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HomeMy WebLinkAbout09-29-77 SMAGENDA Maplewood City Council 7:30 P.M., Thursday, September.29, -1977 Municipal Administration Building Meeting 77 - 28 -(A) -CALL TO ORDER (B) ROLL CALL (C) APPROVAL OF AGENDA (D) AWARDING OF BIDS 1. Bond Issue (E) PUBLIC HEARINGS 1. 1978 Budget CF) NEW BUSINESS 1. Election Judges COUNCIL PRESENTATIONS I). ADMINISTRATIVE PRESENTATIONS (I) ADJOURNMENT c MINUTES OF MAPLEWOOD CITY COUNCIL 7:30 P.M., Thursday, September 29, 1977 Council Chambers, Municipal Building Meeting No. 77 -28 A. CALL TO ORDER A special meeting of the City Council of Maplewood, Minnesota, was held in the Council Chambers, Municipal Building, and was called to order at 7:30 P.M. by Mayor Murdock. B. ROLL CALL Burton A. Murdock, Mayor Present Norman G. Anderson, Councilman Present John C. Greavu, Councilman Present Charles M. Kent, Councilman Present Donald J. Wiegert, Councilman Present C. APPROVAL OF AGENDA Mayor Murdock moved to approve the Agenda as amended: 1. Hazel Street and County Road B Seconded by Councilman Wiegert. Ayes - all. AWARDING OF BIDS 1. Bond Issue a. Mr. Andy Merry, Juran and Moody, Inc., Fiscal Agent, presented the tabulation of bids for the sale of the $3,815,000 General Obligation Improvement Bonds of 1977, Series 2 and the $4,815,000 General Obligation Refunding Bonds of 1977. b. Councilman Anderson introduced the following resolution and moved its adoption: 77- 9 -195A RESOLUTION ACCEPTING BID ON SALE OF $3,815,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1977, SERIES 2 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Maplewood, Minnesota, as follows: 1. That the bid of American National Bank and Trust Company to purchase $3,815,000 General Obligation Improvement Bonds of 1977, Series 2 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 $3,772,082 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 Northwestern National Bank of Minneapolis, Minnesota or any successor paying agent duly appointed by the City. - 1 - 9/29 2. The $3,815,000 negotiable coupon general obligation bonds of the City shall be dated October 1, 1977 and shall be issued forthwith. Said bonds shall be 763 in number and numbered from 1 to 763, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on October 1 in the years and amounts as follows: $150,000 in each of the years 1979 to 1981, both inclusive; 160,000 in the year 1982; 130,000 in the year 1983; 120,000 in the year 1984; 165,000 in the year 1985; 200,000 in each of the years 1986 to 1990, both inclusive; 300,000 in the year 1991; 380,000 in the year 1992; 400,000 in the year 1993; 410,000 in the year 1994; and 100,000 in each of the years 1995 to 1997, both inclusive. 3. Said bonds shall provide funds for the construction of various improve- ments in the City. The total cost of said improvements, which shall include all costs enumberated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work in 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 October 1, 1978 and semiannually thereafter on April 1 and October 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1979 1 -30 3.70% 1980 31 -60 3.90% 1981 61 -90 4.10% 1982 91 -122 4.20% 1983 123 -148 4.30% 1984 149 -172 4.40% 1985 173 -205 4.50% 1986 206 -245 4.60% 1987 246 -285 4.70% 1988 286 -325 4.75% 1989 326 -365 4.80% 1990 366 -405 4.90% 1991 -1992 406 -749 5.00% 1993 -1994 750 -839 5.10% 1995 -1996 840 -897 5.20% 1997 -1998 898 -963 5.25% - 2 - 9/29 5. All bonds of this issue maturing in the years 1987 to 1997, inclusive (bonds numbered 246 to 763, both inclusive), shall be subject to re- demption and prepayment at the option of the City in inverse order of serial numbers, on October 1, 1986 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 said bonds are payable and to any registered holders, provided that published notice alone shall be effectibe without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. 6. For the purpose of complying with the maturity requirements of Minnesota Statutes Section 18.023, Subdivision 7 that portion of the bonds maturing in the year 1979 are attributable to the Diseased Trees 1977 Program. 7. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: No. UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF MAPLEWOOD GENERAL OBLIGATION IMPROVEMENT BOND OF 1977, SERIES 2 $5,000 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 October, 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 October, 1978, and semiannually thereafter on the first day of April and the first day of October 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.. - 3 - 9/29 All bonds of this issue maturing in tye years 1987 to 1997, both inclusive (bonds numbered 246 to 763, both inclusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on October 1, 1986 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 said bonds are payable and to any 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. This bond is one of an issue in the total principal amount of $3,815,000 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 Minn- esota for the purpose of providing money for various improvements in the