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HomeMy WebLinkAbout82-060 CFRTTFICATiON OF MINUTES RELATING 'TO $8fi5,000 GENERAL OBLIGATION IMPROVEMENT. BONDS . OF 1982 Issuer:.. City of Lakeville, Minnesota Governing Body: City Council ' Rind, date, time and place. of meeting: A regular meeting. held Monday, August 30, 1982, at 7:00 o'clock P.M., at the City HaI1 Members .present: Nelson, Jensen, Zaun, Sindt, Enright Members absent: Nane Documents Attached: Minutes of said meeting (including): - RESOLUTION NO. ~ 82-60 ' RESOLUTION'AUTHORIZING ISSUANCE, AWARDING _ SALE, PRESCRIBING THE FORM AND DETAILS. AND. PROVIDING FOR TBE~PAYMENT OF $8b5,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF • 1982 I, the undersigned, being. the duly qualified and acting recording o€ficer of the public corporation issuing the bonds referred to in the title. of this. certificate, certify that the documents attached hereto, as described „ above, have been carefully compared with the original records of said: corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of ail resolutions and other .actions taken and of all documents approved by the . governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by .the • governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such record.' g officer this 3oth day of august , 8 Signature Patrick McGarvey, City Administrator The City Administrator presented to the Council. . affidavits showing pub~.ication in the official newspaper and the Commercial West of notice of sale of $865,000 General-0bligation improvement Bonds of 1982, of .the City, for which sealed bids were to be received and considered at this meeting in accordance with the resolution adopted by the .City Council on August 2 ,1982. Said affidavits were examined and found satisfactory and directed to be placed on file. . ~ The Administrator then announced that sealed . bids had been received-at his office prior to 7:00.P.M. pursuant to said notice of sale. The Bids were then opened, read and checked, and the highest and best bid of . - each bidderwasfound to be as follows: Bid For Interest Total Interest Cost Name of Bidder .Principal Rates - Net Average Rate Counclmember zaun introduced the following .resolution aid moved its adoption: RESOLUTION N0. 82-b0 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE~FORM AND DETAILS AND-PROVIDING FOR THE PAYMENT OF $865,000 . GENERAL OBLIGATION IMPROVEMENT. BONDS OF 1982 BE IT RESOLVED by the City Council of the City. of Lakeville, Minnesota, as follows: , Section 1. Authorization and. Sale.. 1.01 This Council, by resolution adopted August 2, 1982, authorized the issuance and public sale of $865,000 General Obligation Improvement Bonds of 1982 of - . the City, to finance the cost of the local improvements. . designated in Section 1 of said resolution, Said resolution is incorporated herein. by reference. . 1.02 Notice of. sale of the Bonds has been duly published, and the Council, having examined and considered all bids received pursuant to the published notice, does • hereby find and determine that the .most. favorable bid received is that of of ,.Minnesota, and associates,. to ..purchase. the Bonds at `a price of $ plus accrued interest. on all Bonds to the day o~livery-and gayment, on the further terms and conditions hereinafter set forth. 1.03 The sale of the Bonds is hereby awarded to said.bi8der, and the Mayor and City Administrator are hereby authorized and directed on behalf of the City to execute a contract for the sale of the Bonds in accordance with the terms of said bid. The good faith check of -the e successful bidder shall be retained by the City Administrator until the Bonds have. been delivered and the purchase price paid. The good faith checks of other bidders shall be returned to them forthwith. Section 2. Bond Terms, Execution and Delivery. 2.01 The Bonds shall be designated General Obligation Improvement B©nds of 1982, shall be dated September 1, 1982, shall be issued in the denomination of '$5,000 each, ..numbered serially from 1 to 173, inclusive,' shall mature .serially on February 1 in..the-respective years and amounts stated below,. and shall bear interest from date of issue until paid or duly called for redemption at the respective annual rates set forth. opposite such-years and amounts, as follows: . Year Amount Rate Year Amount Rate 1984 $ 20,000 $ 1993 $ 50,000 1985 50,000 $ 1994 50,000 $ 1986 50,000 $ 1995 50,000 $ 1987 50,000 $ 199E 50,000 $ 1988 50,000 $ 1997 50,000 ~ .1989 50,000 $ 1998 50,000 $ 1990 50,000. $ 1999 50,000 $ 1991 50,000 ~ 2000 50,000 $ 1992 50,000 ~ 2003 45,000 ~ 2.02 Bonds maturing in the years 1-984 through . 