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HomeMy WebLinkAbout05-28-74 Special Mtg. 1492 May 28, 1974 Pursuant to due call and notice thereof, a Special meeting o~ the City Council of the City of Hastings, Dakota County, Minnesota, was duly held at the City Hall in said City on the 28th day of May, 1974, at 7:30 o'clock P.M. for the purpose of opening and considering bids for and award- ing the sale of $395,000 Improvement Bonds of 1974, $940,000 General Obliga- tion Bonds and $145,000 General Obligation Parking Improvement Bonds of said City. r The following members were present: Councilmen Kramer, Driscoll, Fischer, Novak, Oconnor, Schnirring and Mayor Petersen. and the following were absent: Councilmen Collins and Hallberg. The Clerk presented affidavits showing publication of notice of call for bids on $395,000 Improvements Bonds of 1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on April 22, 1974. Said affidavits were examined found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: BIDDER First NatioI1/II.Bank of Saint Paul I Carleton D. Beh Company Des Moines, Iowa First National Bank of Minneapolis Paine, Webber, I,Jackson & Curtis, Inc Piper, Jaffray & Hopwood Allison-Williams Company Both of Minneapolis, Mn. BancNorthwest Chicago, Ill. Dain, Kalman & Quail, Inc. Minneapolis, Mn. American National Bank & Trust Company Juran & Moody, Inc. Both of Saint Paul, Mn. E. J. Prescott & Company Minneapolis, Mn. COUPONS PRICE NET INTEREST COST & RATE $128,105.00 (5.35444%) 5.00% 1976-80 $391,050.00 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 5.40% 1985 5.40% 1976-78 $390,753.75 5.00% 1979-80 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 5.40% 1985 $129, 571. 25 (5.4157%) 5.00% 1976-80 $390,200.00 5.10% 1981 5.20% 1982 5.30% 1983 5.40% 1984 5.50% 1985 $129,925.00 (5.4305%) The Council then proceeded to consider such bids~ After the bids had been considered and discussed, Councilman Schnirring introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF dfrl $395,000 IMPROVEMENT BONDS OF 1974 AND PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Hastings, Minnesota as follows: 1. That the bid of the First National Bank of Saint Paul to pur- chase $3~5,000 Improvement Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $391,050.00 is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at The First National Bank of Saint Paul or any sucessor Paying Agent duly appointed by the City. 1493 2. The $395,000 negotiable coupon general obligation bonds of the City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds shall be 79 in number and numbered from 1 to 79, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest num- bers first, without option of prepayment, on January 1 in the years and amounts as follows: $35,000 in the year 1976; and $40,000 in each of the years 1977 to 1985, both inclusive. 3. Said bonds shall provide funds for the construction of various improvements in the City. The total cost of said improvements, including _I the cost of construction under the terms of the lowest bid received. engin- eering, legal and other professional charges, publication and printing costs interest accruing on money borrowed for the improvements before the collec. tion of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the im- provements, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due dili- gence to completion. 4. The bonds of said issue maturing ih the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1975 and semiannually thereafter on January 1 and July 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years 1976-80 1981 1982 1983 1984 1985 Serial Numbers Interest Rate 1-39 40-47 48-55 56-63 64-71 72-79 5.00% 5.10% 5.20% 5.25% 5.30% 5.40% 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS il No. $ IMPROVEMENT BOND OF.1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, BAkota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer without option of prepayment the sum of FIVE THOUSAND DOLLARS on the first day of January, 19__and to pay interest thereon from the date hereof until the principal is paid at the rate of pat' cent ( %) per annum, payable on the first day of July, 1975 and semiannually thereafter on the first day of January and the first day of July in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at or any successor Paying Agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is~t legal tender for public and private debts. r --J This bond is one of an issue in the total principal amount of $395,000 all of like date and tenor, except as to serial number, maturity and interest rate, which bond has been issued pursuant to and in full con- formity with the Constitution and laws of the State of Minnesota for the purpose of pro- viding money for various improvements, and is payable out of the Improve- ment Bonds Common Fund of the City. 1494 This Bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance ot this bond, have been done, have happened and have been performed, in reg- ular and due form, time and manner as required by law, and this bond, to- gether with all other debts of said City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any con- stitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City County, Minnesota, by its City Council has caused this Bo d executed in its behalf by the facsimile signature of the Mayor an nual signature of the City Clerk, and the corporate seal of saidf y to be affixed hereto, and has caused the interest coupons to be exec' ij authenticated by the facsimile signatures of said officers, all as of , 1974. J I , Ii c;Ltr "g;'~ City CTerk' Mayor (FORM OF COUPON) NO. $ On the first day of July (January), 19__, the City of Hastings, Dakota County, Minnesota, will pay to bearer at or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its Improvement Bond of 1974 No. dated July 1, 1974. /s/ Facsimile City Clerk / s/ Fa.csimile Mayor 6. The Bonds shall be executed' on behalf of the City by the sig- nature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons per taining thereto shall be executed by the printed, engraved or lithographed facsimile sig- natures of the Mayor and Clerk. 