HomeMy WebLinkAbout84-008n
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
{
[
`HELD: APRIL 9 1984
i _
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Prior Lake, Scott County,
Minnesota, was duly called and held at City Hall in said City
l
t
on the 9th day of April, 1984, at 7:30 P.M. for the, purpose of
authorizing the.issuance of and awarding the sale of $175,000
General Obligation Equipment Certificates of Indebtedness of
1984 of the City.
r
The following members were present: Dlayor Gary Johnson,,
'+
and Councilmembers,Don- Busse,, Keith Thorkelson and Caxol Scot,
Q; >>
and the following were absent: Councilmember 'Ted Schweich,
t :+
E, Member's Keith Thorkelson introduced the following
+ resolution and moved its adoptions
/? RESOLUTION - PROVIDING FOR THE
ISSUANCE AND SALE OF
$175,000 GENERAL OBLIGATION EQUIPMENT
CERTIFICATES OF INDEBTEDNESS
" OF 1984
t
r
. o
WH$hEAS :
f
K. The City Council has heretofore determined that
1 -it 4iamecesAry and expedient to issue $175,000 General
'
Obligation Equipment Certificates of Indebtedness of 1984,
,
pursuant to Minnesota Statutes, Section 412:301 and Chapte� 475
to finance the acquis,.ition of street maintenance equipment''for
the City; I
{
8 The amount of certificates for be issued does iiot
{
'
exceed one percent of the assessed valuation of the City;
,-
C..- The City Council has entered into contracts foie
�
the acquisition.of the equipment; and
e,
a
I
,'a*.a*..w'.yTy
i 1 I
Mw'p�u'! �. aw++ 4iV..+ n• w^.+ x.-- �..r_....ew- ......•n..evnryq•:
•
D. No other obligations have been issued'to° defray
the expense of acquiring the equipment.
- a NOW, THEREFORE, BE IV by the Council of >the City
't v
of Prior Lake, Minnesota, as follows:
I. The offer of Prior ,Lake State bank "(the
"Purchaser to purchase $175,000 General Obligation - Equipment
Certificates of Indebtedness of 1984 of the City (hereinafter o
referred to as the "Certificates" or individually as
"Certificate "), in accordance with the terms and at the rates
of``_interest hereinafter set forth, and to pay therefor the sum
of $175,000 plus interest acacrued to,,settlement is hereby
' accepter]:.
2., The Certificates shall be dated April 1, 1984 as
the date of original issue and shall be issued forthwith as
fully registered certificates. The Certificates shall be
numbered from R -i upward in the denomination of'$5,000 each or
any'Antegral multiple thereof. The Certificates shall
mature, without option of
� p prepayment, on August 1 in the .years �
and amounts as . follows ;
P
1985 , $40,000
1986 $40,000
1987 $45,000
_ 1988 $50,000
3. The Certificates shall pr'ovi'de funds for the
acquisition of street maintenance equipment for `the (the
' "Equipment "), The total cost of the Equipment, which shall
include all costs enumerated in Minnesota Statutes,.,8ection
4 1'5.65, is estimated to be atjeast,`equal to the amount of the
Certificates herein authorimed.
-4. The Certificates shall bear interest payable semi -
annually on February 1.. and August 1 of,each year commencing
February 1, 1985 at the respective rates per annum set forth
opposite the 'maturity years; as- follows:
MaturityYears Interest Rates
1985 i 7.258
1986 0 7.25,$
1987 7.2513
19$:8 7.25%
o
k
a
S., The City Manager is appoimted to act as registrar
and transfer agent (the "Regisatrar ").and shall do =ss, unless and
_
until a" successor-Registrar is duly appointed, all pursuant to
any contract the City Registrar shall execute which is
consistent 'herewith. - The Registrar shall also serve ash paying
agent-,unless and until &-successor paying agent is " duly
appointed. Principal and interest on the Ce t if icate "s shall be
:paW,to the registered holders (or record holder) of 'the
Certi= ficates in the manner s6t forth in the 1form of Certificate
and paragraph ll Jof this res6lution.
r .
6. The Certificates to be issued hereunder, together
a
with the ,Registrar's Certificate of :Authentication, the form of
Assignment and-the registration information thereon,shalV "'be in
substantially the fallowing form:
-
V
a
li
7th �
'
UNITED STATES OF AMERICA
t
STATE OF MINNESOTA
SCOTT COUNTY
CITY OF PRIOR LAKE
F
R- $
•
GENERAL OBLIGATION EQUiAAENT
CERTIFICATE OF INDEBTEDNESS
OF 1984
INTEREST MATURITY DATE OF
RATE DATE ORIGINAL IS SUE
7.25$• August l,, April 1 1984
REGISTERED OWNER:,
..PRINCIPAL AMOUNT:
° KNOW ALL PERSONS BY THESE PRESENTS that the City of
,
Prior''Lake, Scott County, Minnesota (the "Issuer "), certifies
that it is indebted` and for value received promises to pay to
the `registered owner specified above, or registered assigns,.
