are hereby appropriated for
such purpose, into the Escrow Fund as provided by the Escrow
,' Agreement ., --j Simultaneously with such deposit, $2 719 919.33 of
Fj, the foregoing sum shall be invested`�in the securities described
F� in,Exhibit .B.to the Escrow Agreement and the remaining $ 1.824.52
. .: hall be mal -rota ned as a cash balance.. To the extent necessary to
prevent tAeGere,ral Obligation Refunding Bonds of.1976 from being
w�� adeemed' arbitrage bonds under Section* 103 (d) 'of the Internal Revenue
' Code and proposed regulations thereunder, the securities acquired
�. ,with' the major portion, -of the proceeds of such bands may be purchased
prices:;exceeding market
g r prices for such securities. Securities'
, purchased _with, the major portion of',the proceeds shall be purchased'..
from or, through Ehlers':& Associates .Inc. and The First National ��- .. I Bank
Saint Paul— Securities_ acquired-Aiith the minor portion of the
y�
4. proceeds .R
.of theefunding Bonds shall be acquired at the then market
'prices f' om;' any ava°ilable ,source.
The firm of Ernst &.Ernst,`independent certified public
-`
.,•ry accountants -and consulting actuaries,.' is hereby authorized and directed
verify, that the deposits in the Escrow Fund under the Escrow Agree
'^rent.will
be 'suffl6ieiit to meet the requirements of Section 475.67,
' 2•innesota. Statutes;, and to compute the adjusted actuarial yield on
�faL the bonds and the 'cash and investment constituting the major portion.
o= bond proceeds and to�make_any other calculations necessary for:the,
purpose of: -determining compliance, with Section 103(d) of the Internal
"
Revenue Code and proposed regulations thereunder.
12_ The said,, bonds when fully executed shall be delivered
�. by the City Treasurer to the purchaser thereof upon receipt of the
aurchase price, and the purchaser shall not be obligated to•see to
the proper application of the purchase price.
r
13. The City Clerk -Administrator and City Treasurer are
r'authorized ' and directed to prepare and Turn h to tbe purchaser and
„.
to the attorneys approving the issue, certifies: copies of all proceed-
ings and records relating,to the issuance of said General obligation
;;•:Refunding Bonds of 1976 and to the right, power and authority of
-7_
.� -x < rb�t � .. �.h. .��:iY •f kr �� A '� �i�. - 5,.-K.y�k�i,i .r.,trr t"•� .... ���, m.'r'��i� �. �'��Y ..
he City ,and its officers to issue. -the same, and said °certified
copies and certificates shall be deemed the representations or the
C4ty as to the correctness of.all statements therein contained.
' f
14 The City Clerk -Administrator shall furnish a certified
copy of Qid.inanc' e No. 56 and . this resolution to t'rie County Auditor
or: Hennean County, . and 'obtain his certificate as required by law.
S f The motion for the adoption of the foregoing resolution
.gas duly seconded by Councilman and upon vote
being taken -thereon the following voted in favor thereof:
and the following'voted against the same:
i'
whereupon said resolution was declared duly passed and adopted.
OF M-11=SOTA )
5
,* .STATE
COiNTY OF h` �?IV ) SS .
;
4 3
CITY OF OR0N0 ) z
I, the' finders gr_ed," being "-the duly_ qual'if ied and acting
,
(
$< CityClerk-Administrator " of .the .City' of .Orono, Minnesota, hereby
certify -tha- I have carefully compared the attached and foregoing
extract�o minutes, of a meeting of the City Council of said City,
y
la' i with. -.the original thereof on fileand of `
record 'in -ny. office, ' end .the same is' a full' :true -and complete
'transcr�-he_efrom insofar as the ;`same .relates to the issuance
.and sale o= $2,635,"000 General Obligation Refunding Bonds of 1976
° .OZ r said, City.
WITNESS My hand officially and the seal of the Citv
this day of 1976.
City Clerk inistrator
City of Orono, Minnesota
(Seal)
+
-7_
.� -x < rb�t � .. �.h. .��:iY •f kr �� A '� �i�. - 5,.-K.y�k�i,i .r.,trr t"•� .... ���, m.'r'��i� �. �'��Y ..