80-11
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Extract of Minutes of Meeting
of the City Council
of the City of Chanhassen,
Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota,
was held at the City Hall in said City on Monday, April 21, 1980, commenc-
ing at 7:30 o'clock P.M.
The following members were present: Mayor Hobbs, Councilmen
Richard Pearson, Dale Geving, John Neveaux and patricia Swenson
and the following were absent:
None
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The following resolution was presented by Councilmember Pearson
who moved its adoption:
RESOLUTION NO. 80-11
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $1,730,000 GENERAL OBLIGATION
TEMPORARY IMPROVEMENT BONDS OF 1980
BE IT RESOLVED By the City Council of the City of Chanhassen, Carver
and Hennepin Counties, 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:
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Project Designation & Description
Total Project Cost
A. Construction Costs .(including engineering,
specifications, staking, inspection,
local legal and easements)
Kerber Drive
Erie Chanview
Lake Susan
Hwy 5 Frontage Road
Bandimere Heights
Bank/City Hall Access Road
. $200,000
45,000
800,000
85,000
70,000
280,000
$1,480,000
B.
Issuance Costs (legal opinion rating,
bond printing, advertising,
financial consulting, etc.)
13 , 000
C.
Capitalized Interest (8% for 1-~ years)
207,600
TOTAL
$1,700,600
(b) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue General
Obligation Temporary Improvement Bonds of 1980, (the "Tem-
porary Bonds") to provide interim financing for the
Improvements.
2. In order to provide interim financing for the Improvements, the
City shall therefore issue and sell Temporary Bonds in the amount of
$1,700,600. In order to provide in part the additional interest required
to market the Temporary Bonds at this time, additional Temporary Bonds
shall be issued in the amount of $29,400. Any excess of the purchase price
of the Temporary Bonds over the sum of $1,700,600 shall be credited to the
debt service fund for the Temporary Bonds for the purpose of paying inter~
est first coming due on the Temporary Bonds. The Temporary Bonds shall be
issued and sold in accordance with the terms of the following Official
Notice of Sale:
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OFFICIAL
NOTICE OF SALE
$1,730,000 General Obligation Temporary Improvement Bonds of 1980
City of Chanhassen
Carver and Hennepin Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of
$1,730,000 General Obligation Temporary Improvement Bonds of 1980 of the
City of Chanhassen will be received at the office of the City Manager in
the City Hall, 7610 Laredo Drive, Chanhassen, Minnesota 55317, until 5:00
p.m., C.T., Monday, May 19, 1980 at which time they will be opened and
tabulated for submission to the City Council for its consideration at a"
meeting at 7:30 p.m., C.T. on the same day. The bonds are offered on the
following terms:
Purpose and Security
The purpose of the Temporary Bonds is to provide funds for the
interim financing of various assessable public improvements in the City.
The Temporary 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 dated June 1, 1980, will be in denomination of
$5,000 each, and will mature on June 1, 1983.
Redemption Feature
All Bonds of this issue will be subject to prior redemption at
the option of the City in inverse order of serial numbers on June 1, 1981,
at a price of par plus accrued interest to date of redemption.
Interest
Interest on the Bonds will be payable on June 1, 1981, and semi-
annually thereafter on each December 1 and June 1. The rate specified must
be in an integral multiple of 5/100 of 1%, and the net effective rate of
the issue may not exceed 12% per annum.
Paying Agent
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.
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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 exten-
sion 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 Temporary 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 Temporary
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 each Temporary Bond issue will be
furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz. of Minne-
apolis, Minnesota. The legal opinion will be printed on the Temporary
Bonds at the request of the purchaser. The legal opinion ,'lill state that
the Temporary Bonds are valid and binding general obligations of the City,
payable primarily from special assessments against benefited property.
Type of Bid -$1,730,000
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 accompanied by a cashier's or certified check or
bank draft in the amount of $34,600, payable to the City Manager, 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 Temporary Bonds to stated
maturities, less any cash premium or plus any amount less than $1,730,000
bid for principal) will be deemed the most favorable. No oral bid and no
bid of less than $1,700,600 for principal plus accrued interest on all of
the Temporary 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 ORDER OF THE CITY COUNCIL
/s/ DONALD W. ASHWORTH
City Manager
Dated:
April 21, 1980
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3. The City Manager is authorized and directed to advertise the
Temporary Bonds for sale in accordance with the foregoing notice of sale
and to cause the abbreviated notice of sale attached hereto as Exhibit "A",
to be published in the manner required by law. The City Council shall meet
on Monday, May 19, 1980, at 7:30 o'clock p.m. for the purpose of consider-
ing sealed bids on the Temporary Bonds and taking any other appropriate
action.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember
Neveaux
, and upon vote being
taken thereon, the following voted in favor: Mayor Hobbs, Councilmen
Pearson, Neveaux, Geving and Swenson.
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
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Exhibit "A"
NOTICE OF SALE
$1,730,000 General Obligation Temporary Improvement Bonds of 1980
City of Chanhassen
Carver and Hennepin Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of
$1,730,000 General Obligation Temporary Improvement Bonds of 1980 of the
City of Chanhassen will be received at the office of the City Manager in
the City Hall, 7610 Laredo Drive, Chanhassen, Minnesota 55317, until 5:00
p.m., C.T., Monday, May 19, 1980 at which time they will be opened and
tabulated for submission to the City Council for its consideration at a
meeting at 7:30 p.m., C.T. on the same day. The bonds will be dated
June I, 1980 and will mature on June 1, 1983, subject to prior redemption
on June 1, 1981 at par. Interest will be payable on June 1, 1981, and
semiannually thereafter. Rates must be in an integral multiple of 5/100 of
1% and may not exceed 12% per annum. Minimum price, $1,700,600. An un-
qualified legal opinion will be furnished by Messrs. LeFevere, Lefler,
Pearson, 0' Brien & Drawz of Minneapolis, Minnesota. The purpose of the
Temporary Bonds is to finance various assessable public improvements in the
City.
BY ORDER OF THE CITY COUNCIL
/s/ Donald W. Ashworth
City Manager
Dated: April 21, 1980.
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STATE OF MINNESOTA
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SS.
COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
I, the undersigned, being the duly qualified and acting City
Manager of the City of Chanhassen, 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, April 21,
1980, with the 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 $1,730,000 General Obligation Temporary Improve-
ment Bonds of 1980, of the City.
WITNESS My hand as such Manager and the corporate seal of the
City this
day of
5th
May
, 1980.
era!. (]L~9cJ
City of Chanhassen, Minnesota
€SEAL)
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