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HomeMy WebLinkAbout80-059 ~ ~ ~ e CERTIFICATION OF h1INUTES RELATING TO $1,475,000 GENERAL OBLIGATION IMPROVEMENT BONDS - OF 1980, SERIES B Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting:' A regular meeting held Monday,-June 2, 1980, at 7:30 o'clock P.M., at the City Hall Members present: Spande, Lekson, Zaun, Sindt and Nelson Members absent: None Documents Attached: Minutes of said meeting (including)c RESOLUTION NO . 80-59 RESOLUTION AUTHORIZING ISSUANCE, PRESCRIBING.. THE FORM AND DETAILS AND PROVIDING FOR THE. PAYMENT OF $1,475,-000 GENERAL OBLIGATION IMPROVEMENT BONDS -0F 1980, SERIES B I, the undersigned, being the duly qualified and ..acting recording. officer of the public corporation issuing ..the bonds. referred to in the title of this certificate, certifying that the documents attached hereto, as described above, have been. carefully compared faith the original records of said corporation in my legal custody,` from which they have been transcribed; that said..doeuments are a correct and complete tran~~ript of the minutes of a meeting of the. governing body. of said corporation,: and correct and complete copies of del resolutions and other actions taken and of alldocuments approved. by ,the governing body. at said meeting, so far as_they relate ~o 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 indicatedabove,: pursuant to call :and notice of such meeting .given as required by law. WITNESS my hand officially as ~uch.recard' g officer this 2nd day of .June, 198 r agnature Patrick McGarveY, City Administrator Councilmember zaun introduced the following resolution and moved its adoption: RESOLUTION NO. 80-59 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND .DETAILS AND PROVIDING FOR THE FAYMENT OF $1,475,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980, Series B BE IT RESOLVED by the City Council of the City of Lak?ville, Minnesota, as follows: Section 1. Authorization and Sale. This Council, by a resolution adopted Apri 21, 1980, authorized the issuance and public sale of $1,.475,000 General Obligation.Improvement Bonds of 1980, Series B, 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. Bonds in the principal amount of $1,330,738-are being issued to finance the. cost of improvement numbers 79-6, 79-14, 80-1 and a portion of improvement number 80-4, pursuant to .Minnesota Statutes,. Chapter 429 and Chapter 475, .and Bonds in the principal amount of $118,740 are being 'issued to .finance a portion of the cost of improvement number 80-4, pursuant to Minnesota Statutes, Section 115;46, and an additional $25,522 principal amount: of Bonds-representing. interest are being issued. pursuant to Minnesota Statutes, Section 475.56. Said Bonds having been sold at public sale in accordance with law shall be prepared. and delivered to .the purchaser thereof forthwith.. .Section 2. Bond Terms, Execution and Delivery. 2..01 'The Bonds shall be designated General Obligation Improvement Bonds of 1980, Series B, shall be dated June 1, 1980, shall be issued in the denomination of $5,000 each, numbered serially from 1 to 295, inclusive, shall mature serially on Februaryl 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 1982 $110,000 5.80 1992 $ 40,000 6.70$ 1983 110, 000 5. 90~ i993 40, 000 6. 80~ '1984. 110,000 "6.00 1994 35,000 6.90$ ..1985.... 110,000 6.00 1995 35,000 7.OQ~' 1986 110,000 6.10 1996 35,000 7.IO~a 1987 1I0, 000 6. 20~ 1997 ' 35, 000 7. 20~ 1988 110,000 6.30 1998 35,-000 7.30; 1989 115,000 6.40s 1999 35,000. 7.40% 1990... 115,000 6.500 2000 35,000 7.50% 1991 115,000 6.608 2001 35,000 7.50 The..maturities of the Bonds, together with the maturities of allother outstanding .general obligation bonds of the City, meet the requirements of Minnesota Statutes, Section 475.54. 2.02 Bonds maturing in the years 1982 through 1990 shall not be subject to redemption .prior to maturity, but Bonds maturing on or of ter February 1, 1991, shall be subject to redemption and prepayment at the option of the City, in inverse order of maturity dates, on, February 1, _.1990, 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 Eond prior to itsstated maturity date,. the City Adminis- trator shall cause notice of .the call ,for. redemption thereof to 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 mailed to the bank at which principal of and .interest on the Bonds are then payable and to the holder.-thereof, if !crown to the City Administrator, 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. The City Administrator is hereby authorized. and. .directed to maintain a register of the names and addresses -of the holders of prepayable Bonds who desire to register the serial numbers. of their Bonds .with him for the purpose of receivingsuch mailed notice. 