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80-16 e e e " After due consideration of the bids, Councilmember Pearson introduced the following resolution and moved its adoption: RESOLUTION NO. 80-16 RESOLUTION AWARDING THE SALE OF $1,510,000 GENERAL OBLIGATION BUILDING BONDS OF 1980; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Chanhassen, Minnesota as follows: 1. The bid of Dain Bosworth Incorporated, Minneapolis, Minnesota to purchase $1,510,000 General Obligation Building Bonds of 1980, of the City described in the Official Notice of Sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of $ 1.485.073.75 plus accrued interest to date of delivery, sucn bonds to bear interest as follows: 6.60% 1982/85 7.10% - -1994 6.70 1986.89 7.25 1995. 6.75 1990 7.40 1996 6.80 1991 7.50 1997 6.90 1992 7.60 - 1998 7.00 1993 7.70 1999 7.80 2000 The sum of $ 573.75 , being the amount bid in excess of $1,484,500, shall be credited to the bond sinking fund hereinafter created. The City Manager is directed to retain the good faith check. of the successful bidder pending completion of the sale and delivery of the bonds, and is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Chanhassen (the "City") shall forthwith issue and sell its General Obligation Building Bonds of 1980 (the "Bonds"), in the principal amount of $1,484,500, dated June 1, 1980, the Bonds being 302 in number and numbered 1 to 302, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable February 1, 1981, and semiannually thereafter on February 1 and August 1 in each year, and which Bonds mature serially on February 1 in the years and amounts as follows: - 2 - . > e Year Amount Year 1982 $10,000 1992 1983 20,000 1993 1984 25,000 1994 1985 30,000 1995 1986 35,000 1996 1987 40,000 1997 1988 45,000 1998 1989 50,000 1999 1990 55,000 2000 1991 60,000 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 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: If Called Price August 1, 1989 through February 1, 1992 August 1, 1992 and thereafter 100.5% Par 3. Both principal of and interest on the Bonds shall be payable at 4Ia and the City of Chanhassen shall pay the reasonable charges of said bank for its services as paying agent. .... 4. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTIES OF CARVER AND HENNEPIN CITY OF CHANHASSEN GENERAL OBLIGATION BUILDING BOND OF 1980 KNOW ALL MEN BY THESE PRESENTS that the City of Chanhassen, Carver and Hennepin Counties, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer, the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19 and to pay interest thereon from the date hereof until the principal amount is paid at the rate of percent ( %) per annum, interest to maturity payable February 1, 1981, e - 3 - e e e and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable at the in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. The City may elect on August 1, 1989 and on any interest payment date thereafter to prepay bonds of this issue due on or after August 1, 1990, in inverse order of serial numbers. Prepayment shall be at the following prices plus accrued interest: If Called Price August 1, 1989 through February 1, 1992 100.5% August 1, 1992 and thereafter Par This bond, being one of an issue of bonds in the total principal amount of $1,510,000, all of like date and tenor except as to maturity, interest rate, redemption privilege and serial number, is issued by the City for the purpose of providing funds to finance the acquisition and betterment of various municipally owned buildings within the City pursuant to the authority conferred by the requisite majority vote of the qualified electors of the City voting on the question of the issue at an election duly and regularly called and held, and pursuant to and in ful~ conformity with the Constitution and Laws of the State of Minnesota thereunto enabling. This Bond constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of said principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council has levied ad valorem taxes for such purpose and,' in event of any deficiency, has obligated itself to levy additional ad valorem taxes on all of the taxable property in the City without limitation as to rate or amount. 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 that this bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. - 4 - e e e . . IN WITNESS WHEREOF, the City of Chanhassen, Carver and Hennepin Counties, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signature of the Mayor and the manual signature of the City Manager and sealed with a facsimile of the corporate seal of the City and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of June 1, 1980. (Facsimile) Mayor City Manager (facsimile seal) (Form of Coupon) No. $ On the 1st day of February (August), 19 , the City of Chanhassen, Carver and Hennepin Counties, Minnesota, will pay to bearer, at the ~ the amount shown hereon for interest then due on its General Obligation Building Bonds of 1980, dated June 1, 1980, No. (Facsimile signature) City Manager City of Chanhassen, Minnesota The City Manager is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. 