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80-090 ,. . . . . if'. ' RESOLUTION NO. 90-80 RESOLUTION AWARDING THE SALE OF $1,340,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1981: FIXING THEIR FORM AND SPECIFICATIONS: DIRECTING THEIR EXECUTION AND DELIVERY: AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED by the City Council of the Ci ty of Shorewood, Minnesota, as follows: . 1. The Bid of Bane Northwest, Minneapolis, Minnesota to purchase $1,340,000 General Obligation Improvement Bonds of 1981, of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advetised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price 'of $1,321,240.00 plus accrued interest to date of delivery, such bonds to bear interest as follows: 8.20% 8.25% 8.30% 1983 1984 1985 8.40% 8.50% 1986 '1987 The sum of $7,370.00, being the amount bid in excess of $1,313,870, shall be credited to the bond sinking fund hereinafier created. The City Clerk-Administrator is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Clerk-Adminstrator is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Shorewood shall forthwith issue and sell its General Obligation Improvement Bonds of 1981 (the "Bonds"), in the principal amount of $1,340,000, dated January 1, 1981, the Bonds being 268 in number and numbered 1 to 268, both inclusive, in the . denomination of $5,000 each, bearing interest as above set forth, all interest payable January 1, 1982, and semiannually thereafter on July 1 and January 1 in each year, and which Bonds mature serially on July 1 in the year and amounts as follows: YEAR 1983 1984 1985 1986 1987 AMOUNT $265,000 265,000 270,0'00 270,000 270,000 '. The Bonds are issued without right of' prior iedemption. . 1. noth pr. i ncipa1 of and i ntcrct'it on the Oondt'i sh" 11 be pi,y"bl~ . at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota and the City of Shorewood shall pay the reasonable charges of said bank for its t'icrvices as paying agent. 4. The Bonds and the interest coupons to be thereto attached shall be in SUbstantially the following form: No. $5,000.00 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF SHOREWOOD GENERAL OBL~GATION IMPROVEMENT BOND OF 1981 'KNOW ALL MEN BY THESE PRESENTS that the City of Shorewood, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer without option of 'prior payment, out of its General Obligation Improvement Bonds of 1981 Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of July, 19 , and to pay interest thereon from the da~e hereof until the principal amount is paid at the rate of percent ( t) per annum, . interes t to ma turi ty payable .January 1, 1982, and semiannualy thereafter on the l$t day of July and the 1st day of January in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable' at the in any coin or currency of the Uni.ted States of America which on the dte of payment is legal tender for puhlic and private debts. This bond is one of an issue of bonds in the total principal amount of $1,340,000, all of like ~ate and tenor except as to maturity interest rate, and serial number, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and Laws of the State'of Minnesota, including Minnesota Statutes, Chapter 429, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a general obligation of the City and, to provide moneys for the prompt and full paymet of said principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledge, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. . -2- . . . IT IS HF.RRBY CERTIFTF.D ANn RECITED that all acts, conditions and things required by the ,Constitution and laws of the State of Minnesota t,) he donn, tr) happen nne] to .be per.formed prccrHlcnt to nnd in the issuance of this bond have been ~one, have happened an~ ha~e been performed in re~ular and due form, time and manner as required by law; and that this bond, t6gether with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon.' IN WITNESS WHEREOF, the City of Shorewood, Hennepin County, Minnesota, by its City Council has caused this bond to be executed by the facsimile signature of the Mayor and the manual signature of the City Clerk-Administrator and sealed with a facsimile of the corporate seal of the City, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of January 1, 1981. (facsimile) MAYOR CITY CLERK-ADMINISTRATOR ( SEAL) (facsimile seal) (Form of Coupon) NO. $ On the lst day of January (July), 19 , the City of Shorewood, Hennepin County, Minnesota, will pay to bearer, out of its General Obligation Improvement Bonds of 1981 Fund at the amount shown hereon for interest then due on its General Obligation Improvement nond of 1981, dated January 1, 1981, No. (facsimile) MAYOR (facsimile) CITY CLERK-AMINISTRATOR -3- . 5. The City Clcrk-^dminiRtrlltor AhaJ.l ohtt1Jn tl copy o[ thu pror>ofincl ur>r>rovinl"J lel"JCll opinion of MCRFlr.n. \All1l"f;t, C.ill~I.()ll ilnd Pearson, P.A., of Minneapolis, Minriesota, which shall be complete except as to nating thereof and shall cause said opinion to be printed on cnch nonel, toC'}ntherwith a ccrtif.ici'ltc to be niC'}ncn by t-he facsimile signature of the City Clerk-Administrator in substantially the [ollowin~ form: ' I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the nating thereof, which opinion has been handed to me for filing in my office prior to the time' of bond delivery.'- , (facsimile signature) CITY CLERK-ADMINISTRATOR CITY OF SHOREWOOD, MINNESOTA The City Clerk-Administrator is hereby authorized and directed to execute such certifidate in the name of the City upon receipt of such opinion 'and to file the'opinion in the City offices. . 6. The Bonds shall be executed on behalf of the City by the facsimile signature of the Mayor and the amnual signature of the City Clerk-Administrator, and the interest coupons shall be executen and authenticated by the printed facsimile signatures of the Mayor ann City Clerk-Administrator and the facsimile of the corporate seal of the City may, but need not be, printed thereon; provided, however, that the signatures of both the Mayor and the City Clerk-Administrator may be facsimile signatures, duly authenticated by the manual signature of an officer of the Bank of hereby designated authenticating agent pursuant to Minnesota Statutes, Section 475.55, Subdivision 1, and, if the bonds are to be so executed and authenticated, the bond form set forth in paragraph 4 hereof shall be modified as follows: a) Substitute the following paragraph for the final paragraph of the bond: "IN WITNESS WHEREOF, the City of Shorewood, Hennepin County, Minnesota, has caused this bond to be executed by the facsimile signature of the Mayor and the facsimile signature of the Clerk-Administrator and with the facsimile of the corporate seal of the City imprinted thereon and the interest coupons h~reto attached to be executed and authenticated-by the facsimile signatures of said officers, except for the manual signature of its duly authorizen Authenticating Agent on the reverse side of this bond, all as of January 1, 1981." b) Add the following on the reverse sine of the bond: "This Bond issued pursuant .delivery." is one of the Bonds of the series designated herein to the resolution authorizing its issuance and -4- . . . Bank of as Authentica~inq Aqcnt By Its Authorized Officer The Bonds when fully executed, shall be.delivered by the City Clerk-Administrator to'the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliqated to see to the proper application thereof. 7. The Bonds shall be payable from the General Obligation Improvement Bonds of 1981 Fund'hereby created, and the proceeds of any ad valorem taxes hereafter levied and special assessments to be levied for the improvements. (the "Improvements") financed by the Bonas are hereby pledged to said-fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in said fund to pay the same, the City Clerk-Administrator shall pay such principal or interest from the general fund of the Ci ty and such fund may be reimbursed for such advances out of, proceeds of assessments for the Improvements when collected. ' 8. It is hereby determined that the estimated collections of special assessments for the payment of said bonds wili produce at least 5% in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds ann that no tax levy is needed at this time. The City Clerk-Administrator is directed to file a certified copy of this resolution with the County Auditor of Hennepin County and to obtain the certificates required by Minnesota Statutes, Section 475.63. ' 9. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bond as follows: (a) The City will cause the assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 1982 andwil~ take all steps necessary to assure promp~ collection. The City Council shall cause all further actions ~nd proceedings relativ~ to the making and financing of the Improvements financed herehy to be taken with due diligence that are required for the construction of each Improvement' financed wholly or partly from the proceeds of obligations issued hereunder, and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon ,.,hen clue. . , -5- . , . uncil will levy ad valorem taxes in the amount of said current or anticipaten deficiency. (c) The City wiT 1 keep complete and accurate hooks and records showing all receipts and disbursements in connection with the Improvements, the qrants and pledged funds and any taxes levied and the assessments levied therefor and other funds appropriated for their payment, anq.all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assessments. (d) Th~ City will cause its books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit re~orts to any interested person upon receipt. 10. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City may annually, prior to October 10th, certify to the County Auditor the amount available in the sinking fund to pay principal and interest due during the ensuinq year, and the County Auditor shall thereupon reduce the levy collectible during such year by the amount so certified. . ll. The officers of the City are ~ereby authorized and directed to prepare and furnish to the purchaser of the Bonds ahd to the attorneys approving the same, certified copis of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as ,may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds and such ,instruments, including any heretofore furnished, shall be deemed representations of the City as to the facts stated therein. 12. The Mayor and City Clerk-Administrator are hereby authorized and directed to certify that they have examiend the official statement or prospectus prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief said statement is a complete and accurate representation of the facts and representations made therein as of the date' of said official statement or yrospectus as it r~lates to the City. PASSED BY THE CITY COUNCIL of Shorewood, Minnesot the 29th day of December, 1980. . . , -6- , , . \ . CERTIFICATION STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS CITY OF SHOREWOOD ) I, the undersigned, being duly qualified and acting Clerk/Administrator of the City of Shorewood, Minnesota do hereby certify that I have carefully compared the attached Resolution No.. 90-80 ,Ci ty of Shorewood, wi th the original on file in my office and same is a true and correct copy of said report. '. WITNESS my hand as City Clerk/Administrator and the corporate seal of the City ~his' .:(J~ day 'ofJ-~&7 1981. (J ~~01-~</. .,. . y Clerk Administratf City of Shorewood (SEAL) attch . '.