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HomeMy WebLinkAboutResolution 1762 . ,., .+ . _ . ;;� Ci.t� of ORONO l • RESOLUTION OF THE CITY COUNCIL ;�R � NO. 1761 � - • • � RESOLUTION • - CITY OF ORONO ' SENNEPIN COIINTY, MINNESOTA RESOLIITION AUTHORIZING AGREEMENT WITH CITY ADMINISTRATOR RELATING TO DEFERRED COMPENSATION ' s WHEREAS , Mark E. Bernhardson ( "Bernhardson" ) , City Administrator of the City of Orono has elected to be excluded from membership in the Public Employees Retirement Association, which election has been appro�ved by tlie City Council; and WHEREAS, prior to such action the City has contributed an employer's contribution to the Public Employees Retirement Association for his account in accordance with Minnesota Statutes, Section 353.27, • Subdivisions 3 & 3a; and, WHEREAS, by reason . of such election, the City's employer contribution to P�!tA on his account will cease; and, , WHEREAS, Minnesota Statutes, Section 353.028, Subdivision 3, , provides as follows: "DEFERRED COMPENSATION: CITY CONTRIBUTION. If an election of exclusion is made, and if the City Manager and the governing body of the City agree in writing that the additional compensation is to be def erred and sha 1 1 be contributed on beha 1 f. of the City _ Manager to a deferred compensation program which meets the re- quirements of Section 457 of the Internal Revenue Code of 1954 , as amended through December 31, 1980, the governing body may . compensate the City Manager, in addition to the salary allowed under any limitation imposed on salaries by law or charter, in an ' � amount equal to the employer contribution which would be required by Section 353.27 , Subdivision 3, if the City Manager were a member of the association. NOW, THEREFORE, BE IT RESOLVED by •the City Counci 1 of the - City of Orono, Minnesota, as follows: . � � � a . . page 1 of 2 � � � ' [ .F� , . �. . � Ci.t� of:ORONO �. � '� RESOWTION OF THE CITY COUNCIL <i� � NO. 1761 ,�_ � :�� ' • • 1. In� addition to the City Adminis�trator's salary now in effect or which may hereafter be established from time to time as his � stated salary, shall be compensated in an additional amount equal to the employer contribution which would be required by Minnesota Statutes, Section 353.27 , Subdivision 3 and 3a, if he were a member of the Public Employees Retirement Association subject, however, to the provisions of the following paragraph of this resolution. 2. Such additional compensation shall be paid only if and during the t�.«� that there is an agreement between City and Bernhardson wherein it is agreed in writing that the additional compensation' is to be deferred and shall be contributed on behalf of � Bernhardson to a deferred compensation program which meets the requirements of Section 457 of the Internal Revenue Code of 1954, � as amended through December 31, 1980. � 3 . The Mayor, acting for and in behalf of the City, is authorized anci directed to enter into an agreement of a type described in the foregoing paragraph no. 2 with Bernhardson. Upon the execution of such agreement, the Mayor, City Admin- istrator and other appropriate officials of the city are authorized to take the actions necessary to give effect to the provisions of such agreement. . ADOPTED, this the 13th day of May, 1985 , by the City Council�, City of Orono. � Signed: � � ' Mary . B�t er, Mayor ATTEST• - � � Mar�C E. Be nhardson, City Administrator . � � . page 2 of 2 � . •, . � . , 0 Extract of Minutes of Meeting of the City Council of the City of Orono, Hennepin County, Minnesota Pursuant to due call and notice thereof, a regular meeting •of the City Council of the City of Orono� Minnesota, was duly held in the City Hall, in said City on Monday, May 13 , 1985, at 7:00 o'clock P.M. The following members were present: Mayor Butler, Councilmembers Grabek, Frahm, Tim Adams and Lynn Adams . and the following were absent: none . RESOLUTZON NO. 1762 * * * * * * * * * • Member Frahm introduced the following written resoluti.on and moved its adoption: RESOLUTION TO ISSUE AND SELL $900,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 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 $900,OOO� General Obligation Improvement Bonds of 1985 to provide financing of estimated costs including con- tract price, construction interest and legal, fiscal and miscel- . laneous costs for a local improvement of the City pursuant to the • authority of Minnesota Statutes, Chapter 429, being constructed i�n whole or in part as Project No. 85-1, consisting of sanitary . sewer improvements, and also to provide additional interest in the amount of $17,561 in the form of additional obligations as , authorized by Minnesota Statute•s, Section 475.56. 