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HomeMy WebLinkAboutResolution 1431 �, • ' • ' ,� ' ' RESOLUTION #1431 • Councilman Butler introduced the following writeen resolution and moved its adoption: A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $475,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 . BE IT RESOLVED By the City Council of the City of Orono, Minnesota, Hennepin County, Minnesota, as follows: 1. It is hereby determined: (a) That the following assessable, public improvements (the "Improvements"a have been made, duly ordered or contracts let for the construction thereof, by the City purs'u�nt to the provisions of Minnesota , Statutes, Chapter 429: Project Name Estimated Cost • Sanitary Sewer Trunk $142,727 Sanitary Sewer Lateral 84,495 Water Main 31,852 Storm Sewer 38 ,951 Streets - Navarre 45,497 Streets - Blaine & Co. Rd. 15 64,721 Total Construction Costs $408 ,-243 Contingencies 19,444 Capitalized Interest (net after esti�ted investment earnings) 38 ,000 Sub-total � $4b5, 687 Plus: Allowance for discount bidding (Bonds issued pursuant to M.S. Section 475. 56) 9 ,313 Total Bond Issue $475,000 (b) That it is necessary and expedient to the sound financial management of the .affairs of the City to issue $465,687 General Obligation Improvement Bonds of 1982, (the "Bonds") to provide financing for the Improvements. In order to provide in part • � : ` , .. ; � � � � the additional interest required to market the Bonds at this time, additional Bonds shall be issued in the amount of $9,37�3. Any excess of the purchase price of the Bonds over the sum of $465, 687 shall be credited to the - debt service fund for the purpose of paying interest first coming due on the Bonds. The Bonds shall be issued and sold in accordance with the terms of the Otficial Notice of Sale. 2. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the official notice of sale and to cause the abbreviated notice of sale to be published in tlie manner required by law. The City Council shall meet on Monday, November 22, 1982 at 7 :00 o'clock p.m. at the City Hall for the prupose of considering sealed bids on the Bonds and tal�ing an� • other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Adams , and upon vote being taken thereon, the following voted in favor: Mayor Van Nest, Councilmembers Admas, Butler, and Hurr and the following voted against: None . whereupon said resolution was declared duly passed and adopted. Wil iam . Van Nest, ayo Attest: � i�7.�,2�� � Alberta M. Strom, City Clerk � � � � ;� � ,, , � �� � OFFICIAL NOTICE OF BOND SALE • $475,000 GENERAL OBLIGATION IMPROVEMENT BONOS OF 1982 CITY OF ORONO, MINNESOTA , NOTICE IS HEREBY GIVEN that the City Council of the City of Orono, Minnesota, will meet at the Orono City Hall at 7:00 o'clock p.m., C.S.T., on Monday, November 22, 1982, to receive and • consider bids for the purchase of $475,000 negotiable coupon General Obligation Improvement Bonds of 1982 of the City on the following terms: Purpose and Secur�ty The purpose of the bonds is to provide funds to construct various improvements, including sewer, water main, storm sewer and streets, under Chapter 429, Minnesota Statutes. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged in • addition to special assessments levied with respect to the improvements. Date and Maturities The honds will he.dated�December 1, 1982, will be in the denor�Tnation of�$5,OOD each and • will mature on March-1 i�n •the'°'follo�ri:ng yea�+s and amounts: Year Amount Year � Amount 1985 $50,000 1992 $20,000 1986 75,000 1993 15,000 1987 • 50,000 1994 15,000 1988 75,000 1995 15,000 1989 50,000 1996 15,000 1990 25,000 1997 15,000 1991 . 25,000 1998 15,000 1999 15,000 • Al1 bonds are issued without option of prior payment. Interest Interest on the bonds will be Payable on September 1, 1983, and semiannually thereafter on each March 1 and September 1. All 6onds 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. Not more than 15 interest rates may be specified for the issue and tf�e maturities must be split not more than 15 ways for tfie purpose of designati.ng sucfi rates. Each rate must be in an integral multiple of 5/100%, and no rate of interest nor the net effective rate of the issue may exceed the maximum rate determined in accordance witft Minnesota Statutes, Section 475.55, Subdivision 4. No supplemental or "B" coupons will 6e permitted. ' - Paying Agent Principal and interest will be made payable at any suitable bank in the�United States designated by the successful bidder with.in 48 hours after award of sale, su6,�ect to approval by the City, and the City will pay the reasonable and customary paying agency c4arges. CUSIP Numbers It is anticipated that CUSIP identification numbers will be printed on the bonds, but neither the failure to print such number on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purc6aser tfiereof to accept delivery of and pay for said bonds in accordance with the terms of sale. All expenses in relation to the printing of CUSIP numbers on the bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall 6e paid for by the purchaser. • . .-; . •.� .� - � � , . ,, � � J � � C Deliver • Within 40 days after sale, the City will furnish and dellver to tfie purchaser, at the office designated by the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation questioning the validity of the bonds is then threatened or pending. The purcfiase price must be paid upon de7ivery of tfie bonds in funds irrenediately available for expenditure by the City on t6e day of payment.' Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned City Clerk and must be received prior to the time of said meeting. Each 6id must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $9,500, payable to the City Treasurer, ' to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid offeri.ng the lowest net i.nterest cost .(tota•1=ilitere.s.t frqm date of bonds to stated �aturi.ties, less `any casfi. premium or plus any amount less t6an $475,000 bid for principal) will 6e deemed tfie most favora6le. Tfie net effective rate on all Bonds may not exceed the , maximum interest rate to be determined in accordance witfi Minnesota Statutes, Section 475.55, Subdi- vision 4, for the month of November, 1982. t�o oral bid dnd no bi:d oP less than $465,687, plus accrued interest on all of the bonds, will be considered, and tf�e City Council reserves t6e right to reject any and a1T bids and to waiVe any informality in any bid. -- . BY ORDER OF THE CTTY COUNCIL /s/ A16erta M. Strom Ci ty Cl,erk '` • - S • :f� . - _. . . . . . � . . . - ... ' � .. �� . ' � .. . � . � � .. • .� .. �. � ' . '. . ' .. .. . ." . . . .. ...+..a J � �� , . . � r` � �� ,�• ` � . . � . � . • , NOTICE OF BOND SALE $475,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 CITY OF ORONO, MINNESOTA These Bonds will be offered on sealed bids on Monday, November 22, 1982, _ at 7:00 o'clock P.M. , C.S.T. , at the City Hall in Orono, Minnesota. The Bonds will � - •. be dated December 1, 1982, and wi71 mature on March 1 in the years and amounts as follows: Year Amount � Year Amount � � 1985 $50,000 • 1992 $20,000 1986 75,000 1993 15,000 1987 50,000 1994 15,000 1988 75,000 1995 15,000 1989 50,000 1996 15,000 � 1990 25,000 1997 15,000 1991 25,000 1998 15,000 1999 15,000 911 bonds are issued without option of prior payment. Interest will be payable on September 1, 1983, and semiannually thereafter on March 1 and September 1 of each year. An unqualified legal opinion will be • furnished by Messrs. Faegre & Benson, Minneapolis, Minnesota. � Dated: October 25, 1982 � BY ORDER OF THE CITY COUNCIL /s/ Alberta M. Strom � City Clerk � .