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84-44 e 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 City Council of the City of Chanhassen, Carver and Hennepin Counties, Minnesota, was held at the City Hall in said City on Monday, August 20. 1984. commenc- ing at 7:30 o'clock P.M. The following members were present: Mayor Hamilton, Councilmembers Watson, SWenson, Geving and Hom. and the following were. absent: None *** *** *** The following resolution was presented by Councilmember Geving who moved its adoption: RESOLUTION NO. 84~44 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $845.000 GENERAL OBLIGATION BONDS CONSISTING OF $575.000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984. $215.000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1984. and $55.000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1984. SERIES 2. BE IT RESOLVED By the City Council of the City of Chanhassen. Carver and Hennepin Counties. Minnesota as follows: Section 1. Improvement Bonds. 1. 01. The following assessable public improvements (Improvements) have been made. duly ordered or contracts let for the construction thereof. by the City pursuant to the provisions of Minnesota Statutes. Chapters 429 and 475 (Act): e e e . , Pheasant Hill Project, Sanitary Sewer, Water nnd Storm Sewer. Construction Engineering Administrative Contingency Issuance Costs Capitalized Interest $414,300 58,002 12,429 33,144 10,700 35,155 $563,730 1.02. It is further determined that the City shall issue and sell its General Obligation Improvement Bonds of 1984 (Improvement Bonds) in the amount of $563,730 to finance costs of the Project. The City shall also issue and sell additional Improvement Bonds representing interest in the amount of $11,270 as authorized by Section 475.56 of the Act, and any excess of the purchase price of the Improvement Bonds over the sum of $563,730 shall be credited to the debt service fund for the Improvement Bonds for the payment of interest first coming due thereon. 1.03. The Improvement Bonds shall be issued and sold in accordance with the terms of the Official Notice of Sale set out in Section 4. Section 2. Tax Increment Bonds. 2.01. The City has pursuant to Minnesota Statutes, Chapter 472A and Sections 273.71 to 273.78 duly established Development District No. 2 (District) and Tax Increment Economic Development District No. 2 (TIF District) within the District. 2.02. The City has duly adopted a Development Program and Tax Incre- ment Financing Plan (TIF Plan) for the District which has been designated by the City as the TID No.2 Park One Project (Project). 2.03. The TIF Plan has identified public development costs (Costs) of the Project to be financed in whole or in part by the proceeds of general obligation bonds of the City secured by taxes and tax increments from the TIF District. The Costs to be financed are as follows: West 77th Street Project, Sanitary Sewer, Water, and Street Improvements. Construction Engineering Administrative Contingency Capitalized Interest (Less contribution from other funds) Cost of Issuance $230,000 32,200 6,900 11 ,500 12,800 (90,000) 7,386 Total $210,786 e 2.02. It is further determined that the City shall issue and sell its General Obligation Tax Increment Bonds of 1984 (Tax Increment Bonds) in the amount of $210,786 to finance development costs of the Project. The City shall also issue and sell additional Tax Increment Bonds representing interest in the amount of $4,214 as authorized by Section 475.56 of the Act, and any excess of the purchase price of the Tax Increment Bonds over the sum of $210,786 shall be credited to the debt service fund for the Tax Increment Bonds for the payment of interest first coming due thereon. 2.03. The Tax Increment Bonds shall be issued and sold in accordance with the terms of the Official Notice of Sale set out in Section 4. Section 3. Certificate of Indebtedness. 3.01. The City is authorized by Minnesota Statutes, Section 412.301 to issue its certificates of indebtedness to finance the purchase of street maintenance equipment. 3.02. It is determined that it is necessary and expedient for the City to issue its certificates of indebtedness for the purchase of two dump trucks and related expenses as follows: Purchase Price Costs of Issuance $51,306 2,616 e Total $53,922 3.03. The City shall therefore issue and sell its General Obligation Equipment Certificates of Indebtedness of 1984, Series 2 (Certificates) in the amount of $53,922 and shall issue and sell additional Certificates representing interest as authorized by Section 475.56 of the Act in the amount of $1,078. Any excess of the purchase price of the Certificates over the sum of $53,922 shall be credited to the debt service fund for the Certificates to pay interest first coming due thereon. 