City, and is payable out of the General Obligation Improvement Bonds of 1977, Series 2, Account 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 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 ity 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, Minn- esota, by its City Council has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the City Clerk, the corporate seal of said City having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authen- ticated by the facsimile signatures of said officers, all as of October 1, 1977. City Clerk Mayor - 4 - 9/29 (Form of Coupon) No. K On the first day of October (April), 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 Obli- gation Improvement Bonds of 1977, Series 2, No. dated October 1, 1977. /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; and provided further that the corporate seal may be omitted on the bonds as permitted by law. The interest coupons per- taining 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 account to be designated "General Obligation Improvement Bonds of 1977, Series 2 Account" to be held and administered by the City Treasurer separate and apart from all other accounts of the City. Said Account 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 Account there shall be maintained two separate funds, to be designated as the "Construction Fund" and the "Debt Service Fund ", respectively. The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for said bonds in excess of $3,745,000, and less capitalized interest in the amount of $265,000 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before April 1, 1978), plus any special assessments levied with respect to improvements financed by the bonds and collected prior to completion of the improvements and payment of the costs thereof, shall be credited to the Construction Fund, from which there shall be paid all costs and expenses of making said improvements listed in paragraph 11, including the cost of any construction — 5 — 9/29 contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said fund shall be used for no other purpose except as otherwise provided by law; 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 or convenanted to be levied; and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Fund, said balance (other than any special assessments) may be transferred by the Council to the fund of any other improvement in- stituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Fund are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is hereby pledged and there shall be credited to the Debt Service Fund (a) all collections of special assessments herein convenanted to be levied and either initially credited to the Construction Fund and required to pay any principal and interest due on the bonds or collected subsequent to the the completion of said improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of said bonds, (c) all funds paid for said bonds in excess of $3,745,000, (d) capitalized interest in the amount of $265,000 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before April 1, 1978), (e) any collections of all taxes herein levied for the payment of said bonds; and (f) all funds remaining in said Construction Fund after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Debt Service Fund herein created shall be used solely to pay principal and interest and any premiums for redemption on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said Fund. For accounting purposes only the City may create two or more subaccounts in the Debt Service Fund for the individual improvement projects. 11. It is hereby determined that no less than 20% of the cost of each improvement project financed hereunder to the City within the meaning Of Minnesota Statutes, Section 475.58, Subdivision 1 (3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. 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 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 assess- ments 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 further - 6 - 9/29 proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Subject to such adjust- ments as are required by conditions in existence at the time said assessments are levied, it is hereby determined that the 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 at least 7% per annum: Improvement Designation Amount Levy Years 74 -18 $ 220,000 1978 -1996 75 -16 1,110,000 1978 -1996 76 -03 114,000 1978 -1996 76 -07 137,000 1978 -1986 332,000 1978 -1996 77 -03 40,200 1977 -1995 77 -06 90,800 1978 -1982 At the time the assessments are in fact levied the City Council shall, based on the then current estimated collections of such assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Sub- division 1. 