HomeMy WebLinkAbout6589 (Res.)RESOLUTION NO. _6589
RESOLUTION AUTHORIZING, SELLING AND
ESTABLISHING THE TERMS OF $1,050,000
GENERAL OBLIGATION IMPROVE'^ENT BONDS OF
1979, AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota;
Section 1. Authorization and Sale.
1.01. This Council, by its Resolution
adopted November 14, 1978, entitled "Resolution Providing
For The Issuance and Sale of $1,050,000 General Obligation
Improvement Bonds of 1979", authorized the issuance and sale
of said bonds. The provisions of said resolution are
incorporated herein by reference.
1.02. Notice of sale of the bonds has been duly
published and the Council has Publicly received, opened and
considered all sealed bids presented in con[ormity with the
notice and determines that the most favorable of such bids
is that of BancNorthwest of Minneapolis ,
Minnesota , to purchase the bonds at a price of $1,039,729.00
plus accrued interest on the total principal amount to the
date of delivery and Payment, and upon the further terms and
conditions set forth in this resolution.
1.03. The Mayor and the City Clerk are
directed to execute in duplicate a contract on the part of
the City for the sale of the bones in accordance with this
proposal, and to deliver a duplicate to the purchaser. The
Treasurer shall retain the purchaser's check securing the
contract of sale until the bonds are delivered and the
purchase price is paid, and shall return the checks securing
other bids to the respective bidders.
Section 2. Form of Bonds, Certificate and
Coupons.
2.01. The bonds issued hereunder shall be printed
in substantially the following form:
UNITED STATES OE J\MVP fCA
STATE OF MTNNESOTA
COUNTY OF W AS H I NCTTO?l
CITY OF STILLWATEl
IMPROVEMEf1T BOND OF 1979
No. $5,000
KNOLr' ALL MEN BY THESE PRESENTS that the City of
Stillwater, a duly organized and existing municipal corpo-
ration of the County of Washington, State of Minnesota,
acknowledges itself to be indebted and for value received
Promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS
on the 1st day of February, 19 , or if this bond is
redeemable as provided below, on a date prior thereto on
which it shall have been duly called for redemption, and to
pay interest thereon at the rate of
percent ( %) per annum from the date hereof until the
principal sum is Paid, or if this bond is redeemable, until
it has been duly called for redemption, payable semiannually
on February 1 and August 1 in each year, commencing
August 1, 1979, interest to maturity being Payable in
accordance with and upon presentation and surrender of the
interest coupons appurtenant hereto. Roth principal and
intece3t are payable at
, or at the office of such
successor Paying agent as may be designated by the City
Council_ under the provisions of the resolution authorizing
the issuance hereof, in any coin or currency, of the United
States of America which on the respective dates of payment
is legal tender for public and private debts. For the
prompt and full payment of such Principal and interest as
the sane respectively become due the full faith and credit
and taxing powers of the City are hereby irrevocably
Pledged.
This bond is one of an issue in the aggregate
principal amount of $1,050,000, all of like date and tenor
except as to serial number, maturity date, interest rate and
redemption privilege, all issued for the purpose of
financing the cost of local improvements, and is issued
pursuant to and in full conformity with the Constitution and
laws of the State of Minnesota thereunto enabling, including
Minnesota Statutes, Chapters 429 and 475, and pursuant to
resolutions duly adopted by the City Council. The principal
of and interest on this bond are payable Primarily from the
Improvement Bond Account in the Sinking Fund of the City,
but if the moneys on hand in said Account are ever
insufficient for this purpose, the City is required to oay
both principal and interest out of its General Fund.
Bonds of this issue maturing in 1989 and earlier
years are payable on their respective stated maturity dates
without option of prior payment, but bonds having stated
maturity dates in 1990 and later years are each subject to
redemption and prepayment at the option of the City and in
inverse order of serial numbers on February 1, 1989 and any
interest payment date thereafter, at par and accrued
interest. Not less than thirty days before the date
specified for redemption of any of the bonds, the City will
cause notice of such redemption to be published in a
financial periodical published in a Minnesota city of the
first class or its metropolitan area.
