HomeMy WebLinkAboutCity Council Resolution 1966-210W
® Trustee Hagc, introduced the following, resolution and moved
its adoption:
RESOLUTION 66- t
RESOLUTION FIXING THE FORM AND SPECIFICATIONS
FOR $1,310,000 PUBLIC IMPR0VEMENT BONDS OF 1966
(SERIES B) DIRECTING THEIR EXECUTION AND DELIVERY
ANJi PROVIDING FOR THEIR PAYMENT
BE IT P.6SOLVED By tae 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 $1,310,000
dated November 1, 1966, said bonds being 262 in number and numbered
1 to 262, both inclusive, in the denomination of $5,000 each,
bearing interest as follows:
Maturity Dates Interest Rates
1970-1974 4.25%
1975-1977 4.301
1978-1383 4.40,
1984-1996 4.50%
All bonds on this issue 1.50'x, from 3/16/67 to 5/1/68
and which bonds mature serially on November I in the years and
amounts as follows:
1968
$20,000
1976
$25,000
1984
$35,000
1992
$80,000
1969
30,000
1977
25,000
1985
35,000
1993
80,000
1970
35,000
1.78
25,000
1986
35,000
1994
80,000
1971
35,000
1979
25,000
1987
75,000
1995
80,000
1972
20,000
1980
30,000
1988
75,000
1996
89,000
1973
20,000
1981
30,000
1989
75,000
1974
20,000
1982
35,000
1990
75,000
1975
20,000
1983
35,000
1991
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 amount
of each
bond plus
accrued
interest
and a
premium
of $10.00
per $1,000.
Selection
of
all bonds to be
so redeemed shall
bA made in inverse
numerical order.
o and 'incti�gl and int egt i��a o]t t a ►aab i8 t
Fidelity Ban an rus ompany 3n e C
Minnesota, and the village shall pay the reasonable charges of
said bank for its services as paying agent.
No.
3. The bonds and interest coupons shall be substantially
as follows:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
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$5,000
0
W 0
Public Improvement Bunds of 1966 (Series B)
KNOW ALL HEN BY THESE PRESENTS That the Village of Plymouth,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer out of its
Public Improvement Bends of 1966 (Series B) Fund, the sura of FIVE
THOWAND DOLLARS on the list day of November 1968 and to pay interest
thereon at the rate of
Maturity Dates
1c,70-1374
1975-1977
J1978-1983
1984-1996
All bonds on this issue
Interest Rates
4.25*,
4.30%
4.40,
4.50%
1.50' from 3/16/67 to 5/1/68
all interest to maturity payable November 1, 1967, and semiannually
thereafter on the lot day of May and the let day of November
in each year, in accordance with and upon presentation and
.surrender of the interest coupons hereto attached an they severally
become due. Both principal and interest on this bond are payable at
Fidelity Bank and Trust Company in the City of Minneapolis, Minne-
sota, in any coin or currency of the United States of America which
on the date of pay -want is legal tender for public and private
debts.
All T)ondn maturing on November 1, 1982 or thereafter are
callable on November 1, 1981 cr any interest payment date thereafter
upon payment of the principal amount of each bond, plus a premium
of Fifty Dollars ($50.00) and accrued interest to date. Selection
of all bonds to be so redeemed shall be made in inverse numerical
order.
This bond is one of an issue of bonds in the total principal
amount of $1,310,000, each in the denomination of $5,000, all of
like date and tenor except as to interest rate, redemption and
maturity, all issued by the village for the purpose of providing
additional money to defray the expenses incurred and to be
Incurred in various public improvements. pursuant to and in full
conformity with the Constitution and Laws of the State of Min-
nesota, including Minnesota Statutes, Chapter 429, and is payable
primarily from special assessments against property specially
benefited thereby, but constitutes a general obligation of the
village and, to provide moneys for the prompt and full payment
of said principal ar,d interest as the same become due, the full
faith and credit of the village is hereby irrevocably pledged and
the Village Council will levy ad valorem taxes, if rewired for
such purpose, which .,'say be levied on all of the taxable property
in the village without limitation as vo rate or amount.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions
and things required by the Constitution and Laws of the State of
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Minnesota to be done, to happen and to be performed precedent to
and in tho 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
indebtedness of the village outstanding on the date hereof and
the date of its actual issuance and delivery dues not exceed any
constitutional or statvtory limitation thereon.
