HomeMy WebLinkAbout84-021The Council then proceeded to consider and discuss
the bids, -after which member
Thorkelson introduced
the following resolution and moved its adoption: o
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RESOLUTION 84 -
j RESOLUTION ACCEPTING BID ON SALE OF
$ 1,090 , 00 0 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1984
PROVIDING FOR,THEIR ISSUANCE AND LEVYING
A TAX FOR THE PAYMENT THEREOF
BE IT RESOLt7!I�� by the Council of the City of e�Prior "Lake,
Minnesota, as follows:
., 1. The bid of ?st Bank of St. Paul "
(the Purchaser ")
,
to purchase $1,090,
P 000 General ligation Improvement Bonds of
1984 of the City(hereinafter "Bonds"
�� referred to as or
individually�as "Bond" in accordance with- notice of bond
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sale, at'the rates .of interest hereinafter set forth, and to
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pay therefor the sum of $ 1,070,380.00 , plus interest accrued
to. settlement i hereby found, .determined and declared to be
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the most favorable bid received and is hereby accepted, -,and the
Bonds are hereby awarded to said bidder. The City Treasurer is
directed to retain the deposit of said bidder and to forthwith
return the good faith checks or drafts to the unsuccessful
bidders.
2. The Bonds shall be dated September 1 1984, as
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the date of original issue shall be issued forthwith as
fully registered bonds.
The Bonds shall be.,numbered from R -1
upward in the denomination of '"',000 each or in any - integral
multiple thereof. The Bonds shall mature on December 1 i the
years and amcougts as follows`:
1986 $ 90,000
0 1987 -1991 $100,000
, 1992- 1995_ �,' $125 00
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3. The Bonds shall provide funds for the construe - c '
tion of various "Improvements ")
in the City.
The Votal cost of the Improvements,`which� shall include`all
costs enumerated in Minnesota Statutes, Section 475.65,
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estim ted to be at least equal"to the amount of the Bonds
r here*, authorized.
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,Work on the Improvements shall proceed with'
. due diligence to. completion.
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4. The Bonds shall bear interest payable semi-
annually on'June 1 and December 1 of each year comneincin§�
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June 1, 1985 at the resp ective rates per annum set forth
opposite the maturity,years as follows:
Maturity Years Interest Rates
1986
198?„ ti
1988
1989 `
a.
,.. 1990
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1991.
1992 ,
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1993
1994
1995
S. All Bonds of this issue maturing in the years
j 'to 1995, both inclusive, shall- be subject to redemption'
and prepayment at the option of the City on December 1,'1990`-
and on any interest payment date thereafter at par and accrued
in, Redemption
may be in whole or in part of the Bondi
subject to
prepayment. If redemption is in part, those Bonds
.remaining unpaid 'which have the latest maturity date shall `
prepaid first; and if only part of the Bonds having a common:
maturity date are called for prepayment, the spacific Bonds to
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be prepaid shall be chosen b lot
y by the Bond'Registrar.
'Publiahed'notice
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of red
n emption shall in each case be given in
accordance with Yaw, and mailed notice of redemption shall be
given to the paying agent and to each registered holder of the
Bonds.
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To, effect a partial emptiP
mon maturity date, the Bond Registrar i g notice
=ior to givhn� of
redemption, shall assign to each Bond having ,a common maturity
date a distinctive number for
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each $5,00.0 Of the principal
amount of such Bond °'�' The Bond Registrar shall:;then select by
lot,
using such method of selection as it deem proper in`
its discretion,
Numbers so assigned to such Bonds, as many
numbers as, at $5,000 far, each number shall equal the
principal amount Of - such Bonds to be redeemed. The Bonds to ?he
redeemed shall be the `Bonds, to
which were assigned numbers so
selected. ,Provided, 'however, that only so much`of the
Principal amount of each such Bond of'a denomination of more
than $5,000
shall be redeemed as shall,equal $5,000 for each
number assigned to it and so selected.."
