79-40
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$3,300,000 GENERAL OBLIGATION TEMPORARY
I(~ROVEMENT BONDS ,OF 1979 (
City of Chanhassen, Minnesota
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City Council
Yi~6, date, ti~e and place of rneeti~g: A regular meeting held
on v1ed~,':;, .~une 13, 1979, at 7:30 o'clock P.M., at the City Hall
:.:~r~bers present: Hayor Hobbs, Councilmen Pearson, - Neveaux ahd Geving!,
1.1embers absent: Councilman M,atthews
-Documents Attached:'
~llnutes of said meeting (pages): 2
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RESOLUTION NO.
79-40
RESOLUTION PROVIDING FOR ISSUANCE AND
PUBLIC SALE OF $3,300,000 GENERAL
OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1979
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X, the undersigned, being the duly qualified and acting
recording officer of the public corporation issuing the bonds ~ew
ferreo to in the title of this certificate, certify that the docu-
ments attached hereto, as described above, have peen carefu11y
compared \-lith the original records of said coq>orat.ion in my legal.
custody, from which they have been transcribed; that said documents
are a correct and co~plete transcript of the minutes ,of a meeting
of the soverning body of said corporation, and correct and complete
copies 01: all resolutions and ot.her actior~s taken and of all docu~ . _ '.
ments approved by the governing body at said meeting, so far as "
the~r relate to said bonds; and that said :r;'eetin~ \-1(15 duly hel:d by .--. -.-
the governing body at the time and place and was attended through---
out bv the members indicated above, nursua~t. to call and notice of
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such ~eeting given as required by law.
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13th
1-lITNESS my hand
day of
Offi:iu~~l~ r~ng officer
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this
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introduced the
C.
Councilperson Neveaux
following resolution and moved its adoption:
RESOLUTION NO.
79-40
RESOLUTION PROVIDING FOR ISSUANCE AND
PUBLIC SALE OF $3,300,000 GENERAL'
OBLIGATION TEMPORARY IMPROVEMENT
BONDS OF 1979
BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
1. Bond Authorization. This Council has heretofore
ordered the local improvements designated below to be constructe<l
in the city, and has contracted or will contract for the construction
of each of said improvements, under and pursuant to Minnesota
Statutes, Chapter 429, the designation and estimated total cost
of each of said improvements being as follows:
Project
Number
Project
Description
Variou~
improvements,
additional capi-
talized interest
76,.000
Amount .
75-2, 75-11,
77-2, 78-1,
78-5, 78-6,
78-7
77-6
$
MSAS ilOl,
Street (Phase II)
116,175
78-3
Lake Susan,
(Phase I and III)
Sanitary Sewer,
Water and Street,
etc.
2,759,898
Subtotal
Plus bond. issuance
cost and capitalized
interest
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$2,952,073
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284,927
. $3,237,000
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It is hereby determined to be necessary for the City to issue
and sell its General Obligatio~ Temporary Improvement Bonds of
1979 in the principal amount of. $3,300,000 to finance the cost
of said improvements,. $63,000 of said issue representing
interest as provided in Minnesota statutes, Section 475.56.
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2. Terms of Bond Sale; Notice. Juran & Moody, Inc.,
financial consultants to the City, has presented to this
Council a form of Notice. of Sale of the Bonds, which is
attached hereto, and which is hereby approved and shall be
placed on file by the Manager. Each and all of the provisions
of the Notice of Sale are hereby adopted as the terms and
conditions of the Bonds and of the sale thereof. The Manager
is authorized and directed to cause the Notice of Sale to be
published once in the official newspaper, and once in the
Commercial West, a financial periodical published in
Minneapolis, both publications at least ten days before the date
on which bids for the purchase of the Bonds will be received.
. 3. Sale.Meetin~. This Council shall meet at the
City Hall on Monday, July 2, 1979, at 7:30.o'clock P.M.
for the purpose of receiving, opening and considering sealep
bids for the purchase of the Bonds, and of taking such action
the~eon as may be in the best intere f the City.
Attest:
c
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ityManager
The motion for the adoption of the foregoing resolution
was duly secon~ed by Councilperson . Pearson
, and upon vote,
being taken thereon, the following voted in favor thereof:
Mayor Hobbs, Councilmen Pearson, Neveaux and Geving.
~nd the' following voted against the same: None
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whereupon said resolution was declared duly pass~d and adopted,
and was.si9n~d by the Mayor and attested by the City Manager._
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NOTICE OF SALE
$3,300,000 General Obligation
Temporary Improvement Bonds of 1979
City of Chanhassen
Carver and Hennepin Counties,
Minnesota
NOTICE IS HEREBY GIVEN"that the City Council of
the City of Chanhassen, Minnesota, will meet at the City
Hall on Monday, July 2, 1979, at the time indicated below,
to receive and consider bids for the purchase of $3,300,000
General Obligation Temporary Improvement Bonds of 1979 of
the City, to be issued to finance local improvements. The
bonds will be issued in denominations of $5,000 or any. "
multiple thereof, as requested by the successful bidder
within 48 hours after award of sale, will be dated July 1,
1979, in bearer form and numbered consecutively, will
mature on July 1. 1982, and" will be subject "to redemption
prior to maturity, on July 1, 1980 and any interest payment
date thereafter, at par and accrued interest. The bonds
will bear interest from date of issue until paid, at a
single, un~form rate specified by the successful bidder.
The interest rate must be an integral multiple of 5/100 of
1% and may not exceed 7%. Interest will be payable semi-
~nual~y on each January 1 and July 1, commencing July 1, 1980~
Principal and interest will be made payable at any
suitable bank or banks in the United States recommended by
the successful bidder within 48 hours after award of sale
and approved by the City Council, and the City will pay the
reasonable and customary paying agency charges. If the
paying agent is not selected within 48 hours after award of
the sale, or if it is not satisfactory to the Council, the
Council will select the paying agent. The issuer 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 printing to be done at
the expense of the purchaser, if the purchaser waives any
extension of the time of delivery caused thereby. The City
wi~l furnish, without cost to the purchaser and within forty
days after award of sale, the printed and executed bonds,
the usual form of no-litigation certificate, and the
unqualified approving legal opinion of bond counsel desig-
nated below. Delivery will be made without cost to the
purchaser anywhere in the continental United States.
Payment by the purchaser must be made in funds immediately
available for reinvestment by the City, and payment for the
bonds must be made on the date of physical delivery of the
bonds unless the purchaser has made arrangemepts for a
delivery agent.