IT IS CERTIFIED AND RECITED that all acts,
conditions, and things required by the Constitution and laws
of the State of Minnesota to be done, to exist, to happen
and to be performed preliminary to and in the issuance of
this bond in order to make it a valid and binding general
obligation of the City in accordance with its terms have
been done, do exist, have happened and have been performed
as so required; that prior to the issuance hereof the City
has covenanted and agreed to levy special assessments upon
property specially benefited by the improvements financed by
the bonds, which will be collectible for the years and in
amounts not less than 5% in excess of the principal of and
interest on the bonds when due; that, if necessary for the
payment of such principal and interest, the City is required
by law to levy ad valorem taxes on all taxable property
within its corporate limits, which taxes are not subject to
limitation as to rate or amount; and that the issuance of
this bond did not cause the indebtedness of the City to
exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF the City of Stillwater,
Washington County, Minnesota, by its City Council, has
caused this bond and the interest coupons appurtenant hereto
and the certificate on the reverse side hereof to be
executed and authenticated by the printed facsimile
signatures of the Mayor and the City Clerk, has caused this
bond also to be executed by the manual signature of one of said
officers, and has dated this bond as of January 1, 1979.
(facsimile)
Mayor
Attest: (facsimile)
City Clerk
2.02. Interest on each bond to maturity shall be
represented by a consecutively numbered set of interest
coupons, printed in substantially the following form:
No.
$
On the 1st day of February (August), 19 , the
City of Stillwater, Washington County, Minnesota will pay to
bearer at , in
, the amount shown hereon in lawful money of the
United States of America for interest then due on its
Improvement Bond of 1979, dated January 1, 1979, No.
(Facsimile signature) (Facsimile signature)
City Clerk Mayor
2.03. A copy of the text of the legal opinion of
bond counsel shall be printed on the reverse side of each
bond and identified by a certificate in substantially the
following form:
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 City of Stillwater which
includes the within bond, dated as of the date of delivery
and payment for the bonds.
(Facsimile signature) (Facsimile signature)
City Clerk Mayor
Section 3. Bond Terms, Execution and Delivery.
3.01. The bonds issued hereunder shall be
designated Improvement Bonds of 1979, shall be in the
aggregate principal amount of $1,050,000, dated January 1,
1979, shall be issued in the denomination of $5,000 each,
numbered serially from 1 to 210 inclusive, shall mature
serially on February 1 in the respective years and amounts
stated below, and shall bear interest from date of issue
until paid or duly called for redemption at the respective
annual rates stated opposite such years and amounts:
Year Amount Rate Year Amount Pate
1981 $50,000 5.50% 1991 $55,000 5.60%
1982 50,000 5.50% 1992 55,000 5.65%
1983 50,000 5.50% 1993 55,000 5.70%
1984 50,000 5.50% 1994 55,000 5.75%
1985 50,000 5.50% 1995 55,000 5.80%
1986 50,000 5.50% 1996 55,000 5.90%
1987 50,000 5.50% 1997 55,000 6.00%
1988 50,000 5.50% 1998 55,000 6.00%
1989 50,000 5.500 1999 55,000 6.00%
1990 50,000 5.50% 2000 55,000 6.00%
3.02. The interest on the bonds shall he Payable
semiannually on February 1 and August 1 in each year, com-
mencing August 1, 1979. The principal of and interest on
the bonds shall be payable at Northwestern National Bank
in Minneapolis , Minnesota , which is designated as
paying agent, or in the event of its resignation, removal or
incapability of acting as paying agent, at the office of
such successor paying agent as may be appointed by the
Council, and the City agrees to pay the reasonable and
customary charges of the paying agent for this service.
3.03. The bonds maturing in the years 1981
through 1989 shall not be subject to redemption before
maturity. The Bonds maturing in the years 1990 through 2000
shall each be subject to redemption and prepayment at the
option of the City on February 1, 1989, and any interest
payment date thereafter, in inverse order of their serial
numbers, at a price of par plus accrued interest. Notice of
redemption identifying the bonds to be redeemed shall be
published at least once not less than thirty days prior to
the date fixed for redemption in a daily or weekly
periodical published in a Minnesota city of the first class
or its metropolitan area, circulating throughout Minnesota
and carrying financial news as a part of its service.
3.04. Before the bonds are delivered the City
Clerk shall file with the County Auditor of Washington
County a certified copy of this resolution, together with
such other information as the Auditor may require, and shall
obtain from the Auditor a certificate that the issue has
been entered on his register.
3.05. The bonds and the interest coupons and the
certificate on the reverse side of each bond shall be
executed and authenticated on behalf of the City by the
signatures of the Mayor and the City Clerk. All
signatures may be printed, engraved or lithographed
facsimiles except for the manual signature of one of said
officers which shall be subscribed on the face of each bond.
The bonds shall then be delivered by the City Clerk to the
purchaser upon receipt of the cash purchase price stated in
Section 1.02. The purchaser shall not be required to see to
the application of the proceeds of the bonds.
