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83-6842RAfter due consideration of the' bids,. Couacilmember Hassenstab __~ - - ~ -- •- - - - .. ..-b•A e introduced the following resalntioa aad:moved its adoption: -_ "~" ~ RESOLUTION N0. 6842 RESOLUTION~AWARDING TH£ SALE OF $825,000. GENERAL OBLIGATION I?iPROVEI~ENT BONDS OF 1983; ' - •_... FIXING THEIR FORti A.~`TD SPECIFICATIONS; . DIRECTING TBEIR EXECUTION AND DELIVERY; :~ ~ ::: .. . AND PRO~TDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the .City of Richfield, I~iiaaesota, (.City) as follows: Sectioa I. Sale of Bonds. 1.01. The bid of Merrill Lynch Capital Markets (Pur® chaser) to purchase $825,000 General Obligation Improvement-Bonds of 3983 (Bonds) of the City described is the Official Terms of Offering thexeof is hereby found and detezmined to be the highest and best bid received puro scant to duly advertised notice of sale and shall be aad is hereby , accepted., the bid being to purchase the Bonds at a price of $ 810,154 plus accrued interest to date of delivery, for Bonds bearing interest as _ follows: ~ " Year of Interest Year of Interest Matur~.ty Rate Maturity Rate 1985 6.00 1994 8.30 1986 6.40 1995 8.50 ~ ° 1987 6.70 1996 8.70 - --- 1988 7.00 1997 8.90 1989 7.30 1998 9..00 1990 7.50 1999 9.10 1991" 7.7 0 2000 9.2 0 1992 7.90 2001 9.2 5 x.993 8.10 ' • 2002 9.25 2003 9.25 2004 9.25 The City Clerk is directed to retain the good faith check of the Purchaser oa behalf of the City .geadiag completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forthwith. The sum of $ 250.00 being the amount offered by the Purchaser in excess of $810,000 shall be credited to the Debt Serviee Fund erected by Sectioa b. 1.02. The City shall forthwith issue and sell the Bonds in the total principal amount of $825,000, originally dated as of December 1, 19.83, the b/' . - .._ .: EXTRACT cxTY co MINUTES OF MEETING OF THE IL OF THE CiTY OF RICHFIELD OF HENNEPIN, MINNESOTA - Pursuant to due call¢nd notice thereof, a special meeting of the City Council of the City of Richfield, Minnesota, was duly held is the City Hall is the City of Richfield, oa Tuesday, November 15, 1983, commencing at 12:00 0' clock noon, C.T.- - -~ . _ -- - The following members Bence, Samiltoa, Hass and the following were abs Ludeman, Priebe of,the Council were present: :ristab, Kirsch The Mayor announced that the meeting was convened. for~the consider- ation of the bids which h,~ad bees received for the purchase of the City's $825,000 General Obligation Improvement Bonds of 1983, as advertised for sale. The City Clerk presented affidavits showing pub3ication of notice of sale in the City's official newspaper and in Commercial West, a financial paper published in Minaeapolis;~Mnaesota,-which affidavits were examined, fouad-satisfactorq and ordered placed on file. The City Clerk presented a tabulation of the bids which had been re- ceived is the manner spec'~ified is the notice of sale of the Bonds. The bids were as follows: Bonds being fully registered and issued in the denomination of integral multiples of $5,000, numbered no. 1 upward, bearing interest as above set forth, and_ which Bonds mature serially on February 1 in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 19.85 $25,000 1995 $50,000 1986 25,000 1996 50,000 1987 50,000 1997 50,000 1988 50,000 1998 50,000 1989 50,000 1999 50,000 1990 50,000 2000 25,000 1991 50,000 2001 25,000 1992. 50,000 2002 25,000 1993 50,000 2003. 25,000 1994 50,000 2004 25,000 The City may elect on February 1, 1992, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1993. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemp- tion is in part, those Bonds remaining unpaid which have the latest maturity date .will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar named in Section 2. All prepayments shall be at a price of par and accrued interest. Section 2. Form: Registration. 2.Oi. Registered Form. The Bonds shall be issuabie only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond shall be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii} the date of authentication is prior to August 1, 1984, in which case such Bond shall be dated as of December 1, 1983. The interest on the Bonds shall be payable on February I and August 1 in each year, commencing August 1, 1984, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: ' (a) Register. The Registrar shall keep at its principal corpo- rate trust office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exch~ ferred or exchanged. (b) Transfer of duly endorsed by the written instrument of -duly executed by the authorized by the re authenticate the deli transferees, one or amount and maturity, may, however, close t the fifteenth day of and until such intere~ s of Bonds entitled to be registered, trans- fonds. Upon surrender for transfer of any Bond registered owner thereof or accompanied by a transfer, in form satisfactory to the Registrar, egistered owner thereof or by an attorney duly istered owner in writing, the Registrar shall 'r, in the name of the designated transferee or ore new Bonds of a like aggregate principal ~s requested by the transferor. The Registrar e books for registration of any transfer after the month preceding each interest payment date payment date. (c) Exchange of i,Bonds. Whenever any Bonds are surrendered by the registered owner f;or exchange the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested, by the registered owner or the owner's attorney in writing. (d) Cancellation,. