HomeMy WebLinkAboutResolution 1228 ,, '
, - , ��
• . Councilman Hurr. � introduc d\the following written
resolution and moved its adoption:� .
� RESOLUTION #1228
RESOLUTION AWARDING SALE OF $1, 100, 000 GENER.AL
OBLIGATION IMPROVEMENT BONDS OF 1984 FI�XING
THE FORM AND SPECIFICATIONS TI�REOF, PROVIDING
FOR THEIR EXECUTION AND DELIVERY AND
LEVYING TAXES FOR THEIR PAYN�NT
. BE IT RESOLVED by the City Council of the City of
Orono, Minnesota, as follows:
1. The bid of Al l i son Wi 11 i ams Companyof Mi nneapol i s,-��'"� � �
Minnesota to purc ase the u p to 1,100, 000
General Obligation Improvement Bonds of 1980 of the City as
advertised for sale is hereby found and determined to be the best
bid received pursuant to advertised notice of sale, and shall be
and is hereby accepted, said bid being to purchase bonds bearing
interest as follows: .�
7. 109� 1982 7.40% 1987 8.00% 1991-92
7.159� 1983 7.50� 1988 8.20% 1993 �
7.20q 1984-85 7.70% 1989 � . 8.40� 1994
• 7.25q. 1986 7.90q 1990 ' 8.60% 1995
at a price of $ 1,082,510.00 Plus accrued interest. 8'�5q 1996
2 . To provide permanent financing of Improvement
Projects Nos. 80-1 and 80-2 of the City, the City shall forthwith
issue its negotiable coupon, General Obligation Improvement Bonds
of 1980 in the aggregate principal amount of $ 1.100.000.00, to be
dated December 1, 1980, to bear interest at the rates above set
forth, payable September 1, 1981 and semiannually thereafter on
March 1 and September 1 in each year, and to mature serially on
. March 1 in the years and amounts as follows: �
1982 $50,000 1986 $75,000 1990 $75,000 1994 $75,000
1983 75,000 1987 75,000 ' 1991 75,000 1995 75,000
1984 75,000 1988 75,000 1992 75,000 1996 75,000
� 1985 75,000 1989 75,000 1993 75,000
�ke--C�r��r�re�e�-e�ec�s-�at-��-p�-i�iFra-�-amotrat-o�-th��onds be
redtxced-p�rrsna-rr�-tv-�ts-�'rghts-�nder-t3���terms-of-�a��-as-provrd8-d
rn-�e-f�orego�i�rg-ma-�urit�r-scizedl��c: All bonds maturing on or
after March 1, 1991 are subject to redemption at the option of
the City, in inverse numerical order on March l, 1990 and any
interest payment date thereafter at par, accrued interest and a
premium of 1.00% of the principal amount of each bond so redeemed.
The bonds shall be numbered serially from 1 upwards in chronologi-
cal order of maturity dates and shall be in the denomination fo
$5, 000 each.
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3 . Both principal and interest shall be payable at the main
�ce of the Northwestern Nati onal Bank of Mi nneapol i s :: , in Mi nneapol i s ,
Minnesota and t e City shal pay t e reaso �able charges o said
bank for its services as paying agent: � �
. 4. The bonds, and the interest coupons to be thereto
attached and the City Clerk's Certificate on the reverse side
thereof shall be in substantially the following, form:
fy .
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
. CITY OF ORONO -
No. � $5, 000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980
� KNOW ALL MEN BY THESE PRESENTS That the City of Orono,
Hennepin County, Minnesota, acknowledges itself to be indebted
and for value received hereby promises to pay to bearer the sum
of FIVE THOUSAND DOLLARS on the first day of March, 19 , and to
pay interest thereon from the date hereof until the principal �
amount is paid at the rate of �
• per annum, interest to maturity payab e Septe er 1,
981 and semiannually thereafter on the first day of March and
� the first day of September in each year in accordance with and
upon presentation and surrender of the interest coupons hereto
attached as they severally become due. Both princi�al of and
interest on this bond are payable at � - � -
� in Mi nneapol i s , Minnesota 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.
All bonds of this issue maturing in the years 1991 to
. 1996, inclusive, are subject to redemption and prior payment at
the option of the City in inverse numerical order on March 1,
1990 and on any interest payment date thereafter at par, accrued
interest and a premium of 1.00% of the principal amount of each
bond so redeemed. Thirty days ' prior notice will be given by
mail to the bank where the bonds are payable and to the last
known holder, and published notice of redemption will be given in �
the manner provided` by Minnesota Statutes, Chapter 475.
This bond is one of an issue of bonds in the aggregate
principal amount of $1,100,000 , all of like date and tenor,
except as to maturity, interest rate and redemption privilege,
issued pursuant to and in full conformity with the Constitution
and Laws of the State of Minnesota, including Chapter 429, Minnesota
Statutes, for the purpose of defraying the expenses incurred and
•
*the main office of the Northwestern • ,
National Bank of Minneapolis -3'
to be incurred in connection with Improvement Projects Nos. 80-1
Sand 80-2 of the City, consisting of sanitary sewer improvements;
and this bond is payable primarily from ta��s_ and special assess-
ments levied and to be levied from its Improvement Bonds of 1980
Fund, but constitutes a gen�ral obligation of the City; and to '
provide moneys for the prompt and full payment of said principal
and interest as the same become due the full faith and credit of
the City is hereby irrevocably pledged, and the City will levy
additional ad valorem taxes, if required for such purpose, without
limitation as to rate or amount.
