HomeMy WebLinkAboutResolution - 398 - Sale of $1,950,000 G.O. Improvement Bonds - 02/09/1971 CERTIFICATION OF MINUTES RELATING TO
$1 ,950 ,000 GENERAL OBLIGATION WATER AND SEWER BONDS
RESOLUTION NO. 3SP,
Issuer: Village or Eden Prairie, Minnesota
Governing body: Village Council
Find, date, time and place of meeting: a regular meeting held in the Village
Hall on Febru::ry 9, 1971 , at 7: 30 P.M.
Members present: Robert J. L.ieb, Ralph J. Nesbitt, David W. Osterhol t,
Rolf E . Haugen and Paul R. Redpath
Members absent: done
Documents attached:
ilinutes of said meeting (pages) : 2
RESOLUTION PROVIDING FOR PUBLIC SALE OF
GENERAL OBLIGATION WATER AND SEWER BONDS
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 Ely 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
Laken 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 a t the time and place and was attended throughout by the members indicated
above, pursuant to call and notice of such meeting given as required by law.
WITNESS my hand officially as such ,recording officer this 10 day of
February 19 71
Signatur
Edna Ho_lmgren ,_Village Clerk
Name and Title
RESOLUTION 398
fRa1ph J . Nesbitt introduced the following resolution and moved
its adoption:
RESOLUTIONi PROVIDING FOR PUBLIC SALE OF
GENERAL OBLIGr,TION VATER AND SMER BONDS
bE IT PX-SOLVED by the Council of the Village of Eden Prairie, Pinnesota,
as follows:
1. This Council shall meet at the time and place specified in, the forte of
notice hereinafter contained for the purpose of receiving sealed bids for and award-
ing the sale of $1,950,04G General Obligation Water and Sewer Bonds of the Village;
comprising $1,915,000 principal amount of bonds to be issued for the purpose of
acquisition and betterment of waterworks and sewerage system improvements; and
$35,000 principal amount of additional bonds of the SaMe series ro be issued pur-
suant to linnesota Statutes, Section 475.53 , in evidence of a part of the interest
to be contracted to be paid on the bones.
2. The Clerk is authorized ane. :. rected to cause notice of the meeting to
be published in t1ie official newspaper of ti.ie �-illage and in the Commercial West,
published at i inneapol_is, Minnesota, in su::,staiiti.ally the following form:
a�
ILDTICE Or SALE
$1.,950,000 General Obligation Water and Sewer bonds
Village of Eden Prairie, IiiL:nesota
The Council of the Village of Eden Prairie, Hennepin County, ili.nnesota,
will meet at the Village Ball on Tuesday, March 9, 1971 , at 8 : 00 o 'clock P.11. ,
Central Standard Time, to receive, open arid consider bids for the purchase of
$1,950,000 General Obligation Water and Sewer Bondu of the V:Lllage on the followin-
terms
Date and �ia4uriLies
The bonds will be dated April 1, 1971, will be in denomination of $5,000 each, and
will mature on January I in the following years and amounts:
Yoar AicLount Year Amount
1974 $ 60,000 1981 $170,000
1975 100,000 1982 170,000
1976 100,000 19I'S3 190,000
1977 130,000 1984 200 ,000
1978 130,000 1985 200,000
1979 150,000 1.906 200,000
1980 150,000
Redemption Feature
Bonds maturing in the years 1931 through 1986 will each be subject to redemption and
prepayment at the option of the Village and in inverse numerical order, on January
1., 1980, and any interest payment date thereafter, at lGl% of par, plus accrued in-
terest.
Interest
Interest on the bonds will be payable on January 1, 1972, and semiannually there-
after on each July 1 and January 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. Not more than five interest
rates play be specified for the issue. Each rate must be in an integral multiple of
5/100 of 1%. No rate may exceed 7% and the net interest cost may not exceed an
average annual rate of 7%. 110 supplemental or "B" coupons will be permitted.
Paying F.gent
Principal and interest will be made payable at any suitable bank in the United
',t ates designated by the successful bidder within 48 hours after award of sale, sub-
ject to approval by the Council, and the Village u ill pay the reasonable and custom-
ary paying agency charges.
