HomeMy WebLinkAboutCity Council Resolution 1972-284 and 2851 91
EXTRACT OF MINUTES OF SPECIAL MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a special meeting
of the Village Council of the Village of Plymouth, Minnesota, was
duly held at the Village Council Chambers, 14900 C 23rd Avenue
North, on the 15th day of August, 1972 at 8:00 o'clock p.m., Central
Daylight Time.
The following members were present: Mayor Hilde, Councilmen
Spaeth, Hunt, Neils and Seibold; and the following members were
absent: None.
The Mayor announced thatthe Council would consider all bids
for the purchase of $4,700,000 Improvement Bonds of 1972 as
advertised for sale. The Village Manager presented affidavits showing
publication of the notice of sale more than ten days in advance of sale
in the Minnetonka Sun, the official newspaper of the Village, and
in Commercial West, a financial paper published in Minneapolis,
Minnesota, which affidavits were examined and found to be satisfactory
and ordered placed on file.
The Village Manager presented the sealed bids which had been
delivered to him prior to the time specified in the notice of sale
and said bids were opened, examined and found to be as follows:
NAME OF BIDDER INTEREST RATES
Banc Northwest, 4.00% 1974-1978
Minneapolis, Minnesota, and 4.25% 1979-1980
Harris Trust and Savings Bank,4.50% 1981-1982
Chicago, Illinois 4.60% 1983
4.75% 1984
4.90% 1985
5.00% 1986-1988
Continental Illinois National 4.00% 1974-1978
Bank and Trust Co. and First 4.30% 1979-1980
National Bank of Chicago, 4.60% 1981-1982
Chicago, Illinois 4.80% 1983-1984
5.00% 1985-1986
5.10% 1987
5.25% 1988
AMOUNT OF BID
$4,645,668.00
TOTAL INTEREST
$2,185,657.00
AVERAGE RATE
4.8489%
AMOUNT OF BID
$4,665,247.50
TOTAL INTEREST
$2,212,833.75
AVERAGE RATE
4.9092%
Piper, Jaffray & Hopwood, Inc. 4.10% 1974-1978
Minneapolis, Minnesota and 4.309 1979-1980
John Nuveen & Co., Inc. 4.608 1981-1982
Chicago, Illinois 4.809 1983-1984
5.009 1985
5.108 1986
5.25% 1987-1988
UMIC, Inc.,
Memphis, Tennessee
4.00% 1974-1976
4.509 1977-1979
5.00% 1980-1982
5.10% 1983
5.208 1984
5.30% 1985
5.50% 1986-1988
AMOLNT OF BID
$4,646,279.00
TOTAL INTEREST
$2,249.921.00
AVERAGE RATE
4.9915%
AMOUNT OF BID
$4,643,600.00
TOTAL INTEREST
$2,397,612.50
AVERAGE RATE
5.31918
After due consideration of said bids, Councilman Hunt introduced
the following resolution and moved its adoption:
RESOLUTION NO. 72-284
RESOLUTION AWARDING THE SALE OF $4,700,000
IMPROVEMENT BONDS OF 1972
BE IT RESOLVED By the Village Council of the Village of Plymouth, l
Minnesota, as follows:
1. The bid of Banc Northwest of Minneapolis, Minnesota and
Harris Trust and Savings Bank of Chicago, Illinois, to purchase
$4,700,000 Improvement Bonds of 1972 of the village described in the
notice of sale thereof is hereby found and determined to be the
highest and best bid received pursuant to duly advertised notice
of sale and shall be and hereby is accepted, said bid being to
purchase bonds bearing interest as bllows:
Maturing Dates
1974-1978
1979-1980
1981-1982
1983
1984
1985
1986-1988
Interest Rates
4.008
4.259
4.504
4.60$
4.759
4.909
5.009
The Village Treasurer is directed to retain the good faith check of
the successful bidder pending completion of the sale and delivery of ti
bonds, and the Village Manager is directed to return the check of the
unsuccessful bidder forthwith.
The motion for the adoption of the foregoing resolution was
seconded by Councilman Seibold and upon vote being taken thereon, the
following voted in favor thereof: Mayor Hilde, Councilmen Spaeth,
Hunt, Neils and Seibold; and the following voted against: None.
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Whereupon said resolution was declared duly passed and adopted.