2.03 :The .interest on the-Bonds shall be payable, semiannually on. each February 1 and August 1, commencing February 1, 1981. The principal of and interest on the 'Bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, Minneapolis, Minnesota,.whi~h is designated as paying agent, ar 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' AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF LAKEVILLE CFNERAL OBLIGATION IMPROVEMENT BOND OF 1980, SERIES B No. $5000 KNOW 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 1st day of February, 19 , or, if this bond is redeemable as provided below, then on a date .prior thereto on which it shal 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 heracf until said. principal sum is paid, or if this bond is redeemable, until it has. been duly called for redemption,:,:.payable semiannually on .each February l and August 1, commencing February 1, 1981, .interest to maturity being payable in accordance with and. upon presentation and surrender, of the interest .coupons appurtenant hereto.. Both principal 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. been and. are hereby, irrevocably pledged. This bond isone of an issue in the to*al principal amount of $1,475,000, all of like date and `tenor except as to serial number, maturity date, interest rate andredemption privilege, a portion thereof issued for 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, with the remaining portion thereof issued for the purpose of .financing a sewage. disposal .system within the City in accordance with the provisions of Minnesota Statutes, Section 115.46, and all are issued 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 Cty.Cauncil. Bonds of thisissue maturing in 1990 and earlier years are payable on their respective stated maturity dates without option of prior .payment, but bonds having stated maturity dates in 1991 and .later years. are each subject to redemption and prepayment at the option of the City on February 1,..1990 and any interest. payment date thereafter, at par and accrued interest. Bonds having the latest maturity date .shall be called first and if only a portion of the Bonds of a maturityare called the .Bonds to be redeemed shall be chosen by lot by the paying agent on 'behalf of the City. At-least thirty days prior to the date. specified for the redemption of any Bond 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 Bonds are then. payable and- to the holder of each Bond to be redeemed, if known, 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. Holders of prepayable Bands who desire to receive such notice may register their: names and addresses and the serial numbers of their. Bonds with the City Administrator. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the.Constituton..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,. do 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 alI 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. principal and interest, additional ad valorem taxes are required to be levied upon alltaxableproperty 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 WHEREQF 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, and by a printed facsimile of the official seal of the City, has caused this. bond also to be executed by the manual ,signature of one of said officers, and has caused this bond to be dated as of June 1, 1980. (Facsimile signature) (Facsimile signature City Administrator Mayor (Facsimile seal) (Manual Signature] {Form of Coupon) No. $ Unless the bond described below is subject to and has been duly called for earlier redemption, on the lst day of February (August), 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 its General Obligation Improvement Borid of 1980,.Series B, dated as of June 1, 1980, No. (Facsimile signature) (Facsimile signature) City Administrator Mayor (Form of certificate to be printed on the reverse side of each bond, following a full copy of the aegal. opinion). We certify that the above is a full, .true and correc copy of .the legal opinion..rendered by bond'caunsel on the issue of bonds of the City of Lakeville, Minnesota, which includes the within band, dated a5 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 andshall be executed on behalf of the Gity by the printed facsimile signatures of the Mayor and the City Administrator, and by. the manual signatures of either of said officers, and shall be sealed with a. printed facsimile of the. official corporate seal of the City..- The interest coupons attached to each. Bond and the legal opinion certificate shall be executed and authenticated by the printed facsimile signatures of the Mayor and 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. 1980 Improvement Construction Account. There is hereby established on the official books and. records of the .City a 1980 Improvement Construction Account, .Series B 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 eachsub-account until payment of all costs and expenses incurred in construction of the improvement 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 topay, 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 ail costs and expenses of said improvement. There shall also be credited to each sub-account all special assessments and .taxes 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-accountforit 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, Chap*er 429. All special assessments and taxes on hand in each .sub-account when terminated or thereafter receved,~and- any Bond proceeds not so'transferred,. shall be credited to the .1980 Improvement Bond Account in the. Debt Service Fund of the.City. Section 4. 