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HomeMy WebLinkAbout6761-6762 (Res.)'(178 • • RESOLUTION NO. 6761 RESOLUTION APPROVING EMPLOYMENT. BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that the employment Allen Zepper as Building Official from and after February 25, 1980, for a probationery period of six months, be, and the same is hereby approved; and that as compensation for services the said Allen Zepper shall receive the sum of $1,600 per month together with group hospital and medical insurance. Adopted by the Council this 25th day of February, 1980. Published: March 3, 1980 Attest: .J Cify Clerk Mayor RESOLUTION NO. 6762 RESOLUTION RELATING TO A $50,000 GENERAL OBLIGATION BOND: AUTHORIZING THE ISSUANCE THEREOF PURSUANT TO SECTIONS 197 THROUGH 2O1, INCLUSIVE, OF THE CHARTER OF THE CITY OF STILLWATER, AS AMENDED, AND MINNESOTA STATUTES, SECTION 475.60, SUBD. 2, SUBSECTIONS (1) AND (2). BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, as follow: Section 1. Authorization. The City is authorized by Sections 197 through 201 of the Charter of the City of Stillwater, as amended, to issue general obligation bonds. The City is also authorized by Minnesota Statutes 475.60, Subd. 2, Subsections (1) and (2), to 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 Bond pursuant to the aforesaid statutes and City Charter, 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. Section 3. Execution. The Mayor and the City Clerk shall execute on behalf of the City a General Obligation 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 representations 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 deemed the conclusive evidence of, the approval and authorization by the City, and the Council of the instrument of 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 by the Acting Mayor, and the absence of the City Clerk by such officer of the City who, in the opinion of the City Attorney, may execute such documents. (continued on page 179) a • • • 179 • • • RESOLUTION NO. 6762 - continued Section 4. The Bond: Form and Authorized Amount. The Bond shall be issued in a form satisfactory to the City Attorney wi s such appropriate variations, omissions and insertions as are permitted or r-;4uired by this resolution and a total principal amount of $50,000, with interest on the unpaid principal amount at the rate of 6.95% per annum. The Bond shall be payable in install- ments as follows: A. On September 1, 1980, an amount equal to the interest accrued on the outstanding principal of the bond. B. On March 1, 1981, an amount equal to the interest accrued on the outstanding principal of the bond, together with a principal payment of $25,000 shall be due. C. On September 1, 1981, an amount equal to the interest accrued on the outstanding principal of the bond. D. On March 1, 1982, an amount equal to the interest accrued on the outstanding principal of the bond, and the entire unpaid principal in the amount of $25,000 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 terms and conditions of this resolution, to sell the afores aid General Obligation Bond to the Northwestern State Bank of Stillwater, Stillwater, Minnesota. AND BE IT FURTHER RESOLVED, That the City Attorney is authorized to make such changes, by substitution of pages or otherwise, in the Bond and other documents heretofore executed or approved as to form by the City pursuant to this resolution as may be necessary to reflect the actions taken in this resolution, and the proper officers of the City are authorized to execute or re -execute as the case may be, and deliver the Bond and such other documents, closing certificates and opinions as are required. Adopted: February 25, 1980 Published: February 29, 1980 Attest: o4 t J City Clerk Mayor • • 1 •