`
without..option of prepayment, in the manner hereinafter set
forth, the principal amount specified above, on the maturity
date,specified` above, and to pay interest thereon semiannually
on February I and August l of'each year (each, an "Interest
-
Payment Date ") commencing February 1, 1985 at the rate per
t
annum specified above, (calculated on the basis of a 360-day-
year of twelve 30 -day months) until the principal sum is paid
'
y or has been provided for, This Certificate will bear interest
from the, most recent Interest Payment Date to which interest
- has been paid or, if no interest has•been paid, from the date
of original issue hereof.. The principal of and premium, „if
arty, on this Certificate are payable upon presentation and
surrender hereof at the office of the Manager of the Issuer!'
jth� "Certificate Registrar "), acting as paying agent , , or any
successor paying agent duly appointed by the Issuer. Interest
on this Certificate will be paid on each Interest Payment Date
by ch ,ck or draft mailed 'to the person in whose name this
., Certificate is registered' (the "Holder" or "Certificate
`
holder”) on the registration, books of the .I ssuer maintained by
the Certificate Registrar� at the address appearing thereon
r
1� ��
r
{
M�§YS..Y,Mnwetssn- _._.... + ehBMa'ra°IAS�: War ^Vkx. *•.....+— .aer+wu'. cixrsv4SAn+.,.
n
r +"kW ¢i7'
,
at the close of business on the fifteenth day of the calendar
month next preceding such Interest Payment Date (the "Regular
Record Dat Any interest not so timely paid shall cease to
be payable ,;o the person who is the Holder hereof as of the
Regular Record Date, and shall be 'payable to the person who is
the Holder hereof at the close of business on a date (the
"Special - Record Date ") fixed by the Certificate Registrar
' % whenever money becomes available for payment of the defaulted
interest.
Notice of the Special Record Date shall be ,given to
Certificateholders not less than ten days prior to the Special
�I Record Date. The principal of and premium, if any, and
"interest on this Certificate are payable in lawful money of the
`United States: of America.
This Certificate is one "of an issue in the total
>f principal amount of $175,000 all.of like date of original issue
a I'' and tenor., except as to number, maturity, interest rate and
denomination, which Certificate has been issued pursuant to and
in full conformity with the Constitution and laws of the.State
of Minnesota and pursuant to a'resolution adopted by the City
Council on April 9, 1984 "(the "Resolution ") for the purpose of
providing money to acquire street maintenance equipment for the
City and is payable out of the General Obligation Equipment
Certificates of Indebtedness of 1984 Fund of the Issuer. The
Certificate constitutes a general obligation of the Issuer,, and
I to provide moneys for the prompt and full payment of the .
r. principal and interest when the same become due, the full faith.
and credit and taxing powers of the,Issuer have been and are
hereby irrevocably pledged.
s
The Certificates are °issuable solely as fully ;
registered Certificates in the - denominations of $5.,000 and
integral multiples thereof and are exchangeable for fully
registered Certificates of other denominations in equal
aggregate principal amounts and in authorized denominations at
the principal office of the Certificate Registrar, but only in
the manner and subject to the limitations provided iff,the.
Resolution. Reference is hereby made to the Resolution for a
description of the right's and duties of the Certificate
Registrar. Copies of the Resolution are on file in the'_.
,.principal office of the Certificate Registrar.
This Certificate is transferable by the Holder in
person or by his attorney duly authorized in writing at the
principal office of` "the Registrar upon presentation and
surrender hereof to the Registrar, all subject to the 'terms and
conditions provided in the Resolution and to reasonable regula-
tions of the Issuer contained in any agreement with the
,
. G
,
r � ,
3
2
a .
Registrar. Thereupon the Issuer shall, execute =and the
3
Registrar shall authenticate and deliver; in-exchange for this
_,
Certificate, one 6i more new fully registered Certificates Glin
the - name of the transferee (but not registered in blank or to
b
"bearer" or similar designati6 an authorized denomination
or denominations, in aggregatE\principal amount,equal to the, °,
1
principal amount of this Certif'cate,' of the same maturityn and
'
bearing interest at the same rate. -„
w
The Registrar may require payment. of a sum sufficient
r
to cover any tax or other governmental charge payable in
connection faith the transfer rir exchange of this Certificate.
