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HomeMy WebLinkAbout6988 - ADMIN Resolution - City Council - 1981/10/19October 19, 1981 8a RESOLUTION NO, 6988 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,000,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1981 AND AUTHORIZING AD- VERTISEMENT 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 429.022 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, 1981, 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 Projects Completed - Improvement Costs Assessed in Prior Years Improvement Projects 75-39, 78-05 77-11C, 78-48 77-38B 77-58 78-44, 44A, 80-03 79-01, 04, 08, & 79-10 79-03, 79-11, 79-13, 79-35A 79-42 79-50 79-55 80-19, 80-46 Nature of Improvement Alley paving Street lighting Landscaping Street lighting, paving, sidewalk Street lighting, paving, storm sewer Paving, curb & gutter Paving, curb & gutter, watermain, street lighting & san. sewer Watermain Sanitary sewer - lift station Paving, curb & gutter, utilities Sanitary sewer Total Assessed Costs - Prior Years Amount of Assessment $ 34,750 87,300 52,300 23,350 169,650 328,600 317,700 117,750 9,500 13,500 82,250 $1,236,650 Construction Projects Completed or in Progress - Improvement Costs Assessed in 1981 Improvement Projects 80-40, 80-49 80-11, 11A, 12, 15, 17, 23, 26, 47, 55 73-14, 79-02, 80-01, 02, 02A, 06, 80-06A, 07, 08, 42, 81-01, 13 77-26, 78-41, 79-41 78-22, 78-49 80-05 80-38 and Nature of Improvement Alley paving Street lighting Paving, curb & gutter Sidewalk Paving, curb & gutter, signals, street lighting Paving, curb & gutter, sidewalks Sanitary sewer Total Assessed,Costs 1981 Grand Total of Assessed Construction Costs Amount of Assessment $ 38,000 222,500 1,028,000 37,000 180,000 278,500 15,200 $1,7.99,200 $3,035.850 WHEREAS, the current bond market is at an all time high and it appears feasible and prudent to issue Temporary Improvement Bonds as authorized by Minnesota Statutes Section 429.091, Subd. 3, and WHEREAS, it is necessary that the City borrow the sum of $2,955,000 to finance construction of the aforedescribed improvements,_and the issuance of general obligation temporary 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 $2,955,000 is necessary to defray the expenses of said projects. 2. It is further determined that the amount of $2,955,000 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 $3,000,000 of General Obligation Temporary Improvement Bonds of 1981 with $45,000 of said bonds being considered as additional interest. The sale resolution selling these bonds shall contain a statement indicating that the bonds of this issue sold in the amount of $2,955,000 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 honds in the amount of $45,000 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 $2,955,000 and that all amounts received by the Treasurer in excess of $2,955,000 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 in substantially the form as shown in Exhibit A, which is the official notice and in Exhibit B which is the notice to be published, both of which are attached hereto and made a part of this resolution and 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 December 1, 1981, to bear interest payable on December 1, 1982, and semiannually thereafter on the 1st day of June and December in each year, all honds maturing December 1, 1984. All bonds are subject to redemption at the option of the City on December 1, 1982, or any interest payment date thereafter. If the bonds are redeemed on December 1, 1982, the City will redeem at 100.50% of par plus accrued interest. If redeemed on any other interest payment date thereafter, redemption will be at 100% of par plus 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 Wurst, Carroll and Pearson, P.A., 11100 First Bank Place West, 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 $60,000 to be forfeited as liquidated damages in the event the hid is accepted by the City and the bidder fails to comply therewith; that no bid of less than $2,955,000 will he accepted; the Council reserves the right to reject any and all bids, to waive informalities, and to adjourn the sale if deemed expedient. 4. It is a further finding that the City has levied or will levy special assessments against benefited properties and that said assessments and the full faith and credit are pledged to the payment of these bonds or definitive bonds to he issued to repay these bonds. The holders of these bonds and the taxpayers of this City shall have and may enforce by mandamus or other action all rights respecting the levy and collection of sufficient assessments and ad valorem taxes to pay the cost of the improvements financed by these bonds or other improvement bonds pursuant to Minnesota Statutes, Section 429.091, Subd. 3. 