1993 shall not be subject to redemption prior.. to ,maturity, ,but Bonds maturing on or after February 1, 1994, shall be subject to redemption and prepayment at the option of the City on February 1, 1993 and any interest payment date thereafter, at a price equal to the principal amount thereof and accrued .interest to the date of redemption. The Bonds shall be subject to redemption and prepayment in inverse order of maturity and by lot within~a maturity, as selected by the paying agent specified in Section. 2.03 on behalf of the City. At least thirty days prior to the date set for redemption of any Bond prior to its stated maturity date, the City Administrator shall cause notice of the call for redemption thereof to be published in a daily ar weekly periodical published in a Minnesota city. of the first class, or its metropolitan area, which :.circulates throughout the state and furnishes financial... news as a part of its service, and mailed to-the bank at which principal of and interest on the Bonds are then payable.,-but no defect in or failure to ,give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond. 2.03 The interest on the Bonds shall be payable semiannually on each February l and August i, commencing August 1, 1983. The principal of and interest on the Bonds shall be payable at the main office of the , In , Minnesota, which is designated as paying. agent, or in the event of its resignation, removal or incapability of acting as paying agent, at the office of such successor paying agent as may be appointed by the Council.. 2.04 The Bonds, appurtenant interest coupons .and certification of legal opinion shall be in substantially the following form: UNITED STATES OF AME"RICA STATE OF MINNESOTA COUNTY OF DAROTA CITY OF LAKEVILLE GENERAL~OBLIGATION IMPROVEMENT BOND OF 1982 No. $5,000 . RNOW ALL MEN BY THESE PRESENTS that the City of Lakeville, a duly organized and existing municipal corporation of the County of Dakota, State of Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer upon presentation and surrender of this bond, the sum of FIVE THOUSAND DOLLARS on the lst day of February, 19 , or, if this bond is redeemable as provided below, then. on a date prior thereto on which it shall have been duly called for redemption, and to pay interest on said principal sum at the rate of per cent ( per annum, from the date hereof until said principal sum is paid, or if this. bond is redeemable, until it has-been duly called. for redemption, payable semiarmually on each February l and August 1, commencing August 1 , 1983, interest to maturity being payable in accordance with and upon presentatiion and • surrender of the interest coupons appurtenant hereto. Bothprin~pal and .interest are payable at , in , Minnesota, in any coin or currency of the United States of America which on their respective dates. of payment is legal tender for payment of public and .private debts. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the- City.have beenand are hereby irrevocably pledged. This bond is one of an issue in the total principal amount of $865,000, all of like date and tenor except as to .serial number, maturity date, interest rate and redemption privilege, issued £or the purpose of financing the construction of local improvements • heretofore duly ordered to be made within the City in accordance with the provisions of Minnesota Statutes, Chapter 429, pursuant to and in full. conformity with the ° ' ~ Constitution and laws of the State of Minnesota thereunto- .enabling, and pursuant to resolutions duly adopted by the City Council.. Bonds of this issue maturing in 1993 and earlier years are payable.ontheirrespective stated maturity dates without option of prior payment, but bonds having stated maturity dates.. in 1994 and ia_er years are each subject to redemption and prepayment at the option of the City on February 1, 1993 and any interest payment date .thereafter, at par. and accrued interest. The Bonds.. are subject to redemption and prepayment in inverse order of maturity and by lot within a maturity, as selected, by the paying agent on behalf of the City. At least thirty days prior to the date specified for the redemption of any 3ond prior to its stated maturity date, notice of the call for.. redemption will be published in a daily or weekly periodical published in a~Minnesota city of the first class, or its metropolitan area, which circulates throughout the state and furnishes financial news as a part of its service, and will be mailed to the bank at .which the B©nds are then payable, but no defect