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83-6833R59 Extract of Miautes of Meeting of the City Council of the City of Richfield, Hennepin County, Minnesota he -city Cou held- at ;, ~` ` the at 7 : 00 o'c - any ounce why ....._~.. --- ---r----- RESOLUTION N0. 6833 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $825,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1983 BE IT RESOLVED By the City Council of the City of Richfield, Hennepin County, Minnesota as follows: I. It is hereby determined: (a) That the following assessable public improvements (the "Improvements") have been made, duly ordered or con- tracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429: Project Designation & Desc GP772 (sidewalks) CP775 (alley const.) CP757 (Lyndale Ave.) CP782 (sidewalks) CP786 (alley const.) Less State Aid Payments Net Project Costa Capitalized Interest Discount Allowance and Issuanc TOTAL (b) That it is cial manag $825,000 G ($Onds) t4 2. In order to prop shall ,therefore issue anc order to provide in part the Bonds at this time, as of $15,000. Aay exeess sum of $810,000 shall be Bonds for the purpose of additional Bonds. The Bc with the terms of the Poll ription Total Project Cost -. $135,000 350,000 746,740 180,000 210000 $1,621,740 885,316 $7.36,424 54,976 e Costs 33,600 $825,000 necessary and expedient to the sound finan- :ment of the affairs of the City to issue neral Obligation Improvement Bonds of 1983, provide financing for the Improvements. ode financing for the Improvements., the City sell Bonds in the amount of $810,000. In the additional interest required to market iitional Bonds shall. be issued in the amount f the purchase price of the Bonds over the credited to the debt service fund for the paying interest first coming due on such nds shall be issued and sold in accordance swing Official Terms of Bond Sale: OFFICIAL NOTICE OF SALE $825,000 General Obligation Improvement Bonds of 1983 City of Richfield Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that the City Council of the City of Richfield, Minnesota, will receive and open bids at the City Hall in the City of Richfield on Tuesday, November 15, 1983, at 11:00 0 'clock a.m., C.T., and consider bids at noon on the same date for the pur- chase of $825,000 general obligation bonds of the City on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the finan- cing of various assessable public improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and .taxing powers are pledged. Date and Maturities The bonds will be issued in fully registered form, will be dated December 1, 1983, will be in integral multiples of $5,000 each and will mature on February 1 in the following years and amounts: Year Amount Year Amount Year Amount 1985 $25,000 1992 $50,000 1999 $50,000 1986 25,000 1993 50,000 2000 25,000 1987 50,000 1994 50,000 2001 25,000 1988 50,000 1995 50,000 2002 25,000 1989 50,000 199b 50,000 2003 25,000 1990 50,000 1997 50,000 2004 25,000 1991 50,000 1998 50,000 Redemption Feature All bonds of this issue maturing after February 1, 1992 will be subject to prior redemption at the option of the City in inverse order of serial numbers on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemp- tion. Interest Interest on the bonds will be payable on August 1, 1984, and semiannually thereafter on each February 1 and August 1. All bonds maturing on the same date must bear interest from date of issue until I' paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1%, an~~ no rate of interest nor the net effective average rate of the issue, may exceed the maximum rate of interest permitted by law on the day~~of sale. I ~, Paying Agent The City will name the Registrar which shall be subject to applicable SEC regulations: Principal will be payable at the prin- cipal office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the reasonable and customary charges for the services of the Registrar. i CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness. of any numbers printed thereon, but will permit such numbers 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 his option, will deposit with a bank in the United States selected by him 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 or pending. The charge of the delivery 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,'or within five days after deposit with the delivery agent, in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Associa- tion 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, payable primarily from special assessments against benefited property, 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... Type of Bid - Amount Sealed bids must', be mailed or delivered to the undersigned and must be received prior Ito the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $16,500, payable to the City Clerk, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The bid author- izing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $.825,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $810,000 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 infor- mality in any bid. BY ORDER OF THE CITY COUNCII, /s/ City C k Dated: October 24, 1983 3. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Terms of Bond Sale and to cause the abbreviated notice of sale attached hereto as Exhibit A, to be published in the manner requried by law. The City Council shall meet on Tuesday, November 15, 1983, at 12:00 o'clock noon, for the purpose of (considering sealed bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kirsch and upon vote being taken thereon, the ',following voted in favor of the motion: Bunce, Hassenstab, Kirsch, Ludeman, Priebe, Hamilton and the following voted against: None whereupon said resolution was declared duly passed and adopted. Exhibit "A" NOTICE OF SALE $825,000 General Obligation Improvement Bonds of 1983 City of Richfield Hennepin County, Minnesota These bonds will be offered on Tuesday, November 15, 1983, at 11:00 o'clock a.m., C.T., for consideration and award at 12:00 o'clock noon at the City Hall in Richfield, Minnesota. Dated December 1, 1983, the bonds will mature on February 1 in the years and amounts as follows: Year Amount Year Amount Year Amount 1985 $25,000 1992 $50,000 1999 $50,000 1986 25,000 1993 50,000 2000 25,000 1987 50,000 1994 50,000 2001 25,000 1988 50,000 1995 50,000 2002 25,000 1989 50,000 1996 50,000 2003 25,000 1990 50,000 1997 50,000 2004 25,000 1991 50,000 1998 50,000 All bonds maturing after February 1, 1992 are subject to prior redemp- tion on said date and any interest payment date thereafter at par plus accrued interest. Interest will be payable on August 1, 1984, and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed the maximum rate of interest per- mitted by law on the day of sale. Minimum price, $810,000. 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 various assessable public improvements in the City. BY ORDER OF THE CITY COUNCIL /s/ City erk Dated: October 24, 1983 STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) CITY OF RICHFIELD ) SS. 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 attached and foregoing extract of minutes of a regular meeting of the City Council of said City held on Monday, October 24, 1983, with thel',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 $825,000 General Obli- gation Improvement Bonds of ', 1983, o.f the City. WITNESS My hand as such City Clerk and the corporate seal of the City this ',day of 1983. `City erk Cit of Richfield, Minnesota (SEAL)