HomeMy WebLinkAboutCity Council Resolution 1966-1840
11
RXTPACT Or' MITiRJTES OF REST140
OF VILLAGE r'OUNC IL OF
VILLAGE OF PLYMOUTH
Pursuazt to dash call and notice thereof, a regular meeting
of the Village Council of the ?Illage of Plymouth was held
on the 3rd clay of October, 1966 commencing at 7:30 o'clock P. H.
It the Villago HAll, 13800 State Highway No. 55.
The following members were, present- Mayor Staples, 'rruatees
OlPallon, Hagen, Hunt and Pennor
and the following members were absent: None.
Mayor Staples introduced the folloving resolution
and moved its adoption:
11RZ8OLVrION NO. 80•-134
A RESOLUTION PROVIDING FOR THE ISMNCi AND ShLE OF
$570,000 MUNICIPAL, STATE -ti ID BONDS
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OB
PLYUOVM AS FOLLOWS:
i' 3. The Village Council deems it to be necessary and
tacpedieut to issue negotiable conn municipal
state -aid bonds in the amount of 10270,000. The
specifications for such, bond issue shall be as
set fortis in the following Notice of Sale and
shall b% substantially, the Notice of Bond Bale
to be so published.
-I-
1-1
0 0
NOTICE OF F,",LM
$270,010 MUN CI PA T S7ATE t 7. 3CNDS
VILLAGE OF PLr.j0U 11, AIINsvESGTA
NOTICE I3 HEREBY GIVEN, That the Village Council of the
Vilinge of Plymouth, Minnesota, will meet at the Village Hall in
said village on Monday, the 24th day of October, 1966 at 7;30
o'clock P. M., Central Daylight Time, for the purpose of receiving
and considering sealed bids for the purchase of $270,000 Municipal
State -Aid Bonds, dated November 1, 1966, of the village, bearing
interest at the rate or rates designated by the successful bidder,
payable December 1, 1967, and semiannually thereafter on June 1
and October 1 in each year and maturing serially on December 1 in
the years and amounts as follows;
1967
- $15,000
1972
- $24,000
1977
- $15,000
1968
- 15,000
1973 -
24,000
1978
- 151P000
1969
- 15,000
1974 -
241000
1979
- 15,000
1970
- 15,000
1975 -
24,000
1980
- 15,000
1971
- 15,000
1976 -
24,000
1981
- 15,000
all without option of prior payment.
The bonds will be general obligations of the village. The vil-
so lage will furnish printed bonds in the denomination of $1,000 each.
Both principal and interest will be payable at any suitable bank
designated by the purchaser within 24 hours after award. The village
will furnish printed bands and approving legal opinion of Usears.
Howard Peterson, LeFevere, Lefler and Hamilton, Minneapolis, Minne-
sota, Loth without expense to the purchaser. The bonds will be de-
livered to the purchaser within forty days after the date of sale,
accompanied by an unqualified approving legal opinion and customary
final delivery papers including a certificate showing absence of
litigation. A copy of the approving legal opinion will be printed
on the back of each bond.
All bids roust be in writing enclosed in a sealed envelope, be
unconditional except as herein provided and be left with the under-
signed prior to the above time accompanied by a certified check,
bank draft or cashier's check In the amount of at least $5,400,
payable to the order of the village, to be forfeited as liquidated
damages in event the bid is accepted and the bidder falls to comply
therewith.
Bids shall state one basic rate of interest from date of issue
to maturity for all bonds having a common maturity date. Net less
than four much rates shall be specified for the issue and the
maturities may be split not more than four ways for the purpose
of designation of such rates, provided that bids may provido that
all or some of the bonds may boar additional intorest evidenced by
separate supplemental coupons in a total amount not exceeding
$2,700. All rates must be stated in integral multiples of 1/4 or
1/10 of 1% and no basic interest rate for later maturities shall be
less than the basic interest rate for any prior maturities. The
bid offering the lowest net interest coat (total interest from
November 1, 1966, to stated maturities less any premium offered)
will be deemed the most favorable.
No bid of lose than par plus accrued interest to the date of
delivery or providing for a total interest rate on any bond for any
period exceeding 6;6 per annum will be considered. Oral auction bids
will not be received. The right to waive any informality, to reject
any and all bids and to adjourn the sale are reserved.
BY ORDER OF THE VILLAGE COUNCIL
Gnra.ld G. Splinter
Village Clerk -Administrator
10800 State Highway No. 55
M.nneapolis, Minnesota 55427
V
•
•
2. The Village Council shall, in order to provide for
payment of said bonds at maturity, irrevocably
pledge and appropriate to the sinking fund from
which said bonds are to be paid an amount of the
noney al.loted or to be alloted to the village from
its acooUKt in the municipal state -said street
fund cufficien`_ %-o pay the principal of and the
interest oa the obligations as they respectively
become due.
3. The Village Clerk -Administrator shall cause the
above notice of such sale to be given by publication
est least ten days in advance of said sale in the
official newspaper of the village and in Commercial
Went, a financial nepaper published in Minneapolis,
Minnesota."
Tht- above notion was seconded by rushee .;aFr,n
• and upon vote being taken thereon, the following voted in favor
thereof: Ma.Yor ':;taplea, rruateiw Q'F'allon, Benner, Iaa-�n anh Hent.
the following voted against: None.
Whereupon said resolution was declared duly passed and adopted.
4 • t
BTATX OF Nillxiem )
COUNWT OF FRMPIX ss .
VILLAdi OF PLTUOUM
1, the undersigned, being the duly qualified and sating
clerk of the Village of Plymouth, Minnesota, hereby certify
that I have carefully compared the attacked and foregoing
extract of minutes of a regular meeting of the Village Council
of said village held October 3, 1988, with the original thereof
on file in my office and the Sams is a full, true and complete
transcript therefrom insofar as the sans relates to the
Issuance and sale of municipal state -aid street bonds of the
village.
tlTNUS, My hand officially as such lark and the
corporate seal of the village this day of Octl�er, 1988.
Village of
0 -3-