Section 4. Funds.
4.01. A separate fund shall be provided by the
City Treasurer for each of the improvements designated in
the resolution referred to in Section 1.01. The City appro-
priates to each such fund (a) an amount of the bond proceeds
determined to be necessary for payment of the cost of the
improvement for which the fund was created in excess of
other bond proceeds made available For this puruose, and (b)
all collections of special assessments levied with respect
to the improvement for which it was created until completion
of the improvement and payment of the costs thereof. Each
fund shall be used solely to defray expenses of the improve-
ment for which it is created until that improvement has been
completed and the cost thereof has been paid. Thereupon
each fund shall/be discontinued, and any balance of the
proceeds of the bonds remaining therein may be transferred
to the fund established to pay the cost of any other
improvement instituted pursuant to Minnesota Statutes,
Chapter 429. If not so transferred, any such balance,
together with all special assessments and taxes then on hand
and thereafter collected with respect to the improvement,
shall be credited and paid into the Improvement Bond
Account.
4.02. The bonds herein authorized and the
interest thereon shall be payable from the Improvement Bond
Account in the Sinking Fund of the City, which shall be
maintained on the official hooks and records of the City so
long as any of the bonds are still outstanding and unpaid.
If the balance in the Account is at any time insufficient to
pay all principal and interest due on the bonds, such
amounts shall be paid from the general fund of the City,
subject to reimbursement from the Account when the balance
therein is sufficient, and the Council covenants and agrees
that it will each year levy an ad valorem tax in an amount
sufficient to eliminate any such accumulated or anticipated
deficiency, which levy is not subject to any constitutional
or statutory tax limitation.
4.03. The City irrevocably pledges and appro-
priates to the Improvement Bond Account all bond proceeds in
excess of $1,050,000; any balance of bond proceeds and
special assessments on hand in any improvement fund upon
completion of the improvement for which it is established;.
and all subsequent collections of special assessments, and
taxes, if any, levied pursuant to Sections 4.04 and 4.05
hereof.
4.04. The City further covenants and agrees that
it has performed all acts and things necessary for the final
and valid levy of special assessments upon the properties
benefited by each of the local improvements financed by the
bonds in amounts proportionate to and not exceeding the
special benefits received by the respective properties, and
with respect to each improvement and the properties bene-
fited thereby, in an aggregate principal amount which is not
less than 20% in the cost thereof. It is anticipated that
tic remaining installments of said special assessments and
the interest thereon will be collected in the following
years and amounts:
YEAR AMOUNT YEAR AMOUNT
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
$150,164.38
126,000.00
122,000.00
118,000.00
114,000.00
110,000.00
106,000.00
102,000.00
98,000.00
94,000.00
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
$ 90,000.00
86,000.00
82,000.00
78,000.00
74,000.00
70,000.00
66,000.00
62,000.00
58,000.00
54,000.00
In the event that any such assessment shall at any time be
held invalid with respect to any lot or tract of land, due
to any error, defect or irregularity in any action or
proceeding taken or to be taken by the City or by this
Council or by any of the officers or employees of the City,
either in the making of such assessment or in the perfor-
mance of any condition precedent thereto, the City hereby
covenants and agrees that it will forthwith do all such
things and take all such further proceedings as shall be
required by law to make such assessment a valid and binding
lien upon said property.
4.05. The full faith, credit and taxing powers of
the City are irrevocably pledged for the prompt and full
payment of the principal of and interest on the bonds issued
hereunder. However, it is estimated that the collections of
the special assessments referred to in Section 4.04 will be
not less than 5% in excess of the principal of and interest
on the Bonds when due, and accordingly no tax is levied at
this time.
Section 5. Authentication of Transcript. The
officers of the City and the County Auditor are authorized
and directed to prepare and furnish to the purchasers of the
bonds and to bond counsel, certified copies of all proceed-
ings and records of the City relating to the authorization
and issuance of the bonds and such other affidavits and
certificates as may reasonably be required to show the facts
relating to the legality and marketability of the bonds as
such facts appear from the officer's books and records or
are otherwise known to them. All such certified copies,
certificates and affidavits, including any heretofore
furnished, constitute representations of the City as to the
correctness of the facts recited therein and the actions
stated therein to have been taken.
