HomeMy WebLinkAboutCity Council Resolution 1966-101EXTRACT OF MINUTES .OF SPECIAL MEETING OF
VILLNGE COUNCIL
OF
VILLAGE OF PLYMOUTH
Pursuant to due call and notice thereof a special meeting
of the village council of the Village of Plymouth was held on
June 27, 1966 at the Village Hall, 13800 State Highway No. 55,
commencing at 7:30 o'clock P. U. The following members were
present•
Mayor Staples, Trustees O'Fallon, Hagen and Renner. The
following members were absent: Trustee Hunt. ;
Trustee Vagen introduced the following resolution and
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moved its adoption: ;
"RESOLUTION NO. 66-101 -
RESOLUTION AWARDING SALE OF 5100, 000
TEMPORARY !'xPRO'T�iaS;NT BONDS
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BE 'IT RESOL11Eg BY Tim VILLAGE COUNCIL OF TAE VILLAGE OF
. PY,YMO�H A.9 FOLLO'CV'S : 7'
1o" , The" -bid .of Golden Valxey State Bank of Golden Valley,
Minnesota, to purchase $100,000 Temporary Improvement
Bojtdsof the^village dated July 1, 1966 and due' September 1,"1966.
..i5 hereby accepted, said bid being to purchase bcinc7s bearing Inter,
est-t.the rate of five percent (5%) per<annum at a`price of
$Y00833 4.
2. .The 'Village,, does hereby create a Construction ,Fund into
which sha11'be paid all proceeds,'of the Temporary Improve-:
ment Bonds to. be issued pursuant to this'resolution`and all proceeds
out + whiob sxalI be paid all -amounts, due and payable as costs and
e2penses incIctont to'or incurred in_cannection with the making of
succi iafproven►eIats..
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xh�re is :hereby created a Villageroect No. 66-1 Sinking
d A 0 which account th6re shall be paid al] proceeds of s,peo�al;
'aSsessmcz�ts" to be levied ageinst benefited property by reasonof
tie. utaking_ of ,the fo 'low" 'improvements •
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1) Sanitary Sewer Project 66-1A through 66-1G
and Trunk Sewer No. 6
2) Beacon Heights Stora Sewer
3j Garland Lane Storm Sev=er
4) Minneapolis industrial Park lateral sanitary
sewers, Projects No. X-85 and X-108
5) Larch Lane street relocation project
and out of which shall be paid principal of and interest on all
temporary and permanent improvement bonds issued pursuant to this
and subsequent resolutions to finance such projects.
3. The village herewith covenants and agrees that, in ac-
cordance with its statutory duties as provide in Min-
nesota Statutes, Section 429.091, it will pay and yeti a such
temporary improvement bonds and interest thereon out of proceeds
of definitive improvement bonds which the council shall issue and
sell at or prior to the maturity of the temporary improvement bonds
authorized by this resolution, to the extent that these temporary
improvement bonds cannot be paid out of funds available in the
sinking fund account or out of other municipal funds which are
properly available for such purposes and are appropriated for such
purposes by the council.
-4. It is hereby determined, declared and covenanted that
the village wil? levy special assessments against property
benefited by reason of the making of such improvement in an amount
of not less than 20% of the cost of such improvement and ad valorem
taxes, if necessary, will be levied so that the combined proceeds
of ad valorem taxes and special assessments will be sufficient to
produce at least 51 in excess of the sums necessary to pay principa]
and.interest, when due, on said temporary improvement bonds and
any definitive bonds to be issued as provided herein, with such
special assessments and ad valorem tax levies, if any, to be placed
ou the tax rolls subsequent to the time when said project has been
completed and the total cost has been determined.
5. The $100.,000 Temporary Improvement Bonds shall be l in
number in the denomination of $100,000. Interest on the
bond issued hereunder shall be payable on September 1, 1966 when
the principal value of said bond shall mature.
6, Said Temporary Improvement Bond shall be printed in
substantially the following form:
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KNOW ALL IMM SV '�'�n y `°�_a`N 'S 711a,t tho Vtlingo of Plsmotath.
1 duly, arganired aur. : O:~p 2rz c loo Of !40nnop' an County. t!in-
ne ota, a cRtnowledgev m trctf to tv, 4`.7di bled and, for vtalt!o rocolvvd,
pronises to pay fro-, wtn ,B,tnel dor :-,:bt1c. 1nj)ro%,vncnt
Bonds of I36ci tho s-_- o '17,RD Ziti0 ®O1.4_.+tEt3 can the 1,9-t
. day of September, 1 aS. w_�!e Pt cp:ian oC priorp%,Nniont, tvnd to
ma} interest thercon °ren he t°3 .erveof until paid nt the rete
of five percent (JV) per n==. payable then 18t: day of Septembt+r,
1n66. Both principal n.rd--iterest etre pnynblea at Golden t'ttlley
State Banc, Village of Gca d n Valley-, Rin€aesota. in any coin or
currency of the United Staten of A rica Which at the tine of
payment is legal tender for public and private dobts. For the
prompt and full payment of ssch principal and interest as the aan3
become dee, the full faith. credit and taxing powers of the village
are hereby irrevocably pledged.