If a Bond is to be °
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redeemed only in part, it shall.be surrendered to the Bond
Registrar.(with, if the City or the Bond Registrar so requires,
a written instrument of transfer in form satisfactory, to the
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City and the Bond Registrar duly executed by the holder thereof-
or his attorney duly authorized in writing) and the City 'shall
execute and the Bond Registrar shall authenticate and deliver
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to the holder.of such Bond, without service.charge, a new Bond
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or Bonds of the same series having the same stated maturity and
interest.rate"and of any authorized denomination or ;
denominations, as requested by such holder, -in aggregate
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principal amount equal to and in exchange for the unredeemed
portion of the principal of the.Bond so surrendered. r
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Minnesota.is appo me to act as bon reg attar and transfer'
agent (the- "Bond Registrar ") and shall"do so unless and until a'
successor Bond Registrar is duly appointed, all pursuant to any
E;contrdct the City and °Bond Registrar shall execute which is
consistent herewith. The Bond Registrar shall also serve -as
..paying agent unless and until a successor paying agent is duly «;
appointed. Principal and interest on the Bonds shall be paid
to the registered holders (or record holder) of the Bonds in
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the manner set forth in the form°of Bond and.paragraph`12 of -
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this resolution.
7. The Bonds to be issued'hereugdar, together,with
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the Bond Registrar' 9 Certificate of Authentication, the form of
Assignment and the ' registration `information `'thereon shall be in
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aiibstantially the following forms
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
SCOTT COUNTY
CITY OF PRIOR LAKE`
R --
GENERAL OBLIGATION IMPROVEMENT
BOND OF 1984
INTEREST MATURT'FY DATE OF
"RATE DATE ORIGINAL ISSUE CUSIP
September 1, 1984
REGISTERED OWNER:
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PRINCIPAL AMOUNT:
KNOW 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 in
the manner set forth, the principal amount
specified above, on the maturity date app
pified above, unless
called for earlier redemption, and tQ A4 interest thereon
.semiannually on Jung 1 and December V3 f each year ( each, an
"Interest Payment'Date") commencing June 1, 1985 at the rate
per annum specified above, (calculated on the basis of a
360 -day year of twelve 30-day months) until the principal sum
is paid or has been provided for. This Bond 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
any, on this Bond are payable upon presentation and surrender
hereof at the principal office of _, a
duly organ zed and
val ex sting under the laws of
,(the "Bond Registrar "), acting as paying agent, or any
successor paying agent duly appointed by the Issuer. Interest 41
on'this Bond will be paid on each Interest Payment Date by
check or draft mailed to person in whose name this Bond is !
registered (the "Holder" or "Bondholder ") on the registration
books of the Issuer maintained by the Bond Registrar and at the, Win,
address appearing thereon at the close of business on the
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day of the calendar month next preceding su�h
,fifteenth
Interest Payment Date (the "Regular Record Date ") Any
t interest not so timely paid shall cease to be payable to the
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person who is the Holder hereof as of the Regular Rdcor 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")
fined by the Bond Registrar wlienever money becomes available
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for payment of the defaulted interest.• notice of the Special
Record Date shall be given to Bondholders -not lesw than ten
days prior to the`Special Record. Date. The principal of and
premium, if any, and interest on this Bond are payable in >
lawful money of the United States of America.'
REFERENCE IS HEREBY MADE TO THE ,FURTHER .PROVISIONS OF
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THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS
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SHALL FOR ALL PURPOSES HAVE THE ` EFFECT AS SET FORTH'
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�1IERE.
