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HomeMy WebLinkAboutResolution 1036 1 F .�, . . • ' � . . � . • Extract of Minutes of Meeting of the � City Council of the City of Orono, Hennepin County, Minnesota . . Pursuant zo due call and notice thereoi, a regular meeting of the City Council of the Gity of Orono, Minnesota, was � duly held at City Hall � i�i said City on Tuesday, the 22nd day of May, 1979, at 7 : 00 o'clock P.M. . The following members were present: Mayor Brad Van Nest, Councilmembers Jo Ellen Hurr, Mary C. Butler and Norman W. Paurus and th.e following were absent: Councilmember Walter B. Massengale • � x � � � �� �x �r � RESOLUTION #1036 Councilmember Butler introduced the following written resolution and moved its adoption: � RESOLUTION TO ISSUE AND SELL $ 27Q,000 GENERAL OBLIGATION STATE-AID ROAD BONDS OF 1979 BE IT RESOLVED by the City Council. of the City of Orono, Minnesota, as follows: - � 1. The City Council deems it necessary and expedient to issue and� sell $ 270 ,000 negotiable coupon, General Obligation S-tate-Aid Road Bonds of 1979 to provide financing for the costs of constructing and improving municipal state-aid streets within . . " the City, pursuant to the authority of Section 162. 18, Minnesota Statutes. � . . � 2 . The City Council will meet at the City Hall on Tuesday, the 26th day of June, 1979 , at 4 :00 o 'clock P.M. , for tabulation of the bids . The City Council will meet on the same � day at 7 : 00 o 'clock P .M. , for the purpose of considering the bids received for the purchase of said General Obligation State- ' Aid Road Bonds of 1979 . • 3 . The terms of such bonds and of the sale thereof shall be the terms set forth in the Official Notice of Bond Sale attached hereto as Exhibit A which shall be furnished to all interested bidders by the City Clerk and by Ehlers and � Associates, Inc. , fiscal. agents for the City. 4 V ` \ • � 4 . A brief notice of bond sale shall be published in the official newspaper and in Commercial West, a financial paper published in Minneapolis., Minnesota, at least ten days prior to the date of sale, which notice shall identify the following: , the principal amount and purpose of the bonds, the years during which the bonds mature, the time and place of receipt arid con� � sideration of bids, the approving legal opinion of Messrs. . Faegre & Benson of Minneapolis , Minnesota, and the names of the Clerk and Financial Consultants. , The motion for the adoption of the foregoing resolu- tion was duly seconded by Councilmember Hurr and . upon vote being taken thereon the following voted in favor � thereof: Van Nest, Hurr, Butler and Paurus and the following voted against the same : None .• . � � whereupon said resolution was declared duly passed and adopted. • • -2- . . • " • . STATE OF NIINNESOTA ) ' ) SS . ' � COUNTY OF HENNEPIN ) I, the undersigned, beirig the duly qualified and acting Clerk of the City of .Orono, Minnesota, hereby cer�ify that I have � carefully compared the attached and foregoing extract of minutes of a re�Iar meeting ot the City Council of said City, held May 22, 1979 with the original thereof, on file and of record in my office, and the same is a fu11, true and complete transcript � therefrom insofar as the same relates to the issuance and sal.e . of $ 270,000 General. Obligation State-Aid Road BQnds of 1979 • of the City. . � WITNESS My hand officially as such Clerk and the seal. of the City, this 25 day of rsay , 1979. � � � City Cler ministrator . . City of O no, Minnesota . . (Seal) � . / • � . • � �XHIBIT A OFFICIAL NOTICE OF SALE - • $ 270 ,000 GENERAL OBLIGATION STATE-AID ROAD BONDS OF 1979 CITY OF ORONO, MINNESOTA NOTICE IS HEREBY GIVEN THAT the City Council will meet at City Hall in the City of Orono, Minnesota, on Tuesday, June 26, 1979 , at 4 :00 o 'clock P.M. , C.D.T. , to receive and . open bids for the purchase of $270 ,000 negot�able coupon bonds of the City. The City Council will meet on the same day at � 7 : 00 o 'clock P.M. for the purpose of considering the bids received on the following terms: � Purpose and Security - The proceeds of the bonds will be used to pay the cost of con- � structing and improving municipal state-aid streets within the City. The bonds are being issued pursuant to Section 162. 