HomeMy WebLinkAboutCity Council Resolution 1966-197i
BXTRACP OF MIND 8 OF RZOIW AR MMING OF
VILLAQC COUNCTL
VILLA(Z OF PLYNOUTB, HINNBWTA
Pursuant to due call and notice thereof a regular meeting
of the Village Council of the Village of Plymouth, Minnesota,
was bald on the 10th day of October, 1966, o"amencing at 7:30
olala k P. N. at the Village Sall, 13800 St:.te Highway leo. 55.
Ile
:'he following members were present: Mayor Staples,
Trustees O'Fallon, Hunt, Ogen and Renner;
and the following members were absent: None.
* e •
V14ZGi' a.taiden introduced the following
resolution and wowed its adoption:
RMOa,U'f ION NO. 86- 19T
A R28OLDTlpt PROVIDING FOR T= I=9INCR AND MLZ OF
S2,3xv,900
82 IT RZSEB.VZU BY TRE VILLAGE COUNCIL OF TSR VILLA03 OF
PLYL**V Ii AB FOLLOOW:
1. The Village Council deems it necessary and
expedient to issue its negotiable coupon public
improwe"St bonds of 1866 (Series B) in the &mount
of $1,310,000. The specifications for such bond
issue shall be as set forth in the following notice
of sale and shall bo substantially the notice of bond
sale to be so published.
W
NOTICE OF SALE
$1,310,000 PUBLIC IMPROVEMENT BOI:°DS OF 1066 (SERIES _
VILLAGE OF PLYMOUTIi, MINNESOTA
NOTICE IS HEREBY GIVEN, That the Village Council of the Vi_lag�
of P17 -mouth. Minnesota, will meet at the Village Hall in said village
on 1-7cdncsday, the 26th day of October, 1966 at 7:30 o'cloc'c P.
for the purpose of receiving and considering sealed bids for the pur-
chase of $1,310,000 Public Improvement Bands of 1966 (Series 3). dated
November 1, 1966, of the village, bearing interest at the rate or rates
designated by the successful bidder, payable November 1, 1967, -rd semi-
annually thereafter on May 1 and Novem;oer 1 in each year and r^t _•~_n_g
serially on November 1 in the years and amounts as follo?rs:
1963
- $20,000
1976
- $25,000
1984 -
1969
- $30,000
1977
- $25,000
1935 -
1970
- $35,000
1978
- $25,000
1986 -
1971
- $35,000
1979
- $25,000
1987 -
1972 -
$20,000
1980
- $30,000
1958 -
1973 -
S20,000
1981
- $30,000
1989 -
1974 -
$20,000
1982
- $35,000
1990 -
975 -
$20,000
1983
- $35,000
11991 -
1
$35,000
1992
- "30.C90
$35,000
1993
- ,30,000
$35,000
1994
- "20,^00
$75,000
1985
- s30,90G
$75,000
1936
- :^!30.009
875,000
$75,000
$75,000
all bonds maturing on November 1, 1982 or thereafter are callable on
November 1, 1981 or any interest payment date thereafter upon payment
of the principal -,mount of each bond plus accrued interest and a
premium Of $10.00 per $1,000.
The bonds will be general obligations of the village. The vil-
lage will furnish printed bonds in the denomination of $1,000 or
$5,000 each at the option of the successful bidder. 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 bonds and approving legal opinion of Messrs. Howard, Peterson,
LeFevere, Lefler and Hamilton, Minneapolis, Minnesota, both without
expense to the purchaser. The bonds will be delivered 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 tc approving
legal opinion will be printed on the back of each bond.
All bids must be in writing enclosed in a sealed envelope, be
unconditional except as herein provided and be left with the under-
Wigned prior to the above time, accompanied by a certified check, bank
draft or cashier's check in the amount of at least $26,200, payable to
the order of the village, to be forfeited -as liquidated damages in
event the bid is accepted and the bidder fails to comply therewith.
Bids shall state one basic rate of interest from drv-e of issue
to maturity for all bonds having a common maturity dat,?, Bids r..ay
provide that all or some of the bonds may bear additional interest
evidenced by separate supplemental coupons in a total amount not
exceeding $26,200. All rates must be stated in integral multipled
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 ma.tur�ties.
The bid offering the lowest net interest cost (total interest from
November 1, 1966, to stated maturities less any premium offered)
will be deemed the most favorable.
No bid of less 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% pe- annum will `)e considered. Oral. auction bids
will not be received. The right to waive any informality, to reject
41ny and all bids and to adjourn the sale are reserved.
BY ORDER OF THE VILLAGE CC`:7CIL
Gerald G. Splinter
Village Clerk -Administrator
13800 State Highway No. 55
Minneapolis, Minnesota
0
2. The 'Village Council deems it necessary in order to
provide for payment of said bonds at maturity to levy
assessments in the amount of $1,310,000 over a period
to of 30 years beginning in 1868.
S. The Village Clark shall cause the above notice
of such wale to b0 given by publication at least
10 dates in advance of said sale in the official
newspaper of the village and In Commercial Hest,
1 financial newspaper published in Minneapolis,
Minnesota.
The motion for the adoption of the foregoing resolution
was duly seconded by Trustee Hagen
and upon vote being taken thereon, the following voted in favor
thereof: Mayor Staples, Trustees O'Fallon, Hagen, Renner and Hunt
and the following voted against the 81100: None
10 Whereupon said resolution was declared duly passed and adopted.
* * * * * * * e *
STA= OF MI NBSOTA )
COMM OF MMSPIH ) as.
VlLi.GM OF '°aL7 WV=)
I# the VAder*1WWd, UPfAg the duly qualified and sating clerk
of the 'Village of Plymouth, Minnesota, hereby certify that i have
carefully compared the attached and foregoing extract of minutes of
A spacial meeting of the Village Council of said village hold
October 10, 1988, with the original thereof on file in my office
and the same is a full, true and complete transcript therefrom
ioeofar as the Same► reiateu to the issuance and sale of $1,310,000
1�4.blic Improvement Bonds of 1966 (Series a) of the village.
WITY2880 My hand officiall. as such clor,�}and the corporate
seal of the village this der of 1 `r - 0
. 1888.
1=11,
ge VILOW
Village of plyeoout Minnesota
(Seal)