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HomeMy WebLinkAbout7024 - ADMIN Resolution - City Council - 1981/12/09r f DECEMBER 9, 1981 Item'5 RESOLUTION NO. 7024 RESOLUTION AWARDING THE SALE OF $3,000,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1981; FIXING THEIR FORM AND SPECIFICA- TIONS; 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 and First National Bank of Chicago to purchase $3,000,000 General Obligation Temporary Improvement Bonds of 1981, 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 hid being to purchase such bonds at a price of $2,959,110 plus accrued interest to date of delivery, such bonds to bear interest as follows: All Bonds at 8.25% per annum. The sum of $4,110, being the amount bid in excess of $2,955,000, shall be credited to the bond sinking fund hereinafter created. The Finance Director is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The Finance Director 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 Temporary Improvement Bonds of 1981 (the "Bonds") in the principal amount of $3,000,000, dated December 1, 1981, the Bonds being 600 in number and numbered 1 to 600, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable December 1, 1982, and semiannually thereafter on June 1 and December 1 in each year, and which Bonds mature on December 1, 1984. All bonds are subject to being called for redemption, at the option of the City, on December 1, 1982, and 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 100% of par plus accrued interest. 3. Both principal of and interest on the Bonds 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 for its services as paying agent. 4. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNTIED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK GENERAL OBLIGATION TEMPORARY IMPROVEMENT BOND OF 1981 KNOW ALL MEN BY THESE PRESENTS that the City of 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 Temporary Improvement Bonds of 1981 Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of December, 1984, and to pay interest thereon from the date hereof until the principal amount is paid at the rate of eight and twenty five hundredths percent (8.25%) per annum, interest to maturity payable December 1, 1982, and semiannually thereafter on the 1st day of June and the 1st day of December in each year in accordance with and 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 Harris Trust and Savings Bank, Chicago, Illinois, in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. All ponds of this issue are subject to being called by the City for prior redemption on December 1, 1982, or any interest payment date thereafter. [f 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 100% of par plus accrued interest. This bond is one of en issue of bonds in the total principal amount of $3,000,000, all of like date and tenor except as to 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 for 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 for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. -2- 1 1 1 r f 1 To the extent that the principal of and interest on this bond cannot be paid when dire from receipts of special assessments, taxes, or other funds appropriated for this purpose, the City is further required at or prior to the maturity of this bond, to provide for the payment and retirement thereof by the issuance of definitive improve- ment bonds or additional temporary improvement bonds. If any temporary improvement bond is not 'paid in full at maturity, the holder may require. the City to exchange, at par, this bone] for a new temporary improvement bond maturing within one year from the date of issue and bearing interest at the maximum. rate permitted by law, all pursuant to Minnesota Statutes, Section -429.091. IT ES 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 indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional, statutory, or charter limitation thereon. IN WI I'NI:SS 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 and authenticated by the facsimile signatures of said officers, all as of December 1, 1981. City Manager No. (Facsimile) Mayor (facsimile seal) (Form of Coupon) $ On the lst day of June (December), 19 , the City of St. Louis Park, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Temporary Improvement Bonds of 1981 Fund at the Harris Trust and Savings Bank, Chicago, Illinois, the amount shown hereon for interest then due on its General Obligation _Temporary Improvement Bond of 1981, dated December 1, 1981, No. (Facsimile) City Manager -3- (Facsimile) Mayor 5. The City Clerk shall obtain a copy of the proposed approving legal opinion of Wurst, Carroll and Pearson, P.A., of Minneapolis, Minnesota, 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 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 for filing in my office prior to the time of bond delivery. (facsimile signature) City 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 the City offices. 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 he executed and authenticated by the printed facsimile signatures of the said officers, and the facsimile of the corporate seal of the City may, but need not be, printed thereon. The Bonds when fully executed, shall be delivered by the City 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 shall he payable from the General Obligation Temporary Improve- ment Bonds of 1981 Fund hereby created, and the proceeds of any ad valorem taxes hereafter levied and special assessments to be levied for the improvements (the "Improvements") financed by the Bonds are hereby pledged to said fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in said fund to pay the same, the City 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 the Improvements when collected. The City does hereby pledge the full faith and credit and taxing power of the City for the payment of the principal and interest on these bonds, and does further agree to all the provisions of Minnesota Statutes, Section 429.091 and Section 6.15 of the Hoine Rule Charter under which authority and pursuant to which provisions these bonds are being issued. 8. It is hereby determined that the estimated collection of special assessments levied or to he levied for the improvements against property specially benefited thereby, or the i suance of additional temporary bonds or definitive bonds will produce at least -4- 1 7 1 1 5% in excess of the amount needed to meet, when due, the principal and interest payments on the bonds, and no tax levies are presently required. The City Clerk shall deliver a certified copy of this resolution to 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 Bonds will directly and indirectly benefit the assessed properties, and the City hereby covenants with the holders from time to time of the Bond as follows: (a) The City will cause the assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 1983 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 obli- gations issued hereunder, and for 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. (b) In the event of any current or anticipated deficiency in said grants, pledged funds, investment income or 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 Improve- ments, the grants and pledged funds and any taxes levied and the assess- ments 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 books and 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 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 the Bonds:and to the financial condition and 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 under their control, relating to the validity and market„bility of the Bonds and such instruments, including any heretofore furnished, shall I)(' deemed representations of the City as to the facts stated therein. -5- 11. The Mayor, City Manager and City Clerk -Finance Director 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 therein as of the date of said official statement or prospectus as it relates to the City. Adopted by the City Council December 9, 1981. Attest: City Cler -44141-641/ Reviewed for Administration: Approved as to form and legality: C4.1`Ze-/-:-- Ae--°/ City Attorney -6-