HomeMy WebLinkAboutResolution - 608 - Authorizing Sale of $2,500,000 G.O. Water & Sewer Bonds - 11/14/1972 08
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�D ri c i-,a i t s and 5 , CI' (
o.f o n a d".S Jf t 1- C? s P.-,e C e 1 e S to be issued purs-L-iant
to i t-I S U i .atl.It , S e c i(:)1-1 "175 - )6 , in e v i d e n c of a IDar'L-. Of the
I I'Ll e r t 'Ll C) Jc -ILIQ 0!1 bony
1 . 02 i,I c t JL c e of s��1 e of the bonds 1-ias been duly published , and
tii i d and c-oiisidered all sealed
e Co i.1,I i c "j"-s l -'' I ''
,co lved ,.
Op
d -A-. J_i a c o 2 i t- h t I Ie Notice . The most favorable
of L;t_ich L.i�i,,l JL .r� a certainedl to be that of Banc Northwest
.1 Of Minneapolis . and
a s I_;o c J I,c,,c to purcl)a,-e ti-le bond o at a cash, ncrice of $ 2,468, 125-00
P-1 Us ac. cr'_iccl, ilit eres t On !: 'ne total 'nr-i-n-Cipal amount thereof to the
date of 6(_:I I .7ery anc-I payment , and upon the further terms and con-
d1tiol,.C, -'CA f ti1 in this resolution .
L - 03 11.1ayor and Clerl are directed to execute in duplicate
a contract cn thie -r)ar'l- of the Villalge for the sale of the bonds in
witn Dosal described in Section 1 . 02 and to de
'L,4-h( easu-,er is di -rec- ed to
Iiver ch�z-,! I c-ite, t(--) 72 r-,u i-(---'n a s e r s The Tr
retain the purchasers ' check securing the (-unti,act of sale until
the 'bond:-! are delivei,ed and the purchase price is paid , and to re-
turri the checl-_,3 secur-'-.ri g! other bids for the respective bidders .
Section 2 . Dorm of Bonds and Coupons .
2 . 03. The bonds, issued hereunder shall be printed in substan-
tially the following form:
T 1 7
T
T
j
5,000-00
1 L A C) I
J, L.,3 C) C:F.
�J
L Of
FIVE 'THOUSIAN'D DOLLARS'
s 1--,o i d p r e T--�av alD I e
oil `-1 Or , if
a C) 'a n I r dai e on 1(:1-, it shal ]- have
(I U ly fc,r, ai-,6 to -Int-c-rest thej.,Cyon at the
rate o per cent per annum,
f 1,oll! t"1 .1 L-!.t 1 r e -f' uritil orinc� ipal sul,-, i.,-:! pa.id or until
for i,ederj-ptlon ;
t h i s. b,u I--,(i 1 i-1' -:1 10 has be d.u1" called
said 1,1 1- c)7' . and 11.
oii i-In year , iriterest to
pa,;ablo in c-�,-,--coj-darice %%-1 th ,and upon presentation
and t•iie 'i rit c-, t c c),a p o r)f. L'. 3:-t e n-a n t 1-,e r e t o Bol i
a.re the main office of the Northwestern
National Sank of Minneapolis Minneapol is
ri,,:r a e or at ti-J offi- ; 5-,iit, cesl- or p a nt as may r�c.