This bond is in the agg-regate, principal amount of $100,000,
issued by said village for the purpose of defraying expenses in-
curred and to be incurred in the construction of public improve-
ments of the village and is issued pursuant to tend in full con-
formity wet:: the Constitution and lags of the State of Minnescua
thereunto enauw,ng, includiµg Kinnesota Statutes, Section 429.091,
Subdivision 3. this bond is payaile primarily from the proceeds
of special assessments to be levied by the village against property
benefited by the =aiming of such improvements but constitutes a
general obligation of the village: and the village is required to
pay the principal thereof :end interest thereon Erom any funds in
the treasury in the event the moneys on hand in said Construction
Fund are at any time insufficient to pay principal ttnd interest
on bonds of this issue, men due, and, at or prior to maturity of
this bond, the village is further required to issue and sell
definitive improvement bonds and to pay this bond and interest
thereon out of the proceeds of such definitive improvement bonds,
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o the extent that this bend coot be paid out of assessments arl,
taxes theretofore collected or out of any other municipal func'_s
nhich are properly available and appropriated by the village for
such purpose.
IT IS HEREBY CERTIFIED, F.SCITED, COVENANTED AND AGREED
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That all acts, conditions and things required by the Constitu-
tion and laws of the State of Minnesota to be done, to happen
and to be performed preliminary to and in the issuance of this
bond in order to make it a valid and binding obligation of the
village according to its terms, have been done, do exist, have
happened and have been performed as so required; that the village
has duly determined the necessity of and provided for the con-
struction of said improvement; that the Construction Fund has
been duly created and provision has been made for support th:reof
by ad valorem taxes and special assessments to be levied, at cr
prior to the time for issuance of such definitive bonds, for the
years and in aggregate amounts not less than five percent (50;
in excess of sums sufficient to pay the principal: and interest
on all bonds payable from said fund as such principal and interest
become due, and additional taxes, if needed for sa.i.d,purpose,
may be levied upon all taxable property in the village without
limitation as to rate or amount; that the holder hereof may have
and enforce by appropriate proceedings all duties imposed by
Minnesota Statutes, Chapter 429, upon the village and it, -i
aificers_with reference to the levy and collection of s.,Ad assess
rents and taxes and the issuance of said definitive bonds; and
that the issuance of this bond dict not cause the indebtedness
of said -village to exceed any constitutional or statutory
limitation.
IST W17TiOSS WFOREOF, the Village of Plymouth, ,Hennepin
County, Minnesota, by its 'Village Council, has caused this bond
to be executed in its beizal by the manual signature of its
Mayor and the manual signature of its Clerk, and sealed vrith
its imprinted and facsimile official seal, 2nd has caused this
bond to be dated as of July 1, 1966
yor
Clerk
rc�ax
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7, The will ;e clerk shall obtain a copy of the proposed
approvin,; legal opinion of Messrs. Howard, Petersor.,
LeFevere, Lefler and Hamilton, which shall be complete except
as to dating thercc-f. The clerk shall obtain a copy of the
opinion at the time of bond delivery and execute a serrarate
certificate as to such opinion in his office.
S. The bond shall be prepared under the direction of
�:ie village clerk and shall be executed on behalf of
the village by the manual signature of the mayor and the manual
signature of the clerk, and the corporate seal of the village shall
be affixed. thereto. When said bond has been executed and a-sthen-
ticated, it shall be delivered by the treasurer to tm.e pt_,rchaser
thereof, upon payment of the purchase price heretofor^ agreed
upon, and said purchaser shall not be obligated to Tec to the
application thereof.
9. The village clerk is hereby authorized and directed to
file a certified copy o.c this resolution with the
county auditor of Hennepin County, together with such other in-
formation as he shall require, and to obtain from said county
auditor a certificate that said bond has been entered on his
bond register.
The above motion was seconded by Trustee O'Fallon and upon
vote being taken thereon the following voted in favor thereof:
Mayor Staples, Trustees O'Fallon, Magen znd Renner.
The following voted agminEst: None
whereupon such resolution was declared duly passed and adopted.
STATE. OF MINNESOTA )
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH)
X, the undersigned, being the duly qualified and acting
clerk of the Village of Plymouth, MinneeD ta, hereby certify
that I have carefully compared the nttached and foregoing extract
of minutes of a regular mooting of the Village Council of maid
village held June 27, 1966, with the original thereof on file in
my office and the same is a full, true and complete triscript
therefrom insofar as the same relates 'to the issuance and sale
of $100,000 Temporary Improvement Bonds of the villaige.
'WITNESS, bfy hand officially as such clerzc and the corporate{
seal of the village this ..�..do day of .Tune, 1.955.
age UTEFT
Village of a17" nth, ginneffetv.
(Seal)