1980 Improvement Bond Account, Series B. The Bonds to be ..issued shall be payablefroma separate and special 1980 Improvement Bond Account., Series - B, of the Debt-Service Fund of the, City, .which Account the .City .agrees to maintain until sain 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 t:ne.City, which shall be reimbursed therefor when sufficient money becomes available in said Account ©r Debt Service Fund. The moneys on hand in said Account from. time to time. shall be used only to pay the principal. of and .interest on the Bands. Into said .Account shall be paid. such amount of the proceeds. of the Bonds as is estimated to be necessary: to pay interest on the Bonds during the construction period ($82,135), ali special assessments and taxes collected after .the costs of the improvement have been .paid in full, and any excess band .proceeds, as provided in Section 3. Section 5. Special Assessm~ilts. The City hereby .covenants and agrees that, for the payment of the cost of '.improvements financed by the Bonds the City will da and perform .all .acts and things necessary for the final and. valid levy of special assessments in an .amount not less than 200 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 $1, 197, 872. `'The principal of said assessments shall be payable in annual installments, with interest on unpaid installments thereof from time to time. at the rate of not less than. 8. 00% per annum. It is presently estimated that the principal and interest on such special assessments will. be collected in the following .years and amounts: Year Amount Year Amount 1981 $.225,466 1991 $25,751 1982 192,872 1992 - 24,606 1983. 184,433 1993 23,462•, 1984 175, 995 1994 22, 317 , 1985:: 167,557 1995 21:,173 1986 159,119 1996 20,028 - 1987 150,680 1997 18,884 1988 142,241 1998 17,739` 1989 133,803 1999 16,595. 1990 125,369 2000 t5,44g' In the event that. any such assessment shall at any time be held invalid. with respect to any lot or tract'af-land, due to any error, defect or irregularity in-any .action or proceeding taken or to be taken by the Cityor 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 daall such further things and take all such further proceedings as shall be required by law to make suchassessmenta valid .and 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.` Tn order to produce sumsfor the payment of the. principal of l and interest on the .Bonds which, together with Bond proceeds appropriated to pay interest coming dus 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 City, a direct, annual, ad valorem tax which shall be .spread. upon' -the tax rolls for the years and: in the amounts-set forth below, and collected with .and. as a part. of other general taxes of the City in the .respective ensuing collection ..years: Levy Collection- Levy Collection Year Year Amount Year Year Amount 1980 1981 -0- 1990 1991 -$43,198 1981 1982 -0- 1991 ~ 1992. 41,529 1982 1983 $ 1,563 1992 1.993 34,567 1983 1984 18,413 1993 -'1994 33,176 1984 1585 19,921 1994 1995 31,747 1985 1986 21,313. 1995 1996 30,283 .1986 1987 22,591 1996 1997 28,781 1987 1988.. 29,004 1997 1998 27,243 1988 19.89 29,714 1998 1999 25,668 .1989 1990 30,299 1999 2000 24,059 Said tax shall be irrepealable 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 7. 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 the 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 withrespeet to anyprepayable Bonds according to their aerms,. 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 redemption has been duly given as provided herein. The.City may also at any time discharge its 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 Nand at such rates-and maturing on such dates as sha11 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 and directed. to file a certified copy of this resolution with the County. Auditor. of.Dakota.County, together 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 and directed to prepare and furnish. to the purchasers of the Bonds, and to the attorneys approving -the legality thereof, certified copies of al.l proceedings and records. relating.. to the Bonds and such other affi- 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 intheir custody and control or as otherwise known' to-them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all 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 offirmative actions within its powers. which may be necessary to insure that ; i such interest will. not become subject to taxation under the Internal Revenue Code. Internal Revenue Code as used herein includes the Code and all regulations, amended regulations and `proposed regulations 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 103{c) of the Internal Revenue Code and the regulations, existing and proposed, promulgated .thereunder. Mayor Attest: City Adminis rator -The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Nelson anu upon vote being taken thereon, the following voted in favor thereof : Spande, Lekson, Zaun, Sndt and Nelson and the following voted against the same: None whereupon said resolution was declared duly passed and .adopted, and was signed by the Mayor and attested by the .City Administrator.