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IT IS HEREBY`CERTIFIED AND RECITED that all acts,
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conditi&s and things required by the Constitution and laws of
they State of Minnesota to be done, to happen and to be
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performed, precedent to and in the issuance of this Bond, have
been done, have happened and have been performed,An regular
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and due form, time,and manner as required by law; and this
Bond, together with alj. #; other debts of the Issuer outstanding
on the date of original issue hereof and'tl:e date of its
issuance and delivery ;to the original purchaser does not exceed
any constitutional or statutory limitation of indebtedness.,
IN WITNESS WHEREOF, the City of Prior Lake, Scott
County, Minnesota, by its City Council has caused this Bond to
be executed in its,, behalf by the facsimile signatures of they'
Mayor and the City Manager, the corporate seal of the Issuer
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having been intentiaially omittedoas permitted by lRV
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Date of Authentication:
%'Registrable by:
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BOND REGISTRAR 5
,, CITY OF PRIOR LAKE, h�
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CERTIFICATE OF
SCOTT COUNTY, MINNES' A
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AUTHENZ!ICATION
This Bond is one°of the,
Bonds described in the„_
/s/ Facsimile
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within mentioned 1
Resolution.
Mayor
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Manager
Bond Registrar
Authorized Si nature
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ON REVERSE OF BOND
All Bonds of this issue ,.maturing in the years 1991; to
1995, both inclusive, are subject to redemption and prepayment
at the option of the Issuer on December 1, 1990 and on any
Interest Payment Date thereafter at par and accrued interest.,
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Redemption may be in whole or in part of the Bonds subject to
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prepayment. If redemption is iri part, those Bonds remaining
_unpaid which have the latest maturity date shall be prepaid
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first,- if only part of the Bonds having a common maturity
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date are called for prepayment, the specific Bonds to be
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prepaid shall be chosen by lot by the Bond Registrar.
Published notice of redemption shall in each case be given in
accordance with law, and mailed notice of redemption shall be
given to the paying agent and to the Holders of the Bonds.
To effect a partial redemption of Bonds having,a
common maturity date, the Bond Registrar shall assign to each
Bond having a common maturity date, a distinctive number for
each '$5,000 of the principal amount of such Bond. The Bond
Registrar shall then select by lot, using such method of
selection as it s h all deem proper in ita discretion f rom the
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numbers assigned to the Bonds, as many numbers as, at $5,000
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each number, ,shall equal the principal amount of such Bonds
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to bw redeemed. The. Bonds to be redeemed shall be the Bonds to
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which were assigned numbers so selected. Provided, however,
that only so much. of the principal amount of "such ?Bond of,;a
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denomination of more than $5,000 shall be redeemed as shall
equal $5:,000 for each nutbber assigned to it and so selected.
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If a'Bond is to be redeemed only in part, it shall be
surrendered to the Bond Rggistiar,(with,, f the Issuer or the
Bond Registrar so requires, a, written instrument of transfer in
form satisfactory to the Issuer and+the Bond Registrar,duly
executed b the Holder thereof or. his attorney` duly authorized
in writing -, and the Issuer shall execute 'and the Bond Registrars
shall authenticate'and deliver to Holder of such Bond,
without service charge new Bond or 'Bonds of the same :series
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having the sama statsa- - maturity and interest rate and of any
authorized'denomigation or denominations, as requested by such
Holder, in aggregate principal amount equal to and in exchange a
for the unredeemed portion of the principal' the Bond so
surrendered.
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''this Band is one of an issue in the total_ principal
amount of $]'.,090,000 all of like date of original issue and
tenor, except as to number, maturity, interest rate,
denomination and redemption privilege, which Bond 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 August 29,_1984 (the r
"Resolution ") for the 'purpose of providing money to finance the
construction of various'improvements..in the. City and is payable
out of the General. Obligation Improvement Bonds of 1984 Fund of
the Issuer. This Bond constitutes a general obligation of the
% Issuer, ,and to provide moneys for the prompt and full payment j
of the.principal and interest when the same become due,-the
full faith ..and credit and taxing powers of the Issuer have been
and pare hereby 'irrevocably pledged.