3.04. The Certificates shall be issued and sold in accordance with the terms of the Official Notice of Sale set out in Section 4. Section 4. Official Notice of Sale. 4.01. The Improvement Bonds, the Tax Increment Bonds and the Certifi- cates (collectively, Bonds) shall be issued and sold in accordance with the terms of the following Official Notice of Sale: e e OFFICIAL NOTICE OF SALE $845,000 GENERAL OBLIGATION BONDS CO~SISTING OF $575,000 GENERAL OBLIGATION Il~ROVEMENT BONDS OF 1984, $215,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1984, and $55,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS OF 1984, SERIES 2 CITY OF CHANHASSEN CARVER AND HENNEPIN 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. at the offices of Juran & Moody, Inc., Minnesota Mutual Life Center, 400 North Robert Street, Suite 800, St. Paul, Minnesota, 55101, at which time the bids will be opened and tabulated by the Chanhassen City Manager for presentation to the City Council for its consideration at a special meeting at 7:30 p.m. C.T. on Monday, September 24, 1984. Purpose and Security e Three issues of general obligations (Bonds) are offered: $575,000 General Obligation Improvement Bonds of 1984 (Improvement Bonds) . The purpose of the Improvement Bonds is to finance all or a portion of the costs of various assessable public improvements in the City. The Improvement Bonds will be general obligations of the City payable primarily from special assessments against benefited properties. $215,000 General Obligation Tax Increment Bonds of 1984 (Tax Increment Bonds). The purpose of the Tax Increment Bonds is to finance all or a part of the costs of improvements. The Tax Increment Bonds will be general obligations of the City payable from tax increments in an economic develop- ment tax increment financing district in the City. $55,000 General Obligation Equipment Certificates of 1984, Series 2 (Certificates). The purpose of the Certificates is to finance the costs of the acquisition of various items of street maintenance equipment. The Certificates will be g-eneral obligations of the City payable from general ad valorem taxes and the full faith, credit and taxing powers of the City are pledged to their payment. Date and Maturities e The Bonds will be dated October 1, 1984, will be in fully regis- tered form in denominations of integral multiples of $5,000, and will mature on December 1, in the following years and "amounts: e Improvement Tax Increment Combined Year Bonds Bonds Certificates Issue 1985 $ -0- $ 40,000 $10,000 $ 50,000 1986 70,000 40,000 15.000 125,000 1987 70,000 40,000 15,000 125,000 1988 70,000 45,000 15,000 130,000 1989 70,000 50,000 120,000 1990 70,000 70,000 1991 75,000 75,000 1992 75,000 75,000 1993 75,000 75,000 $575,000 $215,000 $55,000 $845,000 Redemption e The Tax Increment Bonds and the Certificates are issued without right of prior redemption. The City may elect on December 1, 1989 and on any interest payment date thereafter to prepay Improvement Bonds due on or after December 1, 1990. Redemption may be in whole or in part of the Improvement Bonds subject to prepayment. If prepayment is in part those Improvement Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. Interest Interest on the bonds will be payable on June 1, 1985, and semiannually thereafter on each December 1 and June 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 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/Registrar Principal and interest will be made payable at the office of First Trust Company of Saint Paul in St. Paul, Minnesota. The City will pay the reasonable charges of the Paying Agent and Registrar. CUSIP Numbers e 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 e expense of the purchaser, if the purchaser \"aives 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, in funds available for expenditure by the City on the day of payment. Legal Opinion e 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, among other things, that the bonds are valid and binding general obligations of the City, that the City is obligated and required to levy taxes for the prin- cipal and interest thereon as the same become due without limit as to rate or amount, and that the interest on the Bonds is exempt from federal income taxation. Type of Bid - Amount Sealed bids for all of the Bonds (the Bonds will not be sold separately) 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 $16,900, payable to the City Hanager, 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 $845,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $828,438 for principal plus accrued interest on all of the Bonds will be considered. 