12. To provide moneys for the payment of said principal and interest there is hereby levied upon all of the taxable proper- ty 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 property taxes in said City for the years and in the amounts as follows: Year of Tax Year of Tax Levy Collection Amount 1977 1978 $ -0- 1978 1979 -0- 1979 1980 75,000 1980 1981 82,000 1981 1982 95,000 1982 1983 65,000 1983 1984 76,000 1984 1985 126,000 1985 1986 162,000 1986 1987 160,000 1987 1988 174,000 1.988 1989 170,000 1989 1990 167,000 1990 1991 268,000 _ 7 - 9/29 1991 1992 343,000 1992 1993 351,000 1993 1994 347,000 1994 1995 6,000 1995 1996 7,000 1996 1997 11,000 Said tax levies are such that if collected in full they, together with estimated collections of special assessments and other revenues herein 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 by Sec. 475.61 (3) M.S.A. For the prompt and full payment of the principal of and inter- est 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. If the balance in the Debt Service Fund is ever insufficient to pay all principal and interest then due on the bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reim- bursed without interest from the Debt Service Fund when a sufficient balance is available. 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, cer- tificates 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. - 8 - 9/29 Seconded by Councilman Wiegert. Ayes - all. c. Councilman Wiegert introduced the following resolution and moved its adoption; 77- 9 -195B RESOLUTION ACCEPTING BID ON SALE OF $4,815,000 GENERAL OBLIGATION REFUNDING BONDS OF 1977 PROVIDING FOR THEIR ISSUANCE AND DETERMINING THE FORM AND DETAILS THEREOF BE IT RESOLVED by the Council of the City of Maplewood, Minnesota, as follows: 1. That the bid of American National Bank and Trust Company to purchase $4,815,000 General Obligation Refunding Bonds of 1977 of the City (hereinafter "Refunding Bonds "), in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $4,815,025.00 (plus a peremium of $25.00) 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 Refunding Bonds shall be payable as to principal and interest of Northwestern National Bank of Minneapolis, Minnesota, or any successor paying agent duly appointed by the City. 2. The $4,815,000 negotiable coupon general obligation Refunding Bonds of the City shall be dated October 15, 1977 and shall be issued forthwith. Said bonds shall be 963 in number and numbered from 1 to 963, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on July 1 in the years and amounts as follows: $140,000 in the year 1978; 215,000 in the year 1979; 235,000 in the year 1980; 220,000 in the year 1981; 230,000 in the year 1982; 245,000 in the year 1983; 270,000 in the year 1984; 260,000 in the year 1985; 280,000 in the year 1986; 295,000 in each of the years 1987 and 1988; 310,000 in the year 1989; 330,000 in the year 1990; 215,000 in the year 1991; 205,000 in the year 1992; 220,000 in the year 1993; 230,000 in the year 1994; 140,000 in the year 1995; 150,000 in the year 1996; 160,000 in the year 1997; and 170,000 in the year 1998. 3. Said Refunding Bonds, together with other available funds, shall provide funds to advance refund the outstanding General Obligation Improvements Bonds of 1970, dated - 9 - 9/29 December 1, 1970, General Obligation Improvement Bonds of 1974, dated November 1, 1974, General Obligation Improvement Bonds of 1975, dated December 1, 1975, and General Obligation Improvement Bonds of 1976, dated May 1, 1976 (hereinafter collectively referred to as "Refunded Bonds ") of the City. It is hereby found, determined and declared that such refunding is pursuant to Minnesota Statutes, Section 475.67 and shall result in a reduction of interest cost to the City from an average annual net interest rate of (a) 5.6302% for the General Obligation Improvement Bonds of 1970 (without regard to any discount at which the said bonds were initially sold) to 4.928% for that portion of the General Obligation Refunding Bonds used to refund said General Obligation Improvement Bonds of 1970; (b) 6.2826% for the General Obligation Improvement Bonds of 1974 (without regard to any discount at which said bonds were initially gold) to 4.9986% for that portion of the General Obligation Refunding Bonds used to refund said General Obligation Improvement Bonds of 1974; (c) 6.0612% for the General Obligation Improvement Bonds of 1975 (without regard to any dis- count at which said bonds were initially sold) to 4.9473% for that portion of the General Obligation Refunding Bonds used to refund said General Ob- ligation Improvement Bonds of 1975; and (d) 5.9197% for the General Obligat- ion Improvement Bonds of 1976 (without regard to any discount at which said bonds were initially sold) to 5.1051% for that portion of the General Ob- ligation Refunding Bonds used to refund said General Obligation Improvement Bonds of 1976. 