HomeMy WebLinkAbout4493 - ADMIN Resolution - City Council - 1972/04/17ORIGINAL
RESOLUTION NO. 4493
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $5,000,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1972 AND AUTHORIZING
ADVERTISEMENT FOR BIDS
WHEREAS, pursuant to resolutions heretofore adopted by the
City Council ordering the following described public improvements,
contracts have been entered into for construction thereof as
authorized by Section 429.011 to 429.111, Minnesota Statutes, and
said improvements have been completed and accepted by the City and
at least 207, of the costs of said projects have either been
assessed or will be assessed against benefited properties, or
computed and determined for assessment prior to October 10, 1972,
the number and nature and status of each improvement and the
estimated total assessable cost or the amount of assessed and
assessable cost being in each case as follows:
Construction Completed - Improvement
Costs Assessed in Prior Years
Improvement Numbers
65-30
60-96
66-08 D & E
70-24A
70-42
70-43
70-44
70-47
70-51
70-52
71-13
66-17 (Balance)
70-06 (Balance)
68-12, 70-08 (Balance)
Nature of Improvement
Amount of
Assessment
Storm Sewer $ 71,883
Alley Paving 8,238
Sidewalk 1,431
Paving, Curb & Gutter 4,127
Alley Paving 8,626
Alley Paving 6,606
Alley Paving 6,340
Alley Paving 5,710
Alley Paving 10,994
Fencing Pond 6,254
Alley Paving 6,426
Storm Sewer 32,419
Storm Sewer 132,005
Street Surfacing,
Curb & Gutter 101,035
Total Assessed Costs
$ 402,094
Construction Completed or in Progress
Improvement Costs to be Assessed in 1972
Amount of
Improvement Numbers Nature of Improvement Assessment
62-27
69-25
70-01
71-01
71-02
71-03
71-04
71-05
71-10
71-14
and,
Grading, Retaining Wall,
Bridge
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Paving, Curb & Gutter
Total Estimated Assessable Costs
Grand Total of Assessed and Estimated
Assessable Costs
$ 873,550
76,726
118,610
527,237
314,909
4,285
252,352
214,000
12,737
271,632
$ 2,666,038
$ 3,068,132
WHEREAS, pursuant to resolutions heretofore adopted by the City
Council the following described improvements have been completed or
are in the process of being completed and at least 20% of the costs
of said projects have been assessed or will be assessed against
benefited properties for each project and financing has been completed
except for the share of said projects to be paid by special assessments
levied against City owned property or such portion of the cost of
the improvements as the city Council has determined to be paid from
general ad valorem tax levies as the City's share of said projects
and said improvement costs and the amounts necessary to finance the
City's share of said costs are as follows:
Construction Projects Completed or in
Progress and City's Share of Improvement
Costs to be Financed by 1972 Bond Proceeds
Improvement Numbers
65-30
66-17
70-24, 70 24A
71-01
71-02
71-04
71-05
72-28
Nature of Improvement Amount
Storm Sewer
Storm Sewer
Paving, Curb
Paving, Curb
Paving, Curb
Paving, Curb
Paving, Curb
Paving, Curb
(Balance)
and Gutter
and Gutter
and Gutter
and Gutter
and Gutter
and Gutter
Total City's Share of Costs
$ 168,000
427,000
55,000
310,000
230,000
200,000
200,000
410,000
$ 2.000.000
and,
WHEREAS, it is necessary that the City borrow the sum of $4,937,500
to finance construction of the aforedescribed improvements, and the
issuance of general obligation improvement bonds is authorized by
Chapters 429 and 475 of the Minnesota Statutes and Section 6.15 of the
Home Rule Charter of the City of St. Louis Park,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of St. Louis Park, as follows:
1. It is hereby determined that it is necessary to sell bonds
to provide funds for the purpose of financing the aforedescribed
public improvements and that the sum of $4,937,500 is necessary to
defray the expenses of said projects.
2. It is further determined that the amount of $4,937,500
should be supplemented by the issuance of additional bonds as
authorized by Minnesota Statutes Section 475.56 and that the City
shall sell and issue $5,000,000 of General Obligation Improvement
Bonds of 1972 with $62,500 of said bonds being considered as ad-
ditional interest. The sale resolution selling these bonds shall
contain a statement indicating that the bonds of this series sold
in the amount of $4,937,500 shall be the sum considered necessary to
finance public improvements and further determining that the City is
selling additional bonds to represent the higher rate of interest as
authorized by Minnesota Statutes, and that such additional bonds in
the amount of $62,500 does not exceed two percent (27.) of the amount
otherwise authorized. That bids submitted to purchase bonds in the
total amount of $5,000,000 shall be at a price of not less than
$4,937,500 and that all amounts received by the Treasurer in excess
of $4,937,500 shall be credited to a sinking fund for the payment of
interest on these obligations.
3. That the City Clerk is hereby directed to cause notice of
sale to be given by publication, at least ten days in advance of
the sale, in the official newspaper, the St. Louis Park Sun, a
regular newspaper having general circulation in the City of St. Louis
Park, and in Commercial West, a financial paper published at
Minneapolis, Minnesota, with general circulation throughout the
State of Minnesota, and in the Bond Buyer, a financial newspaper
published in New York City, New York, which notice shall recite that
the City of St. Louis Park proposes to issue and sell its bonds, in
denominations of $5,000 or such higher denominations as requested by
the successful bidder within 48 hours after sale of bonds, shall be
numbered consecutively commencing with number 1, shall be dated
June 1, 1972, to bear interest payable on June 1, 1973, and semi-
annually thereafter on the 1st day of December and June of each
year, maturing serially on June 1st in years and amounts as follows:
1973 $325,000 1981 $325,000
1974 325,000 1982 325,000
1975 325,000 1983 350,000
1976 325,000 1984 350,000
1977 325,000 1985 350,000
1978 325,000 1986 350,000
1979 325,000 1987 350,000
1980 325,000
Bonds maturing after June 1, 1982, will be subject to redemption in
inverse numerical order, on said date and any interest payment date
thereafter at par and accrued interest.
Said notice shall recite that the City, within 40 days from
date of sale, will furnish the printed bonds and approving legal
opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson,
2200 First National Bank Building, Minneapolis, Minnesota, both
without cost to the purchaser, and that the bonds will be made
payable at any suitable bank or trust company designated by the
successful bidder subject to the approval of the City; all bids
to be accompanied by a good faith check in the amount of at least
$100,000 to be forfeited as liquidated damages in the event the
bid is accepted by the City and the bidder fails to comply therewith;
that no bid of less than $4,937,500 will be accepted; the Council
reserves the right to reject any and all bids, to waive informali-
ties, and to adjourn the sale if deemed expedient.
4. That on the 24th day of May, 1972, at 2:00 o'clock P. M.
(C.D.S.T.) at a special meeting of the City Council, the Council will
open and consider sealed bids for award and sale of said $5,000,000
improvement bonds and take such other action in respect thereto as
may be found necessary or expedient.
Adopted by the City Council April 17, 1972.
Attest:
Reviewed for Administration:
411111 -11.: -
Approved as to form and legality:
Manager City A orne
y