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HomeMy WebLinkAbout10-24-74 SMMinutes of Maplewood City Council 7;30 P.M., Thursday, October 24, 1974 Council Chambers, Municipal Building Meeting No. 74 -39 A special meeting of the City Councl of Maplewood, Minnesota was held in the Council Chambers, Municipal Building and was called to order at 7:30 P.M. by Mayor Bruton. B. ROLL CALL Robert T. Bruton, Mayor Present John C. Greavu, Councilman Present Donald J. Wiegert, Councilman Present Norman G. Anderson, Councilman Present Burton A. Murdock, Councilman Present C AWARDING OF BIDS 1. 1974 Bond Issue- $2,865,000 General Obligation Temporary Improvement Bond of 1974 a. Manager Miller stated bids had been received for the $2,865,000 General Obligation Temporary Improvement Bonds of 1974. b. Mr. Robert Sander, Juran and Moody, read the bids. The Clerk presented affidavits showing publication of notice of call for bids on $2,865,000 General Obligation Temporary Improvement Bonds of 1974 of the City, which bonds were to be awarded at this meeting, in accordance with the re- solution adopted by the City Council on October 3, 1974. Said affidavits were ex- amined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. Sealed bids have heretofore been received, publicly opened and recorded at the office of the City Clerk. The following bids were;received: Bidder Interest Rate Net Interest Cost THE FIRST NATIONAL BANK OF 5.25% - 1977 ST. PAUL PURCHASE PRICE $2,844,945.00 $421,145.03 BancNorthwest (5.51251% Cronin & Marcotte, Inc. AMERICAN NATIONAL BANK AND TRUST COMPANY PIPER, JAFFRAY & HOPWOOD, INC. Allison- Williams Co. Dain, Kalman & Quail, Inc. John Nuveen & Co., Inc. Paine, Webber, Jackson & Curtis, Inc. Robert W. Baird & Co., Inc. Caldwell Phillips, Inc. Robert S.C. Peterson, Inc. 5.40% - 1977 PURCHASE PRICE $2,837,783.00 $439,766.74 (5.756 %) The Council proceeded to consider such bids. After the bids had been considered and discussed, Councilman Greavu introduced the following resolution and moved its adoption: - 1 - 10/24/74 74 -10 -246 RESOLUTION ACCEPTING RID ON SALE OF $2,865,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1974 AND PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Maplewood, Minnesota, as follows: 1. That the bid of THE FIRST NATIONAL BANK OF ST. PAUL to purchase $2,865,000 General Obligation Temporary Improvement Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest herinafter set forth, and to pay therefor the sum of $2,844,945 ( plus a premium of None ) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said 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. Said bonds shall be payable as to principal and interest at THE FIRST NATIONAL BANK OF ST. PAUL, ST. PAUL, MINNESOTA or any successor Paying Agent duly appointed by the City. 2. The $2,865,000 negotiable coupon general obligation temporary bonds of the City shall be dated November 1, 1974 and shall be issued forthwith. Said bonds shall be 573 in number and numbered from 1 to 573, both inclusive, in the denomination of $5,000 each. Said bonds shall mature on July 1, 1977. 3. Said bonds shall provide funds for the construction of various improvements in the City. The total cost of said improvements, including the cost of construction under the terms of the lowest bid received, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, 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 of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1975 and semiannually thereafter on January 1 and July 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1977 1 -573 5.25% 5. All bonds of this issue shall be subject to redemption and pre- payment at the option of the City in inverse order of serial numbers, on July 1, 1975 and on any interest payment date thereafter at par and accrued interest, plus a premium of $50.00 per bond called, if called on july 1, 1975, plus a premium of $50.00 per bond called, if called on January 1, 1976; and at no premium if called on July 1, 1976 or January 1, 1977. Published notice of redemption shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the registered holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. - 2 - 10/24/74 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. GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1974 KNOW ALL MEN 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 FIVE THOUSAND DOLLARS on the first day of July, 1977 and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( %) per annum, payable on the first day of July, 1975 and semi- annually thereafter on the first day of January and the first day of July in each year, interest 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 succussor 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 are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on July 1, 1975 and on any interest payment date thereafter at par and accrued interest, plus a premium of $50.00 per bond called, if called on July 1, 1975, plus