Councilman Spaeth introduced the following resolution and moved
its adoption:
RESOLUTION NO. 72- 285
RESOLUTION FIXING THE FORM AND SPECIFICATIONS
FOR $4,700,000 IMPROVEMENT BONDS OF 1972
DIRECTING THEIR EXECUTION AND DELIVERY
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED by the Village Council of the Village of
Plymouth, Minnesota, as follows:
1. The village shall forthwith issue its negotiable improvement
bonds in the principal amount of $4,700,000 dated August 1, 1972,
said bonds being 940 in number and numbered 1 to 940, both
inclusive, in the denomination of $5,000 each, bearing interest
as follows:
All bonds maturing after February 1, 1982 are subject to redemption
and prepayment at the option of the village, in inverse numerical
order, on February 1, 1982 and any interest payment date thereafter,
at par plus accrued interest and a premium of $75.00 per bond.
Thirty days prior notice of redemption will be given in the manner
provided by law.
2. Both principal and interest shall be payable at Northwestern
National Bank of Minneapolis, in the City of Minneapolis, Minnesota,
and the village shall pay the reasonable charges of said bank for
its services as paying agent.
3. The bonds and interest coupons shall be substantially
as follows:
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Maturing Dates
Interest
Rates
1974-1978
4.008
1979-1980
4.25%
1981-1982
4.508
1983
4.608
1984
4.758
1965
4.908
1986-1998
5.008
and which bonds mature on February
1 in the years and
amounts ab
follows:
Year
Amount
Year
Amount
1974
$325,000
1981
$400,000
1975
250,000
1982
400,000
1976
175,000
1983
400,000
1977
175,000
1984
400,000
1978
175,000
1985
400,000
1979
175,000
1986
400,000
1980
175,000
1987
425,000
1988
425,000
All bonds maturing after February 1, 1982 are subject to redemption
and prepayment at the option of the village, in inverse numerical
order, on February 1, 1982 and any interest payment date thereafter,
at par plus accrued interest and a premium of $75.00 per bond.
Thirty days prior notice of redemption will be given in the manner
provided by law.
2. Both principal and interest shall be payable at Northwestern
National Bank of Minneapolis, in the City of Minneapolis, Minnesota,
and the village shall pay the reasonable charges of said bank for
its services as paying agent.
3. The bonds and interest coupons shall be substantially
as follows:
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No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
Improvement Bonds of 1972
$5,000
KNOW ALL MEN BY THESE PRESENTS That the Village of Plymouth,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer out of its
Improvement Bonds of 1972 Fund, the sum of FIVE THOUSAND DOLLARS
on the lst day of February, 1974, and to pay interest thereon at
the rate of
Maturing Dates
1974-1978
1979-1980
1981-1982
1983
1984
1985
1986-1988
Interest Rates
4.00%
4.258
4.508
4.608
4.758
4.908
5.008
all interest to maturity payable February 1, 1973, and semiannually
thereafter on the lst day of August and the lst day of February in
each year, in accordance with and upon presentation and surrender
of the interest coupons hereto attached as they severally become
due. Both principal and interest on this bond are payable at
Northwestern National Bank of Minneapolis in the City of Minneapolis,
Minnesota, in any coin or currency of the United States of America
which on the date of payment is legal tender for public and private
debts.
All bonds maturing after February 1, 1982 are subject to
redemption and prepayment on February 1, 1982, or any interest
payment date thereafter upon payment of the principal amount of each
bond at par plus accrued interest and a premium of $75.00 per bond.
Thirty days prior notice of redemption will be given in the manner
provided by law.
This bond is one of an issue of bonds in the total principal
amount of $4,700,000 all of like date and tenor except as to interest
rates, maturity and redemption as issued by the village for the
purpose of providing money to defray the expenses incurred and to
be incurred in various public improvements, pursuant to and in full
conformity with the Constitution and Laws of the State of Minnesota,
including Minnesota Statutes, Chapter 429, and is payable primarily
from special assessments against property specially benefited
thereby, but constitutes a general obligation of the village and,
to provide monies for the prompt and full payment of said principal
and interest as the same become due, the full. faith and credit of
the village is hereby irrevocably pledged and the Village Council
will levy ad valorem taxes, if required for such purpose, which
may be levied on all of the taxable property in the village without
limitation as to rate or amount.
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
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have been performed in regular and due form, time and manner
as required by law; and that this bond, together with all other
indebtedness of the village outstanding on the date hereof and the
date of its actual issuance and delivery does not exceed any
constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the Village of Plymouth, Hennepin County,
Minnesota, by its village Council, has caused this bond to be
executed in its behalf by the facsimile signature of the Mayor and
the manual signature of the Village Manager and sealed with a
facsimile of the corporate seal, and the interest coupons hereto
attached to be executed and authenticated by the facsimile signatures
of said officers, all as of August 1, 1972.
