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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)