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Home My WebLink AboutResolution - 1058 - Receiving Feasibility Report for Street Improvement - Areas F & G Preserve - 11/11/1975 November 12, 1975 CITY OF EDI.,,N PRAII?lf HENNI PIN COUNTY, MINNESOTA RI SOLUT ION NO. 1058 ttF,SOLUTION PECFIVING REPORT AND CALLING FOR IIEARTNG ON IMPROVEI-PENT CON`.PRACT 51-274 f9HI RI?AS, a rcir, art. L-)reparcd by Rieke, Carroll, Muller Assoc, . Inc. has beer, caiven by the City Endi.na r to the City Council on Nov--• ctmlier 1.2, 1975, recomittending the following improvements to wit: I .C . 51-274 , Utilities and street improvements for Areas F and G of the Preserve , Commercial Plan. N014, -PH REFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ED N PRAIRIE: 1. The Council will consider the aforesaid improvements in accordance with the report and the assessment of p operty abutting or within said boundaries for all or a portion: of the cost of the improvement pursuant to M . S.A. Sec. 429. 011 to 429.1-1.1 , at an estimated total cost of the improvement as shown. 2. 711, pub.Lic hearing shall be hald on such proposed improvc- ment on the 2r.d day o[ December , 1975 , at the City Hall in the City of: Eden Prairie at 7: 30 o ' clock P.M. The City Clerk shall give published and mailed notice of such hearing on them baprovements as required by law. ADOPTED by the council of the City of: Eden Prairie on the llth day of November, 1975. �-1 David ^7. Ost.crholt, Mayor ATTEST: SEAL Il John .,P. Fra`c Clerk /C -S C1`RT1h1CA'TI01,: O-' MI III TT1';S }t}.;Lr�'PT_1,IG TO $1 ,000 ,000 General Obligation Water and Sewer Bonds (Series 8) , $900,000 General Obligation Improvement Bonds , and $250,000 Certificates of Indebtedness Issuer : City of Eden Prairie , Hennepin County, Minnesota 4 Governin ,- body : City Council Kind , d it.e , tiinc� and place of meet iYi r : a regular meeting , November 4 , 1975, at 7: 00 o ' clock P.M. , at the City Hall in the City of Eden Prairie. P•Iember:> preserit : Mayor Osterhol t and Council members Sidney Pauly, 'Willi am Bye, Joan Meyers and Wolfgang Penzel I'•Iernbers ab_!e11t : none Doc ulnent s attached : 14in�ites of raid nieeting ( pages ) : 1 through 4, and : RESOLUTION NO . 1054 RESOLUTION AN'ARDING SALE OF $2 ,150,000 GENERAL OBLIGATION B014DS AND CERTIFICATES OF INDEBTEDNESS RESOLUTION NO . 1055 RESOLUTION ESTABLISHING THE TERMS OF $1 ,000,000 GENER„1_ OBLIGATION ►WATER AND SEWER BONDS (SERIES 8) RESOLUTION NO. 1056 RESOLUTION ESTABLISHING THE TERMS OF $900,000 GENERAL OBLIGATION IMPRO�JEiIEi�T BONDS , AND PROVIGIidG FOR THEIR PAYMENT RESOLUTION NO. 1057 RESOLUTION ESTABLISHING THE TERMS OF $250,000 CERTIFICATES OF INDEBTEDNESS I , the uridersif;ned , being, the drily aualif'ied and actin - re— cor'di.nfr officer of the public corpor•atic,n isL;u1ni-: t}ie obli.L at:i ons refe-),red t o iri the t I tle of this c e r t _ficat e , c..- i.fy th_l t,l:r ��OCU- me nt: <it;L 2C}ii Cl }"IC'r'C t c, , as descr- ibed above , have b c-n cal- f'Ll lTy :oill- pared with the ori-g.ina1 records of said corperat i_or� '_n mw lecal cu stody , from whicr; t}-.ey have been transcribed ; t}r.at said docu:-ents are a correct and corr:pletle. transcr'i_T)t Of th(2 I:n1.r1L1};C_s Of a Irieeti21 ; of. the -ov min— body of said torpor ct:ion , and correct and con.pletc. col is of all rc iJlut ions acid c,thcr act icr.s tc i:Cn -,nd ofvc,N- ments approved by t}le governing body at said meetin?; , so far' as they relate to said obligations ; and that ..paid meeting i-.as duly meld by the f;overni.ng body at the time and place and was attendee: throuf�;hout by the rnoinbei—s indicated above , pursuarit to call and notice of such meeting given as r'equ i red by Jaw . WITNESS rrny hand officially as such r ording Ufficer this 4th day of November 1975 . Si.g,nature John D. Frane City Clerk Narne and 'Title (SEAL 1 The Clerk presented affidavits showing publication in the official newspaper and in the Commercial West of notice of sale of $2,150,000 general obligation Londs and certi fi ca Les