a t-t2 Cou-,-ici' under ti-c- re cJlu-
prnv-!. �zions. of the
n any coln or currency it'
.Cr- -J-11�
p e d a
payln_=nt is legal tender for payment of pii.iblic and private debts ,
arid foi, prolrlpt and full _payment thereof when due the full
faith and credit and ta.,.:j.ni- r)c)�•;e r s of the Village of Eden Prairie
have teen and are hereby irrevocablJ pledged
This bond is one of an issue in the aggregate principal_
amountof $2 , 500 , 000 , all of like date and tenor except as to
serial number , interest rate , maturity date and redemption privi-
leg-e , issue,-! for the purpose of providing funds for the aCquisi-
tinii arid betterment of V.Iaterv.Tork-s and sev.,erar�e system improvements ,
pursuant to authorizing re-OlUtiOl-IS duly adopted by the Village
Council of the Village of Eden Prairie , and pursuant to and in
-LU.Ll- confo.ri,,-ilty vi-ith the provisions of the Constitution and lav;s
of tiie of' 1-,irineslota tliereurito en-abling , inc .-Lucting Minnesota
S 1-1 a t U t e C .5 S(-2 C U i0Y1 4 Lf 1i
-2-
f i b u t i 1 0
C,Q �. 1._'CiLlr1 (9, c I 1 1-,, e c t t 0 r --I c: 1-,-
t�-e V '.I I,- i-,c: u,i i I,!a 2-(,1) 1
0
r S e I- D T,
-1 rD r-1
:I f 02, reds? i
C;'C 4
7
f I
2 -1
C, j(j
C1 2 1
C)
lei
it, a r e e 3 al nu i-,--h e r-z�
f t Id b y the.;! .
a f C C)ri d o I I s I
t h i C'r✓ S tie t I ion and a f t 1 e Sta' e of
C.C-L U C) CI 011 C - o iiF o c-,� p e r fu a:,i-P, al p r e-
C) C-x-L s II p d
1, 11 o—d e r Ll c) m a k e .1 L a
d i, t J f t'r I i
valid a n(I I)1 1 r o [--7,a t-1-c.i-i of t'h,-- V.].I I a r:e of Eden Piairie
i ri a c c o 3-J; c e L t 1, t 11- r s, have e b--e 2 1-1 d o e , ci c) c-x 1-s t .1 h a v e 1 1a c,-
c)e t i e-A and A v e L�e c--.i-i p i-A'c1r,,Ti e d In u 1 a r and due form . t lm;e at-id
i,ii a n i i a 3 ct� rCOU.-Iru-i ; tl-,a ,. in, and Ltl--e resc - ution
t�
3 a i d :I S.,3 e f u 11 d s -a c I r)p I-. e c.I o i-i c)v e i i t Ii e r IL 4 1972 , t h e V i:11 a 'h)a s
o v c?n a nt J Ez.Ti e I-,-JL t 1 i t e I i n I d c- f s I cl bond ... t I t the V 11-
- E.�.,,a
i a r 'or . -L u a
4
a 1)J- I I t- f r and e 7,t c-.1 r, 1- at t lie t- Ii-ric
in the 0', 11 I'C'CLI11'eld, tlo pro.,luce net rovenues with ccI I,-c-
t 10 11-, C)f, C:J- I a S S E"11-1,e 1" .3 w e a rc.li e a to t c, u a a.L1. L)r I i,u i n a I
a n d i n s (I u,- oil 1�)o!-i(I (,D f 1- S 1.s Ls u e ; t t� I-,e f C,1-e- t CI e 1-1.v 0.1"y
of Ls a i d bond: t?iC Village has duly levied and appropriated for the
P aym e 11 t th,--reaf a direct , -eraeral , ad valorem tax upon all taxable
property 1.-,,it!iJ.n its corr;orate limits for the years and in amounts
not less t. lian in exce ss of the amounts required to pay said
bonds and interest thereon when due , which tax is subject to re-
duction only if and to the extent that funds on hard exceed the
amount needed for this purpose , ai-id additional taxes , if needed .,
are required by law to be levied upon all such property without
limitation a- to ra4L-.e or amount ; and that the issuance of this
bond did not cause the indebtedness of the Villarre to exceed any
constitlutiunal or statutory limitation .
