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.
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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.
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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.
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(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.
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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)
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K. T./Jonkiton;PiT aT ge er
Village of Plymouth, Minnesota