5. That on the 9th day of December, 1981, 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 $3,000,000 temporary improvement bonds and take such other action in respect thereto as may be found necessary or expedient. 6. 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 October 19, 1981. Attest: eitd,,,0g,„5,4, y Clerk Reviewed for administration: Approved as to form and legality: City Attorney 1 Exhibit A NOTICE OF BOND SALE $3,000,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1981 City of St. Louis Park, Minnesota (Hennepin County) NOTICE IS HEREBY GIVEN that the City Council of the City of St. Louis Park, Minnesota, will meet at the City Hall in said City on Wednesday, the 9th day of December, 1981, at 1:00 p.m. for the purpose of receiving and considering sealed bids for the purchase of $3,000,000 General Obligation Temporary Improvement Bonds, all bonds dated December 1, 1981, bearing interest payable December 1, 1982, and semiannually thereafter on June 1 and December 1 and all bonds mature on December 1, 1984. All bonds of this issue are subject to call for redemption on December 1, 1982, and any interest payment date thereafter. If the City calls the bonds for redemption on December 1, 1982, it will pay 100.50% of par plus accrued interest. If the City calls the bonds for redemption after December 1, 1982, it will pay 100% of par plus accrued interest. The bonds of the City are to he issued pursuant to Chapter 429 and 475 of the 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 a higher denomination in multiples of $5,000. The bonds will bear interest at the rate specified by the successful bidder, subject to the limitations stated below. Principal and interest will he 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 sale 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. Wurst, Carroll and Pearson, P.A. 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. A single interest rate must be submitted stating the same rate of interest from date of issue to maturity for all bonds having a common maturity. The interest rate must he expressed in an integral multiple of 5/100ths of one percent (1%). The rate may not exceed twelve percent (12%) per annum on any bond for any portion of its terms. Additional interest coupons may ,not be used. Bidders are also requested to state total interest cost and average interest rate. All 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. The City will assume no obligation for the assignment or printing of CUSP 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. No bid of less than $2,955,000 plus accrued interest on $3,000,000 General Obligation Temporary Improvement Bonds at the coupon rate 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, 1981, to stated maturity, 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. BY ORDER OF THE CITY COUNCIL L.,. 05:4•4444.11 Earl E. ' anson City Clerk City of St. Louis Park Dated: October 19, 1981. Exhibit B NOTICE OF SALE $3,000,000 General Obligation Temporary Improvement Bonds of' 1981 City of St. Louis Park Hennepin County, Minnesota These bonds . will be offered on Wednesday, December 9, 1981, at 1:00 p.m., C.T., at the City Hall in St. Louis Park, Minnesota. Dated December 1, 1981, all bonds will mature on December 1, 1984. All bonds are issued subject to the right of the City to call for prior redemption on December 1, 1982, or any interest payment date thereafter. If called on December 1, 1982, the City will pay 100.50% of par plus accrued interest; if redeemed after December 1, 1982, the City will pay 10096 of par plus accrued interest. Interest will he payable on December 1, 1982, and semiannually thereafter. A single rate must be bid in an integral multiple of 5/100 of 1% and the rate may not exceed 12% per annum. Minimum price, $2,955,000. An unqualified legal opinion will be furnished by Messrs. Wurst, Carroll and Pearson, P.A., of Minneapolis, Minnesota. The purpose of the bonds is to finance various assessable public improvements in the City. BY ORDER OF THE CITY COUNCIL /s/ Earl E. Hanson City Clerk City of St. Louis Park, Minnesota Dated October 19, 1981. OCTOBER 19, 1981 8b RESOLUTION NO. 6989 RESOLUTION SETTING POLLING PLACES AND NAMING ELECTION JUDGES FOR CITY GENERAL ELECTION: Nov. 3, 1981 BE IT RESOLVED by the St. Louis Park City Council that the following locations are designated polling places for the November 3, 1981, City General Election: WARD PRECINCT 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 1 Fern Hill