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directe',d by the City. (e) Improper or sented to the Regist transfer. the same unt. Band, or separate inst the requested transfe incur no liability fo which it, in its ,j udgn (f) Persons Deea the. person in whose bond register as the shall be overdue or n on account of, the pr other purpose, and a owner or upon the o satisfy the discharge the sum or sums so pal (g) Taxes, Fees Bonds, the Registrar dent to reimburse t mental charge require exchange. (h) Mutilated, I Bond shall become mu Registrar shall deliv date and tenor in exc of any such mutilated fnauthorized Transfer. When any Bond is pre- ar for transfer, the Registrar may refuse to 1 it is satisfied that the endorsement on such ument of transfer is valid and genuine and that is legally authorized. The Registrar shall the refusal, in good faith, to make transfers :nt, deems improper or unauthorized. :d Owners. The City and the Registrar may treat ame any Bond is at any time registered in the absolute owner of such Bond, whether such Bond t, for the purpose of receiving payment of, or ncipal of and interest on such Bond and for all 1 such payments so made to any such registered tier's order shall be valid and effectual to the liability upon such Bond to .the extent of nd Charges. For every transfer or exchange of y impose a charge upon the owner thereof suffi= Registrar for any tax, fee or other govern- to be paid with respect to such transfer or st, Stolen or Destroyed Bonds. In case any ilated or be destroyed, stolen or lost, the r a new Bond of like amount, number, maturity ange and substitution for and upon cancellation Bond or in lieu of and in substitution for any such Bond destroyed, stolen or Iost, upon the payment of the reason- able expenses and charges of the Registrar in connection therewith;- and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance .and amount satisfactory to it, in which both the Citq . and -the Registrar shall be named as obligees. AlI Bonds so sur- rendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior•to payment. 2.04. Appointment of Initial Registrar. The City hereby appoints American National Bank,. St. Paul, Minnesota, as the initial Regis- trar.. The Mayor and the- Manager are authorized to execute and deliver, an behalf of the City, a contract with said Registrar. Upon merger or con- solidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Regis- trar. The City agrees to pay the reasonable and customary charges of the Registrar for the. services performed. The City reserves the right to .remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. Qa or before each principal or rote-rest due date, without further order of this Council, the Finance Coordinator shall transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.45. Execution, Authentication and Delivery. The Bonds shall be prepared under. the direction of the Manager and shall be executed on behalf of the City by the signatures of the Mayor and the Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear oa the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be _ valid and sufficient for all purposes, the same as if he had remained in office until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory for nay purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication oa such Bond has been duly executed by the manual signature of as authorized representative of the Registrar. Certificates of authentication oa different Bonds need not be signed by the same representative. The exe- cuted certificate of authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this Resolu- tion. When the Bonds have been so prepared, executed and authenticated, the Manager shall deliver the same to the Purchaser thereof upon payment of the purchase price- in accordance with the contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.06. Form of Bonds. The Bonds shall be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA (COUNTY OF HENNEPIN I, CITY OF RICHFILD GENERAL OBLIGATION IMPROVEr1ENT BOND OF 1983 Date of Rate Maturity ', Original Issue CUSIP ', December 1, 1983 No. KNOW ALL MEN BY THESE PRESENTS that the City of Richfield, a duly organized and existing municipal corporation in Hennepin County, rinnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay o .