2. ' The City Council has made all necessary investiga- tion and hereby finds and determines as follows: • : f . � � • - . c� • � . • . a. The City Council has held a public hearing after due notice regarding such improvement and has . ordered such improvement. . b. Contracts for the construction of such improvement will be entered into within the time prescribed by ' law. c. The City Council hereby finds that such improve- ment will be a special benefit to property in the � City. : d. The City Council hereby further finds that special assessmen�s for such improvement may and will be levied on the benefited property in an amount " equa�T to at least 20$ of the cost thereof. � 3. Sealed bids for the Bonds will be received by the City Finance Director until 4 : 00 o'clock P.M. on Monday, June 10, • 1985. The City Council will meet at the City Hall at 7: 00 , � o'clock P.M. the same day for the purpose of considering the bids and awarding the sale of the Bonds. The terms of the Bonds and the sale thereof sha11 be as set forth in the following Official • Notice of Bond Sale, which is hereby approved: . . . -2- . � • ' • OFFICIAL NOTICE OF BOND SALE ' $900, 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985 CITY OF ORONO, ' HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN That� these bonds will be offered for sale according to the following terms: TIME AND PLACE: Bids will be received by the City Finance Director on Monday, June 10, 1985 , until 4 : 00 o'clock P.M. , at the City Hall, City of Orono, Minnesota. The City Council will meet at 7 :00 o'clock P.M. the same day to consider the bids and award the sale. . TYPE OF BOND: Fully registered general obligations in the denomination of $5, 000 or any integral multiple thereof up to the amount of any single �maturity as specified by the purchaser. ' PURPOSE: Financing of local improvement projects in the City pursuant to Minnesota Statutes, Chapter 429. • DATE OF BONDS: July 1, 1985. INTEREST PAYMENTS: January 1 , 1986 and semiannually thereafter on January 1 and July 1. MATURITIES: January 1 in amounts and each of the years as follows: $ 50,000 in 1987 to 1992, $ 60, 000 in 1993 to 1997, and $ 75, 000 in 1998 to 2001, all years inclusive � REDEMPTION: All bonds maturing on or after January 1 , 1996 shall be subject to redemption and prior payment in whole or in part in inverse order of maturity on January 1 , 1995 and any interest payment date thereafter at p�r and accrued interest. � REGISTRAR, TRANSFER AGENT AND PAYING AGENT: The Registrar, Transfer Agent and Paying Agent will be a bank or � trust company designated by the City at the time of award of the sale of the bonds and the City will reserve the right to select such successor agents as the City may hereafter designate by notice to the registered owners� of bonds not less than 60 days prior to any change. Interest shall be paid by check or draft mailed to registered owners of bonds as shown by the registration � _3_ . . � � � ` � • books of the Cit on the 15th da of the month recedin , y y p g each interest payment date. The bonds will be transferable only upon the registration books of the City kept by the Registrar. CUSIP NUMBERS: It is anticipated that CUSIP identifica- tion 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 purchaser thereof• 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 be paid for by the purchaser. , DELIVERY: Within 30 days of the date of sale, subject to the approving legal opinion of Faegre & Benson, Minneapolis, Minnesota. Bond printing and legal opinion will be paid by the ' City and delivery will be against payment in immediately avail- ' able funds anywhere in the continental United States without cost • to _ the purchaser. TYPE OF BID: Sealed bids for not less than $882, 439 plus accrued interest on the principal amount of $900 ,000 from • the date of the bonds to the date of delivery must be received by the City Finance Director prior to the time specified above. A certified or ca:�hier's check payable to the order