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82-58 (2/( / / tit 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, September 20, 1982, commencing at 7:30 o'clock p.m. The following members were present: Geving and Horn Hamilton, Neveaux, Swenson, and the following were absent: None j'\ * ..k * * * * * * Hamilton introduced the following resolution Councilmember e and moved its adoption: RESOLUTION NO. 82-58 RESOLUTION AWARDING THE SALE OF $130,000 GENERAL OBLIGATION FIRE EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1982; FIXING THE FORM AND SPECIFICATIONS THEREOF; AND PROVIDING FOR THEIR PAYMENT 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) Minnesota Statutes, Section 412.301 authorizes the City to issue and sell certificates of indebtedness to finance the purchase of fire equipment. e (b) The City Council has contracted for the purchase of a new fire truck and related equipment (the "Equipment") and has or will incur the following costs in connection with the purchase of the Equipment: tit Pumping Engine and Chassis Related Equipment Costs of Certificate Issuance Total $ 95,292 30,000 2,160 $127,542 (c) That it is necessary and expedient to the sound financial management of the affairs of the City to issue $130,000 General Obligation Fire Equipment Certificates of Indebted- ness of 1982, (the "Certificates") to provide financing for the Equipment. 2. The City shall therefore issue and sell its Certificates in the amount of $127,542. In order to provide in part the additional interest required to market the Certificates at this time, additional certificates shall be issued in the amount of $2,548. Any excess of the purchase price over the sum of $127,452 shall be credited to the Sinking Fund f&or the purpose of paying interest first coming due on the Certificates. 3. The City is authorized by the provisions of Minnesota Statutes, Section 475.60, Subdivision 2 (1), to negotiate the sale of the Certifi- cates, there having been no negotiated sale of the City's certificates within the past 90 days. e 4. The bid of Juran & Moody, Inc. (the "Purchaser") to purchase the Certificates is hereby found and determined to be a reasonable offer and shall be and is hereby accepted, such bid being to purchase the Certifi- cates at a price of $127,452 plus accrued interest to date of delivery, for Certificates bearing interest at the following rates: Year of Maturity Interest Rate 1984 7.75% 1985 7.75 1986 8.00 1987 8.25 The Mayor and City Manager are directed to enter into a purchase contract for the Certificates with the Purchaser. 5. The City shall forthwith issue and sell the Certificates in the principal amount of $130,000 dated October 1, 1982, the Certificates being 26 in number and numbered 1 to 26, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable October 1, 1983, and semiannually thereafter on April 1 and October 1 in each year, and which Certificates mature serially without option of prior payment on October 1 in the years and amounts as follows: e YEAR AMOUNT e 1984 1985 1986 1987 $25,000 30,000 35,000 40,000 6. Both principal of and intere~t fn the Certificates shall be payable at The First National Bank of St,. il.'n. the City of St.' Paul , Minnesota, and the City shall pay the reasonable charges of said bank for its services as paying agent. 7. The Certificates 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 FIRE EQUIPMENT CERTIFICATE OF INDEBTEDNESS OF 1982 e 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 without option of prior payment, the sum of FIVE THOUSAND DOLLARS on the 1st day of October, 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 October 1, 1983, and semiannually thereafter on the 1st day of April and the 1st day of October 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 certifi- cate are payable at , in the City of , Minnesota, 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. . This Certificate is one of an issue of certificates of indebted- ness in the total principal amount of $130,000, all of like date and tenor except as to maturity, interest rate, and serial number, all issued by the City for the purpose of providing money for the purchase of fire fighting equipment, pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Minnesota Statutes, Section 412.301, and 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 will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. e 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 certificate have been done, have happened and have been performed in regular and due form, time and manner as required by law; that prior to the issuance hereof a direct annual irrepealable ad valorem tax has been duly levied upon all of the taxable property of the City in the years and amounts as required by law and additional taxes may be levied on all of said property, if required for such purpose, without limitation as to rate or amount; and that this certificate, together with all other indebtedness of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN TESTIMONY WHEREOF, the City of Chanhassen, Carver and Hennepin