Section 6. Discharge. When all of the
Improvement Bonds of 1979, and all coupons appertaining
thereto, have been discharged as provided in this Section,
all pledges, covenants and other rights granted by this
resolution shall cease. The City may discharge all bonds
and coupons due on any date by depositing with the paying
agent a sum sufficient for the payment thereof in full with
interest accrued from the due date to the date of such
deposit. The City may also discharge all bonds of said
issue at any time by irrevocably depositing in escrow with
the paying agent or other suitable bank, for the purpose of
paying all principal and interest due on such bonds to
maturity, or if prepayable, to an earlier date on which they
may be called for redemption, a sum of cash and securities
of the types described in Minnesota Statutes, Section
475.67, as amended, in such aggregate amount, bearing
interest at such rates and maturing or callable at the
holder's option on such dates as shall be required to
provide funds sufficient for this purpose.
Section 9. Arbitrage Covenant. The City
covenants and agrees with the holders from time to time of
the bonds herein authorized, that it will not take, or
permit to be taken by any of its officers, employees or
agents, any action which would cause the interest payable on
the bonds to become subject to taxation under the United
States Internal Revenue Code; and that it will take, or it
will cause its officers, employees or agents to take, all
affirmative actions within its powers which may be necessary
to insure that such interest will not become subject to
taxation under the Internal Revenue Code. Internal Revenue
Code as used herein includes the Code and all regulations,
amended regulations and proposed regulations issued there-
under, as now existing or as hereafter amended or proposed.
Section 10. Arbitrage Certificate. The Mayor and
City Clerk being the officers of the City charged with the
responsibility for issuing the bonds pursuant to this
resolution, are authorized and directed to execute and deliver
to the purchaser a certification in order to satisfy the
provisions of Section 103(c) of the Internal Revenue Code
and the regulations, existing and proposed, promulgated there-
under.
Adopted by the Council this
5th Day of December, 1978 Mayor
Attest:
City Clerk
AFFIDAVIT OF PUBLICATION
STILLWATER EVENING GAZETTE
STATE OF MINNESOTA
)ss.
COUNTY OF WASHINGTON )
Phil Easton, being duly sworn, on oath says he is and during all the times herein stated
has been the Publisher and Printer of the newspaper known as Stillwater Evening Gazette
and has full knowledge of the facts herein stated as follows: (1) Said newspaper is printed in
the English language in newspaper format and in column and sheet form equivalent in
printed space to at least 900 square inches.. (2) Said newspaper is a daily and is distributed
Monday through Friday of each week, except holidays. (3) Said newspaper has 25% of its
news columns devoted to news of local interest to the community which it purports to serve
and does not wholly duplicate any other publication and is not made up entirely of patents,
plate matter and advertisements. (4) Said newspaper is circulated in and near the
municipality which it purports to serve, has at least 500 copies regularly delivered to paying
subscribers, has an average of at least 75% of its total circulation currently paid or no more
than three months in arrears and has entry as second-class matter in its local post -office.
(5) Said newspaper purports to serve the City of Stillwater and surrounding area in the
County of Washington and it has its known office of issue in the City of Stillwater in said
county, established and open during its regular business hours for the gathering of news,
sale of advertisements and sale of subscriptions and maintained by the publisher or persons
in his employ and subject to his direction and control during all such regular business hours
at which said newspaper is printed, (6) Said newspaper files a copy of each issue im-
mediately with the State Historical Society. (7) Said newspaper is made available at single
or subscription prices to any person, corporation, partnership or other unincorporated
association requesting the newspaper and making the applicable payment. (8) Said
newspaper has complied with al] the foregoing conditions for at least one year preceding the
day or dates of publication mentioned below. (9) Said newspaper has filed with the
Secretary of State of Minnesota prior to January 1, 1966 and each January 1 thereafter an
affidavit in the form prescribed by the Secretary of State and signed by the Publisher and
sworn to before a notary public stating that the newspaper is a legal newspaper.
He further states on oath that the printed City O-c Stillwater ,,
eso_ utjon No. 6589
hereto attached as a part hereof was cut from the columns of said newspaper, and was
printed and published therein in the English language, once each week, for
one c �'3'e tNe 1;1S-days; that it was first so published on
7 uw's . the � 1t.n day of Tie cernber 19 78 and was
thereafter printed and published on every — to and including
the day of 19.... and that the following is a printed
copy of the lower case alphabet from A to Z, both inclusive, and is hereby acknowledged as
being the size and kind of type used in the composition and publication of said notice, to wit:
abcdofghijklmnopgrstuvwxyz
Subscribed and sworn to before me this. . .. day of nE' C ember
1978
( Notarial Seal )
GUDRUN MEYERS
Notary public, Washington County, Minnesota.
My Commission Expires May 17, 1981.
