HomeMy WebLinkAbout5357 - ADMIN Resolution - City Council - 1975/09/139
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RESOLUTION NO., 5357
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $3,000,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1975 AAD 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 20% 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, 1975,
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 Nature of Improvement
73-05
73-06
73-18
73-20
73-23
73-25
73-28
73-29/73-32
73-33
73-38
73-42 & 44
73-48
74-05/74-10
74-39
Sidewalk
Paving, curb, and gutter
Paving, curb and gutter
Paving, curb and gutter
Bus plazas shelters
Paving, curb and gutter
Sanitary Sewer
incl. Sidewalk, Street Improvements
Sanitary Sewer
Watermain/Sanitary Sewer
Sidewalk/Street Improvements
Sanitary Sewer
incl. Alley Paving
Paving, curb and gutter
Total
Amount of
Assessment
$ 19,900
143,500
66,350
7,600
13,850
9,450
31,000
29,000
14,500
16,-000
4,100
4,850
59,550
2,750
Assessed Costs $ 422,400
Construction Completed or in Proaress
Improvement Costs Assessed in 1975
Amount o':
Improvement Numbers Nature of Improvement Assessment
65-45, A -B -C -D Storm Sewer $ 277,400
72-15 Paving, curb and gutter 71,400
72-28 Grading and paving 9,950
73-08 Paving, curb and gutter 170,000
73-09 Paving, Burk and gutter 130,100
73-39 Paving, curb and gutter 132,300
73-40 Parking lot 18,950
73-45 Paving, curb and gutter 42,150
74-01 Paving, curb and gutter 378,750
74-19 T^Tatermain 106,500
74-31, �:anitary Sewer 9,550
75-15 Sanitary sewer lift station 15,300
Total Assessed in 1975 $1,362,350
Grand Total of Assessed
Construction Costs $1,785,740
and
Thi.FREAS, 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 costs 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 1975 Bone Proceeds
Improvement Numbers Nature of Improvement Amount
65-15 & 2734-18 . Paving, curb and gutter $ 22,000
67-39 Storm Sewer 184,000
68-02 Storm Sewer 40,000
68-03 Storm Sewer 148,000
71-17 Sidewalks 2,000
72-07 B &-C Paving, curb and gutter 237,000
72-13 Paving, curb and gutter 37,000
72-14 Storm Sewer 529,000
72-35 Paving, curb and gutter 31,000
73-03 Paving, curb and gutter 4,000
73-05 Sidewalk 6,000
73-18 Paving, curb and gutter 10,000
Total City's Share of Costs $1,250,000
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and
WHEREAS, it is necessary that the City borrow the sum of
$2,962,500 to finance construction of the aforedescribed improve-
ments, and the issuance of general obligation improvement bonds is
authorized by Chapters 429 and 475 of th= :?innesota Statutes _anif
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 ,:r-., '_.t ;r
of St. Louis Park as follow,:
1. It is hereby determined that it is necessary to sclJ. .�c 'ds
to provide funds for the purpose of financing the aforedescribe3
public improvements and that the sum of $2,962,500 is necessary to
dafT-a :tea expenses of said projects.
2, It is further determined that the amount of $2,962,500
.:Mould be supplemented by the issuance of additional bonds as
authorized by Minnesota Statutes Section 475.56 and that the City
shall sell and issue $3,000,000 of General Obligation Improvement
Bonds of 1975 with $37,500 of said bonds being considered as
additional interest. The sale resolution selling these bonds
shall contain a statement indicating that the bonds of this series
sold in the amount of $2,962,500 shall be tha 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 $37,500 does not exceed two
percent (2%) of the amount otherwise authorized. That bids
submitted to purchase bonds in the total amount of $3,000,000
shall be at a price of not less than $2,962,500 and that all
amounts received by the Treasurer in excess of $2,962,500 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 denomination9 as
requested by the successful bidder within 48 hours after sale of
bonds, shall be numbered consecutively commencing with number 1,
shall be dated December 1, 1975, to bear interest payable on
December 1, 1976, and semi-annually thereafter on the 1st day of
June and December in each year, maturing serially on December 1Lit
in years and amounts as follows:
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1976 $200,000 1984 $200,000
1977 200,000 1985 200,000
1978 200,000 1986 200,000
1979 200,000 1907 200,010
1930 200,000 1988 200,n00
1981 200,000 1989 200,O00
1982 200,000 1990 200,0Q0
1983 200,000
s _ ,:n:.1, maturing after December 1, 1985, shall be subject to
redemption in Inverse nurrmricai order, on said date and any interest
payment .date thereafter at par a:IL' r.ccrued interest.