18, - Minnesota Statutes, and will be payable primarily from amounts � to be allotted� to the City in the City's State-Aid Street Fund, but are general obligations of the City to which the full faith, credit and taxing powers of the City will be pledged. � • Date and Maturities The Bonds will be dated July l, 1979, will be in denomina- tions of $1,000 or $5, 000 each (bidder's option) and will mature on APril 1, without option of prior payment, in the years and amounts as follows: � . • Year. Amount . Year Amount 1981 $30, 000 1985 � $35,000 1982 30,000 1986 35,000 1983 � 30,000 � 1987 40,000 � 1984 35,000 1988 35, 000 Interest Interest on the bonds will be payable on April 1� 7-98p, and � semi-annually thereafter on each Octo�er :::l and April l. All� bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. There is no limitation as to the number of rates which may be specified . for the issue. Each rate must be an integral multiple of 5/100 of 1%, and no rate of interest nor the net effective average � rate of the issue may exceed 7% per annum. No supplemental or � "B" coupons will be permitted. � • � Paving Agent Principal ar_d in�erest ���ill be made payable at any suitable bank ' � in the Uri�ed States designated by the successful bidder within 48 hours a=ter award of sale, subject ta approval by the City, and the City :�;ill pay the reasonable and Customary paying agent . charges . � � Delivery Within 40 days aiter sale, the City will furnish and deliver �at the office of thz purchaser or, at. his option will deposit with a bar_k in the United States selected by him and approved by the City as its agent to permit examination by and to deliver to: the . purchaser, � the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litiga- tion in any manner questioning their validity is then threatened or pending. The charge of the delivery aqent must be paid by the � . purchaser, but alI other costs will be paid by the City. The . purchase price nust be paid upon delivery of the bonds, or within . five days after deposit ��ith the delivery agent, in funds avail- able for expenditure by the City on the day of payment. • . . Legal Opinion . An unqualified legal opinion on the bonds will be furnished by � Messrs. Faegre & Benson, of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the pur- chaser. . Cusip Numbers � It is anticipated that CUSIP identification numbers wil.l be printed on the bonds, but •neither the failure to print �such number on any bond nor any error with respect ther.eto shall . constitu�.e cause for a failure or re.fusal by the purchaser thereof to accept del.ivery of and pay for said bonds in accordance wi:th the terns o� sale. A11 expenses in relation to the printing of . CUSIP numbers on the bonds shall �be paid for by �the purchaser. Type of Bid - Amount . Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier`s or • certi�ied check or bank draft in the amount of $ 5 ,400 payable to the City TYeasure-r, to be retained kzy the City as liquidated . � -2- � J �. • � . . . � . - . � . 'Y � ,, • damages i� the bid i.s accepted and the bidder fails to comply � therewith. The bid authorizing the lowest net interest cost (total in�erest fron date of bonds to stated maturities, plus any discount or less any � cash premium) will be deemed the most . favorable. No oral bid� and no bid of less than $ 26�,, � .�3 plus accrued� interest on all of the bonds wi11 be considered and the City reserves the righ� to reject any and all bids and . to waive any informality in any bid. � . BY ORDER OF THE CITY COUNCIL � s L/`.� !��i� . - / / Clerk/Admin' trator � Further information may be obtained from and bids may be delivered � to: EHLERS AND ASSOCIATES, INC. , Financial Consultants to the � City, First National-Soo Line Concourse, 507 Marquette Avenue, Minneapolis, Minnesota 55402 . Telephone 339-8291 (Area Code 612) . • � • � , . -3- . .