in or failure to give such mailed notice of redemption shall. affect the validity of proceedings for the redemption of . any Bond. IT IS HEREBY.CERTIFiED, RECITED, CQVENANTED AND AGREED that all acts, conditions and things required by ' the Constitution and laws of the. State of Minnesota to be done, to exist, to happen,. and to be performed preliminary to and in the issuance of this-bond in order to make it a valid and binding general obligation of the City in . ~ accordance with its terms, have been done, c3o exist, have .happened and have been performed as so required; that prior to the issuance hereof the City has covenanted and: agreed to levy special assessments upon property specially. benefited by-the local improvements financed by the bonds, and has. agreed to levy ad valorem .taxes upon all taxable property in the City, which special assessments and taxes will be collectible for the years and in amounts sufficient to produce sums not less than 5$ in excess of .the principal of and interest on -the bonds of this issue when due, and has appropriated such special assessments and taxes to the payment of such principal and interest; that if necessary for payment of such grncipai and interest, additional ad valorem taxes are required to be levied upon all taxable property in the City, .without limitation as to rate or amount; and that the issuance of this bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF the .City of Lakeville, Dakota County, Minnesota, by its City Council, has caused this bond and the interest coupons appurtenant hereto and the certificate appearing on the reverse side hereof to be executed by the printed facsimile signatures of the Mayor and the City Administrator, has caused this bond also. to be executed bythe manual signature of a duly authorized officer of The .First Na Tonal Bank of Saint. Paul, which has been designated as authenticating agent, .and has caused this-bond. to be dated as of September 1, 1982. ' (Facsimile signature) (Facsimile signature) - City Administrator Mayor ' THE FIRST NATIONAL BANR OF SAINT PAUL Authorized Signature - j (Form of Coupon} No. $ Unless the bond described .below is subject to and has .been duly called for earlier redemption, on the 1st ' day of August (February}, 19 ; the City of Lakeville, .Dakota County, Minnesota, will pay. to bearer at ~ , in Minnesota, the :amount shown hereon in lawful money of the United States of America, for. the interest then due on i*_s General-Obligation Improvement Bond of .1982, dated as of September 1, 198:2, No. .(Facsimile-signature) {Facsimile :signature} • City Administrator Mayon • {Form ofcertifcate to be printed on the reverse side of each bond, following a full copy. of the legal opinion) We certify than the above is a full, true and correct copy of the legal opinion rendered by bond .counsel - • on the issue of bonds of the City of Lakeville, Minnesota, which includes the within bond, dated as of the date of delivery of and payment for the. bonds. - (Facsimile signature} (Facsimile signature) • City Administrator Mayor 2.05 The Bonds shall be prepared under the direction of the City Administrator and. shall be executed on behalf of the City by the printed facsimile signatures of the Mayor and the City Administrator, and by the manual signature of a duly authorized-officer of The .First National Bank of Saint Faul, which is hereby designated as authenticating agent pursuant to Minnesota Statutes, Section 4?5.:55. ~'he authenticating agent is authorized to • execute and authenticate the Bonds on behal€ of the.City upon receipt of notification from bond counsel for the City that. all proceedings required to be taken to authorize their issuance have been completed, and that, upon execution, the Bonds will be valid and binding obligations of the City in accordance with their terms and the provisions of this resolution. The interest coupons attached~to each Bond and the legal opinion certificate- shall be executed. and authenticated by the grinted facsimile signatures of the Mayor ana the City Administrator.. When the Bonds have been so•executed and authenticated, they. shall be delivered by the City. Administrator to the purchaser thereof upon payment of the purchase price in accordance with the contract of sale heretofore made .and executed, and said purchaser shall not • be obligated to see to the application of the. purchase price.. Section 3. 