HomeMy WebLinkAboutResolution - 277 - A Resolution Providing for Public Sale of $1,550,000 GO SSSD Bonds - 06/10/1969 CERTIFICATION OF MINUTES RELATING TO
$1,550,000 SOUTHWEST SANITARY SEWER DISTRICT BONDS
Issuer: Village of Eden Prairie, Hennepin County, Minnesota
Governing body: Village Council
Kind, date, time and place of meeting : regular meeting, June 10 1969,
at the Village Nall at 7: 30 o' clock P.M. , at
Members present . Mayor David Osterhol t, and Councilmen Rolf Naugen , Paul R. Redpath ,
Warren Shultz and Ralph Nesbitt;
Members absent: None;
Documents attached:
Minutes of said meeting (pages) : 1
RESOLUTION NO. 277
6
RESOLUTION PROVIDING FOR PUBLIC SALE OF
$1,550 ,000 GENERAL OBLIGATION SOUTHWEST
s� SANITARY SEWER DISTRICT BONDS OF THE
= VILLAGE OF EDEN PRAIRIE
I , the undersigned, being the duly qualified and acting recording officer
of the public corporation issuing the bonds referred to in the title of this certi-
ficate , certify that the documents attached hereto , as described above , have been
carefully compared with the original records of said corporation in my legal cus-
tody, from which they have been transcribed; that said documents are a correct and
complete transcript of the minutes of a meeting of the governing body of said cor-
poration , and correct and complete copies of all resolutions and other actions taken
and of all documents approved by the governing body at said meeting, so far as they
relate to said bonds ; and that said meeting was duly held by the governing body at
the time and place and was attended throughout by the members indicated above , pur-
suant to call and notice of such meeting given as required by law.
WITNESS my hand officiaJ.3y as such recording officer this - -' day of
1969.
Signature
_ _Edna M. Holmgren, Village Clerk
Name and Title
(SEAL)
The Manager presented to the Council a certified copy of the resolution
adopted by the Southwest Sanitary Sewer District Board April 23, 1969, entitled
"Resolution Requesting and Establishing the Terms of Additional Financing of Phases
I and II of the Southwest Sanitary Sewer District Sewage Treatment Plant and Inter-
ceptor Sewer System", in which resolution the Board requests the Village of Eden
Prairie to provide the sum of $1,520,000 for the Construction Fund of the District,
by the issuance of bonds under and pursuant to the Agreement dated March 29, 1963,
and the financing resolution of the Board dated August 22, 1968.
After consideration of the request, Ralph Haugen introduced Resolu-
tion No. 277, entitled "Resolution Providing f,)r Public Sale of $1,550,000 General
i Obligation Southwest Sanitary Sewer District Bonds of the Village of Eden Prairie",
and moved its adoption. The motion was seconded by Warren Shultz , and upon
vote being taken thereon, the following voted in favor thereof: David Qsterholt,
Rolf Haugen, Paul R. Redpath , Warren Shultz and Ralph Nesbitt;
and the following voted against the same: None ;
whereupon said resolution was declared duly passed and adopted.
/ X2ESOLUTIOIL NO. :277
RESOLUTION PRO17IDING 1?OR PUB-LIC SALE OF
$1,550,000 GENERAL OBLIGATION SOUTHWEST
SANITARY SEWER DISTRICT 130N:DS OF THE
VILLAGE OF EDEN PRAIRIE
BE IT RES0LVED by the Council of the Village of Eden Prairie as follows :
1. Pursuant to the prov,iisions of the Southwest Sanitary Sewer District
Beard ResolutLon dated Ap�:_1 23 , 1969, it is directed that the Village shall
offer at priblic sale its Semeral obligation Southwest Sanitary Sewer District
Bonds for the L:)urpose of providing for. the Construction Frind of the District the
sum of $1,520,000 requested of the Vii.lag-e of Eden Prairie. The total sum so re-
quested does not exceed the Village's proportionate share of the capital co,;ts of
Phases I and II of the acquisition and construction of the District Syszem., under
present plans and specifications and cost estimates„ Additional bonds In the
amount of $30 ,000 are also directed to be included in said issue pursuant to the
provisions of Minnesota Statutes , Sec-cion. 475.56, in evidence of a portion of the
Interest cost on the bonds.