(Seal)
am
(Form of Coupon)
ON THE FIRST DAY OF
FEBRUARY, 1973
the Village of Plymouth, Hennepin County, Minnesota, will pay to
bearer out of its Ir%rovement Bonds of 1972 Fund at northwestern
National Rank of Minneapolis in the City of Minneapolis, Minnesota,
the amount shown thereon for inte:est then due on its Improvement
Bonds of 1972 dated Aqgust 1, 1972.
No.
_ (facsimile signature) _ (facsimile signature)
Village Manager Mayor
4. The Village Clerk shall obtain a copy of the proposed
approving legal opinion of Messrs. Howard, LeFevere, Lefler,
Hamilton and Pearson which shall be complete except as to dating
thereof and shall cause said opinion to be printed on each bond,
together with a certificate to be signed by her facsimile signature,
in substantially the following form:
I hereby certify that the foregoing is a full, true
and correct copy of the legal opinion executed by the above
named attorneys, except as to the dating thereof, which
opinion has been handed to me for filing in my office
prior to the time of bond delivery.
(facsimile signature)
Village Clerk
5. The bonds shall be prepared under the direction of the
Village Manager and shall be executed on behalf of rhe village by
the facsimile signature of the Mayor and the manual signature of
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the Village Manager, and a facsimile of the corporate seal of
the village shall be affixed to each thereof, and the interest coupons
shall be executed and authenticated by the printed facsimile signa-
tures of said Mayor and village Manager. The said bonds, when
fully executed, shall be delivered by the Treasurer to the purchaser
thereof upon receipt of the purchase price, and the said purchaser
shall not be obligated to see to the proper application; thereof.
6. The bonds issued hereunder shall be payable from the
Improvement Bonds of 1972 Fund, and all the proceeds of the special
assessments to be levied for said improvement are hereby pledged
to said fund. If any payment of principal of or interest on said
bonds shall become due when there is not sufficient money in said
fund to pay the same, the Treasurer shall pay such principal or
interest from the general fund of the village and such fund shall
be reimbursed for such advances out of the proceeds of assessments
for said improvement when collected.
7. It is hereby determined that the estimated collection of
special assessments for the payment of said bonds will produce at
least five per cent in excess of the amount needed to meet, when due,
the principal and interest payments on the bonds, and no tax levies
are presently required. The Village Manager shall deliver a
certified copy of this resolution to the County Auditor of Hennepin
County, and obtain his certificate as required by Section 475.63,
Minnesota Statutes.
8. it is hereby determined that the improvements to be financed
by the issuance of bonds hereunder will benefit the entire
village and the village hereby covenants with the holders from time
to time of said bonds as follows:
(a) The village will cause the assessments for said
improvement to be promptly levied so that the first install-
ment will be collectible during 1973 and will take all steps
necessary to assure prompt collection.
(b) The village will keep complete and accurate books
and records showing all receipts and disbursements in
connection with each improvement, the assessments levied
therefor and other funds appropriated for their payment and
all collections thereof and disbursements therefrom, moneys
on hand and balance of unpaid assessments.
(c) The village will cause its said books and records
to be audited at least annually by qualified public accountants
and will furnish copies of such audit reports to any
interested persons upon request.
9. The officers of the village are hereby authorized and
directed to prepare and furnish to the purchaser of the bonds and
to the attorneys approving the same, certified copies of proceedings
and records of the village relating to said bonds and to the
financial condition and affairs of the village, and such other
certificates, affidavits and transcripts as may be required to show
the facts within their knowledge, or as shown by the books and
records in their custody and under their control relating to the
validity and marketabil.i:y of said bonds, and such instruments,
including any heretofore furnished, shall be deemed representations
of the village as to the facts stated thereon.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilman Hunt and upon vote being taken thereon,
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the following voted in favor thereof: Mayor Hilde, Councilmen Spaeth,
Hunt, Neils and Seibold; and the following members voted against:
None; whereupon said resolution was declared duly passed and
adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS_
VILLAGE OF PLYMOUTH)
I, the undersigned, being the duly qualified and acting Clerk
of the Village of Plymouth, Minnesota, hereby certify that I
have carefully compared the attached and foregoing extract of
minutes of a special meeting of the Village Council of said village
held August 15, 1972 with the original thereof on file in my office,,
and the same is a full, true and complete transcript therefrom
insofar as the same relates to the issuance and sale of $4,700,000
Improvement Bonds of 1972 of the village.
WITNESS My hand officially as such Clerk and the seal of
the village this �/ day of August, 1972.
(Seal)
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Sandra L. Haugen
Village Clerk
Village of Plymouth, Minnesota