Printers Fee $
Received Payment 19
STILLWATER EVENING GAZETTE
By
Evening Gazette, Dec. 14, 1978
RESOLUTION NO. 6589
RESOLUTION AUTHORIZING,
SELLING AND ESTABLISHING
THE TERMS OF S1,050,000
GENERAL OBLIGATION IM-
PROVEMENT BONDS OF 1979, AND
PROVIDING FOR THEIR
PAYMENT
BE IT RESOLVED by the City
Council of the City of Stillwater,
Minnesota;
Section 1. Authorization and Sale.
1.01. This Council, by its Resolution
adopted November 14, 1978, entitled
"Resolution Providing For The
Issuance and Sale of 51,050,000
General Obligation Improvement
Bonds of 1979", authorized the
issuance and sale of said bonds. The
provisions of said resolution are in-
corporated herein by reference.
1.02. Notice of sale of the bonds has
been duly published and• the Council
has publicly received, opened . and
considered all sealed bids presented in
conformity with the notice and
determines that the most favorable of
such bids is that of BancNorthwest of
Minneapolis, Minnesota, to purchase
the bonds at a price of $1,039,729;00
plus accrued interest an the total
principal amount to the date of
delivery and payment, and upon the
further terms and Conditions sel forth
in this resolution.
1.03. The Mayor and the City Clerk
are directed to execute in duplicate a
contract on the part of the City for the
sale of the bonds in accordance with
this proposal, and to deliver a
duplicate to the purchaser. The
Treasurer shall retain the purchaser's
check securing the contract of sale
until the bonds are delivered and the
purchase price is paid, and shall
return the checks securing other bids
to the respective bidders.
Section 2. Form of Bonds, Cer-
tificate and Coupons.
2.01. The bonds issued hereunder
shall be printed in substantially the
following form:
IT IS CERTIFIED ANC
that all acts, conditions,
required by the Constitute
of the State of Minnesota t
exist, to happen and to b(
preliminary to and in the
this bond in order to mal
and binding general oblic
City in accordance with (te
been done, do exist, hay
and have been perfori
required; that prior to t
hereof the City has cov(
agreed to levy special ,
upon property specially t
the improvements finan
bonds, which will be colle(
years and in amounts not
in excess of the principa
terest on the bonds when
necessary for the paym
principal and interest,
required by law to levy
taxes on all taxable proper
corporate limits, which t;
subject to limitation as
amount; and that the issi
bond did not cause the Inc
the City to exceed any o
or statutory limitation.
IN WITNESS WHERE
of Stillwater, Washing
Minnesota, -by its City
caused this bond and
coupons appurtenant her
4ertificate on the reverse
o be executed and Guth{
he printed facsimile sign
yeayar and the City Clerk
1 1hi5 bond also to be axe(
manual signature of one
ficers, and has dated the
January 1, 1979.
(facsimile)
Mayor
Attest:
(facsimile)
City Clerk
2.02. Interest on ea(
maturity shall be reprei
consecutively numbered
terest coupons, print(
stantially the following f
No.
On the 1st day of
(August), 19 th(
Stillwater, Washingto
Minnesota will pay
at , in
amount shown hereon in I(
of the United States of ,
interest then due on its li
Bond of 1979, dated Jan(
No.
(Facsimile signature)
City Clerk
(Facsimi'
2.03. A copy of the text
opinion of bond couns,
printed on the reverse t
bond and identified by a
substantially the followir
We certify that the ab(
true and correct copy
opinion rendered by bon(
the issue of bonds of
Stillwater which include
bond, dated as of the dat(
and payment for the bon
(Facsimile signature)
City Clerk
(Facsimi
Section 3. Bond Term
and Delivery.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF STILLWATER
IMPROVEMENT BOND OF
)979
No. $5,000
KNOW ALL MEN BY THESE
PRESENTS that the City of
Stillwater, a duly organized and
existing municipal corporation of the
County of Washington, Stale of
Minnesota, acknowledges itself to be
indebted and for value received
promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS
on the 1st day of February, 19 , or
if this bond is redeemable as provided
below, on a date prior thereto on
which it shall have been duly called
for redemption, and to pay interest
thereon at the rate of -
percent ( %) per annum from the
date hereof until the principal sum is
paid, or if this bond is redeemable,
until it has been duly called for
redemption, payable semiannually
on February 1 and August 1 in each
year, comrtiencing August 1, 1979,
interest to maturity being payable in
accordance with and upon presen•
Cation and surrender of the interest
Coupons appurtenant hereto. Both
principal and interest are payable at
1n , or at the
Off ice of Such successor paying agent
as may be delsgnated by the City
Council under the provisions of She
resolution authorizing the issuance
hereof, in any coin or currency of the
United Statesof America which on the
respective dates Of payment is legal
fender for public and private debts.