4. The Refunding Bonds maturing in the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1978 and semiannually thereafter on June 1 and July 1 of each year, at the re- specitive rates per annum set opposite said maturity years and serial num- bers: Maturity Years Serial Numbers Interest Rate 1978 -1987 1 -478 4.90% 1988 -1992 479 -749 5.00% 1993 -1994 .750 -839 5.10% 1995 -1996 840 -897 5.20% 1997 -1998 898 -963 5.25% 5. All Refunding Bonds maturing in the years 1987 to 1998, both inclusive (bonds numbered 420 to 963, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on July 1, 1986 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 prior mailed notice of redemption shall be given to the bank where said bonds are payable and to any 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. - 10 - 9/29 6. The Refunding Bonds and interest coupons to be issued here- under shall be in substantially the following form: No. UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF MAPLEWOOD GENERAL OBLIGATION REFUNDING BOND OF 1977 $5,000 KNOW ALL MEN BY THESE PRESENTS that the City of Maplewood, Ramsey County, Minnesota, certifies that it is indebted and for value re- ceived promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS on the first day of July, 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 July, 1978 and semiannually thereafter on the first day of January and the first day of July 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 sever- ally 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 1987 to 1998, both inclusive (bonds numbered 420 to 963, both inclusive), are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on July 1, 1986 and on any interest payment date there- after at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and prior mailed notice of redemption shall be given to the bank where said bonds are payable and to any 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. - 11 - 9/29 This bond is one of an issue in the total principal amount of $4,815,000 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 in addition to other available funds to advance refund outstanding General Obligation Improvement Bond of 1970, dated December 1, 1970; General Obligation Improvement Bonds of 1974, dated November 1, 1974; General Obligation Improvement Bonds of 1975, dated December 1, 1975 and General Obligation Improvement Bonds of 1976, dated May 1, 1976, and is payable out of the General Obligation Refunding Bonds of 1977 Account 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 irrevocable 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 re- gular and due form, time and manner as required by law, and this bond, to- gether 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 constitut- ional or statutory limitation of indebtedness.- IN WITNESS WHEREOF, the City of Maplewood, Ramsey County, Minn- esota, by its CitytCouncil has caused this bond to be executed in its be- half by the facsimile singature of the Mayor and manual signature of the City Clerk, the corporate seal having been intentionally omitted as per- mitted by law, and has caused the interest coupons to be executed and authen- ticated by the facsimile signatures of said officers, all as of October 15, 1977. City Cle (Form of Coupon) No. Mayor I 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 interst then due on its General Obligation Refund- ing Bond of 1977 No. dated October 15, 1977. /s/ Facsimile City Clerk /s/ Facsimile Mayor - 12 - 9/29 7. The Refunding 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 the seal may be omitted and that one of such signatures and the seal of the City, if not omitted, 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 Refunding 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 Refunding Bonds of 1977 Account" to be held and admin- istered by the City Treasurer separate and apart from all other accounts of the City. Said Account shall be maintained in the manner herein spec- ified until all of the Refunding Bonds and the interest thereon have been fully paid. In said account there shall be maintained two separate funds, to be designated as the "Escrow Fund" and the "Debt Service Fund ", respect- ively. The proceeds of the sale of the Refunding Bonds, less any accrued interest and premium received thereon and less any sum used to pay expenses, plus other available municipal funds (estimated at $ ) as may be required to adequately fund the Escrow Fund for the purposes set forth in subparagraph (a) below, are hereby pledged and appropriated and shall be credited to the Escrow Fund. (a) The Escrow Fund shall be deposited in escrow with First National Bank of Minneapolis, (the "Escrow Agent ") in Minneapolis, Minnesota, a suitable banking institution within the State, whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000 and shall be invested in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as shall be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Fund, to pay when due the interest to accrue on each Refunded Bond to its maturity or to the date on which it is called for redemption as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption - 13 - 9/29 and to pay any premium required for redemption on such date, and the monies in said Escrow Fund shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Escrow Fund after all of the principal, interest and premium (if any) has been paid on the Refunded Bonds pursuant to this resolution, then such balance shall be transferred to the Debt Service Fund established here- under, all in accordance with an Escrow Agreement, a form of which is on file in the office of the City Clerk. (b) There is hereby pledged and appropriated and there shall be credited to the Debt Service Fund all uncollected special assessments and taxes and any other unexpended monies pledged to the sinking fund accounts of the Refunded Bonds pursuant to the Resolutions of the City Council adopted November 24, 1974, October 24, 1974, November 20, 1975 and April 22, 1976 authorizing the issuance of the Refunded Bonds, and any balance in said sinking fund accounts established for the Refunding Bonds to the extent that said balance has not been approp- riated to the Escrow Fund as herein provided. The Debt Service Fund shall be used solely to pay the principal and interest on the Refunding Bonds. 