,The Bonds are issuable�sole14' as fully registered
;. `Bonds in the; denominations of $5,000 , arid integral multiples
thereof and are exchangeable for fully registered Bonds of
other denominations in equal aggregate principal amounts and in
authorized denominations at the principal "office of the Bond
Registrar, but "'only in the manner and subject to the
"limitations- provided in th6 Resolution. Refe once "xs hereby
made to Resolution for a description of the rights and
dut�es the "Bond Registrar. Copies of the:Resolution are on
file in the principal office of the Bond Registrar. "
This Bond is transferable by the Holder if i "person or
by his ittorney. duly authorized in writing at tha principal
office of the Bond Registrar upofi presentation and surrender ;,,
hereof to the Bond Registrar, all subject to the terms and
conditions provided in the Resolution and to "reasonable regula-
tions of'the Issuer contained in any agreement w th the Bond
Registrar. 'Thereupon the Issuer shall, execute and the Bond
Registrar shall authenticate and deliver; in exchange for this
Bond, one or more; fully registered Bonds in the name of the
transferee (but'not registered in blank or to "*dearer" or
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0 simi1ar designation), of an authorized denomination or
denominations, in aggregate principal amount equal to'the
principal amount of this Bond, of the same maturity and.bearing
interest at the same rate.
The Bond Registrar may require payment of 'a sum
sufficient to cover any tax or other.` governmental charge
payable.in conne�cti6n with the transfer or exchange of this
Bond. G
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The Issuer and the Bond Registrar may ' the
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peregn in whose name this Bond is registered as. ' tie ,awlerv
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hereof for the purpose of re6eiving as herein proiiiided ^`
and for all other puitposes, whether or not this Bond'shal"l be
overdue, and neither the Issuer nor the Bond Registrarahall be
affected.by notice to the contrary.
This Bond shall not be valid'or become obligatory for r
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any pupos$ or be entitled to any - security' unless the
Vertificate of Authentication hereon shall have been,executed
by the Bond'Registrar.
The following abbrevi';ations, when used in the inscription
on the face of this Bond, shall be construed as thora they
were out in according to applicable laws or
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regulations:.
TENT , CON =� as tenants in common
T9W ENT - as /tenants by the entireties
JT TEN - ad' joint" tenants with right. of survivorship
Viand not as tenants in coaaon
UNIt ,4TFT MIN ACT Custodian
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Cush ,,: M no
under Uniform Gifts to Minors
° Act
State
Additional abbreviations may `also be used
' } though not in.the above list.
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8. The Bonds" shall be executed.on` behalf of the city
by the signatures of its.:Mayar and 'City ,Manager and be sealed
with the seal of the City; provided, however, that the seal of
the City may be .a printed facsimile; provided further =that both_
of such signatures may be prfacsimiles inted fac and the corporate
seal may be. omitted on the oils as permitted by law.. in the
.,event of disability'or resignation or other absence of either
such officer, the Bonds may be Aigned 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 facslmile of whose signature•shall, appear "on"
the Bonds shall cease to be such officer before the delivery of
the Bonds, such signature or facsimile shall nevertheless be
valid and sufficient for all,purposes,the same as if he or she
had remained in office until delivery.
9. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit under this
resolution unless and until a Certificate of Authentication on
such Bond, substantially in the form hereinabove set forth,
shall have been duly executed by an authorized representative
of'the Bond Registrar. Certificates of Authentication on ;
different Bonds need not be signed by the same person.- The -
Bond,Registrar,:shal;l authenticate the signatures of officers.of
the City on"each Bond',by' execution of the Certificate of
Authentication: on, the Bond and by inserting the date of authen-
ticai on in the space provided, 'except that for purposes of the
, Bands delivered to the Purchaser, the Bond Registrar shall
nsert as a date of'authenticition.the date of original issue,
r, which date is septeanber 1, 1984. The executed Certificate of
Authentication on each Bond "shall be conclusive evidence that
it has•been authenticated and'dslivered 'under this resolution.