The Issuer and the Registrar may treat the persovZin
whose name this Certificate is registered as the owner hereof
I
for the purpose of receiving payment as- herein provided and for
all other purposes, whether or not this Certificate shall be,
overdue and neither the Issuer nor "the: Registrar shall be
affected by notice to the contrary._
This Certificat"hall not be valid or become
,
j
obligatory for any purpose or be entitled to any security '
unless the Certificate of, Authentication hereon shall have been
;.
executed by the Registrar.:
IT IS HEREBY CERTIFIED AND "CITED that all acts,
conditions and things required by the Constitution and .laws of
#
JON
the State of Minnesota to be done, to happen and ta
performed, precedent to and in the issuance of -this
Certificate, have been done, have happene and have been
r
performed, in regular and due form, time and manner as required
by law, and this Certificate, together with all other debts of
ji
d
the Issuer outstanding on the date of original issue hereof,and >�
h
the date of its issuance and delivery to the original purchaser "
does not exceed any constitutional or statutory limitation of
indebtedness.
0
IN WITNESS WHEREOF, the City of Prior Lake, Scott
County, Minnesota, by its City Council has caused this
j {-
Certificate to . executed in its behalf by the manual
signatures of the Mayor and the Manager, the corporate seal of
i`
the Issuer having been affixed hereto.
r
s
0
a
1 r
�
I`
.j
l
"Date of Registration:
Registrable by: The office
of the
°
Manager of
the
City of Prior
,Lake, Minnesota -
'
Payable at: The, ,,office of the
a
Manager of the
City
of Prior Lake,
MLA
REGISTRAR'S
CITY OF PRIOR LAKE,',.
CERTIFICATE OF
SCOTT COUNTY, MINNESOTA
AUTHENTICATION
This Certificate is one
of the Certificates
`
descri%ed in the
Mayor
within mentioned
4
Resolution.
MANAGER OF THE CITY OF
1PRIOR LAKE, MINNESOTA
Manager
Registrars
Mafiager of the City
of Prior Lake, Minnesota
4 -
��
'"
4
7. The Certificates shall be executed on behalf f�f.
the City by the of
✓ signatures its Mayor and Manager and bP
sealed with the seal of,the,'City; provided, however,' tha'c the
seal of the City may be a printed'fac'simile; provided Further
that both of such signatures may be printed facsimiles and the=
corporate seal may be,,omitted on the Certificates,'as permitted
by law. In the event of disability or resignation or other
absence of either such officer, the Certificates may be signed;
by the manual or facsimile signature of that officer who may
act on behalf of such absent or' disabled officer.. In case
either such officer whose signature or facsimile of
signature shall appear-on the Certificates shall,cease to be,_
,such officer before the delivery 'of"`the C'e'rtificates',. such
signature facsimile shall nevertheless be valid and
sufficient for all: purposes, ,the same I s if he or '=she had
remained in office until delivery.
.; No Certificate shall be valid or obligatory -for =
any purpose or be entitled to any security or benefit under
this resolution unless and'. a Certificate :of
Authentication on such-Certificate, substantially, in the'form
her set forth, shall have been duly executed by ah
authorized of the Registrar. Certificates ` of.
- o
Authentication ow�differerft Certificates-need not be signed by
the same person. The Registrar shall authenticate the
signatures of officers of the City on each Certificate by
execution of.,the Certificate of Authentication on the
Certificate and by inserting as the date of registration in-the
space provided the date'on which 'the Certificate is'
authenticated, except that for purposes of.deliverincg the
original ,Certificates to the Purchaser, the Registrar shall
,insert as a date of registration the date of original issue,,
which date is,Aprii 1, 19.84." The executed Certificate of , 9
Authentication on each Certificate shall be conclusive evidence
that,it has been authenticated and delivered under this
resolution.
9. The City will cause to be kept at the principal
office of the Registrar a register in which, subject to such
reasonable regulations as the.,Registrar may prescribe, thy'
Registrar shall provide for the registration of Certificates
and the registration of transfers of Certificatas`'entitled , to
ba.r,egistered or transferred as herein provided.
p
Upon surrender for transfer of any Certificate "at the
principal office of the Registrar, the City shall execute (if
necessary), and the Registrar.,shall authenticate, insert the
o
date of registration (as provided in paragraph 8) and deliver,
in the name of the designated transferee or transferees, one or
more new Certificates :of any authorized denomination or
denominations of °a like aggregate - principal amount, having the
same stated maturity and interest rate, as requested by the
tr
transferor,; provided, aowever, that no certificate may, be
registered in blank or�'in the name of" "bearer" or similar
designation.- V
At the option of the holder, Certificates may be
exchanged for Certificates of any authorized denomination or
denominations of a like aggregate principal amount' and ,stated""
maturity, upon surrender of the Certificates to be exchanged at
the principal office of the Registrar. 'Whenever any
°
Certificates are so surrendered for exchange, the City shall
execute (if necessary), and the Registrar shall authenticate,,.