IN W]ETHPI'SS I,rIiEHEOF the Villa.-e of Eden Prairie , by its
on the revc-:rso -Lde hiereof and the coupono appurtenant hereto to
be executed by the sib natures 1,
natures of the r'ayor and Village r-lanager,
C_� i
a n d I t S seal to be affi-ed !-;ereto ,- said sig,natures and
1 1: C) P .:1
t J c-,nat I.rc' of the
v on 11 facu of ti i i e i i d and
I. c. d (2�I a i i) 7
s i i
Foaj?or
s,wtl-I. be repi,e,,--,en-L-.Cd
2 02 T-1 1 e'-- C) C)1 t U L U
ii r e S t c C,I,,TD C,n S LET'!11-1
b,v a E, C), e CI in
r
$ 5,000-00
unless the
19 un�
On tlie day of .1
bond is sulbj eclu t.o and has been called for earlier
redemit)ticn, ,, tit %7111-lai.re (--)I" Eden Hennepin County , TIinne-
sota _, - i.;-I. --Ll to bearer atthe main office of NortAwestern National Bank
of Minneapolis in Minneapolis the
amount. in 19 7 2 la-v.7 f u I money of
I the United
ted States of
Ain--rica fog' ther, due on its Ge-- Water
Oblit� oation Wate T
a rict S o ii' 13 o-,-i 1 o r-1 e E-- 11 d a t e:-I D i ri b,,-,r 1 , .1 -"
.','a u i I e i c,-i at u r e (Facsimile si—i-iature )
2-1 la C,r Playor
2 . 03 A copy of the text of the legal opinion of bond counsel
shall be- i-)rinted on the reverse, side of each bond and identified
hv. "). C,(,rl-, l t!--.e fcrml :
We certify that the above is a full , true and correct copy
of the legal opinion rendered by bond counsel on the issue of bonds
of the Village of Eden Prairie , Minnesota, which includes the within
bond , dated as of the, date of delivery of and payment for the bonds .
( Facsimile signature ) (Facsimile signature )
Village Manager Mayor
IJ A
A
5,000- c,
500 i!c -1 v:
t 6 (-2 C) aild -L I
Or' di c I 'I ,ill `O 1-. r C,
CJ
4.00% 4.90%
000 5.00%
C)4.00% Q ,
j 1 4. 50% 1 �S)7 C�"CIO 01r)o
5.00%
j C11 4. 5o% I q,9 8 200 , Ci00
5 .10%
q PI 4. 50% io8n
200 , 000 5.20%
4. 50% OU, 00 5.25%
4. 50% c;n
0 C)rI) 5.25%
I qQ 3
4- 50% l 9 C)p 200 , 000 5.25%
4-75%
3 r)-a t i,i r j r, in years -1 '976
Lk I
1
c t- t o red-emnIF, ion
i tli)-i'o 11 1 C 1-1 b e u t, c:
n t of- the on r o i 1 98'3 a i
f t '%7 0 Of'
e U f, of i,I I., 1.I 1 01 1
C) s S
_L JI!r C
d at, f i c f a,.
al.c �! S al 1. 1,e n I 1r) 1 1" a (3 .1 Y
P(: I':iUa_ u..I. iTl a iI`•I C, C i t"; of t 1 IF, i,-L r L C* I s 01, it I n e t I-,C)r) C)
taii ai'ea , %..rh I-c 11 circt�_.Late,_, throui_-hout- tl-ie Stat.e and f u r ri i.3 h e,:-,
d
f j,I",�J �2 a r) i o f _Lts s-.twice , and shall a so be riia_ij.
a I a'n
to t 1., 1,c)7 i, of each bond called for redemption who has filed
w ' th tl;e - . 0 L;U.i I e r a r "e i r e q u t t o r&c e_iL v e -uch n o t ice ,
b u 1,;
PailAlf'(2 to inail notice shall not affect the validity of the pub-
11 s h e cI call for, redemption .
3 . 03 The intere.:_, t on the bonds shall be payable March I
1973 , and semiajinually thereafter on September 1 and March I in
`1*1'rie principal of and interest on the bonds --'hall. be
payuIL)l;,_. at the main office of the Northwestern National Bank of Minneapolis
in Minneapolis, Minnesota which is desiv-nated
as per;; t .1 C.- -*,-ri L Ile event of its ro-sIgnation , rerioval or
1
J i-i c a,--,a 1 1,Y j' a ct.--';.i i as payinC agent- , at the office of such
s u c c e__s or' 1)a.-, i e i i t riay be appointed by the Vil-laU e. Council ,
U iy '-hc, reasonabie arid custoinal-.-y charges
am V ! L I t Y), LI
of ti-ie lak-,eiii- for t. hll .s S(-'r v i CC
e t I
t 1 1 2 1012 It U i 1 n a t C) a h a 2 1 1-.