a premium of $25.00 per bond called, if called on January 1, 1976, and at no premium if called on July 1, 1976 or January 1, 1977. Published notice of redemption shall in each case be given in accordance with the law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the registered hold- ers, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. This bond is one of an issue in the total principal amount of $2,565,000 all of like date and tenor, except as to serial number and redemption priviledge, 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 for the temp- orary financing of the construction of various improvements in the City and is pay- able out of the General Obligation Temporary Improvement Bonds of 1974 Fund of the City, to which fund there has been irrevocably pledged the special assessments to be levied in respect to the improvements financed by said issue, and into which fund there are to be paid the proceeds of the definitive improvement bonds which the City is required by law to issue at or prior to the maturity of this bond for the purpose of refunding the same if the special assessments theretofore collected, or any other municipal funds which are properly available and are appropriated by the City Council for such purpose, are not sufficient for the payment thereof. This bond constitutes a general obligation of the City and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit of said City have been and 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 - 3 - 10/24 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. 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 signatures of the Mayor and the City Clerk, and the corporate seal of said City to be affixed hereto, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of November 1, 1974. City Clerk Mayor (Form of Coupon) No. On the first day of July (January), 19_, unless the bond described below is called for earlier redemption, the City of Maplewood, Ramsey County, Minnesota, will pay to bearer at , or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Temporary Improvement Bond of 1974 No. dated November 1, 1974. /s/ Facsimile /s/ Facsimile City Clerk Mayor 7. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 9. There is hereby created a special fund to be designated "General Obligation Temporary Improvement Bonds of 1974 Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account ", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon, and less any amount paid for said bonds in excess of $2,810,000.00, and less capitalized interest in the amount of $100, 275.00, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, including the costs of construction con- tracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to - 4 - 10/24 the fund of any other improvement instituted pursuant to Chapter 429 MSA. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of special assessments herein convenanted to be levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $2,810,000.00 capitalized interest in the amount of $100,275.00, all funds remaining in said Construct- ion Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement, and to the extent necessary, the proceeds of the definitive improvement bonds issued in accordance with paragraph 11 of this Res- olution. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account, provided however, that upon ter- mination of the Sinking Fund Account all collections of such special assessments herein levied not used for the payment of said temporary bonds shall be pledged and credited to the extent necessary to the Sinking Fund Account of any definitive bonds issued to pay in whole or part said temporary bonds. 10. It is hereby determined that no less than $2,275,000 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. Said amount is not less than 20% of the cost of the improvements to the City within the meaning of Minnesota Statutes, Section 475. 58, Subdivision 1(3). The City hereby covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or ir- regularity, in any action or proceedings taken or to be taken by the City or this Council or any of the City officiers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council will forth- with do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 7% per annum: Improvement Designation Amount Levy Years 71 -14 $ 30,000 1975 -83 71 -15 455,000 1975 -93 73 -10* 30,000 1975 -93 73 -13 ** 1202000 1976 -94 * A portion of Project No. 73 -10 is being financed by long term improvement bonds of the City, also dated November 1, 1974. ** In addition at least $1,640,000 of Project No. 73 -13 shall be paid by special assess- ments under the same terms and conditions commencing within the next five years, except that $1,000,000 of said amount shall be levied over a nine year period and $640,000 of said amount shall be levied over a nineteen year period. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. 