2. The V111age Clerk is directed to cause notice of the sale of said
bonds tc be published in the official newspaper of the Village and in the Commer-
cial West at Minneapolis , btinnescta, and in such other financial newspapers as
may be deeraed expedient, in substantially the following form:
{
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NOTICE: OF SALE
VILLLGE OF EDEN PRAIRIE, FENINEPIN COUNTY, DiTINNESOTA
$1,550 ,000 GENERAL OBLIGATIO'N4
SOUTHWEST SANITARY SEWER DISTRICT BONDS
NOTICE IS HEREBY GIVEN that tr:e Village Council of the Village of Eden
Prairie, Hennepin County, Minnesota, will meet at the Village fall in
the Village or: Eden Prairie on Tuesday , the 22nd day of ,July 1969 , at
7- 30 o' clock;^ .11. co receive ., open and consider sealed bids for and award the
sale of $1,550,000 general obligation Southwest Sanitary Sewer District Bonds of
the Village.
The bonds will he Southv7ect Sanitary Se._,er Di trj^_t B:nds
dated. July 1, 1969, will. b..� issued in the denomination of $5 ,000 each , unless
the denomination of 41,000 is specified for all bonds of the issue by the success-
ful bidder within 48 hours aft-2r award of sale, will bear interest at a rate or
rates designated by the successful bidder, subject to limitations stated below,
payable April 1 , 1970 , and semiannually thereafter on October 1 and April 1 in
each year , and will mature in order of serial numbers on. October 1 in the follow-
ing respective years and amounts :
Year Amount Year Amount Year Amount
t
1970 $30 ,000 1980 $20 .000 1990 $ 80 ,000
1971 20,000 1981 40 ,000 1991 80 ,000
1972 20 ,000 1982 40 ,000 1992 100 ,000
1973 20 ,000 1983 40 ,000 1993 100 ,000
1974 20,000 1984 40 ,000 1994 100 ,000
1975 20,000 1985 40,000 1995 100 ,000
1976 20,000 1986 60 ,000 1996 100,000
1977 20,000 1987 60,000 1997 100,000
1978 20,000 1988 60,000 1998 100,000
1979 20 ,000 1989 80 ,000
Bonds maturing in the years 1983 through 1998 will each be subject to redemption
and prepayment at the option of the Village on October 1, 1982 , and on any inter-
est payment date thereafter, in inverse order of serial numbers, at a price of
102% of the principal amount if prepaid on or before October 1, 1987, 101% thereof
if prepaid on or between April 1, 1988 and October 1, 1992, and 100% thereof if
prepaid on or after April 1 , 1993 , together with accrued interest to the redemp-
tion date. Principal and interest will be made payable at any suitable bank in
the United States designated by the successful bidder within 48 hours after award
of sale , subject to approval by the Village Council , and the Village will pay the
reasonable and customary charges of the paying agent. The Village will furnish,
without cost to the purchaser and within 40 days after award of sale, the printed
and executed bonds, the unqualified approving legal opinion of Messrs. Dorsey,
Marquart, Windhorst, West & Halladay, of Minneapolis, Minnesota, a copy of which
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will be printed on the bonds, and the customary certificate as to absence of
threatened or pending litigation. Delivery will be grade without cost at any
point in the continental United States. Payment must be made in funds immediately
available to the Village on the date of delivery.
All bids must be sealed and unconditional and should be marked "Bid for
Village of Eden Prairie Southwest Sanitary Server District Bonds" and mailed or
delivered to the undersigned, and must be. received before the time stated above ,
accompanied by a cashier's or certified check or bank draft in the amount of
$31,000, payable to the Village Treasurer, to be retained by the Village as liqui-
dated damages if the bid is accepted and the bidder fails to comply therewith.
Each bond is to bear interest at a. uniform rate from date of issue until paid, not
a-cceeding the rate specified for any other bond having the same or a subsequent
maturity, and not exceeding the statutory maximum rate of 7% per annum. Not more
than 6 different interest rates, each expreSaed in an integral multiple of 5/100
of 1% per annum and represented by a single set of interest coupons, may Le speci-
fied. The most favorable bid will be considered the one offering the lowest ,.ht
interest cost, computed as the dollar sum of all interest payable to the stated
m."turities at the coupon rates specified, plus any amount by which the par value
of the bonds exceeds the cash price offered, or less any amount by which the cash
price exceeds the par value. No bid offering a cash price less than $1,520,000
plus accrued interest on $1,550,000, and no bid involving a net interest cost ex-
ceeding an average annual rate of 7%, can be considered. The right is reserved
to reject any and all bids and to waive any informality in any bid.
Dated June 10 1969 .
BY ORDER OF THE VILLAGE COUNCIL
MILS. EDNA HOWGREN
Clerk, Village of Eden Prairie
8950 Eden Prairie Road
Eden Prairie , Minnesota 55343
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3. Each and all of the terms and provisions of the roregoing notice of
sale are adopted and confirmed as the terms and conditions of the bonds and of
their offering for sale, and the Council shall meet at the time and place therein
specified for the consideration of bids received pursuant to said notice.
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