" insert the date of authentication of, and deliver the°
Certificates which the holder.jmking the : exchange is entitled
to receive.
All Certificates surrendered upon any exchange or `
N1
/ transfer provided for in this resolution shall be promptly '
cancelled by the Registrar and thereafter - disposed of as,,
.`
directed by the City.
All Certificates delivered in exchange for or upon
transfer of Certificates shall be valid general obligations of
the City the, same debt, and entitled -to the same
benefits under, this resolution,4s the Certificates surrendered"
for such exchange or transfer.
Every Certificate presented or surrendered fors`
transfer or exchange shall be duly endorsed or be accompanied
- "
by a'= Iwritten instrument of transfer, in form satisfactory `to
the Registrar, duly executed by „ holder thereof= or his
attorne dul = authorized in writing.
Y _Y
The Registrar may require- payment of a sum sufficient
to cover anv tax oi, other governmental charge payable1in
”
connection with the transfe&or exchange of any Certificate.
r
•
0
Transfers shall also be subject to reasonable ' regula-
tions of the Issuer contained in any agreement with the
Registrar,l,including' regulations which permit the Registrar to
close; its transfer books between record: " Ala* es ` and payment _
dates.
0. Each Certificate delivered upon transfer of^or,in
exchange for ors in lieu of any otliec Certificate shall `carry
all'the rights to interest accrued and•unipaid, and to accrue, ;
which,;were carried by such other Certificate. '
�°
ll. ; Interest on any Certificate shall be paid on each
interest payment date by check or draft mailed to the person`in
whose name ' Certificate is registered (the , "Holder ") on the
registration books of the City maintained by the Registrar and
=.
Y ,at the address 'appearing thereon at the close of business on
the fifteenth day of the calendar month next preceding such
interest_payment date (the "Regular Record Date "). Any such
'
interest not so timely paid shall ceaae be payable the °
°perion;,who is the Holder thereof as of the Regular - Record .Date,
'
and shall be payable to the person who is the 'Holder thereof at
the close of business, on a cute (the "Special Record Date ")
A
fixed by *,be Registrar whenever money becomes available for.:
}
payment,of the defaulted interest. Notice of., tbe Speclal'
'
Record Date shall be given by the Registrar to the HO Viers° not
��...
less than 10 days rior . to the Special Record Date �'r ++
Y P P
:.
A"N
° 12. The City and.the Registrar may treat the person
'in whose name any Certificate is registered as the owner ,,of
such Certificate for the purpose Hof receiving payment of
principal of and premium, if any and interest (subject to the t
payment provisions in paragraph 11 above) on, such Certificate
q ,
and for all other purposes whatsoever whether or not -such
Certificate shall be overdue, and .neither the City nor the M
Registrar shall be affected by notice to the contrary.
r ,
13. . The Certificates when so prepared and executed -
shall be delivered by_ the�'`1ity' Treasurer to they Purchaser upon s
receipt of the purchase price, and the Purchaser shall not be ,
obliged to- �e to the - : proper' application thereof.
14. There is hereby created a special fund to be
N
designated "General obligation Equipment Certificates of
indebtedness of 1984 Fund" (the "Fund ") to be held.and °
a '*
administered by the City Treasurer separate and apart from all
other funds of the City. The,Fun�d shall be maintained in the
manner herein specified until all of the Certificates herein
a
authorized .and the interest thereon have -beRn fully paid.
A
0
i
u'.
IQ n "
There shall be maintained in the Fund two separate accounts to
f,
be designated the "Capital Account" and the "Debt Service
Account ", respectively.,, The proceeds of the sale of the
Certificates herein authorized, less any accrued interest
received thereon) and ,less capitalized interest in the amount
;a
u of $11,000 ( together with interest earnings thereon and subject
to such other adjustments as are appropriate to provide
sufficient funds' to pay interest due on the Certificates on or
before February 1, 1985), shall "be credited to the Capital
Account, from which there shall be paid all costs and expenses
of acquiring the = Equipment, includir g' the cost` of any purchase.
