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HomeMy WebLinkAbout05.18.83 SMMINUTES OF MAPLEWOOD CITY COUNCIL 4:30 P.M., Wednesday, May 18, 1983 Jury Room, Municipal Building Meeting No. 83-1-2,_, � A. CALL TO ORDER A special meeting of the City Council of Maplewood, Minnesota was held in the Jury Room, Municipal Building and was called to order at 4:39 P.M. by Mayor Greavu. B. ROLL CALL C John C. Greavu, Mayor Norman G. Anderson, Councilmember Gary W. Bastian, Councilmember Frances L. Juker, Councilmember MaryLee Maida, Councilmember AWARD OF BIDS Present Arrived at 4:47 P.M. Absent Present Present 1. $3,055,000 General Obligation Improvement Bonds of 1983 Series B a. Mr. Andy Merry, Juran and Moody, presented the bids for the sale of the $3,055,000 General Obligation Bonds of 1983 and explained the procedures of the sale. b. Mayor Greavu introduced the following resolution and moved its adoption: 83 -5 -75 RESOLUTION ACCEPTING BID ON SALE OF $3,055,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1983, SERIES B PROVIDING FOR THEIR ISSUANCE AND CALLING FOR THE REDEMPTION OF $3,050,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1982 WHEREAS: A. The City Council of the City of Maplewood by resolution adopted July 14, 1982 has authorized the issuance and sale of $3,050,000 General Obligation Temporary Improvement Bonds of 1982, dated July 1, 1982 of the City (hereinafer the "Prior Bonds ".) to provide interim financing of the construction of various improvements in the City. B. The Prior Bonds are subject to redemption and pre- payment on July 1, 1983 at par and accrued interest, and the City Council deems it desirable and in the best interests of the City to redeem the Prior Bonds on said date. C. The City Council deems it is necessary and expedient to issue $3,055,000 General Obligation•Improvement Bonds of 1983, Series B to refund, in part, the Prior Bonds of the City. - 1 - 5/18 NOW THEREFORE BE IT RESOLVED by the Council of the City of Maplewood, Minnesota,.as follows: 1. The bid of The First National Bank of St'tPoupurchase $3,055,000 General Obligation Improvement Bonds of 1983, Series B of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 2 995 122 plus interest accrued to settlement is hereby oun et— ermined and declared to be the most favorable bid received, and is hereby accepted and the bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. The bonds shall be payable as to principal and interest at The First National Bank of St. Paul . or any successor paying agent duly appointed by the City. 2. The tion bonds of the issued forthwith. numbered from 1 t, $5,000 each. The first on December $3,055,000 negotiable coupon general obliga- City shall be dated May 1, 1983 and shall be The bonds shall be 611 in number and 611, both inclusive, in the denomination of bonds shall mature serially, lowest numbers 1 in the amounts and years as follows: $300,000 in each of the years 1984 and 1985; $280,000 in the year 1986; $275,000 in the year 1987; $270,000 in the year 1988; $265,000 in the year 1989; $260,000 in the year 1990; $115,000 in each of the years 1991 and 1992; $100,000 in each of the years 1993 to 2000; $ 35,000 in the year 2001; and $ 40,000 in the year 2002. All dates are inclusive. 3. The bonds shall provide funds to refund, in part, the outstanding General Obligation Temporary Improvement Bonds of 1982 of the City. The total cost of the refunding, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. The refunding shall proceed with due diligence to completion. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable December 1, 1983 and semiannually thereafter on June 1 and December 1 of each year at the respective rates per annum set opposite the maturity years and serial numbers: - 2 - 5/18 Maturity Years Serial Numbers Interest Rate 1984 1 -60 5.50% 1985 61 -120 6.00 1986 121 -176 6.50 1987 177 -231 6.75 1988 232 -285 7.00 1989 286 -338 7.25 1990 339 -390 7.50 1991 391 -413 7.75 1992 414 -436 8.00 1993 437 -456 8.20 1994 457 -476 8.40 1995 477 -496 8.50 1996 497 -516 8.60 1997 517 -536 8.70% 1998 537 -556 8.80 1999 557 -576 8.90 2000 577 -596 9.00 2001 597 -603 9.00 2002 604 -611 9.00 5. The bonds of this issue maturing in the years 1992 to 2002, both inclusive (bonds numbered 414 to 611, both inclusive), shall be subject'to redemption and prepayment at the option of the City in inverse order of serial numbers, on December 1, 1991 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF MAPLEWOOD No. $5,000 GENERAL OBLIGATION IMPROVEMENT BOND OF 1983, SERIES B KNOW ALL PERSONS BY THESE PRESENTS that the City of Maplewood, Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of - 3 - 5/18 FIVE THOUSAND DOLLARS on the first day of December, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate of percent ( $) per annum, payable on the first day of December, 1983 and semiannually thereafter on the first day of June and the first day of December in each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at , or any successor paying agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing in the years 1992 to 2002, both inclusive (bonds numbered 414 to 611, both inclusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on December 1, 1991 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. This bond is one of an issue in the total principal amount of $3,055,000 all of like date and tenor, except as to serial number, maturity, interest rate and redemption privilege, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money to refund, in part, the outstanding General Obligation Temporary Improvement Bonds of 1982 and is payable out of the Special Assessment Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of the principal and interest when the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and this bond, together with all other debts of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. - 4 - 5/18 IN WITNESS WHEREOF, the City of Maplewood, Ramsey County, Minnesota, by its City Council has caused this bond to be executed in its behalf by the facsimile signatures of the Mayor and the City Cler, attested by the manual signature of a person or persons authorized on behalf of duly designated by the City Council as authenticating agent; the corporate seal