HomeMy WebLinkAbout5883 - ADMIN Resolution - City Council - 1977/10/20Q
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October 20, 1977
RESOLUTION NO. 5883
RESOLUTION AWARDING THE SALE OF $3,800,000 GENERAL
OBLIGATION IMPROVEMENT BONDS OF 1977, FIXING THEIR
FORM AND SPECIFICATIONS, DIRECTING THEIR EXECUTION
AND DELIVERY, AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota,
as follows:
1. The bid of Harris Trust and•Savings Bank, Continental Illinois National
Bank and Trust Co., & the First National Bank of Chicago, Chicago, Illinois,
(Joint Managers) to purchase $3,800,000 General Obligation Improvement Bonds of
1977, of the City described in the notice of sale thereof is hereby found and
determined to be the highest and best bid received pursuant to duly advertised
notice of sale and shall be and is hereby accepted, such bid being to purchase
such bonds at a price of $3,769,040.45 plus accrued interest to date of
delivery, such bonds to bear interest as follows:
1978 - 1980 incl. 4.007 1987 4.70%
1981 - 1983 incl. 4.30% 1988 4.757
1984 4.40% 1989 4.85%
1985 4.507 1990 4.90%
1986 4.607, 1991 - 1994 incl. 5.00%
The sum of $16,540.45, being the amount bid in excess of $3,752,500 shall
be credited to the bond sinking fund. All bonds issued which exceed $3,752,500
shall represent additional obligations in accordance with the provisions of
M. S. A. 475.56.
The City Clerk is directed to retain the good faith check of the successful
bidder pending completion of the sale and delivery of the bonds. The City
Clerk is directed to return the checks of the unsuccessful bidders forthwith.
2. The City of St. Louis Park shall forthwith issue and sell its General
Obligation Improvement Bonds of 1977, in the principal amound of $3,800,000
dated November 1, 1977, said bonds being 760 in number and numbered 1 to 760,
both inclusive, in the denomination of $5,000 each, bearing interest as above
set forth, all interest payable November 1, 1978, and semiannually thereafter
on May 1 and November 1 in each year, and which bonds mature serially on
November 1 in the years and amounts as follows:
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$175,000 in each of the years 1978 to 1983, both
inclusive;
$200,000 in each of the years 1984 and 1985;
$275,000 in each of the years 1986 and 1987;
$300,'000 in each of the years 1988 to 1992, both
inclusive; and
$150,000 in each of the years 1993 and 1994.
All bongs maturing after November 1, 1989 being subject to
redemption in inverse order of serial numbers on said date and
any interest payment date thereafter at a price of par and
accrued interest.
3. Both principal and interest shall be payable at
Harris Trust and Savings Bank, Chicago, Illinois.
and the City of St. Louis Park shall pay the reasonable charges
of said bank tot its services as paying agent.
4. The bonds and the interest coupons to be thereto
attached shall be in substantially the tollowing form:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF ST. LOUIS PARK
GENERAL OBLIGATION IMPROVEMENT BOND OF 1977
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KNOW ALL MEN BY THESE PRESENTS that the City ot St.
Louis Park, Hennepin County, Minnesota, acknowledges itself to be
indebted and, for value received, hereby promises to pay to
bearer, out of its General Obligation Improvement Bonds of 1977
Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of
November, 19 , and to pay interest thereon from the date hereof
until the principal amount is paid at the rate of
percent ( %) per annum, interest to maturity payable November
1, 1978, and semiannually thereafter on the 1st day ot May and
the 1st day ot November in each year in accordance with ana upon
presentation and surrender of the interest coupons hereto
attached as they severally become due. Both principal of and
interest on this bond are payable at the
in any coin or currency ot the United States of America which on
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the date.of payment is legal tender for public and private debts.
All bonds of this issue maturing after November 1,
1989, are subject to redemption at the option of the City in
inverse order of serial numbers on said date and any interest
payment date thereafter, at par and accrued interest.
This bond is one of an issue of bonds in the total
principal amount of $3,800,000, all of like date and tenor except
as to maturity, interest rate, redemption privilege and serial
number, all issued by the City for the purpose of providing money
to defray the expenses incurred and to be incurred in making
local improvements, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including
Minnesota Statutes, Chapter 429, and Section 6.15 of the Home
Rule Charter of the City, and is payable primarily from special
assessments against property specially benefited thereby, but
constitutes a general obligation of the City and, to provide
moneys tor the prompt and full payment of said principal and
interest as the same become due, the full faith and credit of the
City is hereby irrevocably pledged, and the City Council will
levy ad valorem taxes, if required tor such purpose, which taxes
may be levied on all of the taxable property in the City without
limitation as to rate or amount.
IT IS HEREBY CERTIFIED AND RECITED that all acts,
conditions and things required by the Constitution and laws of
the State of Minnesota and the Home Rule Charter of the City to
be done, to happen and to be performed precedent to and in the '
issuance of this bond have been done, have happened and have been
performed in regular and due form, time and manner as required by
law; and that this bond, together with all other inaebtedness of
the City outstanding on the date hereof and on the date of its
actual issuance and delivery does not exceed any constitutional
or statutory limitation thereon.
IN WITNESS WHEREOF, the City of St. Louis Park,
Hennepin County, Minnesota, by its City Council, has caused this
bond to be executed by the facsimile signature of the Mayor and
the manual signature of the City Manager and sealed with a
facsimile of the corporate seal of the City, and the interest
coupons hereto attached to be executed ana authenticated by the
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facsimile signatures of said officers, all as of November 1,
1977.
