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HomeMy WebLinkAbout5884 - ADMIN Resolution - City Council - 1977/10/20r October 20, 1977 RESOLUTION NO. 5884 RESOLUTION AWARDING THE SALE OF $200,000 GENERAL OBLIGATION BUILDING BONDS OF 1977, FIXING THE FORM AND SPECIFICATION, 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 & Trust Co., and The First National Bank of Chicago, Chicago, Illinois (Joint -Managers) to purchase $200,000 General Obligation Building Bonds 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, said bid being to purchase bonds bearing interest as follows: 1978 - 1980 incl. 4.00% 1981 - 1983 incl. 4.30% 1984 4.407, 1985 4.50%, at a price of $198,370.55. The sum of $870.55, being the amount bid in excess of $197,500, shall be credited to the bond sinking fund. The City Treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds, and the City Clerk is directed to return the checks of the unsuccessful bidders forthwith. The Mayor and City Manager are directed to execute on behalf of the City the purchase agreement submitted by the purchasers. 1 2. The City shall forthwith issue its negotiable coupon General Obligation Building Bonds of 1977 in the principal amount of $200,000 dated November 1, 1977, being 40 in number and numbered 1 to 40, both inclusive, in the denomination of $5,000 each, all bearing interest payable November 1, 1978, and semi-annually thereafter on May 1 and November 1 in each year, and maturing serially on November 1 in the years and amounts as follows: $25,000 in each of the years 1978 to 1985, both inclusive. All bonds of this issue are without option of prior payment. 3. Both principal and interest shall be payable at Harris Trust and Savings Bank, Chicago, Illinois. as designated by the purchaser and the reasonable charge of said bank tor services as paying agent shall be paid by the City. 4. It is hereby determined that the sum of $197,500 is the amount necessary to construct and equip an addition to the City's Municipal Service Center (City Garage) to provide needed storage facilities tor City equipment as set forth in a Council resolution adopted September 19, 1977 and additional bonds in the amount of $2,500 represents the higher rate of interest authorized by MSA Section 475.56 and does not exceed two percent (2%) of the amount authorized. 5. The General Obligation Building Bonds of 1977 and interest coupons to be thereto attached shall be substantially t.n the form attached hereto and made a part hereof and designated as Exhibit A. 6. The City Clerk shall obtain a copy of the proposed approving legal opinion of Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz which shall be complete except as to dating thereof, and shall cause said opinion to be printed on each bond, together with a certificate to be signed by his facsimile signature, 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 1 1 to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (Facsimile Sjnature) City Clerk The Clerk shall obtain a copy of the opinion at the time of bond delivery and execute a separate certificate as to such opinion upon receipt of such opinion and shall file the opinion in his office. 7. The bonds shall be prepared under the direction of the City Clerk and shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Manager and a facsimile of the City Seal of the City shall be affixed to each thereof, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and City Manager. The said bonds, when so executea, 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. 8. There is hereby created a separate sinking fund for said bonds, which shall be used tor no other purposes than to pay principal of and interest on said bonas, provided that if any payment of principal or interest shall become due when there is not sufficient money in said fund to pay the same, the Treasurer shall pay such principal or interest from the general fund of the City and said general fund shall be reimbursed for such advances out of moneys appropriated by the City Council for such purpose. 9. For the purpose of paying the principal of and interest on, said bonds, there is hereby levied upon all of the taxable property in the City a direct annual irrepealable ad valorem tax, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City and shall be credited to the sinking fund above provided, which tax is in the years and amounts as follows (the years shown are years of levy for taxes collectible during the following year): i 1 YEAR LEVY YEAR LEVY $ $ 1977 35,122 1981 30,843 1978 34,072 1982 29,715 1979 33,022 1983 28,617 1980 31,972 1984 27,431 A certified copy of this resolution shall be delivered to the County Auditor of Hennepin County in oraer to obtain his certificate pursuant to Section 475.63, Minnesota Statutes. 10. The County Auditor ana the officers of the City are hereby authorized and airected to prepare and furnish to the purchaser of the bonas, and to the attorneys approving the same, certified copies of all proceedings and records of the City relating to said bonds and to the financial conaition and affairs of the City, and such other certificates, affidavits ana transcripts as may be required to show the facts within their knowleage, or as shown by the books and records in their custody and under their control relating to the validity ana marketability of said bonds, and the power and authority of the City to issue said bonds. 11. 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 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 tnerein ds of the date of saia official statement or prospectus. f Attest: Adopted by City Council October 20, 1977 AltA.19 i . 052CA,L4)..41,1 y Clerk Reviewed for administration 1 n, N--C-------- Mayor Approved as to form & legality City Kttorney 1 1 EXHIBIT A 55,000 UNITED STATES OF AMERICA SATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK GENERAL OBLIGATION BUILDING BOND OF 1977 KNOW ALL MEN BY THESE PRESENTS, That the City of St. Louis Park, Hennepin County, Minnesota, acknowledges itself to be indebted, and, tor value received hereby promises to pay to bearer, out of its General Obligation Building Bond Fund, on the 1st day of November, 19 , the sum of FIVE THOUSAND DOLLARS and to pay interest thereon from the date hereof until the principal sum is paid at the rate ot per annum, interest payable November 1, 1978, and semiannually thereafter on the 1st day of May and the 1st day of November in each year in accoraance with and upon presentation and surrender ot the attached interest coupons as they severally become due. Both principal and interest on this bond are payable at the in any coin or currency of the United States of America which ori the date of payment is legal tenger for public and private debts and to provide money for the prompt and full payment of said principal and interest as the same become due, the full faith, credit and taxing powers of the City have been and are hereby irrevocably pledged. All bonds of this issue are issued without option of prior payment. This bond is one of an issue of bonds in the total principal amount of $200,000, all of like date and tenor except as to serial numbers, interest rate, and maturity date, all issued by the City for the purpose of providing money to construct and equip an addition to the City's Municipal Service Center, and issued pursuant to Section 6.15(b) of the Home Rule Charter of the City, and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including the Home Rule Charter of the City of St. Louis Park, and constitute a general obligation of the City, and to provide moneys for the prompt and full payment of saia principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged and the City Council has 1 levied ad valorem taxes for such purpose 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 City Charter 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 bona, together with all other indebtedness of the City outstanding on the date hereof and the aate of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN TESTIMONY WHEREOF, the City of St. Louis Park, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the City Manager and sealed with a facsimile of the City Seal and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of November 1, 19'7. Ci y'Manager (Facsimile) (Facsimile) (SEAL) Mayor (Form of Coupon) No. s On the 1st day of (May) (November), 19 , the City of St. Louis Park, Hennepin County, Minnesota, will pay to bearer out of it General Obligation Building Bonds of 1977 Fund at the amount shown hereon, tor interest then due on its General Obligation Building Bonds of 1977, dated November 1, 1971, No. (Facsimile) City Manager (Facsimile) Mayor