For the prompt and full payment of
Such principal and interest as the
same respectively became due the full
faith and credit and taxing powers of
the City are hereby Irrevocably
pledged.
This bond is one of an issue in the
aggregate principal amount 01
51,050,000, all of like dale and tenor
except as to serial number, maturity
dale, interest rate and redemption
privilege, an issued for the purpose of
financing the cost of local im-
provements, and is issued pursuant to
and In full Conformity with the Con•
stitution and laws of the State of
iinnesota thereunto enabling, in-
,uding Minnesota Statutes, Chapters
429 and 475, and pursuant to
resolutions duly adopted by the City
Council. The principal of and interest
on this bond are payable primarily
from the Improvement Bond Account
in the Sinking Fund of the City, but if
the moneys on hand In said Account
are ever insufficient for this purpose,
the City is required to pay both
principal and interest out of its
General Fund.
Bonds of this issue maturing in 1989
and earlier years are payable on their
respective stated maturity dates
withoul oplion of prior payment, but
bonds having staled maturity dales In
1990 and later years are each subject
to redemption and prepayment at the
oplion of the City and in inverse order
of serial numbers on February 1, 1989
and any interest payment date
thereafter, at par and accrued in-
terest. Not less than thirty days before
the date specified for redemption of
any of the bonds, the City will cause
notice of such redemption to be
published in a financial periodical
published in a Minnesota city of the
first class or its metropolitan area.
IT IS CERTIFIED AND RECITED
that all acts, conditions, and things
required by the Constitution and laws
of the State of Minnesota to be done, to
exist, to happen and to be performed
3.01. The bonds Issued hereunder
shall be designated Improvement
Bonds of 1979, shalt be In the
aggregate principal amount of
51,050,000, dated January 1, 1979, shall
be issued in the denomination Of 55,000
each, numbered serially From 1 to 210
inclusive shall mature serially On
Februarl 1 in the respective years
and amounts stated below, and shall
bear interest from date of issue until
paid or duly called for redemption al
the respective annual rates stated
opposite such years and amounts:
Year Amount Rate
1981 $50,000 5.50%
1982 50,000 '5.50%
1983 50,000 5.50%
1984 50,000 5.50%
1985 50,000 5.50%
1986 50,000 5.50%
1987 50,000 5.50%
1988 50,000 5.50%
1989 50,000 5.50%
1990 50,000 5.50%
1991 55,000 5.60%
1992 55,000 5.65%
1993 55,000 5.70%
1994 55,000 5.75%
1995 55,000 5.80%
1996 55,000 5.90%
1997 55,000 6.00%
1998 55,000 6.00%
1999 55,000 6.00%
2000 55,000 6.00%
3.02. The interest on the bonds shall
be payable semiannually on February
1 and August 1 in each year, corm
mencing August 1, 1979. The principal
Of and interest on the bonds shall be
payable of Northwestern National
Bank In Minneapolis, Minnesota,
which is designated as paying agent,
or in the event of its resignation,
removal or incapability of acting as
paying agent, at Inc office of such
Successor paying. agent as may be
appointed by the Council, and the City
agrees to pay the reasonable and
customary charges of the paying
agent for this service.
3.03. The bonds maturing in the
years 1981 through 1489 shall net be
subfeCt to redemption before
maturity. The Bonds maturing in the
years 1990 through 2000 shall each be
subject to redemption and
prepayment at the option of the City
on February 1. 1989, and any interest
payment date thereafter, in inverse
order of their serial numbers, at a
price of par plus accrued interest.
Notice of redemption identifying the
bonds to be redeemed shall be
published at least once not less than
thirly days prior to the date fixed for
redemption in a daily or weekly
periodical published in a Minnesota
City of the first class or CIS
metropolitan area, circulating
throughout Minnesota and carrying
financial news asa part of ifs service,
3.04. Before the bonds are delivered
the Cily Clerk shall file with the
County Auditor of Washington County
a certified copy of this resolution,
together with such other information
as the Auditor may require, and shall
obtain from the Auditor a certificate
that the issue has been entered on his
register.