City Manager
(SEAL)
(facsimile seal)
(Facsimile)
Mayor
(Form of Coupon)
No. $
On the 1st day of May (November), 19 , the City of
St. Louis Park, Hennepin County, Minnesota, will pay to bearer,
out of its General Obligation Improvement Bonds of 1977 Fund at
the
the amount shown hereon for interest then due on its General
Obligation Improvement Bonds of 1977, dated November 1, 1977, No.
(facsimile signature)
City Manager
(facsimile signature)
Mayor
5. The City Clerk shall obtain a copy of the proposed
approving legal opinion of Messrs. LeFevere, Lefler, Pearson,
O'Brien and Drawz of Minneapolis, Minnesota, which shall be
complete except as to dating thereof and shall cause saia opinion
to be printed on each bond, together with a certificate
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to be signed by the facsimile signature of the City Clerk in
substantially the following form:
I hereby certify that the foregoing is a
full, true and correct copy of the legal opinion
executed by the above named attorneys, except as
to the dating thereof, which opinion has been
handed to me tor filing in my office prior to the
time of bond delivery.
(facsimile signature)
C ty Clerk
City of St. Louis Park, Minnesota
The City Clerk is hereby authorized and directed to execute such
certificate in,the name of the City, upon receipt of such opinion
and to file the opinion in his office.
6. The bonds shall be executed on behalf of the City
by the facsimile signature of the Mayor and the manual signature
of the City Manager, and the interest coupons shall be executed
and authenticated by the printed facsimile signatures of the
Mayor and City Manager, and the facsimile of the corporate seal
of the City printed thereon.
The bonds when fully executed, shall be delivered by the City
Treasurer to the purchaser thereof upon receipt of the purchase
price, and the said purchaser shall not be obligated to see to
the proper application thereof.
7. The bonds issued hereunder shall be payable from
the General Obligation Improvement Bonds of 1977 Fund hereby
created, and the proceeds of general taxes hereinafter levied and
special assessments to be levied for the improvements financed by
these bonds are hereby pledged to said fund. If any payment of
principal or interest on said bonds shall become due when there
is not sufficient money in said fund to pay the same, the City
Treasurer shall pay such principal or interest from the general
fund of the City and such fund may be reimbursed for such
advances out of proceeds of assessments for said improvement when
collected.
8. It is hereby determined that the City will levy
special assessments for the said improvements in the principal
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amount of at least 20% of the cost of said improvement. To pay
the City's share of the cost of such improvement, there is hereby
levied a direct annual irrepealable ad valorem tax levy against
all taxable properties in said City, which tax levied shall be in
the years and amounts as follows: (year stated being year of
levy for collection the following year.)
YEAR LEVY YEAR LEVY YEAR LEVY
$ $ ____ $
1977 182,232 1983 172,574 1989 187,043
1978 178,593 1984 167,998 1990 179,399
1979 174,952 1985 202,318 1991 171,600
1980 171,313 1986 195,739 1992 85,799
1981 167,400 1987 202,019 1993 81,899
1982 163,487 1988 194,608
It is hereby determined that the estimated collection of special
assessments tor the payment of said bonds and the foregoing ad
valorem tax levies, will produce at least five percent in excess
of the amount needed to meet, when due, the principal ana
interest payments on the bonds. The City Clerk is directed to
file a certified copy of this resolution with the County Auditor
of Hennepin County and obtain his certificate as required by
Minnesota Statutes, Section 475.63.
9. It is hereby determined that the improvements to be
financed by the issuance of bonds hereunder will directly and
indirectly benefit the abutting property, and the City hereby
covenants with the holders from time to time of said bonds as
follows:
(a) The City will cause the assessments for said
improvement to be promptly levied so that the first
installment will be collectible not later than 1978 and
will take all steps necessary to assure prompt
collection. The City Council shall cause all further
actions and proceedings relative to the making and
financing of the improvements financed hereby to be
taken with due diligence that are required for the
construction of each improvement financed wholly or
partly from the proceeds of obligations issued
hereunder, and tor the final and valid levy of special
assessments and the appropriation of any other funds
needed to pay the obligations and interest thereon when
due.
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(b) In the event of any current or anticipated
deficiency in said special assessments, the City
Council will levy ad valorem taxes in the amount of
said current or anticipated deficiency.
(c) The City will keep complete and accurate
books and records showing all receipts and
disbursements in connection with the improvement, the
taxes levied and the assessments levied therefor and
other funds appropriated for their payment, and all
collections thereof and disbursements therefrom, moneys
on hand and balance of unpaid assessments.
(d) The City will cause its said books ana
records to be audited at least annually by qualified
public accountants and will furnish copies of such
audit reports to any interested person upon request.
10. The tax levy herein provided shall be irrepealabre
until all of said bonds are paid, provided that the City Council
and City Clerk may annually, prior to October lOth, certify to
the County Auditor the amount available in the sinking fund to
pay principal and interest due during the ensuing year, and the
County Auditor shall thereupon reduce the levy collectible during
such year by the amount so certified.
11. The officers of the City are hereby authorized and
directed to prepare and furnish to the purchaser of the bonds and
to the attorneys approving the same, certified copies of
proceedings and records of the City relating to said bonds and to
the financial condition ana affairs of the City, and such other
certificates, affidavits and transcripts as may be required to
show the facts within their knowledge or as shown by the books
and records in their custody and unaer their control, relating to
the validity and marketability of said bonds and such
instruments, including any heretofore furnished, shall be deemed
representations of the City as to the facts stated therein.
12. The Mayor, City Manager and City Clerk are hereby -
authorized and directed to certify that they have examined the
official statement or prospectus prepared and circulated in
connection with the issuance and sale of $3,800,000 General
Obligation Improvement Bonds of 1977 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
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as it relates to the City of St. Louis Park.
Adopted by City Council October 20, 1977
Attest:
City Cle k
Reviewed for administration
Mayor
Approved as to form & lagality
City Attorney