11. To further provide moneys for the prompt and full payment of principal and in- terest on said temporary improvement bonds, the City shall issue and sell definitive im- provement bonds, at or prior to the maturity date of the bonds issued hereinunder, in such amounts as are needed to pay the principal and interest then due on said temporary improvement bonds after the application of the assessments collected, and the appropri- ation of such other municipal funds as are promperly available for such purpose. The Council hereby finds, determines and declares that the estimated collections of special assessments to be received before the maturity date of said temporary improvement bonds, together with the proceeds of any definitive improvement bonds to be issued at or before said maturity date, and other revenues pledged for the payment of said temporary improve- ment bonds and the interest thereon will equal at least 5% in excess of the principal and interest requirements of said temporary improvement bonds as the same become due. - 5 - 10/24 12. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register. 13. The officers of the City are hereby 'authorized and directed to prepare and fur- nish to the purchaser of said temporary improvement bonds, and to the attorneys approv- ing the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs of the City,' and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. Seconded by Councilman Wiegert. Ayes - all. 2. 1974 Bond Issue - $1,240,000 General Obligation Improvement Bonds of 1974 a. Manager Miller stated bids had been received for the $1,240,000 General Obligation Improvement Bonds of 1974 or in the alternative $1,240,000 General Obligation Tempor- ary Improvement Bonds of 1974. b. Mr. Robert Sander, Juran and Moody, read the bids. c. The Clerk presented affidavits showing publication of notice of call for bids on $1,240,000 General Obligation Improvement Bonds of 1974 and $1,240,000 General Obligation Temporary Improvement Bonds of-1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on October 3, 1974. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. Sealed bids have heretofore been received, publicly opened and recorded at the office of the City Clerk. The following bids were received for the $1,240,000 General obli- gation Improvement Bonds of 1974: Bidder AMERICAN NATIONAL BANK AND TRUST COMPANY Allison - Williams Co. John Nuveen & Co., Inc. Paine, Webber, Jackson & Curtis, Inc. Robert S. C. Peterson, Inc. PIPER, JAFFRAY & HOPWOOD, INCORPORATED Interest Rate Net Interest Cost 5.251 - 1976 5,30% - 1977 -1978 5.40% - 1979 -1980 5.50% - 1981 -1982 5.60% - 1983 5.70% - 1984 5.80% - 1985 5.90% - 1986 6.00% - 1987 6.10% - 1988 6.25% - 1989 6,40% - 1990 6.50% - 1991 6.60% - 1992 6.70% - 1993 -1994 PURCHASE PRICE $1,221,028.00 $977,927.00 (6.3439%) 5.25% - 1976 -1977 5.30% - 1978 -1979 - 6 - 10/24 Dain, Kalman & Quail, Inc. Marquette National Bank Dean Witter & Co., Inc. Caldwell Phillips, Inc. Robert W. Baird & Co., Inc. THE FIRST NATIONAL BANK OF ST. PAUL BancNorthwest Cronin & Marcotte, Inc. 5.40% - 1980 5.50% - 1981 -1982 5.60% - 1983 5.701 — 1984 5.80% - 1985 5.90% - 1986 6.00% - 1987 6.10% - 1988 6.25% - 1989 6,40% - 1990 6.50% - 1991 6.60% - 1992 6.70% - 1993 -1994 PURCHASE PRICE $1,218,300.00 5.25% - 5.30% - 5.35% - 5.40% - 5.45% - 5.50% - 5.60% - 5.70/ - 5.80% - 5.90% - 6.00% - 6.15% - 6.30% - 6.40% - 6.50% - 6.60% - 6.70% - PURCHAS 1976 -1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 -1994 PRICE $1,218,920.00 $980,352.50 (6.3597%) $980,610.00 (6.36140%) and the following bids were received on the $1,240,000 General Obligation Temporary Improvement Bonds of 1974: Bidder Interest Rate NO BIDS Net Interest Cost d. The Council proceeded to consider such bids. After the bids had been considered and discussed, member Greavu introduced the following resolution and moved its adoption: 74 - 10 - 247 RESOLUTION ACCEPTING BID ON SALE OF $1,240,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF AND REJECTING ALL BIDS ON SALE OF $1,240,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1974 BE IT RESOLVED by the Council of the City of Maplewood, Minnesota, as follows: - 7 - 10/24 1. That the bid of AMERICAN NATIONAL BANK & TRUST COMPANY to purchase $1,240,000 General Obligation Improvement Bonds of 1974 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 $1,221,028.00 (plus a premium of none) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said 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. Said bonds shall be payable as to principal and interest at AMERICAN NATIONAL BANK & TRUST COMPANY, ST. PAUL, MINNESOTA, or any successor Paying Agent duly appointed by the City. 2. All bids on the $1,240,000 General Obligation Temproary Improvement Bonds are hereby rejected. 