t 1 w u 1 gn a t ury -w of the Nayon now of the
VI ! law 01na �n- A 1.1 o f tho Pirriatutw?s shall be printed , enLxa,inu
o w Mthzn-��; !N, n f av; S 1 1 1 a w CO I t 1w COVIFOI M V]An u,, --. ., --,f, t'!! .. .I f i,�-,--
C 0 1 u A C 1 Pal- LKO Q,-wMVI-v C01, Lim ViIIIALIO ZaIIIII-01, Oil t lie f a 0
11 j CO 1 i n. .__1 ma n u a 1 ly f u to w:2 r i L,L,d azw a f a u s w
a:. !! 1 C. 111,1rived On of- T 1 U o I
FlM A I t i KQ: V n J 1 111 VI 41 1 tPe M-ewurer to tile
J t, C jit a F)j t
C*V C. of the
t,1 1 . O1
sec t. I(D 1-1 Dond 10 i Y":i in 14-y-I ;—P 1.e d n rof Water and Sewer
lie t Revwnue� a lid F L 1,.1 1. J C.-, Ji t
4 . 01 1n,incipal :7-j.nd iilterost cwi said bonds sh.,all be p.�id -frorn
and Solver System Gtoncral Obl -I-a-,ati.on Bond
heretoUme createrl by Resol'ution 14c) . 111C) adopted by this Council
on pro%rid::d , that --,-f' any pay:�-.,ent of principal or
becorn due Olen there M not sufficient, nioney in
the Lha11 1:�ay the same from the
,jeneral funJ of the Villaj7e and said -.-,eneral fund sliall. Ue reiin.-
UU!'-SC)C1 f0l` HUCill, cFtdvancc--s o--,,t of the procoods of thc--,� taxes le%71.ed
LO In%he qUUJ SUCh CICOICOUNCY . into SaPI SildnInE, -,hall be
lvald all Unni Prweedv in e):Cess of 3 the
C,)J, all water and sewer sj,stoi-n net ro,%Tcn-,,,e.$) pled�--,ed by
t Lf T`eV!)lUti(jrI5 all of ad ta.:es
�all other, for or
to t-lie I-,,--tymant of said and interest .
4 . 02 It ic. herel--)y found , detc'rmlnedi and declared that the
Vii:iae-,e, of Prairie ol.,:ris and operates a rnunicipal sewer Sys-
ter.-, and a rmunicipal water syster-in as a revenue-producing, public
util-ity ; that the Village has no bonds or other obligations out-
standing w1lich, in any way constitute a lien or encumbrance upon
the revenu, s or properties of either system except $1 , 950 , 000
General Gblif,;ation 1-later and Se,,-,,er Bonds dated April 1 , 1971 ,
$2 , 500 , 000 General. Obligation Water and Sewer Bonds dated Novem-
ber 1 ,, 1.971 ,- and $2 , 100 , 000 General. ObIiE7,ation Water and Sewer
Bonds clated June 1 , 1972 ; and that the estimated net revenues of
the water and se ,;er utility , together i,,,ith ad valorem taxes and
Fed f 0 1, p 2,y m e n t 0 f
the Ge.�orL'I a-,i,.*., Se,,-,-er Bands, dated April 1 , 1971 ,
1 .5 1971 , anti June 1 . 1972 ., and the bonds herein author-
i-zedi , t�.Tiil h :,uf'fici-ent to pay the pr.'-ncipal of and interest on
sucl--
-6-
tl 1 a T.a 4)V 1 S 1,01 j 0 0) n (.11 0,7 Mime a ota-I
"T. I I C- 'I :W k 0 .,pie V A 11 age c)f Men c
arn-i a T: 1. v huldoms fmin time to tim of,
all t al&l;,* of,
c (T.,
Infin. _.1 rmaAWAI ity W M; water ama newel, 11t11ity to 10he
zim"! it :--, . I 1)1,-.'.,: I ".."11 t a r n a C u I,A i n ej t 0 S C 110 C 1111 ,V r7 c a 1 U V 11 a 11 CA 1;0 p r 0 d LI a e
11LIL rumolluan will .0 , t;Cj7CUher with Collectima; of assCsL-
