80-11A
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EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE CITY
OF CHANHASSEN
HENNEPIN AND CARVER COUNTIES, MINNESOTA
Pursuant to due call and notice thereof a regular meeting of
the City Council of the City of Chanhassen, Hennepin and Carver
Counties, Minnesota, was held at the City Hallin said City on
,
Monday, April 21, commencing 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. 80-1lA
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $1,510,000 GENERAL OBLIGATION
MUNICIPAL BUILDING BONDS OF 1980.
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BE IT RESOLVED By the City Council of the City of Chanhassen,
Minnesota, as follows:
1. At a duly called and regularly held special election on
November 6, 1979, the voters of the City of Chanhassen approved, by
more than the requisite majority vote the issuance and sale of not
to exceed $1,484,500 General Obligation Bonds for the purpose of
providing moneys for the acquisition and betterment of various
municipal buildings including a city hall building, a public works
building, and a sattelite fire station (the "Projects").
2. It is hereby found and determined that it is necessary and
desirable for the sound financial management of the City to issue and
sell General Obligation Municipal Building Bonds pursuant to the
authority granted by the voters to provide funds to finance all or a
part of the estimated costs of the Projects.
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3. In order to provide such financing for the Projects, the
City shall therefore issue and sell Bonds in the amount of $1,484,500.
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 $25,500. Any excess of the purchase price of the
Bonds over the sum of $1,484,500 shall be credited to the debt
service fund far the Bonds for the purpose of paying interest first
coming due on the Bonds. The 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
$1,510,000 General Obligation Municipal Building Bonds of 1980
City of Chanhassen
Hennepin and Carver Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase
of $1,510,000 General Obligation Municipal Building 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, l-iinnesota
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 bonds is to provide funds for the financing
of the acquisition and betterment of various public buildings in
the City. The 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 August 1 in the following years
and amounts:
Year Amount Year Amount
1982 $ 10,000 1992 $ 70,000
1983 20,000 1993 85,000
1984 25,000 1994 95,000
1985 30,000 1995 110,000
1986 35,000 .1996 125,000
1987 40,000 1997 140,000
1988 45,000 1998 155,000
1989 50,000 1999 170,000
1990 55,000 2000 190,000
1991 60,000
Redemption Feature
The City may elect on August 1, 1989 and on any interest payment
date thereafter to prepay bonds due on or after August 1, 1990, in
inverse order of serial numbers. Prepayment shall be at the
following prices plus accrued interest:
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If Called
Price
August 1, 1989 through February 1, 1992
August 1, 1992 and thereafter
100.5%
Par
Interest
Interest on the bonds will be payable on February 1, 1981 and
semiannually thereafter on each August 1 and February 1. All bonds
maturing on the same date must bear interest from date of issue
until paid at a single, uniform rate, not exceeding the rate
specified for bonds of any subsequent maturity. No limit on the
number of interest rates that may be specified for the issue. Each
rate must be in an integral multiple of 5/100 of 1%, and no rate of
interest nor the net effective average rate of the issue may exceed
12% per annum.
Payirig Agept
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 recommendation 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 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 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 bonds, or within five days after deposit
with the delivery agent, in funds available for expenditure by the
City on the day of payment.
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Legal Opinion
An unqualified legal opinion on each bond issue will be furnished
by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis,
Minnesota. The legal opinion will be printed on the bonds at the
request of the purchaser. The legal opinion will state that the
bonds are valid and binding general obligations of the City and that
the City is obligated and required to levy taxes for the principal
and interest thereon as the same become due without limit as to rate
or amount.
Type 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 accompanied by a cashier's or certified
check or bank draft in the amount of $30,200, 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 'bonds to stated maturities, less any cash premium or plus any
amount less than $1,510,000 bid for principal) will be deemed the
most favorable. No oral bid and no bid of less than $1,484,500 for
princ"ipal plus accrued 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 ORDER OF THE CITY COUNCIL
/s/ Donald W. Ashworth
City Manager
Dated: April 21, 1980.
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4. The City Manager 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 "A", to be published in the manner required by law. The City
Council shall meet on Monday, May 19, 1980, at 7:00 o'clock P.M.
for the purpose of considering bids on the bonds and taking any other
appropriate action.
The motion for the adoption of the foregoing resolution was
duly seconded byCouncilmember
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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NOTICE OF SALE
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Exhibit A
$1,510,000 General Obligation Municipal Building Bonds of 1980
City of Chanhassen
Hennepi,n and Carver Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase
of $1,510,000 General Obligation Municipal Building 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 1, 1980 and will
mature on February 1 in the years and amounts as follows:
Year Amount
1982 $10,000
1983 20,000
1984 25,000
1985 30,000
1986 35,000
1987 40,000
e 1988 45,000
1989 50,000
1990 55,000
1991 60,000
Year
1992
1993
1994
1995
1996
1997
1998
1999
2000
Amount
$ 70,000
85,000.
95,000
110,000
125,000
140,000
155,000
170,000
190,000
The City may elect on August 1, 1989
thereafter to prepay bonds due on or
order of serial numbers. Prepayment
plus accrued interest:
and on any interest payment date
after August 1, 1990, in inverse
shall be at the following prices
If Called
August 1, 1989 through February 1, 1992
August 1, 1992 and thereafter
Price
100.5%
Par
Interest will be payable on February 1, 1981, and semiannually there-
after. Each rate must be in an integral multiple of 5/100 of 1% and
no rate may exceed 12% per annum.-,"Minimum price, $1,484,500. An
unqualified legal opinion will be furnished by Messrs. LeFevere, Lefler,
Pearson, O'Brien & Drawz of Minneapolis, Minnesota. The purpose of
the bonds is to finance the acquisition and betterment of various
public buildings in the City.
BY ORDER OF THE CITY COUNCIL
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/s/ Donald W. Ashworth
City Manager
Dated:
April 21, 1980
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STATE OF MINNESOTA )
)
COUNTIES OF HENNEPIN )
AND CARVER ) SSe
)
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
4It $1,510,000 General Obligation Municipal Building Bonds of 1980, of
the City.
WITNESS My hand as such Manager and the corporate seal of the
City this
day of
, 1980.
'..
d1 (J(J~~
Ci ty Manager
City of Chanhassen, Minnesota
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