Loading...
HomeMy WebLinkAboutCity Council Resolution 1964-066The motion for the adoption of the foregoing resolution was Mayor seconded by 11imotee staples and upon vote bQing taken thereon, the following voted in favor thereof: Mayor Staples, Trustees Curtis, O'Fallon and Humphrey; and the following voted against the same: None. The following were absent: Trustee Clifford; whereupon said resolution was declared duly passed and adopted. Mayor llrorwtee Staples introduced the following resolution and moved its adoption: RESOLUTION 64- 66 RESOLUTION FIXING THE FORM AND SPECIFI- CATIONS FOR $55,000 STREET IMPROVEMENT BONDS OF 1964, DIRECTING TREIR EXECU- TION 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 im- provement bonds in the principal amount of $55,00(, dated October 1, 1964, said bonds being 55 in number and numbered 1 to 55, both inclusive, in the denomination of $1,000 each, bear- ing interest as follows: bonds maturing in the year• 1966 through 197u, inclusive, 3.00% per annum; plus additional interest on all bonds at the rate of 1.40% per annum for the period from April 1, 1965 to October 1, 1965, represented by a separate coupon, all Interest payable October 1, 1965, and semiannually thereafter on April 1 and October 1 in each year, and which bonds mature serially on October 1 in the years and amounts as follows: 1966 - $11,000 1967 - $11,000 1968 - $11,000 1969 - $11,000 1970 - $11,000 all without option of prior payment. -3- 2. Both principal and interest shall be payable at Main Office of First 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 to be thereto attached shall be in substantially the following form; No. UNITED STATES OF AMERIC.1 STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF PLYMOUTH STREET IMPROVEMENT POND OF 1964 $1,000 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 Street Improvement Fonds of 1964 Fund, the sus of ONE THOUSAND DOLLARS on the lot day of October, 1566, without option of prior payment, and to pay interest thereon at the rate of three and no hundredths percent (3.00%) per annum, together with additional interest at the rate of one and forty hundredths percent (1.40%) per annus, for the period from April 1, 1965 to October 1, 1965, represented by a separate coupon, all interest to maturity payable October 1, 1965, and semiannually thereafter on the lot day of April and the 1st day of October 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 Main Office of First Naticnal Bank of Einneapolis in the City of Minneapolis , Minnesota, in any coin or currency of the United States of America which on the date of pay- ment is legal tender for publyc and private debts. This bond is one of an issue of bonds in the total principal amount of $55,000, ezzh in the denomination of $1,000, all of like date and tenor except as to interest rate and maturity, all issued by the village for the purpose of providing additional money to de- fray the expenses Incurred and to be incurred in making street im- provements, 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 benef;ted thereby, but constitutes a general obli- gation of the village and, to provide moneys 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. -4- 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 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 ex- ecuted in its behalf by the facsimile signature of the Mayor and the mannual signature of the Village Clerk, and sealed with the corporate seal, and the interest coupons hereto attached to be executed and authentic"ted by the facsimile signature of said officers, all as of October 1, 1964. (facsimile signature) Mayor -`Village Clerk (SEAL) (Form of Coupon) No. On the lot day of October (April), 196 , the Village of Plymouth, Hennepin County, Minnesota, will pay to bearer out of its Street Improvement Bands of 1964 Fund at , Minneuota, the amount shown hereon for interest then due on its Street Improvement Bond of 1964, dated October 1, 1964, No. (facsimile signature) mayor (facsimile signature) Village Clefrk 4. The Village Clerk shall obtain a copy of the prop)sed approving legal npinio.t of Messrs. Howard, Peterson, LeFevere, Lefler and ilamilton, 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 his fac- simile signature, in substantially the following form: E&M 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 fil- ing in my office prior to the time of bond delivery. (Facsimile signature) age Clefir 5. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the village by the facsimile signature of the Mayor and the mannual signature of the Village Clerk, and 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 signatures of said Mayor and Clerk. The said bonds, when fully executed, shall 'oe delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the same purchaser shall not be obligated to see to the proper application th,izeof. 6. The bonds issued hereunder shall be payable from the Street Improvement Bonds of 1964 Fund. and all the proceeds of the special assessments to be levied fL,.- said in- provosents are hereby pledged to said fund. If any payment of principal of or inverest on said bonds shall become due when there is not sufficient money in said fund to pay the sane, the Treasurer shall pay such principal or interest from the general fund of the village and such fund shall be reimbursed fnr such advances out of proceeds of assessments for said improvements 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 percent in excess of the amount needed to meet, when due, the principal and interest payments on the bonds, and no tax levies are prescatly required. The Clerk shall deliver a certified copy of this resolution to the County AudAtor of Hen- nepin County, and obtain his certificate as required by Sectiun 475.63, Minnesota Statutes. S. It is hereby determI ned that the improvements to be financed by the issuance of bonds hereunder will bene- fit the entire village and the village hereby covenants with the holders from time to time of said bond6c as follows; (a) The village will cause the assessments for said improvement to be promptly levied so that the first in- stallment will be collectible during 1965 and will take all steps necessary to assure prompt collection. (b) The village will keep complete and accurate books and records showing all receip;;s and disbursements in con- nection with each improvement, the assessments levied there- for and other funds appropriated for their payment and all collections thereof and disburefuents therefrom, moneys on hand and balance of unpaid assessments. -q- (c) The village will cause its said books and records to be audited at least annually by qualified public account- ants and will furnish copies of such audit reports to any interested persons upon request. 9. The officers of the village are hereby autLarized 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 trans- cripts as may be required to show the facts within their know- ledge, or as shown by the books and records in their custody and under their control relating to tht+ validity and market- ability of said bonds, and such instru rots, including any heretofore furnished, shall be deemed representations of the village as to the facts stated therein, The motion for the adoption of the foregoing resolution was duly seconded by Trustee Humphrey , and upon vote being taken nereon, the following voted in favor thereof: Mayor Staples, Trustees Curtis, O'Fallon and Humphrey; and the following voted against the same: None. The following were absent: Trustee Clifford; whereupon said resolution was declares duly passed and adopted. -7- 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 regular meeting of the Village Council of said village held September 14, 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 issuance and sale of $55,000 Street Improvement Bonds of 1964 of the village. WITNESS My hand officially as such Clerk and the seal of the village this day of September, 19J4. (SEAL) -8- K. T./Jonkiton;PiT aT ge er Village of Plymouth, Minnesota