1982 Im rovement Construction . Account. There is hereby established on the of icial books and records of the City a_1982 Improvement Construction Account of the Special Assessment Fund of .the City. and a sub-account for. each improvement financed by the Bonds, and: the City Administrator shall continue to maintain each sub-account until payment of all costs and expenses incurred in construction of the imgrovement for which it is established. To each sub-account there shall be credited from the proceeds of_ the Bonds an amount equal to the estimated cost of the improvement for which the sub-account was established less such amount as was established to be necessary to pay ' interest incurred during construction;. and such other funds as may from time to-time be appropriated by this Council; and from each sub-account there shall be paid all • costs and expenses of said improvement. There shall also be credited to each sub-account alI special assessments collected with respect to the improvement financed by the Bonds, until all costs of said improvement have been fully paid. After payment of all costs incurred with respect to • each improvement, the sub-accountfor it shall be - discontinued and any Bond proceeds remaining therein may be transferred to the other funds or accounts established for. construction of other improvements instituted pursuant to Minnesota Statutes, Chapter 429. A31 special assessments on hand in each sub-account when terminated or thereafter received, and any Bond proceeds not so transferred, shall be credited to the 1982 Improvement. Bond Account in the .Debt Service Fund of the City.' Section 4. _1982 Improvement Bond Account. The . Bonds to be issued shall be ..payable from a separate.and- special 1982 Improvement Bond Account of .the Debt Service Fund. of the City, which Account the City agrees to ~ mantain until said Bonds have been paid in full. If the money in said Account should at any time be insufficient to pay principal and interest due on the Bonds, such amounts shall be paid from other moneys on hand in said Fund, or," if necessary, from the General• Fund of the City, which-shall be reimbursed therefor when sufficient.. money becomes available in said Account or.Debt Service Fund. .Into said Account shall be paid such amount of'the. proceeds of the Bands as is estimated to be necessary to pay interest on the Bonds during the construction period. all special assessments collectedafterthe ' costs of the improvement have been paid in full, all taxies collected pursuant to Section 6 hereof, and any excess bond proceeds, as provided in Section 3. Section 5. Special Assessments. The City hereby covenants and agrees that, for the payment of the cost of improvements financed by the Bonds the City will do and perform all acts and things necessary for the final and valid levy of special assessments in an amount not less • than 2D$ of the cost of each of .the improvements financed by the Bonds. It is presently estimated assessments-will be levied in the aggregate amount of $ , and said • assessments are hereby authorized., The principal of said assessments shall be payable in annual installments, wth_ interest on unpaid installments .thereof from .time to time at the rate of not less than $ per annum. It is ° presently estimated that t'_:e principal and interest on such special assessments will be collected in the following years and amounts during the term of the Bonds: Year Amount Year Amount 1983 $ ~ 1993 $ 1984 1994 • 1985 1995 1986 1996 198? 1997 1988 1998 1989 1999 l9ga aoao 1991 1992 In the event that any such assessment shall at any time be held invalid with respect to any lot or tract of land, due tv any error, defect or irregularity in any action or proceeding taken or to be taken by the City or by this Council or by any of the officers or employees of the City, either in the making of such assessment or in the .performance of any .condition precedent thereto., the City hereby covenants and agrees that it will forthwith do all such further things and take all such further proceedings as shall be required by law to make such assessment a validand binding lien upon said property. Section 6. Pledge of Taxing Powers. For the prompt and full payment of the principal of and. interest on said Bonds as such .payments respectively become due, the full faith, credit and unlimited taxing powers of the City shall be and are hereby irrevocably pledged. In order to produce sums for the payment of the principal of and interest on the Bonds. which, together with Bond proceeds appropriated to pay interest coming due during the construction period and the collections of the assessments .and interest thereon, are not less than 5$ in excess of such principal. and interest when due, there is hereby levied upon all taxable property in the Gity, a direct, annual, ad valorem tax which shall be spread upon the tax r©lIs for the years and in the amounts set forth below, and collected with and as apart of ether general • taxes of the City in the respective ensuing collec ion .years: Levy Collection Levy Collection • Year Year Amount Year Year. Amount 1982 2983 $ 1991 1992 $ 1983 1984 1992 1993 1.984 1985 1993 1994 198S 1986 1994 1995 1986 1987 1995 1996 198? 