83-08C
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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, March 21, 1983, com-
mencing at 7:30 o'clock P.M.
The following members were present: Mayor Hami I ton, ,
Councilmen Geving and Horn, Councilwomen Swenson and Watson.
and the following were absent:
None
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The following resolution was presented by Councilmember Swenson
who moved its adoption:
RESOLUTION NO. 83-08C
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1983
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) The City has issued and sold its $1,730,000 General Obli-
gation Temporary Improvement Bonds of 1980, dated June 1,
1980, (Temporary Bonds) which Temporary Bonds mature on
June 1, 1983.
(b) The Temporary Bonds were issued to provide temporary finan-
cing for certain assessable public improvements (Improve-
ments) the construction of which has been or will be com-
pleted in the near future.
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(c) There now exists monies in the Debt Service Fund and
Construction Account for the Temporary Bonds in the amount
of approximately $502,552 which shall be applied to the
payment of the Temporary Bonds.
(d) The following costs shall be financed by the issuance of
definitive improvement bonds pursuant to Section 429.091 of
the Act:
Balance of principal and interest
due on Temporary Bonds
Less Funds available
Subtotal
$1,781,900
502,552
$1,279,348
Costs of issuance including:
Bond counsel
Advertising
Bond printing
Accounting
Rating Agency
Financial Advisor
Subtotal
Plus discount Bonds
$ 24,584
$1,303,932
26,068
Total
$1,330,000
(e) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue $1,330,000
General Obligation Improvement Bonds of 1983, (Bonds) to
provide permanent financing for the Improvements.
2. In order to provide financing for the Improvements, the City
shall therefore issue and sell Bonds in the amount of $1,303,932. 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 $26,068. Any
excess of the purchase price of the Bonds over the sum of $1,303,932 shall
be credited to the debt service fund for 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:
OFFICIAL
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NOTICE OF SALE
$1,330,000 General Obligation Improvement Bonds of 1983
City of Chanhassen
Hennepin and Carver Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
above bonds will be received until 11:00 a.m. C.T. on Tuesday, April 26,
1983 in the offices of Juran & Moody, Inc., Public Finance Department,
Minnesota Mutual Life Building, 400 North Robert Street, Suite 800, St.
Paul, Minnesota 55101, at which time the bids will be opened by a
representative of the City of Chanhassen and tabulated for consideration by
the City Council, of the City of Chanhassen at a special meeting in the
Chanhassen City Hall 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 permanent
financing of various assessable public improvements 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
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The bonds will be dated May 1, 1983, will be in denomination of
$5,000 each and will mature on August 1 in the following years and amounts:
Year
Amount
Year
Amount
1985
1986
1987
1988
1989
1990
$ 70,000
80,000
85,000
90,000
95,000
100,000
1991
1992
1993
1994
1995
1996
$110,000
120,000
130,000
140,000
150,000
160,000
Redemption Feature
All bonds of this issue maturing after August 1, 1992 will be
subject to prior redemption at the option of the City in inverse order of
serial numbers on said date and any interest payment date thereafter at a
price of par plus accrued interest to date of redemption.
Interest
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Interest on the bonds will be payable on February 1, 1984, 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. Each rate must be in an integral multiple of
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5/100 of 1%, and no rate of interest nor the net effective average rate of
the issue may exceed the maximum rate of interest permitted by law on the
day of sale.
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.
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.
Legal Opinion
An unqualified legal opinion on the bonds will be furnished by
LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association,
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, payable primarily
from special assessments against benefited property, 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 $26,600, payable to the City Treasurer, 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
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any cash premium or plus any amount less than $1,330,000 bid for principal)
will be deemed the most favorable. No oral bid and no bid of less than
$1,303,932 for principal 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 tIanager
Dated: March 21, 1983
Further Informati9n:
Juran & Moody, Inc.
Minnesota Mutual Life Building
400 North Robert Street, Suite 800
St. Paul, Minnesota 55101
Tele: (612) 224-1500
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3. 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 Tuesday,
April 26, 1983, at 7:30 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 by Councilmember
Watson
, and upon vote being
taken thereon, the following voted in favor: Mayor Hamilton, Councilmen
Geving and Horn, Councilwomen Swenson and Watson
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
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Exhibit "A"
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Non CE OF SALE
$1,330,000 General Obligation Improvement Bonds of 1983
City of Chanhassen
Hennepin and Carver Counties, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the
above bonds will be received until 11: 00 a.m. C. T. on Tuesday, April 26,
1983 in the offices of Juran & Moody, Inc., Public Finance Department,
Minnesota Mutual Life Building, 400 North Robert Street, Suite 800, St.
Paul, Minnesota 55101, at which time the bids will be opened by a
representative of the City of Chanhassen and tabulated for consideration by
the City Council, of the City of Chanhassen at a special meeting in the
Chanhassen City Hall at 7:30 p.m. C.T. on the same day. The bonds are
offered on the following terms:
Year Amount Year Amount
1985 $ 70,000 1991 $11 0 , 000
1986 80,000 1992 120,000
1987 85,000 1993 130,000 ...........
1988 90,000 1994 140,000
1989 95,000 1995 150,000
e 1990 100,000 1996 160,000
All bonds maturing after August, 1992 are subject to prior redemption on
said date and any interest payment date thereafter at par plus accrued
interest. Interest will be payable on February 1, 1984, and s~miannually
thereafter. Each rate must be in an integral multiple of 5/100 of 1% and
no rate may exceed the maximum rate of interest permitted by law on the day
of sale. Minimum price, $1,303,932. An unqualified legal opinion will be
furnished by LeFevere, Lefler, Kennedy, 0' Brien & Drawz, a Professional
Association, Minneapolis, Minnesota. The purpose of the bonds is to
permanently finance various assessable public improvements in the City.
BY ORDER OF THE CITY COUNCIL
/s/ David W. Ashworth
City Manager
Dated: March 21, 1983.
Further Information:
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Juran & Moody, Inc.
Minnesota Mutual Life Building
400 North Robert Street, Suite 800
St. Paul, Minnesota 55101
Tele: (612) 224-1500
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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, March 21,
1983, 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 $1,330,000 General Obligation Improvement Bonds of
1983, of the City.
WITNESS My hand as such City Manager and the corporate seal of
the City this 8th day of April 1983.
/(2 02336
City Manager
City of Chanhassen, Minnesota
(SEAL)