10. Until retirement of the Refunded Bonds, all provisions theretofore made for the security thereof shall be observed by the City and all of its officers and agents. However, the City Council hereby finds, determines and certified to the County Auditor of Ramsey County that the proceeds of the sale of the Refunding Bonds to be used to refund said Refunding Bonds, together with other funds available and appropriated to the Escrow Fund for said purpose, will be sufficient, together with the earnings on the investment of such funds in said Escrow Fund, to pay when due or called for redemption as herein provided all of the principal of and interest and premium, if any, on the Refunded Bonds. Upon Bond Closing the City Clerk is hereby authorized and directed to give said County Auditor written notice thereof; and all uncollected taxes levied for collection for the payment of principal of and interest on said Refunded Bonds, as a like amount is paid from the Escrow Fund to pay the Refunded Bonds and interest thereon, are hereby pledged and shall be applied to the payment of the principal of and interest on the Refunding Bonds. - 14 - 9/29 11. Securities purchased from the monies in the Escrow Fund shall be limited to securities set forth in Minnesota Statutes, Section 475.67, Subdivision 8, and any amendments or supplements thereto. Securit- ies purchased from the Escrow Fund shall be purchased simultaneously with the delivery of the Refunding Bonds. The City Council has investigated the facts and hereby finds and determines that the Escrow Agent is a suit- able bank to act as escrow agent, and is qualified within the meaning of the provisions of Subd. 5 of M.S.A. 475.67. 12. The City hereby finds, declares, and determines that the uncollected taxes and uncollected special assessments heretofore levied and pledged to the payment of the Refunded Bonds and now pledged to the payment of the Refunding Bonds, together with any other funds pledged hereunder to the payment of the Refunding Bonds, will, if collect- ed when due, produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Refunding Bonds. The full faith and credit of the City is hereby irrevocable pledged for the payment of the principal and interest on the Refunding Bonds. The City continues to reserve the right and power to reduce the tax levies herein pledged to the payment of Refunding Bonds in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subd. 3. 13. The General Obligation Improvement Bonds of 1970 dated December 1, 1970, refunded hereunder which mature in 1981 and thereafter shall be redeemed and prepaid on December 1, 1980, in accordance with the terms and conditions set forth in the Notice of Call attached hrerto as Exhibit A, which terms and conditions are hereby approved and incorporated herein by reference. 14. The General Obligation Improvement Bonds of 1974 dated November 1, 1974, refunded hereunder which mature in 1985 and thereafter shall be redeemed and prepaid on November 1, 1984, in accordance with the terms and conditions set forth in the Notice of Call attached hereto as Exhibit B, which terms and conditions are hereby approved and incorporated herein by reference. 15. The General Obligation Improvement Bonds of 1975 dated December 1, 1975, refunded hereunder which mature in 1986 and thereafter shall be redeemed and prepaid on December 1, 1985, in accordance with the terms and conditions set forth in the Notice of Call attached hereto as Exhibit C, which terms and conditions are hereby approved and incorporated herein by reference. 16. The General Obligation Improvement Bonds of 1976, dated May 1, 1976, refunded hereunder which mature in 1987 and thereafter shall be redeemed and prepaid on May 1, 1986, in accordance with the terms and conditions set forth in the Notice of Call attached hereto as Exhibit D, which terms and conditions are hereby approved and incorporated herein by reference. - 15 - 9/29 17. On or prior to the delivery of the Refunding Bonds the - Mayor and the City Clerk are hereby authorized and directed to execute on behalf of the City said Escrow Agreement. All essential terms and conditions of such Escrow Agreement are hereby approved and adopted and made a part of this resolution, and the City convenants that it will promptly enforce all provisions thereof in the event of default there- under by the Escrow Agent. 18. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minn- esota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said Refunding Bonds have been entered in his Bond Register. 