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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.