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/ Donnld Ashworth City Manager e Dated: August 20, 1984. e 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 Monday, September 24, 1984, at 7:30 o'clock p.m. for the purpose of considering sealed bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Horn , and upon vote being taken thereon, the following voted in favor: Mayor Hamilton, Councilmembers SWenson, Watson, Horn and Geving. and the following voted against: None whereupon said resolution was declared duly passed and adopted. e e e Exhibit "A" NOTICE OF SALE $845,000 GENERAL OBLIGATION BONDS CO~SISTING OF $575,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984, $215,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1984, and $55,000 GENERAL OBLIGATION EQUIP~lliNT CERTIFICATES OF INDEBTEDNESS OF 1984, SERIES 2 CITY OF CHANHASSEN CARVER AND HENNEPIN 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. at the offices of Juran & Moody, Inc., Minnesota Mutual Life Center, 400 North Robert Street, Suite 800, St. Paul, Minnesota, 55101, at which time the bids will be opened and tabulated by the Chanhassen City Manager for presentation to the City Council for its consideration at a special meeting at 7:30 p.m. C.T. on Monday, September 24, 1984. Three issues of general obligations (Bonds) are offered: e $ 575,000 General Obligation Improvement Bonds of 1984 (Improvement Bonds) . The purpose of the Improvement Bonds is to finance all or a portion of the costs of various assessable public improvements in the City. The Improvement Bonds will be general obligations of the City payable primarily from special assessments against benefited properties. $215,000 General Obligation Tax Increment Bonds of 1984 (Tax Increment Bonds). The purpose of the Tax Increment Bonds is to finance all or a part of the costs of improvements. The Tax Increment Bonds will be general obligations of the City payable from tax increments in an economic develop- ment tax increment financing district in the City. $55,000 General Obligation Equipment Certificates of 1984, Series 2 (Certificates). The purpose of the Certificates is to finance the costs of the acquisition of various items of street maintenance equipment. The Certificates will be general obligations of the City payable from general ad valorem taxes and the full faith, credit and taxing powers of the City are pledged to their payment. The Bonds will be dated October 1, 1984, will be in fully regis- tered form in denominations of integral multiples of $5,000 and will mature on December 1 in the following years and amounts: e e Improvement Tax Increment Combined Year Bonds Bonds Certificates Issue 1985 $ -0- $ 40,000 $10,000 $ 50,000 1986 70,000 40,000 15,000 125,000 1987 70,000 40,000 15,000 125,000 1988 70,000 45,000 15,000 130,000 1989 70,000 50,000 120,000 1990 70,000 70,000 1991 75,000 75,000 1992 75,000 75,000 1993 75,000 75,000 $575,000 $215,000 $55,000 $845,000. e Interest on the bonds will be payable on June 1, 1985, and semiannually thereafter on each December 1 and June 1. The Tax Increment Bonds and the Certificates will be issued without option of prior payment. Tax Increment Bonds maturing after December 1, 1989 will be subject to redemption on that date and on any interest payment date thereafter at par. 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. }1inimum price, $828,438. An unqualified legal opinion will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Hinnesota. The Official Notice of Sale contained in the Official Statement for the Bonds may contain additional terms concerning the offering. In the event of a variance between statements in this Notice of Bond Sale and the Official Statement, the previous of the latter shall be those to be com- plied with. BY ORDER OF THE CITY COUNCIL /s/ Donald Ashworth City Hanager Dated: August 20, 1984. Further Information: Juran & Moody, Inc. 400 No. Robert Street St. Paul, MN 55101 (612) 224-1500 e I' f' . e e e STATE OF MINNESOTA ) ) ) ) ) ) COUNTIES OF-CARVER AND HENNEPIN CITY OF CHANHASSEN I, the undersigned, being the duly qualified and acting City ~lanager 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 August 20, 1984, 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 issu- ance and sale of $845,000 General Obligation Bonds of the City. WITNESS My hand as such City Manager and the corporate seal of the City this 2200 . 1984. August day of All a~ City Manager City of Chanhassen, Minnesota (S EAL)