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10. The City will .cause to be: kept at the principal
"of of the Bond i�Registrar a. bond. register, in which, subject
to such reasonable 'regulations as ,the Band Registrar may
" prescribe, ,th'e Bonet Registrar 'shall provide for the
registration of Bonds and the registration of transfers of .
rBonds entitled to ber registered or transferred ",,herein
provided.
Upon surrender for, transfer of any Bond at the
princi.pal'office of the Bon& Registiar„ the City shall execute ! �`
(if necessary), and the Bond:�Reg3�'trar st'iall authenticate, a
insert the date of.authenticating`l and deliver, in the name of
the designated transferee •or transferees, one or more new Bonds
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of any authorized denomnation'or denominations of,,a'`like
aggregate: principal amount, having the same stated" an id
- interest rate, as requested by the transferor;- provided,
however,.that no bond maybe registered in blink or in the name
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of "bearer" or similar designation. r
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At the option of the holder, Bondq,may be exchanged
for`Bonds of any authorized denomination or "I'denominations of 'a
like aggregate principal amount and stated maturity, upon
surrender of the Bonds to be exchanged at the principal office
of, the Bond Registrar. Whenever any Bonds are so`surrenderedo
for exchange, the City shall execute (if necessary), and the
Bond Registrar shall,authenticate, insert the date of
authentication of, and deliver the Bonds which the holder
- making the exchange is entitled to receive:'.
All Bonds surrendered upon any exchange,or transfer
provided for in this shall be promptly cancelled,by `
..the Bond Registrar and thereafter disposed of as directed by
the City.
All Bonds` delivered. in exchange for "o"t ,union transfer
of. Bonds shall be valid general obligatioim,;,uf. the City*,
evid`eeneing the same debt, and entitled" to the,-Iime benafita
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,under this resolution, as the Bonds surrendered for`such
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exchange or transfer.
Every Bond presented or. surrendered for transfer or"
exchange shall be duly ,erndorsed or be accompanied° by a'writtenr
instrument .of transfer, in form satisfactory to the Bond
a.
Reg sttarj, duly- executed „by /the holder ° thereof or his attorney `
duly authorized in writing:.,,
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The Bond Registrar ma y , require payment of a 'sum
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sutfLqient to cover any tax or 'other governmental charge
payable in connection with the transfer or,- ,exchange of any
Bond,.
Transfers shall also be subject to-reasonable regula-
tions of the Issuetr contained in any agreement with the Bond
Re including regulations which permit the Bond
Registrar to'close its transfer books between record dates and
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a e dates
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11. Each Bond delivered upon transfer of`or in
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exchange for or in lieu of any.. oth Bond shall carry all'th
rights do interest accrued and unpaid,., and to accrue, which
were carried' "by such other Bond.
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12. Interest on any Bond shall be paid on each f .
interest payment date by check or draft mailed to the person in
whose name the Bond is registered (the "Holder ") on the
registration books of the City maintained by the Bond'Registrar
and at the address appearing thereo4 the close of business U
on the fifteenth day, of the calendar nonth next preceding such
interest payment date (the "Regular Record Date ")'. Any such
interest not so timely paid shall cease to be payable to the
Person 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 date (the "Special Record Date")
fixed by the Bond Registrar whenever money becomes available
for payment of the defaulted interest. Notice of the Special
"P Record Date shall be given by the Bond Registrar to the Holders
not less than 10'days prior to the Special Record Date.