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e
Delivery
Within 45 days after sale, the Village will furnish and deliver at the office of the
purc1aser or, at his option, vill deposit with r Dank in the United States selected
by him ani approved by the Village as its agent to permit examination by and to de-
liver to the purchaser, the printed and executed bonds, the unqualified opinion
thereon of bond counsel, and a certificate stating that no litigation in any :.canner
questioning their validity is then threatened or Pending. The charge of the de-
livcry a;ent must be paid by the purchasers but all other costs will be pall by the
Village. The purchase price must be paid upon delivery, or within five days after
deposit with the delivery agents in funds available for expenditure by the Village
on the day of pay-ment.
Le.-al Opinion
The bonds are offered subject to the approving opinion of Dorsey, Marquart, ?•find--
horst, Ucst & Iialladay, of tinneapolis, iNtinnesota, that they are valld general
obligations of the Village in accordance with their terms, and that all taxable
property within the corporate limits of the Village is subject to the levy of a tax
for their payment, without limitation as to rate or amount. A copy of the opinion
will be printed on the bonds if desired.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must be rece-lved
before the time of the meeting . Each bid must be unconditional and mutt be accom-
panied by a cashier 's or certified check or bank draft in the amount of $39,000,
payable to the Village Treasurer, to be retained by the Village as liquidated dam-
ages if the bid Is accepted and the bidder fails to comply therewith. The bid
offering the lowest net interest cost (total interest from the date of the bonds to
their stated maturities , less any cash premium or plus any discount) will be deemed
the most favorable. Wo oral bid and no bid of less than $1,915,000 plus accrued
interest on all of the bonds will be considered, and the Village reserves the right
to reject any and all bids and to waive any informality in any bid.
Dated February 9, 1971.
BY ORDER OF THE VILLAGE COUNCIL
NRS. EDi3A IIOUIGREN
Village Clerk
Eden Prairie Village Hall
8950 Eden Prairie Road
Eden Prairie, Ziunesota 55343
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'}Y
3. The Lerras and provisions of the above notice of sale are adopted and
confirmed as and for the terms and conditions of the bonds above described and of
the receipt and consideration, of bids for the purchase thereof.
The motion for the adoption of the foregoing resolution was duly seconded
by Paul Redpath and upon vote being taken thereon, the following voted
in favor thereof : Robert J. L i eb, Ralph J. Nesbitt, David W. Osterhol t, Rolf E. Haugen
and Paul R. Redpath
and the folloiing vote; against the same: None
whereupon the resolution was declared duly passed and adopted.
David W. Osterholt, Mayor
ATTEST :
dna M. Holmgr�n, C16-�k SEAL.
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CI RTI FI.CATION OF MINUTES RELATING TO
$1 ,950 ,000 GENERAL OBLIGATION WATER AND SEWER BONDS
Resol uti on No. 39B
Issuer: Village of Eden Prairie , Minnesota
Governing body: Village Council
Kind, date, time and place of meeting: a regular meeting held in the Vi 1 lage
Hal I on Febru":ry 9, 1971 , at 7 : 30 P.M.
Members present: Rober t J. L-i eb, Ral ph J. Nesbi tt , Davi d W. 0 sterhol t,
Rol f E. Haugen, and Paul R. Redpath
Members absent: Nome
Documents attached:
Minutes of said meeting (pages) : 2
RESOLUTION PROVIDING FOR PUBLIC SALE OF
GENERAL OBLIGATION WATER AND SEWER BONDS
i
a
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 eprporation 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, pursuant to call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer this 10 day of
February , 19 71
Signature
Edna Holmgren , Village Clerk
Name and Title
RESOLUTION NO. 398
Ralph J. Nesbitt introduced the following resolution and moved
its adoption:
RESOLUT1014 PROVIDING FOR PUBLIC SALE OF
GENERAL OBLIGATION wATER AND SaIER BONDS
BE IT RESOLVED by the Council of the Village of Eden Prairie, Piinnesota,
as follows :
1. This Council shah meet at the time and place specified in the form of
notice hereinafter contained for the purpose of receiving sealed bids for and award-
ing the sale of $1.,950,000 General Obligation 1?ater and Sewer Bonds of the Village;
comprising $1,915,000 principal amount of bonds to be i3sued for the purpose of
acquisition and betterment of waterworks and sewerage system improvements, and
$35,000 principal amount of additional bonds of the sa*_ne series to be issued pur-
suant to liinnesota Statutes, Section 475.50, in evidence of a part of the interest
to be contracted to be paid on the bonds.
