HomeMy WebLinkAboutCity Council Resolution 1966-2120
RESOLUTION as -Al J�'
RFSOLi1TION FIXING THE FOIti! AND SPECIFICATIONS
FOR $270,000 MUNICIPAL STATE -AID BMW,
DIRRCTI2i'ii THEIR EXECUTION AND D1LIQEBY
AND PWVIDING FOR THEIR PAYIiEIi'r'
BE IT RESOLVED By the Village Council of the Village of
Plymouth, !Minnesota, as follows:
1. This village shall forthwith issue its negotiable
municipal state -aid bonds in the principal amount
of $270,000 dated November 1, 1966, said bonds being 270 in
number and numbered: 1 to 270, both iucluo�ive, in the denomination
of $1,000 each, bearing interest as follows:
Maturity Rtes Interest Rates
All bonds on this issue 1.20' from 1/1/67 to 11/1/67
• and which bonds ma.turo serially on November 2 in the gears and
amounts as follows:
1987 - $15,000 1972 - $24,000 1977 - $15,000
1968 - 15,000 1973 - 24,000 1978 - 15,000
1969 - 15,000 1974 - 24,000 1979 -- 13,000
19.70 - 15,000 1975 - 24,000 1983 - 15,000
1971 - 15,000 1976 - 24,000 1981 - 15,600
all without option Gf prior payment.
2. Both principal and interest shall be payable at
Aswa rica.n National Bank and Trust Co., St. Paul,
Minnesota 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:
Ifo. $1,00n
UNITED STATES OF A14`f:-:wA
STA'L'E OF iililliE30TA
COwR n OF HENNEPIN
VILLAGE OF PLYMOUTH
MUNICIPAL STATE, -AID BONDS
KROW Ali, MW By TqESE PRUENTS That the Village of Plynout%,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer out of its
Municipal State Aid Bonds Fund, the sum of ONE THOUSAND DOLTARS
on the lot day of November, 19 , without option of prior payment,
and to pay interest thereon at the rate of
uri1Ilates Inst Rates
All bands on this issue 1.20% from 1/2/87 to 13/1/67
0
*21 Interest to maturity payable November 1, 1907 and semiannually
thereafter an the let day May and the lot day of Noveshep in
each year, 18 0,006r4*400 With and upon presentation and surrender
of the Interest doUPOU$ her -Oto attached an they severally become
due. Both principal and interest on this bond are payable at
American National Bank And Trust co., St. Paul, Minnesota in the
City of Saint PAU1, Minnesota, in ary coin or currency of the
'United, States of America which on the date of payment to legal
tonder for public and private debts.
Tbin baud is one of :an ismue of bonds in the total principal
amount of $270,000, each in the denomination of $10000, all Of
like date and toner except *4 to maturity z" Wit, all issued
by the village for the purpose of providing 'additional money to
defray the expenses iacurred'smd to be Incurred in municipal state -
aid street Improvements, pursuant to and in full conformity with
the Constitution and Lava of the State of Minarsota, Including
XIWWG*1t*,St*tWte5j Chapter 429, and Chapter 162, and in payable
from no"y Allotted or to be allotted to the village from Its
4ecoust In itbe municipal state -aid street fund of the Commissioner
of ff1VbW*y**f the State of Minnesota, but constitutes a general
obligation of the village and, to provide moneys for the prompt
and full payment of said principal and Interest as the same become
owl the full f%Itb and oxedit of the village is hereby trrevoc-
ably p1*4W4 and the Village Council will levy admaloren taxes,
it required for such purpose, which rAy be levied an all of the
taxable property in the -village without limitation as to rate or
Amount.
IT IS HXRMT CXJMIFIXD AND ARCITID That all acts, conditions
and things required by the Constitution and Laws of the State of
Minnesota to L,' dvae, 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 otannor as
required by law; and that this bond, together with all other
is4obtoduess 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 WITHUS #H i, the Village of Plyxcuth, Hennepin Comaty,
Minnesota, by Its Village Council, has camod this bond to be
executed In its behalf by the facsimile signature of the Mayor
"d the manual signature of the Village Clerk -Administrator
and mealod with the corporate seal, and the Interest coupons hereto
attached to be executed and authenticated by the facsimile siff-
natures of said officers, all as of November 1, 1966.