- or registered assigns, the 1, principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, pa~,yable February 1 and August 1 in each year, commencing August 1, 1984,Ito the person in whose name this $ond is regis- tered at the close of busi~'~ness on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by Minnesota, as Bond Registrar, Authenticating Agent and Raying Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as ',the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. ', The City may elect on February 1, 1992, and on any interest payment date thereafter, to prepayiBonds of this issue due on or after February 1, 1993. Redemption may be in whole or in part of the Bonds subject to pre- payment. If redemption isin part, those Bonds remaining unpaid which have the latest maturity date wiill be prepaid first. If only part of the Bonds having a common maturity d';ate are called for prepayment the specific Bonds to be prepaid will be ch©sen by lot by the Registrar. All prepayments shall be at a price of par land accrued interest. (Additional provisions of this hereof and such provisions shall for though fully set forth in this place.) Bond are contained on the reverse alI purposes have the same effect as~ This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Richfield, Hennepin County, Minnesota, by its City Council, has caused this Bond to be executed. of its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF RiGHFIELD, MINNESOTA (facsimile) {facsimile) City Manager Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. i Bp Authorized Representative [Reverse of the Bond) This Bond is one of an issue is the aggregate principal amount of $825,Ofl0, all of like original date and tenor, except as to serial number, maturity date, interest rate and redemption privilege, issued pursuant to Resolution No. 6842 adopted by the City Council on November 15, 1983 (the Resolution), 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 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 a~lmount. The bonds of this series are issued only as fully registered bonds in denominations of $5,000 or any integral multiple thereof, of single~~ maturities. As provided in the Re forth therein, this Bond i principal office of the Bo person or by his attorney together with a written i Registrar, duly executed b also be surrendered in ex tions. Upon such transfer Bonds to be issued in the the same aggregate princip maturing on the same date governmental charge requix exchange. solution and subject to certain limitations set s transferable upon the books of the City at the zd Registrar, by the registered owner hereof in duly authorized in writing upon surrender hereof istrument of transfer satisfactory to the Bond T the registered owner or his attorney; and .may :hange for Bonds of other authorized denomina- or exchange the City will cause a new Bond or name of the transferee or registered owner, of 31 amount, bearing interest at the same rate and subject to reimbursement for any tax, fee or ed to be paid with respect to such transfer or The City and the Bond ',Registrar may deem and treat the person in whose name this Bond is registe~ired as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED 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 exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms,', have been done, do exist have happened and have been performed as so required, and that the issuance of this Bond does not cause the indebtedness oflthe City to exceed any constitutional, statutory or charter limitation of indebtedness. (Form of certificate 'to be printed on the reverse side of each Bond, following a full copy of the legal opinion.) I certify that the above is a full, true and correct copy of the legal opinion rendered by bond) counsel on the issue of Bonds of the City of Richfield, Minnesota, which includes the within Bond, dated as of the date of delivery of and paymentfor the Bonds. I (Facsimile Signature) City Clerk The following. abbreviations, when used in the inscription of the face of this Bond,. shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Gust) (Minor) TEN ENT -- as tenants by entireties under Uniform Gifts to Minors JT TEN -- as joint tenants with right of survivorship and Act . . not as tenants in common (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto _-- t e within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: r Notice:. The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, with- out alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the assignee requested below is provided. Name and Address: (Include information for all joint owners if the Bonds are held by joint account) Please insert social security or' other identifying number of assignee 2.07. The Clerk sha: opinion of LeFevere, Le: Association, Hinaeapoiis, dating thereof and shall together with a certifies Clerk in substantially th is hereby authorized and of the City upon receipt Cite offices. Bection °3. 