of 1ndebt-edness of the City, bids for which were to be considered at this meeting as provided by resolution adopted October 14, 1975. The affidavits were examined and approved and ordered placed on file. The Clerk reported that 2 sealed bids for the purchase of the obligations had been received at his office at or before the time stated in the notice. The bids were then opened and publicly read and found to conform to the notice of sale and to be accompanied by the required bid security. The purchase price , coupon rates and i.at interest cost under the terms of each bid were reported 'to the Council to be as follows : l _l_ B I D T A B U L A T I O N $2,150,000 GENERAL OBLIGATION BONDS & CERTIFICATES OF INDEBTEDNESS CITY OF EDEN PRAIRIE, MINNESOTA SALE: TUESDAY, NOVEMBER 4, 1975 AWARD BANCNORTHWEST, MINNEAPOLIS, MINNESOTA JURAN & MOODY, INC. , ST. PAUL, MINNESOTA CO-MANAGERS Moody's Rating. "Baa" NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE BANCNORTHWE.ST 4.50% 1976 $1,454,762.50 $2,108,000.00 Minneapolis, Minnesota 4.75% 1977 JURAN & MOODY, INC. 5.00% 1978 6.5677% St. Paul , Minnesota 5.15% 1979 American National Bank & Trust Co. 5.30% 1980 St. Paul , Minnesota 5.45% 1981 Cronin & Marcotte, Inc. 5.60% 1982 Minneapolis, Minnesota 5.80% 1983 Hornblower & Weeks-Hemphill Noyce 6.00% 1984 Chicago, Illinois 6.10% 1985 y' -•nolds Securities , Inc. 6.25% 1986 a__jert S. C. Peterson, Inc. 6.40% 1987 White Weld & Co. , Inc. 6.60% 1988 Minneapolis, Minnesota, 6.70% 1989 6.80% 1990 6.90% 1991-92 PIPER, JAFFRAY. & HOPWOOD, INC. 5.70% 1976-79 $1,479,989.00 $2.108,161.00 Minneapolis, Minnesota 5.80% 1980-82 Allison-Williams Company 5.90% 1983 6.6816% Dain, Kalman & Quail , Inc. 6.00% 1984 First National Bank of Minneapolis 6.20% 1985 Minneapolis, Minnesota 6.30% 1986 The First National Bank of St. Paul 6.50% 1987 John Nuveen & Company, Inc. 6.60% 1988 St. Paul , Minnesota 6.75% 1989 Marquette National Bank 6.90% 1990 Minneapolis, Minnesota 7.00% 1991-92 Caldwell -Philips, Inc. St. Paul , Minnesota Robert W. Baird & Co. , Inc. Minneapolis, Minnesota EHLERS AND ASSOCIATES, INC. FINANCIAL CONSULTANTS TO THE CITY Member Bye then introduced Resolution No. 1054 , entitled ;r "Resolution Awarding Sale of $2 ,150 ,000 General Obligation Bonds and Certifi- cates of Indebtedness" , and moved its adoption. The motion was seconded by Member Penzel and upon vote being taken thereon , the following -ad in favor thereof: Mayor Osterholt and Council members Pauly, Bye, Meyers and Penzel and the following voted against the same: none whereupon the resolution was declared duly passed and adopted. Member Bye then introduced Resolution No. 1055 , entitled "Resolution Establishing the Terms of $1 ,000,000 General Obligation Llater and Sewer Bonds (Series C)" , and moved its adoption. The motion was seconded b, Member Meyers , and upon vote being taken thereon , the following voted in favor thereof: Mayor Osterholt and Council members Pauly, Bye, Meyers and Penzel and the following voted against the same: none whereupon the resolution was .dcclared duly passed and adopted. Member Meyers then introduced Resolution No.1056 , entitle:: "Resolution Establishing the Terms of $900,000 General Obligation Improve-:ent Bonds , and Providing for Their Payment" , and moved its adoption. The motion was seconded by Member Penzel , and upon vote being taken thereon , the following voted in favor thereof: Mayor Osterholt and Council members Pauly, Bye, Meyers and Penzel and -the following voted against the same: none whereupon the resolution was declared duly passed and adopted. Member Pauly then introduced Resolution No.1057 , entitled "Resolution Establishing the Terms of $250,000 Certificates of Indebtedness", -3- and moved its adoption. The motion was seconded by Member Bye , and upon vote being taken thereon , the following voted in favor thereof: Mayor Qsterholt and Council members Pauly, Bye, Meyers and Penzel and the following voted against the same: none whereupon the resolution was declared duly passed and adopted. -4