7. The said bonds when so prepared and executed shall be de- livered by the Treasurer to the purchaser thereof upon receipt of the pur- chase price, and the said purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be designated "Improve ment Bonds Common Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said funds shall be maintained in the manner herein specified until all of the bonds herein auth- orized and all other general obligation improvements bonds hereafter issued by the City and made payable from said account and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "1974 Improvement Bonds Construction Account" and the "Common Sinking Fund Account," respectively. The proceeds of the sale of the bonds herein authorized less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $390,000, shall be cred- ited to the 1974 Improvement Bonds Construction Account, from which there shall be paid all costs and expenses of making said improvements, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said 1974 Improvement Bonds Construction Account, said balance may be transferred by the Council to the Construction Account of any other im- provement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged 1495 and there shall be credited to the Common Sinking Fund Account, all collections of special assessments herein covenanted to be +evied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $390,200, and all funds remaining in said 1974 Imp- rovement Bonds Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the Construction Account of another improvement. The Common Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and all other general obligation improvement bonds of the City hereafter issued by the City and made payable from said Account. Any (a) earnings or net profits derived from investment or de- posit of the proceeds of said bonds not expended for said improvements, (b) accrued interestand premium received upon the sale of said bonds, and (c) any other bond proceeds not expended for said improvements will be applied against interest and/or principal due on said bonds within three years of their date of issue. --, 9. It is hereby determined that no less than $395,000 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improve- ments. Said amount is not less than 20% of the cost of the improvements to the City within the meaning of Minnsota Statutes, Section 475.58, Subdivision 1 (3). The City hereby covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assess- ment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceed- ings taken or to be taken by the City or this Councilor any of the City officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in equal, consecutive, annual in- stallments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 8%per annum: LEVY YEARS l_ IMPROVEMENT DESIGNATION AMOUNT Improvements 1974 $395,000 1974-83 Said special assessments are such that if collected in full they, together with estimated collections of other revenues pledged for the pay- ment of said bonds, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the bonds. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. 10. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register. 11. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the fin- ancial condition and affairs of the City, and such other affidavits, certi- ficates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, ,including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 1496 The motion for the adoption duly seconded by Councilman Novak and following vote was recorded: Ayes, al e foregoing resolution was ote being taken thereon, the s, none. Whereupon said resolution w passed and adopted. ATTEST: t I, Me:-" d.- ~A cffy'c erK: The Clerk presented affidavits showing publication of notice of call for bids on $145,000 General Obligation Parking Improvement Bonds of 1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on April 22, 1974. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. ,-.-. The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: Bidder First National Bank of Saint Paul St. Paul, Mn Carleton D. Beh Company Des Moines, Iowa First National Bank of Minneapolis, Minneapolis, Mn. -- American National Bank & Trust Company Juran & Moody, Inc. Both of St. Paul, Mn. E. J. Prescott & Company Minneapolis, Mn. Piper, Jaffray & Hopwood Inc. Allison-Williams Company Both of Minneapolis, Mn. BancNorthwest Chicago, Ill. Dain, Kalman & Quail, Inc Minneapolis, Mn Coupons Price Net Interest Cost & Rate 5.00% 1976-80 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 5.40% 1985 $143,550.00 $47,773.75 (5.35280%) 5.00% 1976-80 5.10% 1981 5.20% 1982 5.30% 1983 5.40% 1984 5.50% 1985 $143,250.00 $48,437.50 (5.4271%) 5.40% 1976-80 $143,251. 