6. The Bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Manager, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and City Manager and the facsimile of the corporate seal of the City may, but need not be, printed thereon; provided, however, that the signatures of both the Mayor and the City Manager may be facsimile signatures, duly authenticated by the - 5 - 4. e e e . . manual signature of an officer of the '!he First National Bank of St. Paul hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision I, and, if the bonds are to be so executed and authenticated, the bond form set forth in paragraph 4 hereof shall be modified as follows: a) Substitute the following paragraph for the final paragraph of the bond: "IN WITNESS WHEREOF, the City of Chanhassen, Carver and Hennepin Counties, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signatures of its Mayor and City Manager and with the facsimile of the corporate seal of the city imprinted thereon and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, except for the manual signature of its duly authorized Authenticating Agent on the reverse side of this bond, all as of June I, 1980." b) Add the following on the reverse side of the bond: "This Bond is one of the Bonds of the series designated herein issued pursuant to the resolution authorizing its issuanc8 and delivery." The First National of St. Paul As Authenticating Agent Bank By Its Authorized Offi~r The Bonds when fully executed shall be delivered by the City Treasurer to the original purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obligated to see to the proper application thereof. 7. The Bonds shall be payable from the General Obligation Building Bonds of 1980 Fund hereby created, and the proceeds of the general taxes hereinafter levied for the payment of principal and interest thereon financed by the Bonds are hereby pledged to said fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in said fund to pay the same, the City Manager shall pay such principal or interest from the general fund of the City, and the general fund shall be reimbursed for such advances out of moneys appropriated by the City Council for such purpose. -.6 - . " . . e e e . ., r.. 8. For the purpose of paying the principal of and interest on the Bonds there is hereby levied a direct annual irrepealable ad valorem tax levy against all taxable properties in said City, which tax levies shall be in the years and amounts as follows: (Year stated being year of levy for collection the following year. ) YEAR LEVY YEAR LEVY 1980 $134;500 T990 $150:500 r~~~ r~~:~88 l~~~ l~~:zgg 1983 139 400 1993 177,600 1984 142;900 1994 186,300 1985 146,100 1995 193,700 1986 148,900 1996 199,700 1987 151,300 1997 204,400 It is here~~~tetermI~~~8~at the esl~~ated c~~~~~~ion of the foregoing ad valorem tax levies will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payment on the Bonds. The City Manager is directed to file a certified copy of this resolution with the County Auditors of Carver and Hennepin Counties and obtain the certificates required by Minnesota Statutes, Section 475.63. 9. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City Manager annually, prior to October 10th, certify to the respective County Auditors the amount available in the sinking fund to pay principal and interest due during the ensuing year, and the Auditors shall thereupon reduce the levies collectible during such year by the amount so certified. 10. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the Bonds and to the attorneys approving the same, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 11. The Mayor and City Manager are hereby authorized and directed to certify that they have examined the official statement or prospectus prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief said statement is a complete and accurate representation of the facts and representations made therein as of the date of said official statment or prospectus as it relates to the City. - 7 - -,' .-." . . " STATE OF MINNESOTA ) ) ) ) ) SS. COUNTIES OF CARVER AND HENNEPIN CITY OF CHANHASSEN I, the undersigned, being the duly qualified and acting Manager of the City of Chanhassen, Minnesota do hereby certify that I have care- fully compared the attached and foregoing extract of minutes of a regular meeting of the City Council held on May 19, 1980, with the original thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $1,730,000 General Obligation Temporary "Improvement Bonds of 1980, of the City. WITNESS My hand as Manager and the corporate seal of the City this , 1980. ~(l (]{l~ Manager of Chanhassen, Minnesota day of 22nd May .., City City (SEAL) - 9 - , I J ..~ -~ . . , . .. .....' 1...........----.-.'" . e e 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 Council of the City of Chanhassen, Minnesota, was duly held in the City Hall in the City of Chanhassen on Monday, May 19, 1980, commencing at 7:30 o'clock p.m. The following members were present: Mayor Hobbs, Councilmen: Pearson, Neveaux, Geving and Swenson. and the following were absent: None mt,,~~ ~-k~'( **;~ The Mayor announced that the meeting was convened for the consider- ation of the bids which had been received for the purchase of $1,730,000 General Obligation Temporary Improvement Bonds of 1980, as advertised for sale. The City Manager presented affidavits showing publication of notice of sale in the official newspaper and in Commercial West, a financial paper published in Minneapolis, Minnesota, which affidavits were examined and found satisfactory and ordered placed on file. The City Manager presented the sealed bids which had been received by him prior to the time specified in the notice of sale, which had been opened and tabulated with the assistance of Juran & Moody, Inc., financial advisers to the City. The bids were as follows: .