(MAL)
0 -4-
W-yor
(Form of upon)
No*
On the lot clay of November (flay) , 198 , the Village
of Plymouth, lapin County, Minnesota, will pay to bearer
out. of its Municipal State -Aid Bonds Fund at American rational
"I* and Trust Co., at. Paul, Minnesotaj. City of Saint Paul,
Minnesota, the amount shown hereon for interest then due an
Its Municipal 3tr•_t+e-Aid Bonds, dated Bovenber 1, 1988, No.
(facsimile signature)
ayor
(fscsinile signature)
er' n• raor
is 4. The Village Clerk-Adminietrator shall obtain a copy
of the proposed approving legal opinion of Messrs.
SWArrd, Peterson, LeFievere, Lefle. and M%milton, which shall be
complete enaept AS to dating thereof and shall cause said
opinion to be printed on each bond, together with a certificate
to to signed by his facsimile signature, in substantially the
9011aving form:
I �aeroby certify that the foregoing is a full,
true and correct copy of the legal opinion executed
by the above named attorneys, except as to Lee dating
thereof, which opinion has been handed to me for
filing in my office prior to tha time of bond delivery.
(facsimile signature)
- Vi3Tagg W-7ammistrator
:l. The bonds shall be prepared udder the direction of
the Village Cleric -Administrator and shall be executed
on behalf of the v111age by the facsimile signature of the Mayor
and the wanu*1 signatures of the Village Clerk -Administrator, and
the corporate seal of the villago *hall be affixed to each thereof,
And the interest coupons shall be executed and authenticated by
the printed facsimile Signature* of said Mayor and Village Clerk -
Administrator. The said bonds, when fully executed, shall be
delivered by thu Treasurer to the purchaser thereof upon receipt
of the purchase price, and the said purchaser shall not be
obligated to sae to the proper application thereof.
8. The bonds issued hereunder *lull be payable from the
Municipal State -Aid Bonds Fund, and money allotted
or to be allotted to the village Iron its: cgApirruction account
is tb* Municipal ptate-aid fundofthif IIoiniisriouer o ^HigTay*
of the state, of kinnesots in an amount sufficiHat to.M the
priscipa.l on , the T ods is heiiby pledgee to said fond. Ya
addition siiff cis -at coney frau t4.__ma ntppxpgv, tun¢ jo wed to
the vil= in the ra4viicipal et$ka-aid fund of the Commissioner
Of Sigh#raya of the State of Minnsuota necessary to pay the
a -5-
IT"
charges ou the bonds is hereby pledged to said fund.
13'" payrwpt oY principal of or interest on said bonds shall become
due when Mare is not sufficient money in said fund to )ay the same,
the Treasurer shall pay such principal or intereat.froa the general
fund of the village and such fund shall, be reimbursed for such
advances out of proceeds of assessments foe "said improvement when
collected.
7. 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 495.63,
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 sufficient moneys received
from its allotmento of both construction and maintenance
funds from: its municipal stat* -aid allocations to be set
aside for the payment of both principal and interest on the
bonds.
(b) The village will keep complete and accurate books
and records showing all receipts and disbursements in con-
nection with each Paprovf;ment.
.(e) 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 fasts stated therein.
The notion for the adoption of the foregoing resolution
was duly seconded by Trustee Hunt, and upon vote being taken
thereon, the following voted in favor thereof: Mayor Staples,
Trustees b'lallon, Bunt, Hagen and Renner; and the following
voted against the same: Hone; whereupon said resolution was
declared duly passed and adopted.
e• e • s* i t s
O1 -6-
STATS OF MINNESOTA )
COMrff OF UNNEPIN) as
V ILLAOX OF PLYILO T20
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 special meeting of the Village Council of
said village held October 26, 1966, with the original thereof
on rile in my office, and the name is a full, true and complete
itranscript therefrom insofar as the same relates to the issuance
and sale of $270,000 Municipal State -Aid Sonde of the village.
WITNESS My'hand officially as such Clerk -A i istrator and
the seal of the village/ his - 5-f y of , 1985.
(SUL)
* f
tweralap n er
Village of Plymouth,
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