30 $48,492.45 5.00% 1979-80 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 (5.4333%) The Council then proceeded to consider such bids. After the Bids had been considered and discussed, Councilman Kramer introduced the foll- owing resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $145,000 General Obligation Parking Improvement Bonds of 1974 Providing for their issuance -- I BE IT RESOLVED by the Council of the City of Hastings, Minnesota, as follows.: 1. That the bid of The First National Bank of St. Paul to pur- chase $145,000 General Obligation Parking Improvement Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $143,550.00 (plus a premium of -0-) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and in- terest at The First National Bank of St. Paul or any successor Paying Agent duly appointed by the City. 1497' 2. The $145,000 negotaab1e coupon general obligation bonds of the City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds shall be 29 in number and numbered from 1 to 29, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on January 1 in the years and amounts as follows: $10,000 in the year 1976; and $15,000 in each of the years 1977 to 1985, both inclusive. 3. Said bonds shall provide funds for the construction of park- ing improvements in the City in accordance with Minnesota Statutes, Section 459.14. The total cost of said improvements, including the cost of con- struction under the terms of the lowest bid received, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necessarily in- curred and to incurred from the inception to the completion of the im- provements, is estimated to be at least equal to the amount of the bonds herein auth~ized. Work on the improvements shall proceed with due diligence to completion. I~' ! I 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1975 and semiannually thereafter on January 1 and July 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1976-80 1981 1982 1983 1984 1985 1-14 15-17 18-20 21-23 24-26 27-29 5.00% 5.10% 5.20% 5.25% 5.30% 5.40% I' i 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: ~- UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS No. $ S,OOO GENERAL OBLIGATION PARKING IMPROVEMENT BOND OF 1974 KNOW ALL MEN BY THESE PRESENTS THAT the City of Hastings, Dakota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer without option of prepayment the sum of FIVE THOUSAND DOLLARS on the first day of January, 19---and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( %) per annum, payable on the first day of July 1, 1975 and semiannually thereafter on the first day of January and the first day of r~. July in each year, in accordance with and upon presentation and surrender l. of the interest coupons hereto attached, as the same severally become due._) Both principal and interest are payable at or any successor Paying Agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. This bond is one of an issue in the total principal amount of $145,000 all of like date and tenor, except as to serial number, maturity and interest rate, which bond has been issued pursuant to and in full con- formity with the Constitution and laws of the State of Minnesota for the 1498 purpose of providing money for parking improvements in accordance with Minnesota Statutes, Section 459.14 and is payable out of the General Obligation Parking Improvement Bonds of 1974 Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocably pledged. ---- IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota 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 this bond, together with all other debts of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any con- stitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Ha by its City Council has caused this bond to the facsimile signature of the Mayor and the Clerk, and the corporate seal of said City 0 e caused the interest coupons to be executed nd a facsimile signatures of said officers, all _~ J 1 Lj C:((.~~.. City Clerl Mayor County, Minn. ted in its behalf by signature of the City fixed hereto, and has henticated by the July 1, 1974 (FORM OF COUPON) No. $ On the first day of July (January), 19~, the City of Hastings, Dakota County, Minnesota, will pay to bearer at or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Parking Improve- ment Bond of 1974 No dated July 1, 1974. /s/ Facsimile City Clerk /s/ Facsimile Mayor 6. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may, be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimil signa- tures of the Mayor and Clerk. 7. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1974 Fund" to be held and adminis- tered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. Insaid fund there shall be maintained two separate accounts, to be designa- ted as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less any amount paid for said bonds in excess of $143,250, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, in- cluding the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to apy interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied. There is hereby pledged and there shall be credited to the Sinking Fund Account, all clllections of special assessments herein covenanted to be levied, all accrued interest received upon delivery of said bonds, all funds paid for 1499 the bonds in excess of $143,250, and allfunds remaining in said Construction Account after completion of the improvements and payment of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account. Any earnings (a) or net profits derived from investment or deposit of the proceeds of said bonds not expended for said improvements, (b) accrued interest and premium received upon the sale of said bonds, and (c) any other bonds proceeds not expended for said improvements will be applied against in- terest and/or principal due on said bonds within three years of their date of issue. 