HomeMy WebLinkAboutCity Council Resolution 1966-112Lj
Mayor Staples introduced the f;,llowing resolution and moved
its adoption:
RESOLUTION 66-
RESOLUTION FIXING THE FORM AND SPECIFICATIONS
FOR $3,000,000 PUBLIC IMPROVEMENT BONDS OF 1966,
DIRECTING THEIR EXECUTION 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 public
improvement bonds in the principal amount of $3,000,00(
dated august 1, 1966, said bonds being 600 in number and numbered
1 to 600, both inclusive, in the denomination of $5,000 each, bear-
ing interest as follows:
Futurity Dates Interest Rates
1569-2-9�` j . 7 blk
1982-1991 '1.60"
1969-1991 1.00% from 9/1/66 to 8/1/67
1992-1996 6.00% from date of bonds
to August 1, 1983
1992-1996 1.00% from August 2, 1983
to respective maturities
and which bonds mature serially on August 1 in the years and amounts
as follows:
1969 $95,000 1976 $100,000 1983 $110,000 1990 $110,000
1970 95,000 1977 100,000 1984 115,000 1991 110,000
1971 95,000 1978 105,000 1985 114,000 1992 110,000
1972 95,000 1979 105,000 1986 115,0GC, 1993 120,000
1073 65,000 1980 105,000 1987 110,000 1994 120,000
1974 95,000 1981 110,000 1988 110,000 1995 120,000
1975 100,000 1982 110,000 1989 110,000 1996 120,000
All bonds maturing in 1982 and thereafter may be redeemed on August 1,
1981 or any interest payment date thereafter upon payment of the face
amount of the bond, plus a premium of $50.00 and accrued interest to
date. Selection of all bonds to be so redeemed shall be made in
inverse numerical order.
2. Both principal and interest shall be payable at The First
National Bank of Saint Paul in the City of Saint Paul,
Minnesota, and the village shall pay the reasonable charges of
said bank for its services as paying agent.
3. The bonds and interest coupons shall be substantially
as follows:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
-3-
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 in-
debtedness of the village outstanding on the date hereof and the
date of its actual issuance and delivery does not exceed any con-
stitutional or statutory limitation thereon.
IN WITNE33 WHEREOF, the Village of Plymouth, Hennepin County,
Minnesota, by its Village Council, has caused this bond to be
oxocuted in its behalf by the facsimile signature of the Mayor
and the manual signature of the Village Clerk -Administrator
and sealed with the corporate seal, and the interest coupons hereto
attached to be executed and authenticated by the facsimile signatures
o said officers, all as of August 1, 1966.
mayor
,
Village Cir - n s ra 5er
(SEAL)
No.
(Form of Coupon)
ON THE FIRST DAY OF
AUGUST, 1967
S
tho Village of Plymouth, Hannopin County, Minnesota will pay to
bearer out of its Public Improvement Bonds of 1966 Fund at The
Firot National Bank of Saint Paul in the City of Saint Paul,
Minnesota, the amount shown thereon for interest then due on its
Public Impravoment Bonds of 1966, dated August 1, 1966.
No.
(facsimile signature) (facsimile signature)
--V'1=5d0 Marx mayor
Administrator
h, The Village Clerk -Administrator shall obtain a copy of
the prope4ed approving legal opinion of Messrs. Howard,
Peterson, LeFe3vere, Lefler and Hamilton, 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 facsimile signature, in substantially the following form:
-5-
• 1 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)
Viliage Clerk -Administrator
5. The bonds shall be prepared under the direction of
the Village Clerk -Administrator and shall be executed
on behalf of the village by the facsimile signature of the Mayor
and the manual signature of the Village Clerk -Administrator, 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 Village Clerk -
Administrator. The said bonds, when fully executed, shall be
• delivered by the Treasurer to the purchaser thereof upon receipt
of the purchase price, and the said purchaser shall not be obli-
gated to see to the proper application thereof.
6. The bonds issued hereunder shall be payable from the
Public Improvement Bords of 1966 Fund, and all the pro-
ceeds of the special assessments to be levied for said improvement
are hereby pledged to said fund. If any payment of principal of
or interest on said bonds shall become due when there is not
sufficient money in said fund to pay the same, the Treasurer shall
pay such principal or interest from the general fund of the village
and such fund shall be reimbursed for such advances out of proceeds
of assessments for said improvement when collected.
7. It is hereby determined that the estimated collection
of special assessments for the payment of said bonds
will produco at least five percent in excess of the amount needed
to meet, whon due, the principal and interest payments on the bonds,
and no tax levies are presently required. The Clerk -Administrator
shall deliver a certified copy of this resolution to the County
Auditor of Hennepin County, and obtain his certificate as required
by Section 975.63, Minnesota Statutes.
S. It is hereby determined 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 bonds as follows:
(a) The village will cause the assessments for said
improvement to bo promptly levied so that the first in-
stallment will be collectible during 1967 and will take
all steps necessary to assure prompt collection.
(b) The village will keep complete and accurate books
and records showing all receipts 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 disbursements therefrom, moneys on
hand and balance of unpaid assessments.
I!r^n
(c) The village will cause its said books and records
to be audited at .least annually by qualified public accountants
and will furnish copies of such audit reports to any interested
persons upon request.
9. The officers of the village are hereby authorized 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 knowl-
edge, or as shown by the books and records in their custody
and under their control relating to the validity and market-
ability of said bonds, and such instruments, 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 O'Fallon, and upon vote being taken
. thereon, the following voted in favor thereof: Mayor Staples,
Trustees O'Fallon, Hagen and Renner; and the following members were
absent: Trustee Hunt; whereupon said resolution was declared duly
passed and adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN) ss.
VILLAGE OF PLYMOUTH)
I, the undersigned, being the duly qualified and acting
Clerk -Administrator 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 July 12, 1966, 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 $3,000,000 Public Improvement Bonds of 1966 of the
village.
WITNESS My hand officially as such Clerk -Administrator and
the seal of the village this f day of �.�,.(. , 1966
Raul oog -V3.11age pyerk-Administrator
Village of Plymouth, Minne !7ta
(SEAL)