13. The City and tho Bond Registrar may treat the
person in whose name any Bond is:,registered the of
such Fond for the purpose,o£ receiving payment of principal of
and premium, -if any, and Yment '
interest. (subject,io. the a
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provisions in paragraph 12 Above),, on, such Bo� nd and ,' for all
other purposes whatsoever whether or not such Bond shall be
overdue, and neither the City nor the Bond.Ragistrar shall be "
affected by notice to the-contrary,
14. The Bonds when so prepared and executed shal
'delivered by the City Treasurer to the Purchaser upon recei0i
of the purchase price, and the,Purchaser shall not be obliged
to see to- the proper application thereof. n
15. There is hereby ,created a {l$pecial fund'to be
designated General Obligation,Improvement'Bonds of 1984 Fund"
(the :'Fund ") to be held and administered by the City Treasurer '
separate and apart from all, other funds of the City. ., -Ttie Fund
shall be maintained in the `manner herein specified until ail: of
the Bonds herein authorized and the interest thereon have bidif
fully paid. There shall be maintained in the Fund two separate
accounts to be designated the "Coaastructon Account" and the
"Debt Service Account ", respectively.ff-The proceeds of the sale
of,the Bonds herein authorized, less•any °accrued interest `
received thereon, and less any amount paid for the Bonds.in
excess of'$1,068,636,,and less capitalized interest in the
amount of $ (together with interest earnings thereon'
and subject to such other ad justmentsi as are, appropriate to
Provide sufficient funds pay, interest due on the,Bonds on or
before June 1, 1985), plus any special assessments "levied with
respect to Improvements financed by the.Bonds and collected;`
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prior to completion of the Improvements and.payment of'the
costs thereof, shall,be credited to the Construction,Account,
from which there shall be paid all costs and expenses of making
the Improvements listed in paragraph l6, including" tYtie cast of
any construction contracts heretofore let and all otraer costs
incurred and to be incurred of the kind authorize& in Minnesota
,Statutes, Section 475,65; and the moneys in said account shall
be used for no other purpose except as otherwise provided by
law; provided teat the Bond proceeds may also be used tor'the
extent� to pay interest on the Bonds due prior to ttae=
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anticipated date of commencement of they collection of taxes or
special assessments!gherein levied or covenanted to ,be evied;
,. aAd,provided; further that if upon completion of the `
% mprovemerta t iere shall remain any unexpended balance. .) the
Gonstructioa Account, the balanc6 (other than any special
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assessments) may be transferred by the Council to'the fund of
any other improvement instituted-pursuant to 'Minnesota
Statutes, Chapter 429; and provided further that any spedial
assessments credited to the Construction Account are hereby
pledged and shall b`a only to pay principal and interest
'due on the Bonds. Thare 'is hereby pledged and there shall be
`r credited to the Debt Account (aY all collections of
special assessments herein covenanted to be levied and either,;
l/ initially "credited to the Construction Account and required to
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pay.any principal and interest due on the Bonds or collected
s ubsequent
to the completion of the Improvements and payment of
the costs thereof; (b). all °accrued interest raceived-,upon
delivery o4,' the Bonds; (d) all funds paid for the Bonds in ."
exceas of $r,b68,636; (d) capital interest in the amount of
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$ (t` ether with interest earnings thereon and subject
to.such other adjustments as are appropriate to provide
sufficient funds to pay interest due on the Bonds on or before
June 1, 198 5) . (e) -any collections, of all taxes herein levied
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for the payment of the Bonds and interest thereon; (f) all
funds remaining in the Construction after completion of
the Improvements and paymentsof the costs thereof,'not so
transferred to the account of another, improvement; and (g) all
investment earnings on funds held in the Debt Service Account.