merivg levl.en MY wavor am sciowr improveniarits paiul Ulto tine ablm-2
all Fn-iralj�ll plid TW �I�"Ell Whan
civic on aald 1 mzi � , :121, nald 1101�
arv. nn"A-: 110-17scaply rin .n-eJ Elio! aypin;0,01 tied to tile joapnolit of
a 2.A- tilt, V!211 _ Wr(nn
a.ia! apin-0j.1"! :A. L :Iw of lint revoIII&C 0 Of WIC VILAW, wid sewar ut 1I.My
a 1 GP' a d d 1 t. 1 o!j a j c h,1 i[n Ej t i o i i s of t 1,�r: �%!i I la,_ e hte e a f"..e 3:,
if tho VilAy:e Council determiries before the rallthoriWl-
ticni of such additimial Wiligatims tiIat estin,:,l.ted 2ae-L. re.-�,e-
mius of the water mid sewer t1tility %.,*i:I-I 1--)e suffificien-c. , to -ether
with �)thwr scnlrc le(_l -r.;� to or I�i,ojE-cterd to he u.s,(?(-I for the
paynent Of 1AW OL1i:Stalldillt7 MIC. a.dc-litic-)nal oIL;ligations , for pa,`, n-oent
of the bonds hereii-i autlajri tied mid such additional obligations .
Such -ar:d approp--ciatiom of zaid IIEA rEWMILICIS MR17
be ina(lc, cm subord.-Ii--.,ate to oi- oi-i a parity with tile pledo:e
ai-id. appi,,o,.- - d
her -il.- ma t:: .
0 For the ie prompt arid. f1.111 pa,y,mert of the principal of and
iritereLt oil :;aid borid.s az; tI-i,-- same respectively become due , tile
fill! Myth , CII,Wit of-, .: po1..:Cj,S of, tl-,C- I.T_jj1aC;,--, shall be and
pludjyd . To proviae for 'L:,?Ie t
r
tier t'r)f to the extoiut arid iri the Event that the raet revoi-l-,-zes her(----
to paymoint of the bonds are irmsufficient for that
any yea)i- , tlicl,e i- I-i%.-,-relly levied, upoi-i all of the ta :
-
ill the Vi1laga a dirmt , ammal , all va1(Dro,,,,i tax whicl-,
shall be 2pi-ead upon the tax rolls for the years and in the armoul-Its
as follow,, , an.d collected with and as a part of other geiieral taxes
of W -Ilplyy ill the rem-)ective ei-isuing years :
Year Ainoui-it Year Amount Year ATTI C U I'l t
(See Exhibit A)
Coe m1 GTI�I ! OF Tmx l 7z A2:
§2, 292,n( G. 0. SEE P Al S 9 FP Bouns
V(LL«SE OF ED2111 PPTTplE� R�RKESnTa
LEVY COLLECT Ali(-) 3:T MI + §5 TAX
19711 1975 17T57§.0,O 18OI52. 7\ IP9209
1975 1 219575.Og 22055J, 7§ 2/g6Og
197E 1977 2 15575.00 22§'DI§9.7§ 226)§00
Ig77 Ig7R 21 IO75.O0 221G2g. T) 22I7Og
1.97R 1979 271§75- 24S15S.75 2112200
1979 19§D 225950,OO 2 372117.50 227500
I)RO l/91 22O/25,80 22l/#1.25 2al4OO
19Rl IRR2 21 It'7 g.00 225425.00 22§§@g
1()2 I9R/ 2/)075,OO 245729.75 2)159Og
IgSJ Igƒ! 226)9§0.00 2/0297,50 R7Rgg0
J,oRll 19R5 21§6Og.O0 2 g0550.g0 2)0(0g
1985 1,9G6 262100.00 275205.PO 275200
I986 1987 252100.00 26%705.00 2§ 17OO
I9R7 IgBG 211,1-900.00 25y995,00 254g00
IgGS 1989 2315gO.00 2)J 5.ng 2)21OO
1989 Ig9A 22100O,00 222g5g,0@ 22210O
1)gg 1991 21O§Og.0g 22T025,00 221100
39/]/§e,Og §I2 900
MOTE: BOrlD PROCEEDS (CAPITALIZED INTEREST) OF $ 273§\) ,§O
SILL BE USED TO, PAY 627y\d. 50 OF INTEREST PAY»gTS DUE
9 -I-711 AND 3-1. 75.