19. The officers of the City are hereby authorized and direct- ed to prepare and furnish to the purchasers of the Refunding 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 Refunding 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 Refunding 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 representat- ions of the City as to the facts recited therein. EXHIBIT A NOTICE OF CALL FOR REDEMPTION $185,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1970 CITY OF MAPLEWOOD RAMSEY COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Maplewood, Ramsey County, Minnesota, there have been called for redemption and prepayment on December 1, 1980 - 16 - 9/29 outstanding bonds of the City designated as General Obligation Improve - went Bonds of 1970, dated December 1, 190, bearing serial numbers 85 through 121, having stated maturity dates in the years 1981 through 1990, and totalling $185,000 in principal amount. The bonds are being called at a price of par plus a premium of $75.00 per bond called plus accrued interest to December 1, 1980, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment, with December 1, 1980 and subsequently maturing interest coupons attached, at the American National Bank and Trust Company, in St. Paul, Minnesota, on December 1, 1980. Dated September 29, 1977 Additional information may be obtained from: Juran & Moody, Inc. 114 East Seventh Street St. Paul, Minnesota 55101 Telephone No. 612- 298 -1524 EXHIBIT B BY ORDER OF THE CITY COUNCIL Lucille Aurelius City Clerk NOTICE OF CALL FOR REDEMPTION $755,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1974 CITY OF MAPLEWOOD RAMSEY COUNTY MI14NESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Maplewood, Ramsey County, Minnesota, there have been called for redemption and prepayment on November 1, 1984 outstanding bonds of the City designated as General Obligation Improvement Bonds of 1974, dated November 1, 1974, bearing serial numbers 98 through 248, having stated maturity dates in the years 1985 through 1994, and total- ling $755,000 in principal amount. The bonds are being called at a price of - 17 - 9/29 par plus a premium of $50.00 per bond called plus accrued interest to November 1, 1984, on which date all interest on said bonds will cease to secure. Holders of the bonds hereby called for redemption are re- quested to present their bonds for payment, with November 1, 1984 and subsequently maturing interest coupons attached, at the American Nation- al Bank and Trust Company, in St. Paul, Minnesota, on November 1, 1984. Dated September 29, 1977 Additional information may be obtained from: Juran & Moody, Inc. 114 East Seventh Street St. Paul, Minnesota 55101 Telephone No. 612 - 298 -1524 EXHIBIT C BY ORDER OF THE CITY COUNCIL s/ Lucille Aurelius City Clerk NOTICE OF CALL FOR REDEMPTION $650,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1975 CITY OF MAPLEWOOD RAMSEY COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Maplewood, Ramsey County, Minnesota, there have been called for redemption and prepayment on December 1, 1985 outstanding bonds of the City designated as General Obligation Improvement Bonds of 1975, dated December 1, 1975, bearing serial numbers 143 through 272, having stated maturity dates in the years 1986 through 1991, and total- ling $650,000 in principal amount. The bonds are being called at a price of par plus accrued interest to December 1, 1985, on which date all interest on said bonds will cease to accrue. Holders of the - 18 9/29 bonds hereby called for redemption are requested to present their bonds for payment, with December 1, 1985 and subsequently maturing interest coupons attached, at the American National Bank and Trust Company, in St. Paul, Minnesota, on December 1, 1985. Dated September 29, 1977. Additional information may be obtained from: Juran & Moody, Inc. 114 East Seventh Street St. Paul, Minnesota 55101 Telephone No. 612- 298 -1524 EXHIBIT D BY ORDER OF THE CITY COUNCIL Lucille Aurelius City Clerk NOTICE OF CALL FOR REDEMPTION $1,470,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1976 CITY OF MAPLEWOOD RAMSEY COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Maplewood, Ramsey County, Minnesota, there have been called for redemption and prepayment on May 1, 1986 outstanding bonds of the City designated as General Obligation Improvement Bonds of 1976, dated May 1, 1976, bearing serial number 105 through 398, having stated maturity dates in the years 1987 through 1998, and totalling $1,470,000 in principal amount. The bonds are being called at a price of par and accrued interest to May 1, 1986, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redempt- ion are requested to present their bonds for payment, with May 1, 1986 and subsequently maturing interest coupons attached, at the American National Bank and Trust Company, in St. Paul, Minnesota, on May 1, 1986. Dated September 29, 1977. - 19 - 9/29 BY ORDER OF THE CITY COUNCIL /s/ Lucille Aurelius City Clerk Additional information may be obtained from: Juran & Moody, Inc. 114 East Seventh Street St. Paul, Minnesota 55101 Telephone No. 612 - 298 -1524 Seconded by Councilman Anderson. Ayes - all. E. PUBLIC HEARING 1. 