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The Account herein created shall be used solely to " ,
pay the principal and interest and any premiums for redemption:
of the Bonds issued hereundet and any other general obligation'-
bonds of the City hereafter issued by the City and made payable
from said account as provided by law. °Any, sumi3 from time- to
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time held in the Debt Service Account (or any other City :rz
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account which will be'& ed to pay principal or interest'
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become due on the bonds m"jyable therefrom") in exces of amounts
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which under the applicable federal arbitrage regulations may be
invested without regard as to,vield shall not be invested at
a
yieid in excess of the applicable yield restrictions imposed by".
said arbitrage regulations on such investments. -,
16. It is hereby determined that no less than 20% of
the cost to _the City of each Improvement financed hereunder
wi,th�n the meaning of Minnesota Statute,e, 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�the Improvements. The City hereby covenants and
agrees that it will let all construction contracts not here-
tofore let within one year after ordering each Improvement
financed hereunder unless the resolution ordering the=
Improvement
specifies "a dif£ezent time limit for the.letting of
,construction contracts and 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
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any such assessment be at any time held invalid with respect
any lot, piece or parcel of land,due to any error, defect, of
irregular ty 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 the assessments or in the
t
performance of any condition precedent thereto, the City and
this Council will forthwith do all further'acts and take all
further proceedings as may be required bylaw to make the
assessments a valid and binding lien upon such property. The
special assessments have not- heretoforel.been authorized,,and
acpprdingly, for purposes'o£ Minnesota Statutes, Section
475455, Subdivision 3, the special assessments are herdb
authorized. Subject to such adjustments as are required
'by
conditions in existence at, the time the assessments are levied,
the assessments Fare hereby authorized and it is hereby
determined that the assessments shall be payable'i l
n ua,
consecutive, annual installments, with eq
general taxes £or
the
years shown b6low"and with interest on the declining balance of
all such assessments at a.,rate'per annum not greater than the -
,-
;maxim= permitted by law and not less than % per annum:
Improvement
Designation Amount Le ry Years
Improvement Project
X10'. 84 -2 (.Terrace Circle)
•
-Ccm AhA4 Improvements of
�
].984 {County Road 21 and
r. Crest Avenue)
r
Improvement 'Project N'o.
54 -3 (150th Street, ,
zmprovedments)
"
At the time the assessments are in fact levied the
City Council shall, based on$`the then current,.estimated col- '
lections of the 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, Subdivision 1.
17. To provide moneys for payment,of the' ° principal
and interest, on the Bonds there is hereby levied upon all of
tho 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 property taxes - in the City'for the
years and in the amounts as follows:
Vear' of Tax Year of'GTax
"vv - Collections Amount
1984 1985 .. `
1985 " 1986: .
1986 1987 '
1987 1988, ,
1988 1989
1989 1990
1990 1991
y
1991 1992
1992 1993 A
1993 1994
The tax levies are such that if collected in full �
they, together with estimated collections of special assaes-
menus and other revenues herein'pledged "for the payment of the
Bands, will produce at least five percent n_excess -of the
amount needed to most when due the principal and interest
payments on the Bonds. The tax, levies shall be:irrapeal so
long as;any.of the Bonds are outstanding -and unpaid, provided
that the City reserves the right and power to reduce ;the levies' G },
in the manner and to the extent permitted by Minnesota
Statutes, Section 475.61(3).'
� k
For the prompt and`Iull payment of the pr ncipal'and t
w' intsT -09,t on the 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 Account!,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 reimbursed with or without interest from,the Debt t
Service Account when a sufficisnt.balance is available therein.
17
OP `� !
-
STATE OF MINNESOTA
COUNTY OF SCOTT
CITY ,9, F PRIOR LAKE` `
�
gyp.
I-, the undersigned, being the - duly T qualified and
acting Manager of the City of Prior Lake, Minnesota, DO HEREBY
CERTIFY that I Haire compared the attached and foregoing extract
of minutes with the original thereof on file in my office, and
that the same is a full, true and complete transcript of the
minutes of a meeting o'i the'City Councif 'of said City, duly
,r
called and held on the date ; thereinindicated, insofar, as such
minutes relate to openingkand considering, bide for, and
"
awarding the sale of $1,090 General Obligation Improvement
Bonds of 1984 of said City;
WITNESS my hand 'and the, seal of said City this 29th
daY of August , 1984.E
re
,
� 4 1 ,
Manager
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