HomeMy WebLinkAbout5837 - ADMIN Resolution - City Council - 1977/09/19SEPTEMBER 19, 1977
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RESOLUTION NO. 5837
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $3,800,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1977 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 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, 1977, 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
72-15 (Balance)
74-44
72-08
72-26
72-32
72-43 (Balance)
73-09 (Balance)
73-40 (Balance)
74-01 (Balance)
74-19 (Balance)
74-29, 30, 32
75-01
75-02, 07, 09, 10, 13
75-05
75-18
75-37
Amount of
Nature of Improvement Assessment
Paving, curb and gutter $ 17,743
Paving, curb and gutter 6,070
Paving, curb and gutter 57,938
Watermain 31,741
Watermain 18,912
Storm Sewer 244,048
Paving, curb and gutter 48,648
Parking lot 13,105
Paving, curb and gutter 52,255
Watermain 4,868
Paving, curb and gutter 344,911
Paving, curb and gutter 204,969
Alley paving 65,522
Street lighting 87,300
Paving, curb and gutter 30,834
Alley paving 9,173
Total assessed costs $1,238,037
Construction Completed or in Progress
Improvement Costs Assessed in 1977
Amount of
Improvement Numbers Nature of Improvement Assessment
68-12S Paving, curb, gutter and
street lighting $ 52,400
73-21 Storm sewer 25,061
74-33 Paving, curb and gutter 171,009
75-03 Paving, curb and gutter 95,454
76-01 Paving, curb and gutter 193,117
76-03, 04 Paving, curb, gutter and
sidewalk 315,508
76-24 Paving, curb and gutter 22,331
76-32, 35 Alley paving 15,495
Total assessed in 1977 890,375
Grand Total of Assessed
Construction Costs $2,128,412
and
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 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 improvements costs and the amount 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 1977 Bond Proceeds
Improvement Numbers
65-15
72-15
73-39
74-44
65-45
72-08
72-29
72-43
73-45
74-01, 32
75-01, 18
75-37
74-33
76-01
76-03
Nature of Improvement
Paving, curb and
Paving, curb and
Paving, curb and
Paving, curb and
Storm sewer
Paving, curb and
Sanitary sewer
Storm sewer
Paving, curb
Paving, curb
Paving, curb
Alley paving
Paving, curb
Paving, curb
Paving, curb
and
and
and
gutter
gutter
gutter
gutter
gutter
gutter
gutter
gutter
and gutter
and gutter
, gutter and
sidewalks
Amount
$ 19,000
32,000
67,000
3,000
198,000
54,000
3,000
690,000
13,000
400,000
106,000
3,000
78,000
90,000
44,000
Total City's share of costs $1,800,000
.41 ving;
and
WHEREAS, it is necessary that the City borrow the sum of
$3,752,500 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 $3,752,500 is necessary to defray the
expenses of said projects.
2. It is further determined that the amount of $3,752,500 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 $3,800,000 of General Obligation Improvement Bonds of 1977 with
$47,500 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 $3,752,500 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 $47,500 does not exceed two percent
(2%) of the amount otherwise authorized. That bids submitted to purchase
bonds in the total amount of $3,800,000 shall be at a price of not less
than $3,752,500 and that all amounts received by the Treasurer in excess
of $3,752,500 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 news-
paper 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 November 1, 1977, to bear interest payable on November 1,
1978, and semiannually thereafter on the 1st day of May and November in
each year, maturing serially on November 1 in years and amounts as follows:
1978
1979
1980
1931
1982
1983
1984
1985
1986
$175,000
175,000
175,000
175,000
175,000
175,000
200,000
200,000
275,000
1987
1988
1989
1990
1991
1992
1993
1994
$275,000
300,000
300,000
300,000
300,000
300,000
150,000
150,000
All bonds maturing after November 1, 1989 shall 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. LeFevere, Lefler, Pearson, O'Brien and Drawz, 1100 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
$76,000 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 $3,752,500 will be accepted; the Council reserves the right to
reject any and all bids, to waive informalities, and to adjourn the sale
if deemed expedient.
4. That on the 20th day of October, 1977, at 1:00 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 $3,800,000 improvement
bonds and take such other action in respect thereto as may be found necessary
or expedient. The City Clerk is further authorized to combine the notice
of sale of this issue with $200,000 General Obligation Building Bonds
which are authorized for sale on the same date and to provide that the
City will accept one bid for both issues.
5. The Mayor, City Clerk and City Manager are hereby authorized
and directed to review the official statement prepared to advertise
the sale of these bonds and to certify that they have examined the
official statement or prospectus prepared and circulated in connection
with the issuance and sale of the bonds and that to the best of their
knowledge and belief said statement is a complete and accurate representation
of the facts and representations made therein as of the date of said official
statement or prospectus.
Adopted by the city Council
Att st:
4 '-`V'''I
ity Clerk
eviewed for administration:
Acting City 'anager
Stember 19, 1977.
Ma
Approved as to form and legality:
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City ' torney