\
PPOSR�4 CODyRT(;f-,T BY Sf.ERs Nie ASSOCi«TES,
_i -*! :_t:ln providwi Mit All accordance with tho pro—
a 11 L ()r t`ro o t,c:r c,a c'n
:.I;; cot'
%
1 11 �J 1"c.c. 1,'�1 t FCC 1 i e r e 1 in a Wnr 0 1 ev i VA
7,1- to On, =01alt tnu".. on
:PICK : _niuo-
in 1 1p tw:
0:10C CA, WAY issue and al! ccoupons appertrAnDij-,
l3 -4-,- �1_ P,`C,%'.! j 1i ` I]_... ect ion , all
P 1 L-; ot _Jticr rights j7rante(l tlh:_' ;� L-,(- sn t
the hoidfv of 1�io L (D z i c 1 s s 1,a 2 1 C T:-le miav dis.clial-,_-e,
all of L. Which are due on any date by
payinE, zq7enr w or laufore; that ciat(_, a �zuf-
tht�:c-eoi' ii, full ; or if any lbond or coupc,i-,
Juo3
At Tile v 1;e1 --sc, 1w , L sc1ia -,C:,.e,I _,
de a 1nE a7for,
e rit, a -am �:.u ff i c � e-.,!t fo r, t 11 e p a y in e i i t
'thy._ .'of in full 1with Viterest ac-c-L,aed tO the date of such deposit
Phe Vi :::ay al L-- c-.) dl sc.,ari r,, all prepayable honds of w1j1s isstjce
wnich for on (late 1dien they arre ywepay-_
abie accoi--dinL; to Wieiv terms , by deposit.inEl with the payinE; a.7.,ent
on or. 'U.-riat dat Lill to 'L:hr_. principc-ti , int(,re,,:,,,t
c., a i, t r c,v--:.use t'..a t no of I e,
u U duly o v:1 -1 -1 j s
g v,��i a -d e,_ 1 t" . �� i L
Lion . Die Viliage may also ,-t any tii-.%e discha-;,ge tl-.,is issuc of,
bund.._., iij e n to the provj_ ion"z of ial.., 11o'..: or
her.ea, f'tel. rc,--L1D1tVQ; 1MA! eact� oii ., IDy call_`L;,.,- all.
fol:. reae.mption on the next date they may
be ywepaid in accordanc- e voith their tcr.,-ris , by giving the notice
Cr. ucl, redemptions w, id by depositing irrevocably in escrow ,
' s -
with a ban*« qu�_- J.Jfiea by iavd as an escrcm, agent for this purpose ,
cash or -which are general obligations of the United
States or securities of United States agencies which are author-
ized by la,,,: to be so deposited . bearing interest payable at such
times and at 1-.uch rates and maturing) on such dates as shall be
required to pay all principal , and interest due on the bands on
such redeil.-iptilon date .
Section 6 . Cei,tificaticnis of YVoceeZKnv;s .
A ud JI t o r of I I c.n Li ,j C,'O,U '-!t�7 a certified copy of this res- olution ,
and such inforination as the County Auditor may require , and
c
1 1 c, 0 in s b and rog j, ands t1.L t ri I-
requ !_ c ! law fur polynnin of SlAd plundw 11:10 been levicol
3 tim 'ATMFe ECK! the Minty Moltov vam�
-aA ou LA)' j cumWel , cel'Lifiedpro—
of rolating to Wic: alithorizatAon,
to,
C-f
cc, aIM3
a 1.110 Tf 1 a n f, e I 1
Attect :