School 2 Peter Hobart School 3 Central Community Center 4 Ethel Baston School• 5 Stephens Buick 1 Susan Lindgren School 2 Wooddale Lutheran Church 3 Brookside Community Center 4 Fire Station No. 1 5 City Hall 1 Prince of Peace Church 2 Senior High School 3 Aquila School 4 Timothy Lutheran Church 5 Aquila School 1 Cedar Manor School 2 Westwood Lutheran Church 3 Fire Station No. 2 4 Westwood Jr. High School 5 Eliot Community Center 2800 6500 6300 3200 2370 4801 4003 4100 3750 5005 8115 6425 8500 7814 8500 9400 9001 2262 2025 6800 Joppa Avenue West 26 Street Walker Street So. ,Highway 100 So. Highway 100 West 41 Street Wooddale Avenue Vernon Avenue Wooddale Avenue Minnetonka Boulevard Highway 7 West 33 Street West 31 Street Minnetonka Boulevard West 31 Street Cedar Lake Road Cedar Lake Road Louisiana Avenue Texas Avenue Cedar Lake Road and further that the polling places shall be opened at 7 a.m. and closed at 8 p.m., and that the following list of judges is appointed and approved: WARD I/Precinct 1-Fer Maxine Hamilton - Cha Bess Light Berniece Anderson Donna Hovland Earl Johnson Firley Segal - Alt. Anne Woods - Alt. Shirley Grossman - Al Rose Jean Goldstein - Margaret Jackson - Al Nessa Lee Laiderman JUDGES FOR NOVEMBER 3, 1981, ELECTION n Hill School WARD I/Precinct 2 - Peter Hobart School it Norma Roberts - Chair t. Alt. t. - Alt. Janice Wittenberg Edna Jackson Phyllis Koolick Eleanora Otto - Alt. Alyce Fuller - Alt. Opal Elvegrog - Alt Jody Johnson - Alt. Katie Long - Alt. Rose Overbach - Alt. WARD I/Precinct 3 -Central Comm. Delores Anderson Chair Betty Sorenson Delores Sorenson Alice Rude Ida Hoppenrath - Alt. Center WARD I/Precinct 5 -Stephens Buick Michael Mann - Chair Blanche Eisenberg Veronica Deblock Dorothy Swierczek Wanda Menge - Alt. WARD II/Precinct 2-Wooddale Lutheran Stirling Sykes - Chair Helen Iverson Evelyn Breckheimer Betty Holland - Alt. Ruby Wellnitz - Alt. Lucille Thornsjo - Alt. Helen Frederick - Alt. Jeanne Crampton WARD II/Precinct 4 -Fire Station One Carmen Sweningson - Chair Ruth Jaglo Mildred Rudquist Christine Siewert Dolores Roland - Alt. Marion Hume - Alt. Henry deBoom - Alt. WARD III/Precinct 1 -Prince of Peace Doris Kerr - Chair Ruby Andreasen Irene Rokoski Virginia Evers Ellabelle Cornia Patricia Lawrence - Alt. Evelyn Kroman - Alt. Marion Roster - Alt. WARD III/Precinct 3 -Aquila School Betty Nusbaum - Chair Jean Miller Orel Held Mary Murphy Ruth Kaufman - Alt. -2- WARD I/Precinct 4 -Ethel Baston School Marjorie Paulsen - Chair William Haight Agnes Null Doris Jarosak Melvin Stenrud - Alt. Harry Carlson - Alt. Dorothy Welter.- Alt. WARD II/Precinct 1 -Susan Lindgren School Betty Count - Chair Logene Kobe Louise Kloss Daurothy Papermaster Juanita White - Alt. Helen Belsass - Alt. Mavonne Bakken - Alt. Ward II/Precinct 3 -Brookside Comm. Center Esther Karnitz - Chair Mary French Bernice Broz Anne Wood Corrine Skalko - Alt. Marjorie Jenkins - Alt. Clara Zahn - Alt. WARD II/Precinct 5 -City Hall Ruth Whitney - Chair Gloria Zakes Florence Joffe Faye Weinberg Eleanor Krohn - Alt. Louise Booth - Alt. Sylvia Kamrud - Alt. WARD III/Precinct 2 -Senior High School Miriam Nacht - Chair Muriel Serrell Dorothy Aarness Jody Johnson Geraldine Nilsestuen Margoth Steenson - Alt. Belle Lindenbaum - Alt. WARD III/Precinct 4 -Timothy Lutheran Lolita Halverson - Chair Catharine Keller Gretchen Ness Henry Grove Florence Kiehl - Alt. Florence Lindborg - Alt. WARD III/Precinct 5 -Aquila School Margaret Corcoran - Chair Elizabeth Shrell Jane Edmond Imelda Babcock Irene Carlson - Alt. WARD IV/Precinct 2 -Westwood Luth. Violet Schultz - Chair Caroline Puzak Hazel Hanson Bernice Holmberg Loretta Mayer - Alt. Barbara Aslakson - Alt. Rosheen Kaplan - Alt. Dolores Klein - Alt. Sophie Walensky - Alt. WARD IV/Precinct 4 -Westwood Jr. High Shirley May Crakes - Chair Earl Otto Lillian Lang Mae Sheehy COUNTING CENTER - CITY HALL Shirley Landstrom - Chair Lloyd Nerburn Julianne Hovind Michael Held Anna Grace Miller - Alt. Adopted by the City eviewed for administration: ..I A. arty Manager WARD IV/Precinct 1 -Cedar Manor School Jean Stulberg - Chair Marianne Hamlin Earl Frederick Cooke Julius Kroman Mary Jane Erickson - Alt. Mary Jane Miller - Alt. WARD IV/Precinct 3 -Fire Station Two Shirley Cowl - Chair Maxine Hanson ' Loretta O'Connell Edward Gale Corrine Toretsky - Alt. Rae Kleinbaum - Alt. Dorothy Lemler - Alt. Agnes White - Alt. Celia Engel - Alt. WARD IV/Precinct 5 -Eliot Community Center Lillian Goltzman - Chair Pearl Christensen Virginia Gusek Margery Ryks Esta Silver - Alt. Marie Hartmann Myrtle Formo Kathy Falk 1uncil October 19, 1981. May Approved as to form and City Attorney -3- legality: