HomeMy WebLinkAbout6644 (Res.)RESOLUTION NO. 6644
RESOLUTION RELATING 10 A $100,000 DISEASED TREE CONTROL GENERAL OBLIGATION IMPROVFSIENT BOND:
AUTHORIZING THE ISSUANCE THEREOF PURSUANT TO MIN ESOTA STATUES, CHAPTER 18.023, SUBD. 7,
MUAffSOTA STATUTES, SECTION 429.091, AND 1atlFsOTA STATUTES, SECTION 475.60, SUBD. 2.
BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, as follows:
Section 1. Authorization. The City is authorized by Minnesota Statutes, Section 18.023,
Subd. 7 and Minnesota Statutes, Section 429.091, to issue general obligation Tnprovement bonds
for the purpose of contracting for the sanitation and approval treatment of diseased shade
trees on private property and issue obligations to defray the expense of any such work financed
by special assessments unposed upon private property. The City is also authorized by Minnesota
Statutes 475.60, Subd. 2, co issue this obligation without a public sale.
Section 2. City Approval. By this resolution, the City Council hereby approves the sale of
a General Obligation Improvement Bond pursuant to the aforesaid statutes for the purpose of
defraying the expense of any contract for the santation and approved treatment of diseased shade
trees, according to the terms and conditions herein set forth, and hereby pledge the full faith,
credit and taxing power of the City to secure payments of the Bond in addition to certifying
and levying as special assessments amounts equal to at least 1057, of the obligation.
Section 3. Execution. The Mayor and the City Clerk shall execute on behalf the City a
General Obligation Improvement Bond and shall execute such other certifications, documents, or
instruments as shall be required, subject to the approval of the City Attorney, and all
certifications, recitals and presentations therein shall constitute the certificates, recitals and
representations of the City. Execution of any instruments or documents by one or more appropriate
officers of the City shall constitute and shall be denied the conclusive evidence of the approval
and authorization by the City, and the Council of the instrument or document so executed. In
the absence or disability of the Mayor, any of the documents authorized by this resolution to
be executed shall be executed Ly the Acting Mayor, and in the absence of the City Clerk by such
officer of the City who, in the opinion of the City Attorney, may execute such documents.
Section 4. The Bond: Form and Authorized Amount. The Bond shall be issued in a form satis-
factory to the City Attorney with such appropriate variations, omissions and insertions as are
permitted or required by this resolution and a total principal aanunt of $100,000, with interest
on the unpaid principal amount at the rate of 5.35% per anaam. The Bond shall be payable in
installments as follows:
A. On February 1, 1981, an amount equal to the interest accured on the outstanding
principal of the Bond, together with a principal payment of $25,000 shall be due.
B. On February 1, 1982, an amnunt equal to the interest accrued on the outstanding
principal of the Bond, together with a principalpayment of $25,000 shall be due.
C. on Fehuary 1, 1983, an amount equal to the interest accured on the outstanding
principal of the Bond, together with a principal payment of $25,000 shall be due.
D. On February 1, 1984, the entire unpaid principal and accrued interest thereon
shall be paid.
All interest on the Bond shall be computed on the basis of the actual number of days elapsed
on the assumption that each month contains 30 days, and each year 360 days.
Section 5. Sale. The City is hereby authorized according to the teams and conditions of
this resolution, to sell the aforesaid General Obligation Inpravement Bond to the Northraestern
State Bank of Stillwater, Stillwater, Minnesota.
AND BE IT FURTHER RESOLVED, that the City Attorney is authorized to make such changes, by sub-
stitution of pages or otherwise, in the Bond and other documents heretofore executed or approved
as to form by the City pursuant to this ream: ition as may be necessary to reflect the actions
taken in this resolution, and the propert officers of the City are authorized to execute or
re -execute as the case may be, and deliver the Bond and such other docments, closing certificates
and opinions as are required.
Adopted by the Council this 5th day of June, 1979.
Published: June 8, 1979
Attest:
eft), Clerk
Mayor
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