of the City Finance Director in the amount of $18,000 must accompany each bid to be forfeited as liquidated damages if the bidder fails to comply with an accepted bid. Bids should be addressed to , Mr. Thomas Kuehn, City Finance Director, Orono City Hall, P.O. Box 66, Crystal Bay, Minnesota 55323. RATES: All rates must be in integral multiples of 5/100ths of 1$ and no rate may exceed the maximum rate permitted by law. All bonds of the same maturity shall bear a single uniform rate from date of issue to maturity. The intere�t rate for the bonds of any maturity shall not be less than the rate for any prior maturity. AWARD: The bid offering the lowest net interest cost will be deemed most favorable. The net interest cost is to be determined by adding the amount of any discount ($900, 000 less � amount of purchase price) to, or subtracting the amount of any premium (excess of purchase price over $900, 000) from, the total interest from the date of the bonds to stated maturities. The net average interest rate for the issue may not exceed the maximum rate permitted by law. • � . - -4- . � , . ' • The City Council reserves the right to reject any and , all bids , to waive any informality in any bid and to adjourn the � sale. - Dated: May 13, 1985. ' � � BY ORDER OF THE CITY COUNCIL /s/ Dorothy Hallin , City Clerk Orono City Hall Orono, Minnesota Further information may be obtained from the Financial . Consultant: ' Ehlers & Associates, Inc. First National-Soo Line Concourse 507 Marquette Avenue � Minneapolis, Minnesota 55402 (612) 339-8291 � • � -5- f ' i � ' • , � 4. A brief notice of bond sale shall be published in • the official newspaper o£ the City and in Commercial West, a financial paper published in Minneapolis, Minnesota, at least ten days prior to the date of sale, which notice shall identify the following: the principal amount of the bonds, �the years during which the bonds mature , the time and place of receipt and consid- • eration of bids, the approving legal opinion of Faegre & Benson of Minneapolis, Minnesota, and the names of the Clerk and Financial Consultants. The motion for the adoption� of the foregoing resolution was duly seconded by Member Grabek and upon vote being . taken thereon the following voted in favor thereof: Butler, Grabek, Frahm, Tim Adams and Lynn Adams,. and the fqllowing voted against the same: none , whereupon said resolution .was declared duly passed and adopted. w � Mary C. u ler, Mayor ATT �ST: i , � • `Do othy M allin, City Clerk • -6- s , ,> � . ., � � . • . . • STATE OF MINNE$OTA ) ) SS. ' � COUNTY OF HENNEPIN ) 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 regular meeting of the City Council of said City, held May 13, 1985, 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 $900,000 General Obligation Improvement Bonds of 1985 of the City. • . WITNE�S My hand officially as such Clerk and the seal of the City this �� day of ,�y , 1985. , , � ��P/ - � Cr y Cle � City of ono, Minnesota (Seal) , � . -7- � , ,� 3� � . _ ,�„ � � � ., r , ' ; . ► , • ' NOTICE OF BOND SALE $900,000 ' GENERAL OBLIGATION � IMPROVEMENT BONDS OF 1985 CITY OF ORONO, MINNESOTA . (HENNEPIN COUNTY) These bonds will be offered Monday, June 10 , 1985 Sealed bids will be received until 4: 00 o'clock P.M. , C.D.T. , at the City Hall, Orono, Minnesota. The bids will then be opened and tabulated for presentation to and award of sale by the City Council at 7: 00 P.M. , the same day. The bonds will be - dated July 1, 1985 and will mature on January 1 in the following years and amounts: $ 50, 000 in 1987 to 1992, . $ 60, 000 in 1993 to 1997, and � $ 75, 000 in 1998 to 2001, all years inclusive, all Bonds maturing on or after January 1, 1996 being subject to � redemption at the option of the City on January 1 , 1995 and any interest payment date thereafter at par and accrued interest. No rate of interest nor the effective average rate of the issue may exceed the maxitnum rate permitted by law. An unqualified legal opinion will be furnished by Faegre & Benson, of Minneapolis , Minnesota. � ' Dated: May 13, 1985. BY ORDER OF THE CITY COUNCIL . /s/ Dorothy Hallin City Clerk City of Orono, Minnesota , ' Further information may be obtained from the Financial Consultants: Ehlers & Associates, Inc. First National-Soo Line Concourse 507 Marquette Avenue � Minneapolis , Minnesota 55402 " . (612) 339-8291 • , -8-