2. The Clerk is authorized ane directed to cause notice of the meeting to
be published in the official newspaper of the ".7illage and in the Commercial West,
published at i.:inneapolis, iiinnesota, in su::)staatially the following form:
i
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NOTICE OF SALE
$1,950,000 General OL11-ation tlater_ and Sewer Londs
Village of Eden Prairie, 11ianesota
The Council of the Village of Eden Prairie, Hennepin County, 11innesota;
will meet. at the Vi11a e hall on Tuesday, March 9, 19,1 , at 8: 0 o 'cl P. ,
Central Standard Time; to receive, open arid consider bids for the purchase of
$1,950,000 General Obligation Water and Sewer lsonds of the Village on the following
t e rL:s .
Date and "riaturities
The bonds will be dated 1.pril 1, 1971, will be in denomination of $5,000 each, and
trill mature on January 1 in the following years and amounts :
Year A.aount Year Amount
1974 $ 60,000 1961 $170,000
1975 100,000 1982 170,000
19;6 100,000 1963 190,000
1977 1n0,G00 1984 200,000
1978 130,000 1985 200,000
1979 150,000 19�6 200,000
1980 1503000
Re6e,:Lp tion Feature
Bonds maturing in the years 1981 through 1986 will each be subject to redemption and
prepayment at the option of the Village and in inverse numerical order, on January
1,, 1930, and any interest payment date thereafter, at 101% of par, plus accrued in-
terest .
Interest
Interest on the bonds will be payable on January 1, 1972, and semiannually there-
after on each July 1 and January 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 boL:ds of any subsequent maturity. 1Jot more than, five interest
rates rjay be specified for the issue. Each rate must be in an integral multiple of
5/100 of 1%. No rate way exceed 7% and the net interest cost may not exceed an
average annual rate of 7%. 14'o supplemental or "B" coupons will be permitted.
Paying; Agent
Principal and interest will be made payable at any suitable bark in the United
states designated by the successful bidder within 48 hours after award of sale, sub-
ject to approval by the Council, and the Village will pay the reasonable and custom-
ary paying agency charges.
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t
Delivery
tvitili.n 45 days of cer sale, the Village will furnish and deliver at the office of the
purchaser or, at his option, will deposit with a Dank in the United States selected
by him and. approved by the Village as its agent to permit exa:iiriation by and to de-
liver to thy: purchaser, the printed acid 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 de-
livery agent must be paid by the purchaser, but all other costs will be paid by the
Village. The purchase price rust be paid upon delivery, or within five days aater
deposit with the delivery agent, in funds available for expenditure by the Village
on the day of payment.
Legal Opinion
The bonds are offered subject to the approving opinion of Dorsey, A;arquart, Wliad-
ho:ist, West & iialladay, of ciinneapolis, Minnesota, that they are valid general
obligations of the Village in accordance with their terms , and that all taxable
property within the corporate limits of the Village is subject to the levy of a tart
for their payment„ without limitation as to rate or amount. A copy of the opinion
will be printed on the bonds if desired.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must be received
before the time of the meeting. Each bid must be unconditional and must be accom-
panied by a cashier's or certified check or bank draft iu the amount of $39,000,
payable to the Village Treasurer, to be retained by the Village as liquidated dam-
ages if the bid is accepted and the bidder fails to comply therewith. 'tie bid
offering the lowest net interest cost (total interest from the date of the bonds to
their stated maturities, less any cash premium or plus any discount) will be deemed
the most favorable. No oral bid and no bid of less than $1,915,000 plus accrued
interest on all of the bonds will be considered, and the Village reserves the right
to reject any and all bids and to waive any informality in any bid.
Dated February 9, 1971.
BY ORDER OF THE VILLAGE COUNCIL
MRS . EDNA IIOLAiCREN
Village Clerk
Eden Prairie Village Hall
3950 Eden Prairie Road
Eden Prairie, Pinnesota 55343
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3. The terms and provisions of the above notice of sate are adopted and
confirmed as and for the terms and conditions of the bonds above described anci of
the receipt and consideration of bids for the purchase thereof.
The motion for the adoption of the foregoing resolution was duly seconded.
by Paul Redpath , and upon vote being taken thereon, the following voted
in favor thereof: Robert J. Li eb, Ralph J. Nesbitt , David W. Osterhol t, Rolf E. Haugen
and Paul R. Redpath
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.
6",
David W. Osterhol t, Mayor
ATTE ST: i
y - �
Edna M. Holmgren, Cler SEAL
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