84-6905R:s 9
Extract of P;inutes of Meeting
of the City Council of the City
of Richfield, Hennepin County, Minnesota
Pursuant to due call and notice thereof a special meeting of the City
Council of the City of Richfield, Hennepin County, Minnesota; was held at
at 7
ar
RESOLUTION N0. 6905
RESOLUTION PROVIDING FOR THE ISSUANCE
AT?D SALE OF 55,750,000 GENERAL OBLIGATION REDEVELOPMENT
BONDS OF 1984
BE IT RESOL~~ED By the City Council of the City of Pichfield, Hennepin
County, Minnesota (City) as follows:
1. Findings.
1.0I. This Council by Resolution No. 5717 authorized the
issuance and sale of separate series of general obligation redevelopment
bonds to finance Public Redevelopment Costs in the Lyndale-Hub-Nicollet
Redevelopment Project Area (Project Area).
1,02. The City has
gation Bonds of 1977, dated
Obligation Bonds of 1982, dat
Costs.
I.03. The Housing
Richfield (Authority) has by z
issue and sell additional gee
portion of additional Costs i~
estimated to be as follows:
Land Acquisitio
Site and Soil I
Demolition
Property Taxes
Assessments
Administrative
Costs of Issuan
Capitalized Int
Total
$5,640,000
1.04. The City is authorized to issue and sell its general
obligation bonds for the purposes above stated by i~[innesota Statutes,
Sections 462.411 to 462.. 716, the Housing and Redevelopment Act, and Se~~-
tions 273.71 to 273.78, the Tax Increment Financing Act, and all conditions
of those Acts necessary for the issuance of bonds have been met.
1.05. This Council finds
the sound financial management of
redevelopment goals for the P~oject
purposes be issued and sold.
2. Sale of Bonds.
and determines that it is necessary for
the City and the achievement of its
Area that bonds for the above stated
2.01. The City shall issue and sell its C:eneral Obligation
Redevelopment Bonds of 1984 (Bonds) as provided in this Resolution.
2.02.. In order to provide financing for the Public Redevelopment
Costs, the City shall therefore issue and sell Bonds in the amount of
$5,640,000. In order to provide in part the additional interest required
to market the Bonds at this t~.me, additional Bonds shall be issued in the
amount of $110,000. Any excess of the purchase price of the Bonds over the
sum of $5,640,000 shall be credited to the debt service fund for the Bonds
for the purpose of paying interest first coming due on the Londs. The
Bonds in the principal amount'', of $5,750,000 shall be issued and sold in
accordance with the terms of the following Official Notice of Sale:
issued and sold its $4,700,000 General Obli-
August 1, 1977 and its $4,100,000 General
ad t-iay I, 1982 to finance a portion of the
end Redevelopment Authority of the City of
solution of this date requested the City to
eral obligation bonds to finance all or a
the Project Area which Costs are presently
$3,444,000
268-, 000
110,000
Special
124,000
Legal 375,000
e 40,000
rest 1,279,000
OFFICIAL
NOTICE OF SALE
$5,750,000
General Obligation Redevelopment Bonds of 1984
City of Richfield
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
$5,750,000 General Obligation Redevelopment Bonds of the City of Richfield,
Minnesota, will be received until 11:30 a.m., C.T, on Tuesday, July 31,
1984 in the office of the City Manager in the City Hall at 6700 Portland
Avenue Seuth, Richfield, Minnesota 55423, at which time the bids will be
opened and tabulated for presentation to the City Council at a special
meeting at 12:00 o'clock noon C.T. on the same day.
Purpose and Security.
The proceeds of the bonds will be used to finance all or a
portion of certain public redevelopment costs associated with a redevel-
opment project undertaken by the Housing and Redevelopment Authority of the
City and will be issued pursuant to the Minnesota Housing and Redevelopment
Act and the Minnesota Tax Increment Financing Act. The bonds will be
payable primarily from tax increments to be derived from increases in the
taxable valuation of property within a redevelopment project area in the
City, but will be general obligations of the City to which full faith,
credit and taxing powers of the City will be pledged.
Date and Maturities
The bonds will be issued in fully registered form, will be dated
August 1, 1984, will be in denomination of integral multiples of $5,000
each, and will mature on February 1 in the following years and amounts:
Year Amount Year Amount
1987 $50,000 1995 $300,000
1988 50,000 1996 325,000
1989 150,000 1997 350,000
1990 175,000 1998 50C,000
1991 200,000. 1999 550,000
1992 225,000 2000 750,000
1993 250,000 2001 775,000
1994 275,000 2002 825,000
Redemption Feature
A11 bonds of this issue maturing after February 1, 1995 will be
subject to prior redemption at the option of the City in inverse order of
bond maturities on said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
Interest
Interest on the bons
semiannually thereafter on ~
maturing on the same date must
at a single, uniform rate, no
any subsequent maturity. Eac
5/100 or 1/8 of 1%, and no rat
rate of the issue may exceed t
on the day of sale.
jPaving Agent
The. City will name~'I the Registrar which shall be subject to
applicable SEC regulations. f rincipal will be payable at the principal
office of the Registrar and interest will be payable by check or draft of
the Registrar mailed to the re istered holder of a bond. The City will pay
the reasonable and customary charges for the services of the Registrar.
CUSIP Numbers
The City will assume''no obligation for the assignment or printing
of CL'SZP numbers on the bonds or for the correctness of any numbers printed
thereon, but will permit suchlnumbers to be assigned and printed at the
expense of the purchaser, if the purchaser waives any extension of the time
of delivery caused thereby.