`+
contracts heretofore let and all other costs incurred and to be
- incurred of the kind authorized in Minnesota Statutes, Section
, 4
75.65; and the moneys in said account shall be used for no
;
other purpose except as otherwise provided by law; provided'
that the Certificate p may also be used 'to the extent
n ecessary to pay interest on the Certificates due prior to the
anticipated date of commencement of the collection of taxes
herein levied. There is hereby pledged and there shall be
'
credited to the Debt Service Account ':(a) all accrued' interest
received. upon delivery of,the Certificates; ,(b) capitalised
interest in the amount °of $11,000 (together with interest
earnings thereon and subject to such o adjustments a s are
appropriate to provide )sufficient funds to pay interest due on
the Certificates on or before February 1, 1985); (c)" any
collections of all taxes herein levied for the payment of the
Certificates and interest thereon; (d) all funds remaining in
the Capital Account after completion of the acqurtisition of the
Equipment and payment of the costs thereof; and (e) all
investment earnings on funds held in the Debt Service Account.
The Debt Service Account herein created shall be used solely to
'
pay the principal and.interest and any premiums for redemption
r of the,,Certificates�issued. hereunder and any other general
obligation ceitificates of the City hereafter issued by the
'
City and made payable from said 'account as provided by -law.
Any sums from time to time held in the Debt Service Account (or
any other City account which will be used,,ta Fay principal or
interest to bt=me due on the certificates payable therefrom)
,
in` excess of amounts which under the applicable federal
arbitrage regulations 'ma "be invested without regard as to
v
yield shall .not be invested at a yield,in ei;cess of the
_.
rspplicable yield `restrictions imposed, by said arbitrage
< .
1 ^egulations on such investments.-
;
a
i ,
r
o
f
15. To provide moneys for payment.of the principal
r
and interest on the Certificates there is hereby levied upon
all of the taxable property in the City a direct annual ad
valdrenr tax which shalt be spread upon the tax rolls and
collected with and as art of other
P general property taxes in
the City for the years and in the amounts,as follows:
y:
Year of Tax - Year of Tax-..
Levy Collection Amount
1984 1985 $67,000
1985 1986 $70,000
1986. 1987` $74,070
The tax"'l'evies are such that if 'collected in full
`
they, together with estimated collections of other revenues
herein pledged for the "';payment of theCertificates, will
r.
produce -,at least t,*Vp percent'in excess of the amount needed to
meet when due the ;principal and payments on the
Certificates, The tax levies shall be irrepealable so long as
a_ny^'of the Certificates are.,, outstanding and unpaid, provided
that the City reserves the right ^and power reduce'the' levies
in the manner and to the extent, permitted by Minnesota
Statutes, Section 475.61(3).
Fob the prompt andQfull payment of the principal and
interest on the'Cetificates, as the same respectively become
due, t e'full faith, credit and taxing powers of city shall
be and "are hereby irrevocably pledged.` If the balance in the,,,
Debt Service Account °is ever-insufficient pay'all principal
,
and interest tn,' n� due on the Certificates payable therefrom,
j
the;deficiency be Promptly paid out> of 'any other funds of
the Ci i�whichiare" available for such purpose, and such other
funds may be �Oimbursedwith or without interest from the, Debt
=�
Service Account when g, sufficient balance is 'available there.irn.
16. The Clerk is hereby directed to file a cert3sfied
a ,copy of this �esolution with the County Auditor of. Scott
� Minnesota, together with such other .information ag'''e
shall requirE' and to obtain from the Auditor his certificate
that', the Ceriific'ates have `been entered in the Auditor's
,
Reg stsr; an� that the tax levy required by law has been made.
�w
G
IY
,
r
,
17. The officers of the City are hereby authorized
and "directed to prepare and ;furnish to the Purchaser of the
J
Certificates, and to the attorneys approving the legality of
4
�r
the issuance thereof, certified copiea'of all proceedings and
records of the City relating to the Certificates and to the
'financial condition and affairs of the City, and -'such other
affidavits, certificates and information as are`iequired to
show the facts relating to the legality and marketability of
the Certificates 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, in-
cluding any heretofore furnished, shall be deemed represen-
tations of the City as to the facts tecited therein.
za
The motion for the adoption of the foregoing
resolution was duly seconded by. member Dow Busse and
upon vote °being taken thereon, the following voted in fav or. a
thereof: Mayor Gary Johnson and Counclmembers Don Busse, Keith
Thorkelson and Carol Scott.
and the following oted against 'the NONE
,same:
`
Whereupon " said resolution w as declared duly passed
" `a3nd , �
},
,adopteC'
u,
r .
i
O
i
rr
n t ,
T a .
(, R
w
qll L