3.01. The Bonds steal meat Bonds of 1983 Fund eeeds of general. taxes he meats) to be levied for Bonds are hereby pledged principal or interest oa sufficient mosey is the Coordinator shall pay sue; the City and such fund ma of Assessments for the ImF 1 obtain a copy of tf~e proposed approving Legal Ler, Kennedy, (}'Brien & Drawz, a Professional dinaesota, which shall be complete except as to cause the opinion to be printed an each Boad, e to be signed by the facsimile signature of the form set forth is the form of $ond. The Clerk irected to execute such certificate is the name of such opinion and to file the opinion is the be payable from the General Obligation Improve® }ebt Service Fuad) hereby, created, and the pro ein.after levied and special assessments (Assess- he improvements (Improvements) financed by the to the Debt Service Fuad. If any payment of. the Bonds shall become due whaa there is not ebt Service Fund to pap the same., the Fiaaace principal or interest from the general fund of be rei.mbuxsed for such advances out of proceeds °cvemeats when collected. 3.02. It is hereby d!etermiaed that the City will levy .special assess- ments for the Improvements in the principal amount of at least 20~ of e cost of the Improvements a~~ad the levy of such special assessments is hereby authorized. To pay the Cility"s share of the cost of the Improvements, there is hereby levied a direct, annual, irrepealable ad valorem tax levy against all taxable properties i8 the City, which tax levy shall be in the years and amounts as follows (p'ear stated being year of Levy far collection the following pear): ', SEAR ~ LEVY YEAR LEVY YEAR LEVY 1983/1984 $11,107.26 1988/1989 $29,052.77 1993/1994 $30,980.67 1984/1985 $ 0.00 1989/1990 $36,620.85 1994/1995 $29,308.13 1985/1986 $21,018.20 1990/1991 $35,368.31 1995/1996 $27,530.5.8 1986./1987 $21,722.29 1991/1992 $34,010.76 1996/1997 $25,648.04 1987/1988 $22,269.03 1992/1993 $32,548.22 1997/1998 $23,712.99 It is hereby determined t meats for the payment of will produce at least fiv when due, the principal a herein provided shall be provided that the City October i0th, certify to (Director) the amount ava iat the estimated collections of special assess- the Bonds and the foregoing ad valorem tax levy percent in excess of the amount needed to meet, id interest paymenhs on the Bonds. The tax levy irrepealable until all of the Bonds are paid, Finance Coordinator may annually, prior to .he xennepia County Director of Property Taxation .lable is the Debt Service Fuad to pay principal and interest due during the ensuing year, and the Director shall thereupon reduce the levy collectible during such year by the amount so certified. The City Clerk is directed to file a certified copy. of this resolution with the Director, and obtain the certificate required by Piinnesota Statutes, Section 475.63. 3.03. It is hereby determined that the improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the Assessments for the Im- provements to be promptly levied so that the first install- ment will be collectible not later than 198_ if necessary and will take all steps necessary to assure prompt collec- tion, and the levy of the Assessments is hereby authorized. The City Council shall cause all further actions and pro- ceedings 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 the Bonds, and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated defi- ciency in the Assessments and taxes levied herein, 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 Improvements, the taxes and Assessments 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 in- terested person upon request. Section 4. Authentication of Transcript. 4.01. .The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, 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- ability of the Bonds and such instruments, including any heretofore fur- nished, shall be deemed representations of the City as to the facts stated therein. 4,02, The Mayor., Citiy Manager, and Finance Coordinator are hereby authorl2ed aad. directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Boads aad that to t~e best of their knowledge and belief the Offi~ vial Statement is, as of tie date thereof, a complete and accurate repre® sentatioa of the facts and representations made therein as it relates to the City. i The motion for tYie adoption of the foregoing resolution was duly seconded by Councilmember (Kirsch the following voted in favor thereof: Bence, Hamilton, Hassenstab; Kirsch and upon vote being taken thereon, and the following voted against: None L~bsent: Ludeman, Priebe I, whereupon said resolution w'as declared duly passed .and adopted. Passed by the cty~,council of the City of Richfield this 15th day STATE OF MINNESOTA ) '` ' ` ••~ - COUNTY OF HENNEPIN ) SS. CITY OF RICHFIEI,I} ) I, the undersigned, being the duly qualified and acting Clerk of the City of Richfield, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract. of minutes of a special meeting of the City Council held on Tuesday, November 15, 1983, with the original thereof on file in my office and I further certify that the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of the City's $825,000 General Obligation .Improvement Bonds of 1983. W~SS My han as Clerk nd t e corporate seal of the City this day of 19(~~%%~ Cit. lerk City of Richfield, Minnes a ' (SEAL)