9. It is hereby determined that no less than $145,000.00 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements, in accordance with Minnesota Statutes, Section 459.14. Said amount is not less than 50% of the total amount of the bonds issued within the meaning of Minnesota Statutes, Section 459.14, Subdivision 3. The City hereby covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or this Councilor any of the City officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all such further acts and take all such further proceedings as may be re- quired by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 8% per annum: Improvement Designation Amount Levy Years Improvements 1974 $145,000 1974-83 Said special assessments are such that if collected in full they, together with estimated collections of other revenues pledged for the pay- ment of said bonds, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the bonds. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocable pledged. 10. The City clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, to- gether with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register. 11. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, in~lud- ing any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption 0 seconded by Councilman Fischer and upon following voted in favor thereof: All p against the same: None. ~ereupon said resolution was tv eN ~/~ City Clerk . oregoing resolution was duly eing taken thereon, the and the following voted ATTEST i '---1 ~ I I . ._~ I: I L 1500 The Clerk presented affidavits showing publication of notice of call for bids on $940,000 General Obligation Bonds of 1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on April 22, 1974. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: ~ BIDDER First National Bank of Saint Paul Saint Paul, Mn. Carleton D. Beh Co. Des Moines, Iowa First National Bank of ~inneapolis, Mpls, Mn. Paine, Webber, Jackson & Curtis, Inc. New York Robert W. Baird Co. Inc. Milwaukee, Wise. First National Bank of Has tings, Mn. Piper, Jaffray & Hopwood, Inc. Allison-Williams Co. Both of Minneapolis, Mn BancNirthwest Chicago Ill. Dain, Kalman & Quail Inc. Mpls, Mn. Northwestern National Bank of Hastings Hastings, Mn. COUPONS PRICE NET INTEREST COST & RATE 5.00% 1976-80 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 5.40% 1985 5.50% 1986 5.60% 1987 5.70% 1988 5.80% 1989 5.90% 1990 6.00% 1991-95 $925,007.00 $685,888.00 (5.88998%) 5.00% 1976-80 $925,000.42 $685,894.58 5.10% 1981 5.20% 1982 5.25% 1983 5.30% 1984 5.40% 1985 5.50% 1986 5.60% 1987 5.70% 1988 5.80% 1989 5.90% 1990 6.00% 1991-95 (5.8900%) The Council then proceeded to consider such bids. After the bids had been considered and discussed, Councilman Novak introduced the follow- ing resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $940,000 GENERAL OBLIGATION BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENr THEREOF BE IT RESOLVED by the Council of the City of Hastings, Minnesota, as follows: 1. That the bid of The First National Bank of St. Paul to pur- chase $940,000 General Obligation Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to p~y therefor the sum of $925,007.00 (plus a premium of -0-) is hereby found, determined and declared to be the most favorable bid re- ceived, and is hereby accepted and said bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccess- ful bidders. Said bonds shall be payable as to principal and interest at The First National Bank of St. Paul or any successor Paying Agent duly appointed by the City. 2. The $940,000 negotiable coupon general obligation bonds of the City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds shall be 188 in number and numbered from 1 to 188, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest num- bers first, on January 1 in the years and amounts as follows: $40,000 in the year 1976; $20,000 in each of the years 1977 to 1979, both inclusive; 1501 $35,000 in each of the years 1980 and 1981; $40,000 in each of the years 1982 to 1984, both inclusive; $45,000 in each of the years 1985 and 1986; $50,000 in each of the years 1987 and 1988; $55,000 in the year 1989; $60,000 in each of the years 1990 and 1991; $65,000 in the year 1992; $70,000 in each of the years 1993 and 1994; and $50,000 in the year 1995 3. Said bonds shall privide funds to construct and equip an ice arena and expand the municipal industrial park in the City. The total cost of said project, including the cost of construction under the terms of the lowest bid received, engineering, legal and other profess- ional charges, publication and printing costs, interest accruing on money borrowed for the project before the collection of taxes levied therefore, and all other costs necessarily incurred and to be incurred from the inception to the completion of the project, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the project shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable January 1, 1975 and semiannually thereafter on July 1 and January 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rates 1976-80 1-33 5.00% 1981 34-40 5.10% 1982 41-48 5.20% 1983 49-56 5.25% 1984 57-64 5.30% 1985 65T73 5.40% 1986 74-82 5.50% 1987 83-92 5.60% '(1:988 93-102 5.70% l~i'1989 103-113 5.80% 1990 114-125 5.90% 1991-95 126-188 6.00% 5. All bonds of this issue maturing in the years 1988 to 1995 both inclusive (bonds numbered 93 to 188, both inclusive), shall be sub- ject to redemption and prepayment at the option of the City in inverse order of serial numbers, on January 1, 1987 and on any interest payment date thereafter at par and accrued interest. Published notice of redemp- tion shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the last known holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS $5,000 I. l._) No. GENERAL OBLIGATION BOND OF 