1988 1996 1997 • 1988 19.89 199.7 1998 . 1989 1990 1998 2999 1990 1991 1999 2000 Said tax shall be irrepea2ab2e as long as any of said Bonds are outstanding and unpaid; provided, that. the City reserves the right and power to reduce the levies in the manner. and to the. extent .permitted by Minnesota Statutes, Section 475.61. • Section Defeasance. When all of the Bonds issued and all coupons appertaining thereto have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the Bonds shall cease. The-City may discharge its obligations with respect to any Bonds and coupons appertaining thereto which are due on any date by depositing with the paying agent on or before that date a sum sufficient for she payment thereof in full; or, if any . Bond or coupon should not be paid when due, it may. nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof'in full with interest accrued to the-date of such deposit. The City may also discharge its obligations with respect to any. prepayable Bonds according to their terms, by ' depositing with the paying agent on or before. that date an amount equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemptionhas been duly given as pr©vided herein. The City may also at any time discharge i s obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent ° .for this purpose, cash. or securities which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing on such dates as . shall be required to pay_ all principal, interest and redemption premiums to become due thereon to maturity or said redemption date. ° Section 8. Registration of Bonds. The City Administrator is hereby authorized ana directed to file a certified copy of this resolution. with the County Auditor • of Dakota County, togethQr with such .additional. ° ..information as he shall require, and to obtain from said ° County Auditor a certificate that the Bonds have been duly entered upon his bond register and that the tax required for .the payment thereof has been levied and filed as • required by law. Section 9. Authentication of Transcript. The officers of the City and the County Auditor are hereby .authorized anc3 directed to prepare and furnish to the. purchasers of the Bonds, and to the attorneys. approving the legality thereof, certified copies of all proceedings and records relating to the Bonds and such other aff- davits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds, as the same appear from the books and records in their custody and control or as otherwise known to them, and ali such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the City as to the correctness of alI statements contained therein. Section 10. Arbitrage.. 10.01.. The City covenants and agrees•with the holders from time to time of the Bonds herein authorized, that it will not take, or permit to be taken by any of its officers, employees or agents,•any action which would • • cause the interest payable on the Bonds to become subject to taxation under the United States Internal Revenue Code;. and that it will take, or it will cause its officers, employees or agents to take, all affirmative actions within its powers which may be necessary to insure that such interest will not become subject to taxation under the Internal Revenue Code. Internal Revenue Code as used herein includes the Cade and all regulations, amended regulations and proposed regulati©ns issued thereunder, as • now existing or as hereafter amended or proposed.. . 10.02. .The Mayor and the City Administrator being the officers of the City charged with the responsibility for issuing the Bonds pursuant to this resolution, are authorized and directed to execute and deliver to the purchaser a certification in order to • satisfy. the provisions of .Section Z03(c) of the Internal . Revenue Code and the regulations, existing and proposed, promulgated thereunder. yor Attest: City Administrator The motion for the adoption of the foregoing resolution was duly. seconded by Councilmember rreZson and upon vote being taken thereon, the following voted in favor thereof: Nelson, Jensen, Zaun, Sindt, Enright and the following voted against the same: crone whereugon.said resolution was declared duly passed and _ _ _e: adopted.