3.05. The bonds and the interest
coupons and the certificate on the
reverse side of each bond shall be
executed and authenticated on behalf
of the City by the signatures Of the
Mayor and the City Clerk. All
signalures may be•printed, engraved
or lithographed Facsimiles except for
the manual signature of one of said
officers which shall be subscribed on
the face of each bond. The bonds shall
then be delivered by the City Clerk to
th'e purchaser upon receipt of the cash
purchase price:sleted in Section 1.02.
The purchaser shall not be required to
see to the application of the proceeds
of the hnnds
YEAR AMOUNT
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
$150,164.38
126,000.00
122,000.00
118,000.00
114,000.00
110,000.00
106,0130.00
102,000.00
98,000.00
94,000.00
90,000.00
86,000.00
82,000.00
78,000.00
74,000.00
70,000.00
66,000.00
62,000.00
58,000.00
54,000.00
in the event that any Such assessment
shall at any time be held invalid with
respect to any lot or tract of land, due
Io any error, detect or irregularity in
any action or proceeding taken or to
be taken by the City or by this Council
or by any of the officers or employees
of She City, either in the making of
such assessment or in the per.
formance Of any condition precedent
thereto, the City hereby cavertanls
and agrees that it will Forthwith dO all
'SuCt1 things and take all such further
proceedings as shalt be required by
law to make such assessment a valid
and binding lien upon said property.
4.05. The full faith, credit and taxing
powers Of the City are irrevocably
pledged for Inc prompt and full
payment of the principal of and In.
terest on the bonds issued hereunder.
However, it is estimated that the
collections of the special assessments
referred to in Section 4.04 will be not
less than 5% in excess of the principal
of and interest on the Bonds when due,
and accordingly no tax is levied
at this time.
Section 5. Authentication of Tran-
script. The officers of the City and the
County Auditor are authorized and
directed to prepare and furnish to the
purchasers of the bonds and to bond
Counsel, certified copies of all
proceedings and records of the City
relating to the authorization and
issuance of the bonds and such other
affidavits and certificates as may
reasonably be required to show the
facts relating to the legality and
marketability of the bonds as such
facts appear from the officer's books
and records or are otherwise known to
them. All such certified copies, cer-
tificates and affidavits, including any
heretofore furnished, constitute
representations of the City as to the
correctness of the facts recited
therein and the actions stated therein
to have been taken.
Section 6. Discharge. When all of
the Improvement Bonds of 1979, and
all coupons appertaining thereto, have
been discharged as provided in this
Section, all pledges, covenants and
other rights granted by this resolution
shall Cease. The City may dlscharge
all bonds and coupons due on any date
by depositing with the paying agent a
sum sufficient for the payment thereof
in full with interest accrued from the
due date to the date of such deposit.
The City may also discharge all bonds
of said issue at any time by
irrevocably depositing in escrow with
the paying agent or other suitable
bank, for the purpose of paying all
principal and Interest due on such
bonds to maturity, or if prepayable, td
an earlier date on which they may be
called for redemption, a sum of cash
and securities of the types described
in Minnesota Statutes, Section 475.67,
as amended, in such aggregate
amount, bearing interest al such rates
and maturing or callable at the
holder's option on such dales as Shall
be required to provide Funds sufficient
s
Evening Gazette, Dec. 14, 1978
RESOLUTION NO. 6589
RESOLUTION AUTHORIZING,
SELLING AND ESTABLISHING
THE TERMS OF $1,050,000
GENERAL OBLIGATION IM-
PROVEMENT BONDS OF 1979, AND
PROVIDING FOR THEIR
PAYMENT
BE IT RESOLVED by the City
Council of the City of Stillwater,
Minnesota;
Section 1. Authorization and Sale.
1,01. This Council, by its Resolution
adopted November 14, 1978, entitled
"Resolution Providing For The
Issuance and Sale of $1,050,000
General Obligation Improvement
Bonds of 1979", authorized the
issuance and sale of said bonds. The
provisions of said resolution are in-
corporated herein by reference.
1.02. Notice of sale of the bonds has
been duly published and the Council
has publicly received, opened and
considered all sealed bids presented in
conformity with the notice and
determines that the most favorable of
such bids is that of BancNorthwest of
Minneapolis, Minnesota, to purchase
the bonds at a price of $1,039,729.00
plus accrued interest on the total
principal amount to the date of
delivery and payment, and upon the
further terms and conditions set forth
in this resolution.
1.03. The Mayor and the City Clerk
are directed to execute in duplicate a
contract on the part of the City for the
sale of the bonds in accordance with
this proposal, and to deliver a
duplicate to the purchaser. The
Treasurer shall retain the purchaser's
check securing the contract of sale
until the bonds are delivered and the
purchase price is ,paid, and shall
return the checks securing other bids
to the respective bidders.