1978 Budget a. Mayor Murdock convened the meeting for a public hearing regarding the adoption of the 1978 Budget. The Clerk read the notice of hearing along with the dates of publication. b. Manager Miller presented the staff report. C. Mayor Murdock called for persons who wished to be heard. The following voiced their opinions: Mr. Tom Kansier, Gladstone Fire Department Mr. Bob Bade, East County Line Fire Department d. Mayor Murdock closed the public hearing. e. Council discussed the following: 1. Prosecuting Attorney Leave in. Bring back to Council before approved. 2. Fixed Assets Approved. 3. Elevator Approved. 4. Parking Lot - Land Purchase Approved. 5. Youth Service Bureau Approved. 6. Replacement of four police vehicles Approved. - 20 - 9/29 7. Replacement of Radio Approved. 8. Two Paramedic Vehicles Approved. 9. Updating Telemetry Approved. 10. Fire Department Contracts Approved - 7% 11. Fire Service Charge Approved. 12. Fire Relief Payment Approved - $14,335. 13. Fire Hose Approved. 14. Additional Building Official Place $10,000 in Health, Council approval before hiring. 15. Additional Engineering Technician Leave in - more justification needed. 16. Accu -ease Registration System Approved. 17. Maplewood Athletic Association Majority of Council approved $10,000. 18. Heritage Center Rewiring Approved. 19. Park Security System Approved. 20. Tennis and Basketball Courts Approved. - 21 - 9/29 21. Trail System Majority of Council approved. 22. Michael Lane Nature Center Approved. 23. Maplewood Heights Park Access Deleted. 24. Neighborhood Park Land Acquisition Approved. 25. Parking Lot Improvement Approved. 26. Senior Citizen Club Approved. 27. Planning Intern Majority of Council approved. 28. Planning Consultant Fees Majority of Council approved. 29. Severance Pay Approved. Staff to prepare alternatives. 30. Interest Interfund Loans Approved. 31. Telemetry System - Water Booster and Lift Station Approved. (Paid from Water Charge and Sewer Fund) 32. Replace Street Sweeper Approved. 33. Replace Two (2) Dump Trucks Approved. (Hold for further input) 34. Turf Tractor and Accessories Majority of Council approved. 35. 114 Cubis Yard Wheel Loader Approved. - 22 - 9/29 36. Replace Two Snowplows and Quick- Connections Approved. 37. Medium Pressure Steam Generator Approved. 38. Radio System Improvements and Eight (8) Radio Replacements Approved. 39. Custodian - Public Works Facility Majority of Council approved. Councilman Greavu moved to waive the Rules of Procedures and extend the meeting passed the deadline. Seconded by Councilman Wiegert. Ayes - all. f. Councilman Wiegert introduced the following resolution and moved its adoption: 77 - 9 - 196 A RESOLUTION ADOPTING 1978 BUDGET BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA, that the following amounts are hereby adopted as the 1978 Budget for disbursements: General Fund: General Government $ 118,315 Administrative Services 251,955 Public Safety 1,776.540 Public Works 778,315 Community Services 774,150 Community Development 122,200 Non - departmental 122,450 $ 3,913,925 Special Revenue Funds: Planning $ 5,000 Revenue Sharing 208,765 Water 42,700 Enterprise Fund: Sewer Maintenance $ 1,113,485 Intragrovernmental Service Fund: Vehicle and Equipment Maintenance $ 219,610 Debt Service Funds: Building Bonds of 1965 $ 13,550 State Aid Bonds of 1971 46,220 Building Bonds of 1977 73,380 Special Assessment Fund: Debt Service Accounts $ 2,204,500 - 23 - 9/29 Total -- All Budgetary Funds Seconded by Councilman Anderson. Motion carried. $ 7,841,135 Ayes - Mayor Murdock, Councilmen Anderson, Kent and Murdock Nays - Councilman Greavu g. Mayor Murdock introduced the following resolution and moved its adoption: 77 -9 -197 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA, that the following sums of money be levied for 1977, collectible in 1978, upon the taxable property in said City of Maplewood, for the following purposes: General Fund Debt Redemption Total Levy Seconded by Councilman Anderson. Motion carried. $ 2,065,960 $ 609,750 $ 2,675,710 Ayes - Mayor Murdock, Councilmen Anderson, Kent and Wiegert. Nays - Councilman Greavu. h. Mayor Murdock introduced the following resolution and moved its adoption: 77 -9 -198 BE IT RESOLVED by the Council of the City of Maplewood, Ramsey County, Minnesota, as follows: 1. There is on hand in the following sinking funds excess amounts as indicated after each fund and such shall be used to pay on the appropriate obligations of the City, to wit: Description Reduction in Levy: 1959 Sanitary Sewer Imp.Bonds, Series 2 $ 17,100. 1960 Sanitary Sewer Imp.Bonds, Series 3 7,000, 1960 Sanitary Sewer Imp.Bonds, Series 4 15,000 1961 Sewer and Street Imp. Bonds 5,300 1962 Improvement Bonds, Series B 100 1964 Water main extension Imp. Bonds 11,500 1965 Improvement Bonds 10,000 1965 Building Bonds 9,012. 