3. The $1,240,000 negotiable coupon general obligation bonds of the City shall be dated November 1, 1974 and shall be issued forthwith. Said bonds shall be 248 in number and numbered from 1 to 248, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on November 1 in the years and amounts as follows: $25,000 in the year 1976; $352000 in the year 1977; $40,000 in the year 1978; $50,000 in the year 1979; $55,000 in the year 1980; $65,000 in each of the years 1981 and 1982; $70,000 in the year 1983; $80,000 in the year 1984; $55,000 in the year 1985; $ 60,000 in the year 1986; $ 65,000 in each of the years 1987 and 1988; $ 70,000 $ 75,000 $80,000 $ 90,000 $ 95,000 $100,000 in the year in the year Ln the year in the year in the year in the year 1989; 1990; L991; 1992; 1993; and 1994. 4. Said bonds shall provide funds for the construction of various improvements in the City. The total cost of said improvements, including the cost of construction under the terms of the lowest bid received, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necess- arily incurred and to be incurred from the inception to the completion of the improvements, 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. 5. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable November 1, 1975 and semiannually thereafter on May 1 and November 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1976 1 - 5 5.25% 1977 -78 6 - 20 5.30 1979 -80 21 - 41 5.40 1981 -82 42 - 67 5.50 1983 68 - 81 5.60 1984 82.? - -97" 5.70 1985 98 -108 5.80 1986 109 -120 5.90 1987 121 -133 6.00 1988 134 -146 6.10 1989 147 -160 6.25 1990 161 -175 6.40 1991 176 -191 6.50 1992 192 -209 6.60 - 8 - 10/24 1993 210 -248 6.70 6. All bonds of this issue maturing in the years 1985 to 1994, both inclusive (bonds numbered 98 to 248, both inclusive), shall be subject to redemption and pre- payment at the option of the City in inverse order of serial numbers, on November 1, 1984 and on any interest payment date thereafter at par and accrued interest, plus a premium of $50,00 per bond called. Published notice of redemption shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemp- tion shall be given to the bank where said bonds are payable and to the registered holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. 7. 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 $5,000 GENERAL OBLIGATION IMPROVEMENT BOND OF 1974 RNOW ALL MEN 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 prin- cipal sum of FIVE THOUSAND DOLLARS on the first day of November, 19_ and to pay interest thereon from the date hereof until the principal is paid at the rate of percent (-7) per annum, payable on the first day of November, 1975 and semannually thereafter on the first day of May and the first day of November 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 1985 to 1994, both inclusive (bonds numbered 98 to 248, both inclusive)., are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on November 1, 1984 and on any interest payment date thereafter at par and accrued interest, plus a premium of $50.00 per bond called. Published notice of redemption shall in each case be given in accord- ance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the registered holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. - 9 - 10/24 This bond is one of an issue in the total principal amount of $1,240,000 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 Con - stitution and laws of the State of Minnesota for the purpose of providing money for var- ious improvements, and is payable out of the Consolidated Improvement Bonds Fund of the City. This bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said 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 per- formed, 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 statu- tory limitation of indebtedness. 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 signatures of the Mayor and the City Clerk, and the corporate seal of said City to be affixed hereto, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of November 1, 1974. City Clerk (Form of Coupon) RN Mayor On the first day of November (May), 19_, unless the bond described below is called for earlier redemption, the City of Maplewood, Ramsey County, Minnesota, will pay to bearer at , or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its General Obligation Improvement Bond of 1974 No, dated November 1, 1974. /s/ Facsimile /s/ Facsimile City Clerk Mayor 8. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 9. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 10. There is hereby created a special fund to be designated "Consolidated Improvement Bonds Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and any additional improvement bonds hereafter made payable from said fund and the interest thereon have been fully paid. In said fund - 10 - 10/24 there shall be maintained two separate accounts, to be designated as the "Consolidated Construction Account" and the "Common Sinking Fund Account ", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $1,215,800.00 and less capit- alized interest in the amount of $74,562.50, shall be credited to the Consolidated Con- struction Account, or one or more separate sub - accounts in the Consolidated Construction Account, from which there shall be paid all costs and expenses of making said improvements, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes or special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Consolidated Construct- ion Account, said balance may be transferred by the Council to the fund of any other im- provement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Common Sinking Fund Account, all collections of special assess- ments herein and hereafter convenanted to be levied with respect to improvement bonds pay- able therefrom, all accrued interest received upon delivery of said bonds, collections of all taxes herein and hereafter levied for the payment of said bonds, all funds paid for the bonds herein authorized in excess of $1,215,800.00, capitalized interest on the bonds herein authorized in the amount of $74,562.50, all funds remaining in said Consol- idated Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement, and all funds hereafter on hand which the City Council may from time to time appropriate to said account. The Common Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation improvement bonds of the City hereafter issued by the City and made payable from said account. 11. It is hereby determined that no less than $847,300 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. Said amount is not less than 20% of the cost of the improvements to the City within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3). The City hereby covenants and agrees that it will do and per- form as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or this Council or any of the City officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all such further acts and take all such fur- ther proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the defer- red balance of all such assessments at the rate of 7% per annum: Improvement Designation Amount Levy Years 70 -5 $366,000 1975 -93 71 -2 15,300 1975 -93 71 -6 118,300 1975 -83 71 -6 118,300 1975 -93 71 -17 15,900 1975 -93 71 -19 53,000 1975 -93 71 -20 7,500 1975 -83 73 -20 110,200 1975 =93 73 -10* 42,800 1975 -93 * A portion of Project No. 73 -10 is being financed by temporary improvement bonds of the City, also dated November 1, 1974. - 11 - 10/24 12. To provide moneys for the payment of said principal and interest there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general proper- ty taxes in said City for the years and in the amounts as follows: Year of Tax Levy Year of Tax Collection Amount 1975 1976 $20,000 1976 1977 25,000 1977 1978 30,000 1978 1979 35,000 1979 1980 40,000 1980 1981 40,000 1981 1982 45,000 1982 1983 45,000 1983 1984 45,000 1984 1985 401000 1985 1986 40,000 1986 1987 40,000 1987 1988 40,000 1988 1989 40,000 1989 1990 40,000 1990 1991 40,000 1991 1992 40,000 1992 1993 40,000 1993 1994 38,612 Said tax levies are such that if collected in full they, together with estimated collections of special assessments and other revenues pledged for the payment of said bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the bonds. Said tax levies shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted Sec. 475.61 (3) M.S.A. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. 13. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has been made. 14. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs of the City, and such other affidavits, certif- icates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certifi- cates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. Seconded by Councilman Wiegert. - 12 - Ayes - all. 10/24 3. Ferndale Street - Project 74 -5 a. Manager Miller stated 10 bids had been received today relative to Project 74 -5. It is recommended that Arcon Construction Company, Inc., be awarded the bid as the lowest responsible bidder. b. Councilman Wiegert introduced the following resolution and moved its adoption: 74 10 - 248 BE IT RESOLVED BY THE CITY COUNCIL OF MAPLEWOOD, MINNESOTA, that the bid of Arcon Construction Company, Inc., in the amount of,$184,718.00 is the lowest re- sponsible bid for the construction of Ferndale Street, Project 74 -5, and the Mayor and Clerk are hereby authorized and directed to enter into a contract with said bidder for and on behalf of the City._ Seconded by Councilmain...rdock. 4. Northeast Area Streets a. Manager Miller .stated nine bids had been received relative to Project 73 -13 - Northeast Area Street Improvement. It is recommended that the bid be awarded to Arcon Construction Company, Inc. as the lowest responsible bidder. b. Councilman Wiegert introduced the following resolution and moved its adoption: 74 - 10 - 249 BE IT RESOLVED BY-THE CITY COUNCIL OF MAPLEWOOD, MINNESOTA, that the bid of Arcon Construction Company, 'Inc., in the amount of $1,149,921.01 is the low- est responsible bid for the construction of Northeast Area Streets, Project 73 -13, and the Mayor and Clerk are hereby authorized and directed to enter into a con - tract with said bidder for and on behalf of the City. Seconded by Councilman Anderson. Ayes - all. 5. Beam Avenue, Project 71 -15 a. Manager Miller recommended this item-be tabled for two weeks. b. Councilman Murdock moved to table the Beam Avenue bid award for two weeks. Seconded by Councilman Wiegert. Ayes - all. D. PRESENTATIONS 1. Councilman Wiegert stated Faythe Kasper had received the Handicapped Person of the Year Award. 