having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of May 1, 1983. City Clerk Mayor Attest: by (Authenticating Agent) Authorized igna ure Seconded by Councilmember Maida. Ayes - all. 2. $2,000,000 General Obligation Improvement Bonds of 1983, Series B a. Mr. Andy Merry, Juran and Moody, presented the bids for the sale of the $2,000,000 General Obligation Improvement Bonds of 1983 Series A and explained the procedures of the sale. b. Mayor Greavu introduced the following resolution and moved its adoption: 83 -5 -76 RESOLUTION ACCEPTING BID ON SALE OF $2,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1983, SERIES A, PROVIDING FOR THEIR ISSUANCE AND CALLING FOR THE REDEMPTION OF $2,950,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1980 WHEREAS: A. The City Council of the City of Maplewood by resolution adopted July 17, 1980 has authorized the issuance and sale of $2,950,000 General Obligation Temporary Improvement Bonds of 1980, dated August 1, 1980 of the City (hereinafer the "Prior Bonds ") to provide interim financing of the construction of various improvements in the City. B. The City Council deems it is necessary and expedient to issue $2,000,000 General Obligation Improvement Bonds of 1983, Series A to refund, in part, the Prior Bonds of the City on their maturity date and to provide funds to finance the construction of various improvements in the City. NOW THEREFORE BE IT RESOLVED by the Council of the City of Maplewood, Minnesota, as follows: . - 5 - 5/18 1. The bid of The Fi r5t N�td=13ank -.£ St' ��u Purchaae $2,000,000 General Obligation Improvement Bonds of 1983, Series A of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,960,800:00 plus interest accrued to settlement is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and the bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. The bonds shall be payable as to principal and interest at The First National Bank of St. Pa�7 _ or any successor paying agent duly app -- o ted by the City. 2. The tion bonds of the issued forthwith. numbered from 1 t $5,000 each. The first on December $2,000,000 negotiable coupon general obliga- City shall be dated May 1, 1983 and shall be The bonds shall be 400 in number and 400, both inclusive, in the denomination of bonds shall mature serially, lowest numbers 1 in the amounts and years as follows: $180,000 in each of the years $170,000 in each of the years $160,000 in the year 1988; $150,000 in the year 1989; $140,000 in the year 1990; $110,000 in the year 1991; $ 75,000 in each of the years $ 60,000 in each of the years $ 20,000 in the year 2002. All dates are inclusive. 1984 and 1985; 1986 and 1987; 1992 to 1999; 2000 and 2001; and 3. The bonds shall provide funds to refund, in part, the Prior Bonds and to finance the construction of various improvements in the City. The total cost of the refunding and the improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due diligence to completion. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable December 1, 1983 and semiannually thereafter on June 1 and December 1 of each year at the respective rates per annum s �:,t opposite the maturity years and serial numbers: - 6 - 5/18 Maturity Years Serial Numbers Interest Rate 1984 1 -36 5.50% 1985 37 -72 6.00 1986 73 -106 7.50 1987 107 -140 6.75 1988 141 -172 7.00 1989 173 -202 7.25 1990 203 -230 7.50 1991 231 -252 7.75 1992 253 -267 8.00 1993 268 -282 8.20 1994 283 -297 8.40 1995 298 -312 8.50 1996 32183 34227 8.60 1997 8.70% 1998 343 -357 8.80 1999 358 -372 8.90 2000 373 -384 9.00 2001 385 -396 9.00 2002 397 -400 9.00 5. The bonds of this issue maturing in the years 1992 to 2002, both inclusive.(bonds numbered 253 to 400, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on December 1, 1991 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF MAPLEWOOD No. $5,000 GENERAL OBLIGATION IMPROVEMENT BOND OF 1983, SERIES A KNOW ALL PERSONS BY THESE PRESENTS that the City of Maplewood, Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of - 7 - 5/18 FIVE THOUSAND DOLLARS on the first day of December, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate of percent ( %) per annum, payable on the first day of December, 1983 and semiannually thereafter on the first day of June and the first day of December in each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at or any successor paying agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing in the years 1992 to 2002, both inclusive (bonds numbered 253 to 400, both inclusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on December 1, 1991 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where the bonds are payable. This bond is one of an issue in the total principal amount of $2,000,000 all of like date and tenor, except as to serial number, maturity, interest rate and redemption privilege, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money to refund, in part, the outstanding General Obligation Temporary Improvement Bonds of 1980 dated August 1, 1980 and to finance the construction of various improvements in the City and is payable out of the Special Assessment Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of the principal and interest when the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and this bond, together with all other debts of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. - 8 - 5/18 IN WITNESS WHEREOF, the City of Maplewood, Ramsey County, Minnesota, by its City Council has caused this bond to be executed in its behalf by the facsimile signatures of the Mayor the City Clerk, attested by the manual signature of a person or persons authorized on behalf of duly designated intentionally s authenticating ntentionallyomittedaspermittedby law, and has oca e a caused the coupons to be executed and authenticated by the facsimile signatures of said officers, all as of May 1, 1983. City erk ayor Attest: By (Authenticating Agent) u orize ignature Seconded by Councilperson Juker. Ayes - all. Councilmember Anderson arrived at 7:47 P.M. D. PRESENTATIONS 1. Manager Evans stated SHARE, Inc. is requesting a IDR Bond to construct a health Care center on Beam Avenue. They wish to sell the bonds together with an issue from West St. Paul. It is planned they will have all the information for the Monday Council meeting. ADJOURNMENT 4:54 P.M. ity er< - 9 - riio