1966 Gen'l. Obligation Imp. Bonds 1,000 1968 Improvement Bonds 7,000 1973 Improvement Bonds 72,750 1976 Improvement Bonds 12200 TOTAL $156,962 In accordance with Minnesota Statutes 475.61 and 273.13, Subd. 19 (3), (a), (b), (c) and Chapter 297a and Chapter 162 of Minnesota Statutes, the County Auditor of Ramsey County is hereby authorized and directed to reduce by the amounts above mentioned the tax that would be otherwise included in the rolls for the year 1976 and collectible in 1977. - 24 - 9/29 2. It has been determined that the following bond issues have insufficient projected assets to meet projected liabilities, as required by State Statute, and the - original resolution levying advalorem taxes for such must be increased in the following amounts, to wit: Description 1970 Improvement 1971 Improvement 1972 Improvement 1974 Improvement 1975 Improvement Bonds Bonds Bonds, Series 2 Bonds Bonds Increase in Levy $ 16,000 5,000 1,000 7,000 7,000 TOTAL $ 36,000 In accordance with Minnesota Statute 475.61, Subd. 2, the County Auditor of Ramsey County is hereby authorized and directed to increase by the amounts above mentioned the tax that would be otherwise included in the rolls for the year 1976 and collectible in 1977. 3. Changes setforth in sections one (1) and two (2), above result in a net re- duction of $120,962.00 and are summarized and hereby adopted as Exhibit "A ". Such amounts shown are the total amounts to be spread on the rolls in 1977 and collectible in 1978 for each of the bond issues shown, including the reductions and increases in levy amounts setforth in sections one (1) and two (2), above. 4. The City Clerk is hereby authroized and directed to furnish a copy of this resolution to the County Auditor of Ramsey County forthwith. EXHIBIT A Prin. PER BOND AMOUNT BOND ISSUES Amount Date REGISTER LEVIED Sanitary Sewer 600M 5/1/58 $ - 0 - $ - 0 - *Impr. No. 2 Sanitary Sewer Program 500M 9/1/59 25,000 25,000 *Impr. No. 2 Project No. 4 S /Swr.Program 300M 12/1/59 17,100 - 0 - *Sanitary Sewer Impr. Ser, 3 600M 7/1/60 10,000 3,000 Sanitary Sewer Impr. Ser. 4 400M 10/1/60 15,000 - 0 - Sanitary Sewer & Street Impr. 300M 6/1/61 5,300 - 0 - Sanitary Sewer, Water & Str. Impr. 405M 3/1/62 10,000 10,000 General Improvement Ser. B 365M 10/1/62 43,100 43,000 Water Main Extension Impr. 600M 9/15/64 11,500 - 0 - Consolidated Improvement 975M 12/1/64 15,000 15,009 Municipal Building 175M 5/1/65 14,012 5,000 Improvement 835M 12/1/65 10,000 - 0 - General Obligation Improvement 750M 12/1/66 14,000 13,000 General Obligation Impr. San.Swr. 645M 7/1/67 10,000 10,000 General Obligation Improvement 450M 12/1/67 - 0 - - 0 - Improvement 380M 12/1/68 9,500 2,500 * *General Obligation Improvement 1,980M 12/1/69 70,000 75,000 ** *General Obligation Improvement 605M 12/1/70 15,000 31,000 * *General Obligation Improvement 1,740M 8/1/71 50,000 50,000 Improvement 1,090M 5/1/72 20,000 20,000 General Obligation Improvement 670M 12/1/72 30,000 31,000 General Obligation Improvement 2,175M 7/1/73 77,600 4,850 ** *General Obligation Improvement 1,240M 11/1/74 30,000 37,000 ** *General Obligation Improvement 1,360M 12/1/75 50,000 57,000 ** *General Obligation Improvement 1,990M 5/1/76 72,200 71,000 General Obligation Improvement 3,730M 4/1/77 29,500 29,500 Gen'l Obligation Improvement 995M 4/1/77 762900 76,900 TOTALS $730,712 $609,750 - 25 - 9/29 Tax Leview Pledged to Redeem Following Issues: * G.O. Refunding Improvement Bonds 1963 ** G.O. Refunding Improvement Bonds 1974 * ** G.O. Refunding Improvement Bonds 1977 Seconded by Councilman Wiegert. Ayes - all. F. NEW BUSINESS 1. Election Judges a. Mayor Murdock introduced the following resolution and moved its adoption: 77 - 9 - 199 RESOLVED that the City Council of Maplewood, Minnesota accepts the following list of Election Judges for the 1977 City Primary Election, October 4, 1977: Precinct No. 1 Eleanor Mathews, Chairman Delores Burke Marcella Flackey Lorraine Schneider Precinct No. 2 Pat Thompson, Chairman Bea Hendricks Kathleen Dittel Vernus BEnson Precinct No. 3 Jeanne Schadt, Chairman Mary Kansier Evelyn Axdahl Vi Gutterman Precinct No. 4 Caroline Warner, Chairman Ruth Bielke Elsie Wiegert Marjory Tooley Precinct No. 5 Jeanne Hafner, Chairman Sibbie Sandquist Emma Klebe Doris Broady Precinct No. 6 & 6A Marcella Molohon, Chairman Kathy Zappa Darlene Karth Dorothy Kuehn Precinct No. 7 Margaret Wolszon, Chairman Betty Haas Barbara Leiter Myrtle Malm Precinct No. 8 Jean Myers, Chairman Lorraine Fischer Audrey Ellis Rita Frederickson Precinct No. 9 Ida Szcepanski, Chairman Mary D. Johnson June Munkholm Judity Panuska Precinct No. 10 Ann Fosburg Muriel Carlson Pat Lindner Mary Lou Lieder Precinct No. 11 Delores Lofgren, Chairman Maxine Olson Mildred Iversen Sara Oleson Precinct No. 12 Mary Libhardt, Chairman Audrey Duellman Sylvia Brown Barb O'Fallon Seconded by Councilman Kent. Ayes - all. - 26 - 9/29 2. Meeting Date a. Manager Miller requested Council set a meeting October 6, 1977, to certify the Election results. b. Mayor Murdock moved to establish a meeting date of October 6 1977 at 5:30 P.M. to certify the Election results. Seconded by Councilman Kent. Ayes - Mayor Murdock, Councilmen Anderson, Kent and Greavu. Nays - Councilman Greavu. Motion carried. G. COUNCIL PRESENTATIONS 1. Hazel and County Road B a. Councilman Greavu questioned what is happening at Hazel and County Road B. b. Staff has been working with the contractor and the contractor has agreed to the repairs. H. ADMINISTRATIVE PRESENTATIONS None. I. ADJOURNMENT 12:45 A.M. City Clerk - 27 - 9/29