1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, Dakota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of 1502 FIVE THOUSAND DOLLARS -- on the first day of January, 19=-- and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( %) per annum, payable on the first day of January, 1975 and semiannually thereafter on the first day of July and the first day of January in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at or any successor Paying Agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing in the years 1988 to 1995, both inclusive (bonds numbered 93 to 188, both inclusive), are subject to re- demption and prepayment at the option of the City in inverse order of serial numbers, on January 1, 1987 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the last known holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed no- tice must register their names, addresses and bond numbers with the City Clerk. This bond is one of an issue in the total principal amount of $940,000 all of like date and tenor, except as to serial number, maturity, interest rate and redemption privilege, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money to construct and equip an ice arena and expand the numicipal industrial park, and is payable out of the General Obligation Bonds of 1974 Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are here- byirrevocable pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota 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 reg- ular and due form, time and manner as required by law, and this bond, to- gether with all other debts of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitu- tional or statutory limitation of indebtedness. ; l ;.;-,j --z::; ~ L~ Ci ty Clerk IN WITNESS WHEREOF, the City 0 by its City Council has caused this bond facsimile signature of the Mayor and the and the corporate sesl of said City to b interest coupons to be executed and auth tures of said officers, all as of July 1 ((1 Mayor (Form of Coupon) No. $ - I I I I On the first day of January (July), 19 , unless the bond des- cribed below is called for earlier redemption, the City of Hastings, Dakota County, Minnesota, will pay to bearer at or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Bond of 1974 No. dated July 1, 1974. /s/ Facsimile City Clerk /s/ Facsimile Mayor 1503 7. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved of lithographed fac- simile signatures of the Mayor and Clerk. 8. The said bonds when so prepared and executed shall be de- livered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. [ 9. There is hereby created a special fund to be designated "General Obligation Bonds of 1974 Fund~' to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be desig- nated as the "Construction Account" and the "Sinking Fund Account", res- pectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $925,000, shall be credited to the Construction Account, from which there shall be paid all costs and expensesi'of said pro- ject, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes herein levied. There is pledged and there shall be credited to the Sinking Account all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $925,000, collections of all taxes herein levied for the payment of said bonds, and all funds remaining in said Construction Account after com- pletion of the project and payment of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account. r----., I l_ Any (a) earnings or net profits derived from investment or de- posit of the proceeds of said bonds not expended for said project, (b) accrued interest and premium received upon the sale of said bonds, and (c) any other bond proceeds not expended for said project will be applied against interest and/or principal due on said bonds within three years of their date of issue. 10. To provide moneys for the payment of said principal and inter- est there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said City for the years and in the amounts as follows: . Year of Tax Year of Tax Amount Levy Collection 1974 1975 $84,719 1975 1976 84,546 1976 1977 82,971 1977 1978 81,396 1978 1979 85,071 1979 1980 83,234 1980 1981 86,610 1981 1982 84,426 '-1 ! I 1982 1983 82,221 I t I I 1983 1984 85,245 I I '--' 1984 1985 82,693 1985 1986 85,344 1986 1987 82,404 1987 1988 84,662 1988 1989 86,562 1989 1990 82,845 1990 1991 84,315 1991 1992 85,470 1992 1993 81,060 1993 1994 55,650 1504 Said tax levies are such that if collected in full they, to- gether with estimated collections of other revenues pledged for the pay- ment of said bonds, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the bonds. Said tax levies shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent per- mitted by Sec. 475.61 (3) M.S.A. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocable pledged. 11. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, to- gether with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has been made. 12. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all pro- ceedings and records of the City relating to said bonds and to the finan- cial condition and affairs of the City, and such other affidavits, certifi- cates and information as are required to show the facts relating to the lega- lity and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidabits, including any here- tofore furnished, shall be deemed representations of the City as to the facts recited therein. ATTEST: lA }. ;"{{;J,L City. Cl rk oing resolution was duly taken thereon, the follow- ayes, none. -- The motion for the adoption of th seconded by Councilman Kramer and upon vote ing voted in favor thereof: Ayes, all pre Whereupon said resolution adopted. --