Delivery
Within 40 days after', sale, the City will furnish and deliver to
the office of the purchaser or', at its option, will deposit with a bank in
the United States selected by it and approved by the City as its agent to
permit examination by and to (deliver to the purchaser, the printed and
executed bonds, the unqualified opinion thereon of bond counsel, and a
certificate stating that no litigation in any manner questioning their
validity is then threatened orj pending. The charge of the deli~~ery agent
must be paid by the purchaser;, but all other costs will be paid by the
city. The purchase price must',be paid upon delivery of the bonds, in funds
available for expenditure by th,e City on the. day of payment.
Legal Opinion
Ar. unqualified legal opinion on the bonds will be furnished by
LeFevere, Lefler, E:ennedy, O'Brien & Drawz, a Professional Association, of
Minneapolis, Minnesota. The legal opinion will be printed on the bonds at
the request of the purchaser. 'The legal opinion will state that the bonds
are valid and binding general obligations of the City, and that the City is
obligated and required to levy ',taxes for the principal and interest thereon
as the same become due without ',limit as to rate or amount.
s will be payable on February 1, 1985, and
ach August 1 and February 1. All bonds
bear interest from date of issue until paid
. exceeding the rate specified for bonds of
i rate must be in an integral multiple of
e of interest nor the net effective average
ie maximum rate of interest permitted by law
Exhibit A
NOTICE OF SALE
$5,750,000 General Obligation Redevelopment Bondsaof 1984
City of Richfield
Hennepin County, Minnesota
NGTICE IS HEREBY GIVEN that sealed bids for the purchase of
$5,750,000 General Obligation Redevelopment Bonds of the City of Richfield,
Minnesota, will be received until 11:30 a.m., C.T. on Tuesday, July 3I,
1984 in the office of the City Manager in the City Ha11 at 6700 Portland
Avenue South, Richfield, Minnesota 55423, at which time the bids will be
opened and tabulated for presentation to the City Council at a special
meeting at 12:00 o'clock noon C.T. on the same day.
Dated August 1, 1984, the bonds will mature on February 1 in the
years and amounts as follows:
Year Amount Year Amount
1987 $50,000 1995 $300,000
1988 50,000 1996 325,000
1989 150,000 1997 350,000
1990 175,000 1998 500,000
1991 200,000 1999 550,000
1992 2.25,000 2000 750,000
1993 250,000 2001 775,000
1994 275,000 2002 825,000
All bonds maturing after February 1, 1995 are subject to prior redemption
on said date and any interest payment date thereafter at par plus accrued
interest. Interest will be payable on February 1, 1985, and semiannually
thereafter. Each rate must be in an integral multiple of 5/100 or 1/8 of
1% and no rate may exceed the maximum rate permitted by law on the date of
sale. Minimum price, $5,640,000. An unqualified legal opinion will be
furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional-
Association, of Minneapolis, Minnesota. The purpose of the bonds is to
finance public redevelopment costs in a redevelopment project area in the
City.
BY ORDEF. OF THE CITY CODICIL
/s/ Sylvia K. Rer h
City Clerk
Dated: July 16, 1984
STATE OF MI::NESDTA )
COUNTY OF HEI~NEFIN ) S;
CITY OF RICHFIELD )
i.
I, the undersigned, ', being the duly qualified and acting City
Clerk of the City of Richfield, Minnesota do hereby certify that I have
carefully compared the attachled and foregoing, extract of minutes of a
special meeting of the City Council of said City held on Monday, July 16,
1984, with the original thereof on file in my office and the same is a
full, true and complete transcript thereof, insofar as the same relates to
the issuance and sale of $5,750,000 General Obligation Redevelopment Bonds
of 1984, of the City. ',
WIT;;ESS My hand as such City Clerk and the corporate seal of the
City this day of 1984.
City Clerk
City of Richfield, Minnesota
(SEAL)
Tvpe of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time specified above. Each bid must be
unconditional and must be accompanied by a cashier's or certified check or
bank draft in the amount of $115,000, payable to the City Finance Coordina-
tor, to be retained by the City as liquidated damages if the bid is
accepted and the bidder fails to comply therewith. The good faith check
will be deposited by the City at the time of the award and deducted from
the purchase price of the Bonds at delivery. The bid authorizing the
lowest net interest cost (total interest from date of bonds to stated
maturities, less any cash premium or plus any amount less than $5,750,000
bid for principal) will be deemed the most favorable. No oral bid and no
bid of less than $5,640,000 for principal plus accrued interest on all of
the bonds will be considered, and the City reserves the right to reject any
and all bids and to waive any informality in any bid.
BY .ORDER OF THE CITY COUNCIL
/s/ Sylvia K. Ber h
City Clerk
Dated: Duly 16, 1984
2.03. The City Clerk is authorized and directed to advertise the
Bonds for sale in accordance w~th the foregoing notice of sale and to cause
the abbreviated notice of sale attached hereto as Exhibit A, to be pub-
lished in the manner required) by law. The City Council ,shall meet in a
special meeting on Tuesday, July 31, 1984, at 12:00 o'clock noon for the
purpose of considering bids on the bonds and taking any other appropriate
action..
3. Maturity Schedule: Prior Authorization.
3.01. In order toll conform to the requirements of Minnesota
Statutes, Section 475.54, Subdivision 1, the Council hereby combines the
maturity schedule of the Bands~~,with the maturity schedule of its $4,700,000
General Obligation Redevelopment Bonds of 1977, dated August 1, 1977, and
its $4,1Ofl,000 General Obligat~.on Redevelopment Bonds of 1982, dated *!ay 1,
1982, all as provided in Minnesota Statutes, Section 475.54, Subdivision 2.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember and upon vote being taken
thereon, the following voted in favor:
Bunce, Ludeman, Kirsch, Priebe, Hamilton
and the following voted against: ,-None
whereupon said resolution was declared duly passed
16th day of July, 1984. ~
ATTEST:
Sy v' K. Bergh City Cler
~'`