2. Councilman Wiegert reported on a meeting he and Don Ashworth had with Art Raehmer regarding levy limits. ADJOURNMENT 8:00 P,M. City Clerk 13 - 10/24 TABULATION OF BIDS Pursuant to due call and notice thereof, a special meeting of the officials designated for a bid opening by the City Council of Maplewood was convened at 9:30 A.M., C.(D).S.T., Tuesday, October 22, 1974. The purpose of this meeting was to receive, open and publicly read aloud bids for the construction of Beam Avenue, Project 71,15. Present were Messrs. James Murphy and Lee Amundson of Howard, Needles, Tammen and Bergendoff, and Messrs. William Cass, Raymond Hite, and Bob Collier of the City of Maplewood. Following the reading of the notice of advertisement for bids, the following bids were opened and read: BIDDER BID ACCOMPANIED BY Pursuant to prior instruction of the Council, the City Clerk referred the bids received to the City Engineer instructing him to tabulate same and report with his recommendation at the regular City Council meeting of October 24, 1974. Meeting adjourned at 9:50 A.M. Alternate #1 Alternate #2 Marvin Rehbein Contr., Inc. $ 204,937.90 $ 205,877.90 Bid Bond C. S. McCrossan, Inc. 214,539.20 216,619.65 Bid Bond Alexander Construction Co. 221,532.12 219,305.57 Bid Bond B -Tu -Mix 225,214.26 226,802.61 Bid Bond T. A. Schifsky & Sons 243,737.50 248,984.25 Bid Bond Tower Asphalt, Inc. 268,300.05 264,594.05 Bid Bond Pursuant to prior instruction of the Council, the City Clerk referred the bids received to the City Engineer instructing him to tabulate same and report with his recommendation at the regular City Council meeting of October 24, 1974. Meeting adjourned at 9:50 A.M. TABULATION OF BIDS Pursuant to due call and notice thereof, a special meeting of the officials designated for a bid opening by the City Council of Maplewood was convened at 9:30 A.M., C,(D).S.T., Tuesday, October 22, 1974. The purpose of this meeting was to receive, open and publicly read aloud bids for the construction of Northeast Area Streets, Project 73 - -13. Present were Messrs. James Murphy and Lee Amundson of Howard, Needles, Tammen and Bergendoff, and Messrs. William Cass, Raymond Hite, and Bob Collier of the City of Maplewood. Following the reading of the notice of advertisement for bids, the following bids were opened and read: BIDDER BID ACCOMPANIED BY Alternate #1 Alternate #2 Arcon Construction Co., Inc. $1,149,921.01 $1,132,033.861 Bid Bond Barbarossa & Sons, Inc. 1,220,270.58 1,205,177.02 Bid Bond Lametti and Sons, Inc. 1,341,926.07 1,334,178.27 Bid Bond Shafer Contracting Co., Inc. 1,385,653.63 1,364,667.25 Bid Bond Ashbach Construction Co. 1,399,709.00 1,397,930.61 Bid Bond Northern Contracting Co. 1,404,194.93 1,395,466.24 Bid Bond B -To-Mix 1,407,768.69 1,390,128.90 Bid Bond C. S. McCrossan, Inc. 1,445,589.79 1,420,919.44 Bid Bond Minn -Kota Excavating, Inc. 1,464,748.16 1,454,572.82 Bid Bond Pursuant to prior instruction of the Council, the City Clerk referred the bids received to the City Engineer instructing him to tabulate same and report with his recommendation at the regular City Council meeting of October 24, 1974. Meeting adjourned at 9:50 A.M. TABULATION OF BIDS Pursuant to due call and notice thereof, a special meeting of the officials designated for a bid opening by the City Council of Maplewood was convened at 9:00 A.M., C.(D).S.T., Thursday, October 24, 1974,, The purpose of this meeting was to receive, open and publicly read aloud bids for the construction of Ferndale Street, project 7475. Present were Messrs. Raymond Jackson and Jerry Backman of Schoell and Madson, Inc. and Messrs. James Elias and William Cass of the City of Maplewood. Following the reading of the notice of advertisement for bids, the following bids were opened and read; BIDDER BID ACCOMPANIED BY Arcon Construction Co., Inc. $ 184,718.00 Bid Bond Peter Lametti Construction Co. $ 187,389,60 Bid Bond Shafer Contracting Co,, Inc. $ 189,446.75 Bid Bond F. Morettini Construction Co. $ 189,494.10 Bid Bond Barbarossa and Sons, Inc. $ 190,932.50 Bid Bond C. S. McCrossan, Inc. $ 192,442.50 Bid Bond Nodland Associates, Inc. $ 192,628.00 Bid Bond Minn -Kota Excavating, Inc. $ 195,517.00 Bid Bond Alexander Construction Co. $ 201,810.00 Bid Bond Cris Construction Co., Inc. $ 204,704.00 Bid Bond Pursuant to prior instruction of the Council, the City Clerk referred the bids received to the City Engineer instructing him to tabulate same and report with his recommendation at the regular City Council meeting of October 24, 1974. ' Meeting adjourned at 9:ZO A.M.