80-6280R36
RESOLUTION N0.6280
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $6,100,000 GENERAL OBLIGATION
IrIPROVEPIENT BONDS OF 1980
BE IT RESOLVED By the City Council of the City of Richfield, FIennepin
County, Minnesota as follows:
1. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements") have been made, duly ordered or contracts
let for the construction thereof, by the City pursuant to
the provisions of Minnesota Statutes, Chapter _429:
Project Designation & Descri tion Total Pro"ect Cost
CP 705 Street Improvement Projects
(Lyndale-Hub-Nicollet Redevelopment Area)
Project No. Location
7050 66th and Nicollet
7052 Lyndale Avenue
7053 W. 66th Street
Ness Grants and-reimbursements -
Total Contracts
Contingency
Capitalized Interest
Legal, fiscal, etc.
Contract Costs
$2,497,000
2,070,763
2,812,055
$7,379,818
3,307,818
$4,072,000
400,000
1,500,000
20,000
TOTAL $5,992,000
(b) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue $6,100,000
General Obligation Improvement Bonds of 1980, (the "Bonds")
to provide financing for the Improvements.
2. In order to provide financing for the Improvements, the City
shall therefore issue and sell Bonds in the amount of $5,992,000. In order
to provide in part the additional interest required to market the Bonds at
this time, additional Bonds shall be issued in the amount of $108,000. Any
excess of the purchase price of the Bonds over the sum of $5,992,000 shal].
be credited to the debt service faTd for the Boa~?s for the purpose of
paying interest first coming due on the Bonds. The. Borids shall be issued
and sold in accordance with the terms of the following Official Notice of
sale.
- - OFFICIi1L
' - `, iv}OTICE OF S:1LE
$6,100,000 General Obligation Improvement Bonds of 1930
City of Richfield
fiennepiin County, Minnesota.
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
$6,100,000 General Obligation Improvement Bonds of 1980 ('the "Bonds") will
be received until 2:30,p.m. C.T., Monday, September 8, 1980 at the
office of the City Clerk of the City of Richfield, Minnesota, 6700 Portland
Avenue South at which time the. bids will be opened and tabulated for pre-
sentation to and considerationby the City Council at the regular meeting'at
7:00 p.m. C.T. on the same day. The Bonds are offered on~ the following
terms:
Purpose and Securitv
',
The purpose of the Bonds is to provide
v
i
funds for the financing of
ar
ous assessable
general obligations public improvement's in the
of th
i
s City. The bonds will be
e
s
uer, for which i
taxing powers are pledged. ', ts full faith, credit and
Date,and Maturities
-.:,~
The Bonds will be dated September 1,
~~~ ination of 5,000 each i
$ (unless' other dernoninati
1980, will be in denom-
o
purchaser within 48
hours of the award) and wil ns are specified by the
l mature on February 1 in
the following years and amounts;'
Year Amount', Year Amount
1983 20,000 1993. 305,000
-1984 20,000 1994 330,000
~ 1985 175,000 1995 345
000
-1986 180,000 1996 ,
380,000
1987 200,000 1997 405,000
1988 215,000; 1998 435,000
-1989 230,000, 1999 465,000
1990 250,000 2000 500,000
-1991, 260,000' 2001 535,000
-1992 285,000'' 2002 565,000
R
d
c'
Cfil~tlc)rl Feature
All Bonds of this issue maturing after
subject to prior redemption at
the o
ti
f February 1, 1993, will be
serial numbers on sa ,
p
on o
the
id date and'any llltCCCSC pay City in inverse order of
ment date thereafter at a
price of par plus accrued interest to date of rede mption.
I
~~ _ _ .~,
Interest
,~
Interest on the
semiannually thereafter or
ing on the same date must
single, uniform rate, not
subsequent maturity. No r
the issue. Each rate mus
no rate. of interest nor
exceed '12% per annum.
Bonds will be payable on February 1,
each August 1 and February 1. All Bonds matura
bear interest from date of issue until paid at a
exceeding ttce rate specified for Bonds of any
>re thaci 15 interest rates may be specified for
be in an integral multiple of 5%100 of 1%, and
he net effective average rate of the issue may
Paying Ap~ent
' Principal and interest will be made payable at any suitable bank
recommended by the purchaser and approved by the Council, and the City will
pay the customary charges for this- service provided that such recommenda-
tion is received within 48 hours after the sale and the Council will select
the paying agent if_the recommendation is not approved.
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 Ifni*_ed States se?~cted by him and aoproved 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
validitx 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
Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz of ilinneapolis, ifinne-
sota. The legal opinion will be printed on the Bonds at the request of the
purchaser. The legal opinion will state ttcat the Bonds are valid acid
binding general obligations of the City, payable from special assessments
against benefited property and ad valorem taxes for the City's share of the
cost thereof, and that the City is oblihated and required to levy tales for
the principal and interest thereon as the same become due without li;nit as
to rate or amount.
C
Tvoe of Bid - Amount
' Sealed bids must.-be mailed or delivered to the undersigned and
must be received prior to the (time of said meeting. Each bid must be
unconditional and must be accomp'ianied by a cashier's or certified check or
bank draft in the amount of $120,000, 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 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 $6,100,000 bid for principal)
will be deemed the most favorable. No oral bid and no bid of less than
$5,992,000 for principal plus a~lcrued 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 ORLER OF THE CITY :COL~CIL
',
/s/ Sylvia Bergh
City Clerk
Dated: August 11, 1980
` - 3. The City Clerk is authorized and directed to advertise the Bonds
for sale in accordance with. the foregoing notice of sale and to cause the
abbreviated notice of sale attached hereto as Exhibit "~,", to be published
in the manner required by law., The City Council shall meet on Monday
September 8, L°80, at 7:-00 o'iclock p.m. for the purpose of considering
sealed bids on the Bonds and ta~:ing any other appropriate action.
Passed by the City Councillof the City of Richfield this 11th day of
' AUQUSt. 1980.
.f