Section 2. Form of Bonds, Cer-
tificate and Coupons.
2.01. The bonds issued hereunder
shall be printed in substantially the
following form:
corporate limits, which taxes are not
subject to limitation as to rate or
amount; and that the issuance of this
bond did not cause the indebtedness of
the City to exceed any constitutional
or statutory limitation.
IN WITNESS WHEREOF the City
of Stillwater, Washington County,
Minnesota, by its City Council, has
caused this bond and the interest
coupons appurtenant hereto and the
4rtlflcate on the reverse side hereof
b be executed and authenticated by
he printed facsimile signatures of the
rJVaYor and the City Clerk, has caused
this bond also 10 be executed by the
manual signature of one of said of-
ficers, and has dated this bond as of
January 1, 1979.
(facsimile)
Mayor
Attest:
(facsimile)
City Clerk
2.02. Interest on each bond to
maturity shall be represented by a
consecutively numbered set of in-
terest coupons, printed in sub-
stantially the following form:
No. $
On the 1st day of February
(August), 19 the City of
Stillwater, Washington County,
Minnesota will pay to bearer
at in the
amount shown hereon in lawful money
of the United States of America for
interest then due on its Improvement
Bond of 1979, dated January 1, 1979,
No.
(Facsimile signature)
City Clerk
(Facsimile signature)
Mayor
2.03. A copy of the text of the legal
opinion of bond counsel shall be
printed on the reverse side of each
bond and identified by a certificate in
substantially the following form:
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 City of
Stillwater which includes the within
bond, dated as of the date of delivery
and payment for the bonds.
(Facsimile signature)
City Clerk
(Facsimile signature)
Mayor
Section 3. Bond Terms, Execution
and Delivery.
improvement and payment of the
costs thereof. Each fund shall be used
solely to defray expenses of the im-
provement for which it is created until
that improvement has been completed
and the cost thereof has been paid.
Thereupon each fund shall be
discontinued, and any balance of the
proceeds of the bonds remaining
therein may be transferred to the fund
established to pay the cost of any
other improvement instituted pur
suant to Minnesota Statutes, Chapter
429. If not so transferred, any such
balance, together with all special
assessments and taxes then on hand
and thereafter collected with respect
to the improvement, shall be credited
and paid into the Improvement Bond
Account.
4.02. The bonds herein authorized
and the interest thereon shall be
payable from the Improvement Bond
Account in the Sinking Fund of the
City, which shall be maintained on the
official books and records of the City
so long as any of the bonds are still
outstanding and unpaid. If the balance
in the Account is at any time in-
sufficient to pay all principal and
interest due on the bonds, such
amounts shall be paid from the
general fund of ,the City, subject to
reimbursment from the Account when
the balance therein is sufficient, and
the Council covenants and agrees
that it will each year levy an ad
valorem tax in an amount sufficient to
eliminate any such accumulated or
anticipated deficiency, which levy is
not subject to any constitutional or
statutory tax limitation.
4,03. The City irrevocably pledges
and appropriates to the Improvement
Bond Account all bond proceeds in
excess of $1,050,000; any balance of
bond proceeds and special -
assessments on hand in any im-
provement fund upon completion of
the improvement for which it is
established; and all subsequent
collections of special assessments,
and taxes, if any, levied pursuant to
Sections 4.04 and 4.05 hereof.
4,04. The City further covenants
and agrees that it has performed all
acts and things necessary for the final
and valid levy of special assessments
upon the properties benefited by each
of the local improvements financed by
the bonds in amounts proportionate to
and not exceeding the special benefits
received by the respective properties,
and with respect to each improvement
and the properties benefited thereby,
in an aggregate principal amount
which is not less than 20% in the cost
thereof. It is anticipated that the
remaining installments of said special
assessments and the interest thereon
will be collected' in the following years
and amounts:
internal Kevenue l.0ae, inTernai
Revenue Code as used herein includes
the Code and all regulations, amended
regulations and proposed regulations
issued thereunder, as now existing or
as hereafter amended or proposed.
Section 10. Arbitrage Certificate.
The Mayor and City Clerk being the
officers of the City charged with the
responsibility for issuing the bonds
pursuant to this resolution, are
authorized and directed to execute
and deliver to the purchaser a cer-
tification in order to satisfy the
provisions of Section 103(c) of the
Internal Revenue Code and the
regulations, existing and proposed,
promulgated thereunder,
Adopted by the Council this 5th day of
December, 1978.
12/14