HomeMy WebLinkAboutCity Council Resolution 1964-062RESOLUTION NO. 64- 62
EXTRACT 'OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
PLYMOUTH, iMNNEPIN COUNTY, minESOTA
Pursuant to due call and notice thereof, a regular meetln,,
of the Village Council of the Village of Plymouth, Minnesota,
was duly held at the Village Hall, at 33800 State Highway No. 55,
on the 17th day of August, 1864, at 7:30 cl;lock P. M.
The following; members were present, ':rustees Curtis, C'Failan,
Humphrey and Clifford -
the :following members were absent: Mayer Staples.
Trustee Curtis introduced the following resolution
and zpnved its adaption:
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SAI,?, OF
$55,000 STREET IMPROVEMENT BONDS
BE IT RESOLVED.by the Village Council of the Village of
Plymouth, Minnesota, as follows:
1. The village council demes it neoussary and expedient
to,Assue the n6got,table coupon etroot tpprov@mant
bonds o5' 1.964 of the village in the amount of $55,000.
The specifications for such band issues shall be as
sot forth in the following Notice of Salsa and shall
be, substantially, the Notice of Bond Sale to be so
published:
NOTICE OF SALE
$55,000 Street Improvement Bonds of 1964
Village of Plymouth, Minnesota
NOTICE IS HEREBY GIVEN That the Village Council of the
Village of Plymouth, Minnesota, will meet at the Village Hall
In said village on Monday, the fourteenth day of September,
1064, at 7:30 o'c',ck P. M., Central Standard Time, for tho
purpose of receiving and considering sealed bids for the pur-
chase of $55,000 Street Improvement Bonds of 1964, dated
October 1, 1964, of the village, bearing interest at the rate
or rates designated by the successful bidder, payable October 1,
1965, and semiannually thereafter on October i and April i in
each year and maturing serially on October 1 in the years and
amounts as follows:
1966
$11,000
1967
11,000
less
11,000
1969
11,000
1970
11,000
all without option of prior payment.
The bonds will be general obligations of the village. The
village will furnish printed bonds in the denomlaatlon of $1,000
each. Both principal and interest will be payable at any suit-
able bank designated by the purchaser within 24 hours after
award. The village will furnish printed bonds and approving
legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler and
Hamilton, Minneapolis, Minnesota, both without expense to the
purchaser. The bonds will be delivered to the purchaser within
forty days after the date of sale, accompanied by an unqualified
approving legal opinion and customary final delivery papers,, -In -
eluding a certificate showing absence of litigation. A copy of
the approving legal opinion will be printed on the back of each
bond.
All bids must be in writing enclosed in a sealed envelope, be
unconditional except as to the above opinion, and be left with the
undersigned prior to the above tire accompanied by a certified
check, bank draft or cashier's chec, in the amount of at least
$1,100, payable to the order of the village, to be forfeited as
liquidated damages in event the bid is accepted and the bidder
fails to comply therewith. Bidders may state one or more in-
terest rates in multiples of one-quarter or one-tenth of one
percent. Each bid may specify additional interest represented
by extra coupons for a period not exceeding one year and in
amount not exceeding $550, and the total interest rate for any
period not to exceed 6%.
Bidders are also asked to state total interest cost and
average rate. No bid for less than par plus accrued interest
from date of issue to day of bond delivery will be considered.
Oral auction bids will not be received. The right to waive any
Informality and the right to reject any and all bids are re-
served.
By Order of the Village Council.
Herbert P. Lefler
Village Attorney
2201 First National Bank Building
Minneapolis, Minnesota 55402
H. T. Johnson
O on, Village lcrk
Village of Plymouth
13800 State Highway No. 55
Minneapolis, Minnesota 55427
2. The village council, deems it necessary in order to
provide for payment of said bonds at maturity to levy
assessments in the amount of $55,000 over a period
of five years,.beginning in 1905.
3. The village clerk shall cause the above notice of
such sale to be given by publication at least ten
clays in advance: ref.. said sale in the official news-
paper of the village and in Commerical West, a
financial paper published in Minneapolis, Minnesota.
The motion fo;• the adoption of the foregoing resolution
was duly seconded by Trustee OfFallon , and upon vote beim
taken thereon the following voted in favor thereof: Lrus:.,!ma Curtis,
:)'Fallon, Humphrey and Clifford. Abaant: Rayor ►taflaa.
and the following voted against the same: lion*.
whereupon said resolution was declared duly passed and adopted.
STAT$ OF MINNESOTA )
COUNTY OF HENNEPIN) eta,
VILI AGE OF PLYMOUTH)
I, the undersigned, being the duly qualified an,; actinL.
Clcrk of the Village oY Plymouth, Minnesota, hereby certify
that I have carefully comparod the attached and foregoing
extract of minutes of a regular mouting of the village council
of said village held August li, 1964, 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 sale
of $58,000 Street Improvement Bonds of the village.
WITNESS my hand officially as Clark of xald village this
17 day of �, 1964.