IN WITNESS WHEREOF, the Village of Plymouth, Hennepin County,
Minnesota, by its Village Council, has caused this bond to be
executed i" its behalf by the facsimile signature of the Mayor
and the manual signature of the Village Clerk -Administrator
and isealed with the corporate seal, and the interest coupons hereto
attached to be executed and authenticated by the facsimile signatures
of said officers, all as of November 1, 1966.
aper
X:"
(SEL)
No.
(Form of Coupon)
ON THE FIRST DAY OF
NOVEMBER, 1967
E
tge Village of Plymouth, Hennepin County, Minnesota, will pay to
bearer out of its Public Improvement Bonds of 1965 (Series B) Fund
at Fidelity Bank and Truest Company in the City of Minneapolis,
• Minnesota, the amount shorwn thereon for interest then due on its
Public Improvement Bonds of 1966 (Series B), dated November 1, 1955.
Im
(facsimile signature) (facsimile signature)
Village clerTE Mayor
Administrator
d. The Village Clerk -Administrator shall obtain a copy of
the proposed approving legal opinion of Messrs, Howard,
Peterson, LeFevere, 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;
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a
I 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 filing
in my office prior to the time of bond delivery.
(facsimile signature)
V'1Iage _Cler,z- nls tmt a
5. The bonds shall be pre pared 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 bte affixed to each thereof,
and the interest coupons shall be executed and authentiLated by
the printed facsimile signatures of said Mayor and Village Cler!c-
Administra`)r. The said bonds, when fully executed, shall be
delivered .; the Treasurer to the purchaser thereof upon receipt
of the purchase price, and the said purchaser shall not be ohli-
gated to see to the proper application thereof.
6. The bonds issued hereunder shall be payable from the
Public Improvement Bonds of 1966 (Series B) Fund, and
all the proceeds 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 sass, the Treasurer
shall pa.- such principal or interest from the general fund of the
village ..ad 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 pr lure at least five percent in excess of the amount needed
to meet, when 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 475.63, Minnesota Statutes.
• 8. 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 be promptly levied so that the first
installment will be collectible during 1968 and will tare
all steps necessary to assure prompt collection.
(b) The village will beep complete and accurate books$
and records showing all receipts and disbursements in con-
nection with each improvement, the assessments levied therefor
and other funds appropriated for their payment and all
collections thereof and disbursements therefrom, moneys on
hand and balance of unpaid assessments.
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(c) They village will cause its said booics and records
to be audited at least annually by qualified public acco+intants
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
copiers of proceedings and records of the village relating to
said bonds and to the financial condition and affairs of the
village, and such rather certificates, affidavits and trans -
cripts as mai- 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 deame d representations of the
village as to the facts stated therein.
The action for the adoption of the f.7r,:.going resolution was
duly seconded by Trustee Renner, and upon vote being taken
0 thereon, the following voted in favor thereof: Mayor Staples,
Trustees O'Fallov, stunt, Hagen and Renner; and the following members
voted against: none; whereupon said resolution was declared duly
passed and adopted.
STATTE OF MINNESOTA )
3
Cot3HT4' OF `..Ih MEPIN as.
VILLAGE OF PLYMOVM)
I, the undersigned, being the duly qualified and acting
Clerk -Administrator of the, Village of Plymouth, Minnesota, hereby
46 certify that I have carefully compared the attached and foregoing
extract of minutes of a special meeting of the Village Council of
said village held October 26, 1966, with the original thereof on
filu in my office, and the same is a full, true and eovsplete
transcript therefrom insofar as the same relates to the issuance
and sale of $1,310,000 'Public Improvement Bonds of 1966 (Series B)
of the village.
WITNESS My hand officially as such Cleric -Administrator' and
t�
the seal of the village this ;' 'da.y of I'' f [ 1966.
ra p n er
c L
Village Cleric-Admir.it rotor
Village of Plymouth, Minnesota.
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