IT IS HEREBY CERTIFIED AND RECITED That all acts,
conditions and things required by the Constitution and Laws of
the State of Minnesota 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 as required by law; and that this bond, together
with all other indebtedness of the City- outstanding on the date
hereof and the date of its actual issuance and delivery, does not
exceed any constitutional or statutory limitation thereon. �
IN WITNESS WI�REOF, the City of Orono, Hennepin County, �
Minnesota, by its City Council, has caused this bond to be executed
by the facsimile signature of the Mayor and manual signature of
the City Clerk, and a facsimile of the corporate seal of the City
to be printed hereon, and the interest coupons hereto attached to
• be executed by the facsimile signatures of said officers, all as
� of December 1, 1980.
• CITY OF ORONO
By
(Facsimile)
. Mayor . . _
� - /s/ Alberta Strom
City Clerk
(Seal)
�
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(Form of Coupon)
• No. .` _ s
[Unless the bond described below has been called for earlier
redemption] .
On the first day of September (March) , 19 , the City
of Orono, Hennepin County, Minnesota, will pay to-bearer at
the main office of the Northwestern National Bank of Minneapo]is �
in Mi nneapol i s , Minnesota, the amount shown hereon or the
interest then due on its General Obligation Improvement Bond of
1980, dated December 1, 1980, No.
(Facsimile Signature)
� Mayor �
(Facsimile Signature) � . �
City Clerk �
(Certificate as to Legal Opinion)
I , the undersigned, City Clerk of the City of Orono,
. Minnesota, hereby certify that except for the date line, the
foregoing is a full, true and compared copy of the legal opinion
of Messrs. Faegre & Benson, of Minneapolis, Minnesota, which was
delivered to me upon delivery of the bonds and is now on file in .
� my office.
(Facsimile Signature)
City Clerk
5. The Clerk is directed to cause said bonds to be
prepared, and the Mayor and the City Clerk are authorized and
directed to execute the same by the facsimile signature fo the
Mayor and manual signature of the City Clerk, and by the manual
signature of one of such officers, and to cause a facsimile of
the corporate seal to be printed on each bond, and to cause the
interest coupons to be executed and authenticated by the printed
facsimile signatures of said officers. The legal opinion of
Messrs . Faegre & Benson, of Minneapolis, Minnesota, respecting
the validity and enforceability of the bonds shall be printed on
the reverse side of each bond and shall be certified by the
facsimile signature of the City Clerk. When the bonds shall have
been so prepared and executed, they shall be delivered by the
City Clerk or City Treasurer in exchange for the purchase price
and upon receipt of the signed legal opinion of Messrs. Faegre &
• Benson, and the purchaser shall not be required to see to the
proper application of the proceeds. �
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� . . •
6. There is hereby created �a special fund, to be known
• as Improvement Bonds of 1980 Fund, and tl� principal of and
interest on the bonds herein authorized shall be paid from said
Fund; provided, however, that if the principal or interest upon
the said bonds shall become due and payable and there are insuf-
ficient moneys in said Fund to pay such principal and interest,
the Treasurer is authorized and directed to pay said principal
and interest from the general fund and thereafter to reimburse
said general fund from collections of taxes levied and special
assessments for Improvement Projects Nos. 80-1 and 80-2. The �
proceeds of the bonds herein authorized shall be deposited in a
separate construction fund to be used solely for the prepayment .
of expenses of Improvement Projects Nos. 80-1 and 80-2. Any
remaining proceeds may be used for any lawful purpose. All
collections of special assessments for Improvement Nos. 80-1 and
80-2 are hereby irrevocably appropriated and pledged to the
payment of principal of and interest on the bonds herein author-
ized, and the moneys and investments in the Improvement Bonds of
1980 Fund shall be used for no other purpose than to pay principal
of and interest on the said bonds until such principal and interest �
shall have been paid in full; provided, however, that nothing
herein contained shall prevent the issuance and sale of additional
bonds payable from the proceeds of such assessments to provide
additional funds to pay the balance of the cost of said improve-
ments.
• 7. It is hereby found and determined that the estimated
collection of special assessments pledged for the payment of said
bonds will, with the taxes hereby levied, produce at least five
percent in excess of the amount needed to meet, when .due, the
principal and interest payments on the bonds and further found
and determined that the special benefits to be assessed against
assessable property for each improvement will, in . any case, be
more than 20% of the cost of the improvement to the municipality.
For the purpose of paying the City' s share of the cost of said
improvements, there is hereby levied on all taxable property
within the corporate limits of the City a general ad valorem tax
� in the years collectible and in the amount provided as follows:
See attached computation of levy and assessments. �
8. The City Clerk is authorized and directed to
prepare and furnish to the purchaser and to the attorneys approv-
ing the bonds, certified copies of all proceedings and records
relating to the issuance of said General Obligation Improvement
Bonds of 1980, and to the right, power and authority of the City
and its officers to issue the same, and said certified copies and
• certificates shall be deemed the representations of tY�e City as
to all matters stated therein.
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• 9. The City Clerk shall furnish a certified copy of
this resolution to the County Auditor of Hennepin County, and
obtain his certificate as required by law.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilman Butler and
upon vote being taken thereon the following voted in favor thereof:
all in favor "
and the following voted against the same: None �
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA ) �
. �
COUNTY OF HENNEPIN ) SS.
)
CITY OF ORONO . )
• I, the undersigned, being the duly qualified and acting
City Clerk of the City of Orono, Minnesota, hereby certify that I
have carefully compared the attached and foregoing extract of
minutes of a meeting of the City Council of said City held
November 12, 1980 with the original thereof on file and of record
in my office, and the same is a full, true and complete transcript
therefrom insofar as the same relates to the issuance and sale of
$1, 100, 000 General Obligation Improvement Bonds of 1980 of said
City. .
WITNESS My hand officially and the seal of the City
this � day of �r,�,.,,��/ , 1980.
. ��,G�.��:� ��,_���.��
� City Clerk
City of Orono, Minnesota
(Seal) � �
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