Counties, Minnesota, by its City Council, has caused this certificate 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 October ____ , 1982. (facsimile signature) Mayor e (manual signature) City Manager (FACSIMILE SEAL) No. (Form of Coupon) $ On the 1st day of October (April), 19 , the City of Chanhassen, Carver and Hennepin Counties, Minnesota, will pay to bearer at , in the City of , Minnesota, the amount shown hereon for interest then due on its General Obligation Fire Equipment Certificate of Indebtedness of 1982, dated October 1, 1982, No. (facsimile signature) Mayor (facsimile signature) City Manager e e tit 8. The City Manager shall obtain a copy of the proposed approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association of Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each Certifi- cate, together with a certificate to be signed by the facsimile signature of the City Manager in substantially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of certificate delivery. (facsimile signature) City Manager City of Chanhassen, Minnesota " The City Manager is hereby authorized and directed to execute such certifi- cate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. e 9. The Certificates shall be executed on behalf of the City by the facsimile signature of the Mayor and 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. The Certificates, when fully executed, shall be delivered by the City Manager to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obligated to see to the proper application thereof. 10. The Certificates shall be payable from the General Obligation Fire Equipment Certificates of Indebtedness of 1982 Fund hereby created, and the proceeds of general taxes hereinafter levied are hereby pledged to said fund. If any payment of principal or interest on the Certificates shall become due when there is not sufficient money in said fund to pay the same, the Manager shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of taxes herein levied when collected. 11. For the purpose of paying principal and interest on the Certifi- cates, 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 ~ Year . 1982 1983 1984 $33,000 34,500 35,500 1985 1986 ~ $36,500 37,500 e e e " . It is hereby determined that 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 payments on the Certificates. 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. 12. The tax levy herein provided shall be irrepealable until all of the Certificates are paid, provided that the City Manager annually, prior to October 10th, certify to the County Auditors the amount available in the Sinking Fund to pay principal and interest due during the ensuing year, and the County Auditors shall thereupon reduce the levy collectible during such year by the amount so certified. 14. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Certificates, certified copies of proceedings and records of the City relating to the Certificates 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 cus tody and under their control, relating to the validity and marketability of the Certificates and such instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 15. It is hereby determined that no official statement or prospectus has been prepared or circulated by the City in connection with the sale of the Certificates and that the Purchaser has made its own investigation concerning the City as set forth in its investment letter of even date herewith, receipt of which is hereby acknowledged. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Swenson , and upon vote being taken thereon, the following voted in favor thereof: Hamilton, Geving, Horn, Neveaux and Swenson and the following voted against: None whereupon said resolution was declared duly passed and adopted. . . , , " ~ STATE OF MINNESOTA ) ) e COUNTIES OF CARVER AND ) HENNEPIN ) SS. If ) 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 Monday, September 20, 1982, 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 is&uance and sale of $130,000 General Obligation Fire Equipment Certificates of 1982, of the City. this WITNESS My hand as M,ager and the corporate seal of the c??9C;t; day Of~, 1982. ;{L a~ City Manager City of Chanhassen, Minnesota City e (SEAL) . . e . , , , STATE OF MINNESOTA DIRECTOR OF PROPERTY TAXATION'S CERTIFICATE AS TO TAX LEVY AND REGISTRATION COUNTY OF HENNEPIN I, the undersigned Assistant Director of Property Taxation of Hennepin County, Minnesota, hereby certify that a certified copy of a resolution adopted by the governing body of the City of Chanhassen, Minnesota, on Monday, September 20, 1982, providing for the issuance and levying taxes for the payment of the City's $130,000 General Obligation Fire Equipment Certificat~s of 1982, dated October 1, 1982, has been filed in my office, and I further certify that said Certificates have\ been entered on the register of obligations in my office and that such tax has been levied as required by law. WITNESS My Hand and official seal this 5th day of October , 1982. ~.~~ 'Assistant Director of Property Taxation Hennepin County, Minnesota By Deputy (SEAL)