ge. .' notice shall rPci c that the City, within 40 days '_--OT
d_c.e . rale, will furnirh the printed bonds and approving legal
opinion of Mesars. LeFevaro, Lefler, Hamilton and Pearson, X1`-)3
Firs.. 1 a._?_ona1 Bank Building, Minneapolis, Minnesota, both witrlouc
cost LI the purcllaser, and that the fonds will be made payable at
any suitable bank or trust company designated by the successful
bide;F: subject to the approval of the City; all bids to be amom--
pari ed by a good faith check in the amount of at least $60,201) to
be forfeited as liquidated damages in the event the bid is
--Lccepte.3 by the City and the bidder fails to comply therewithg that
uc bi_d of less than $2,962,500 will be accepted; the Council
veserves the right to reject any and all rids, Co waive informal-
ities, and to adjourn the sale if deemed expedient.
4. That on the 22nd day of October, 1975, at 200 o'clock
P.M. (C.T.) at a special meeting of the City Council, the Council
will open and consider sealed bids for award and sale of said
$3,000,000 improvement bonds and take such other action in respect
thereto as may be found necessary or expedient.
Adopted by the City Council September 13, 1975.
Mayor
Attest:
City Clerk
Reviewed for administration: Approved as to form and legality:
City Manager City Attorney
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OFFICIAL NOTICE OF BOND SALE
$3,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1975
CITY OF ST. LOUIS PARK
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of
St. Louis Park, Minnesota, will meet in the Council Chambers
the City Hall of said City on Wednesday, the 22nd day of October,
1975, at 2:00 p.m. (C.T.) for the purpose of receiving and
considering sealed bids for the purchase of $3,000,000 General
Obligation Improvement Bonds, all bonds being dated December 1,,
1975, bearing interest payable December 1, 1976, and semiannually
thereafter on June 1 and December 1 and maturing serially on
December 1 in the years and amounts as follows:
$200,000 1976 through 1990
All bonds maturing after December 1, 1985, shall be subject
to redemption in inverse numerical order on said date and any
interest payment date thereafter at par and accrued. interest. The
bonds of the city are to be issued pursuant to Chapters 429 and 475
Minnesota Statutes, and Section 6.15 of the City Charter of the
City of St. Louis Park. Bonds will be in the denomination of
$5,000 each unless the purchaser within 48 hours after award
specifies higher denomination in multiples of $5,000.
The bonds will bear interest at the rate or rates specified
by the successful bidder, subject to the limitations stated below.
Principal and interest will be made payable at any suitable
banking institution designated by the successful bidder subject to
the approval of the city and the city will pay reasonable and
customary paying agency charges. Within 40 days after award of
the same and without cost to the purchaser, the city will furnish
and deliver to the successful bidder anywhere in the Continental
United States the printed and executed bonds and the unqualified
approving legal opinion of Messrs. LeFevere, Lefler, Hamilton and
Pearson of Minneapolis, Minnesota, and the customary final delivery
papers, including a certificate showing absence of litigation.
Payment must be made in federal or other immediately available
funds.
Bids may be submitted stating the same rate or rates of
interest from date of issue to maturity for all bonds having a
common maturity but not more than eight rates may be bid. No
basic rate applicable to bonds maturing in any one year may be
lower than the basic rate applicable to bonds maturing in any
earlier year. Each interest rate must be expressed in an integral
multiple of 1 /20th of one percent (1%). No rate may exceed seven
percent (7%) per annum on any bond for any portion of its term.
Additional interest coupons may not be used. Bidders are also
requested to state total interest cost and average interest rate.
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A11 bids must be in writing, enclosed in a sealed envelope, be
unconditional except as to the above opinion, be addressed to and
left with the City Clerk prior to the above time, be for all or
none of the $3,000,000 worth of bonds, must be accompanied by a
certified check, bank draft or cashier's check in the amount of at
least $60,000 payable to the order of the City of St. Louis Park to
be forfeited as liquidated damages in the event the bid is accepted
and the bidder fails to comply therewith.
Comparison of bids will be made on the basis of total interest
cost. No bid of less than $2,962,500 plus accrued interest on
$3,000,000 General Obligation Improvement Bonds, at the coupon rates
specified to the date of delivery will be considered. Oral bids
will not be accepted. The bid offering the lowest total interest
cost (total interest from December 1, 1975, to stated maturities,
plus any discount below par, less any cash premium offered) will be
deemed to be the most favorable.
The City reserves the right to waive any informality in any
bid, to reject any and all bids, and to adjourn the sale. The
issuer will assume no obligation for assignment or printing of CUSIP
numbers on the bonds or for the correctness of any numbers printed
thereon, but will permit such printing to be done at the expense of
the purchaser, if the purchaser waives any extension of the time of
delivery caused thereby.
BY ORDER OF TIT'S CITY COUNCIL
Earl E. Hanson
City Clerk
City of St. Louis Park