HomeMy WebLinkAboutCity Council Resolution 1967-1126 IN
EXa31Zi' OF MINUTES OF MEETING
OF TIL? V!LLAGE COUNCIL OF THE VIL-
LAGE Op PLYMOUTH, HENNEPIN COUNTY,
MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of
the Village Council of the Village of Plymouth, Minnesota, was duly
held at the Village Hall in said village on Monday , the 17th day
of July , 1967, at 7:30 o'clock P.M.
The following members were present: Mayor Staples, 0ouncilmen
O'Fallon, Hunt and Duntley.
and the following were absent: Councilman Hagen
Mayor Staples introduced the following resolution
and moved its adoption: 6. 7j //
A RESOLUTION PROVIDING FM
THE ISSUANCE AND SALE OF
$100,000 PARK IMPROVEMENT
BONDS OF 1887 AND $220,000
IMPROVEMENT BONDS OF 1867
WHEREAS, a special election was held on 11 , 186.&,
within the Village of Plymouth, and
WHEREAS, the voters of said village approved the issuance of
$100,000 negotiable coupon bonds by a vote of 732 in favor and
678 opposed to
and,
WHEREAS, various improvement projects have been constructed or
are being constructed it the village,
NON, THBtMOU, BE IT RESOLVED By the Village Council of the
Village of Plymouth, Minr-•sota, as follows:
1. Said park improvements shall be financed by an issue of
$100,000 of park improvement bonds of 1967. Such bonds aball be in
tbo denosination of ;11,000 each or in the amount of $6,000 each if
requested by the successful bidder within 48 hours after award of
sale, shall be numbered consecutively commencing with number 1, shall
be dated September 1, 1967, shall bear interest at the rate or rates
designated by the successful bidder, payable September 1, 1968,
and seat -annually thereafter on March 1 and September 1 In eAcb year,
and sball mature aerially on September 1 in the years and amounts as
follows: $5,000 in 1969 to 1988, both inclusive. Bonds maturing
in 1978 and thereafter will be subject to redemption to inverse
numerical order on September 1, 1977, and any interest payment date
there►attmr. Rede ption shall be at par and accrued interest plus a
premium of 1%.
2. It is hereby determined that contracts have been let in
1966 and 1967 or will be lot prior to issuance of bonds for In-
provements consisting of construction of storte sewers, sanitary
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sewer and streets, and appurtenances for the following improve-
ments:
Project
Estimated Total
Cost of Project
Juneau Lane Street Improvement $1,000.00
Schiebe Highland View Addition (Sanitary Sewer) 8,000.00
Creekwood Heights 2nd Addition t3anitary Sewer) 28,500.00
25th Avenue North Street Improvement 13,700.00
Orleans Lane (Sanitary Sewer) 17,000.00
34th Avenue and Kilmer Lane (Sewer. and Water) 23,300.00
Dunkirk Lane Street Improvement !S,200.00
and it is necessary to provide funds for said improvements by
issuing general obligation improvement bonds in the amount of
Said bonds shall be in the denomination of $1,000 each
or in the denomination of $5,000 each if requested by the successful
bidder within 48 hours after award of sale, shall be numbered
consecutively commencing with number 1, shall be dated September 1,
1967, shall bear interest at the rate or rates designated by the
successful bidder, payable September 1, 1968, and semi-annually
thereafter on March 1 and September 1 in each year and shall mature
serially on September 1 in the years and amounts as follows:
$5,000 in 1970 to 19f.J., both inclusive; $10,000 in 1982 to 18 7,
both inclusive,
Bonds maturing in 1983 and thereafter will be subject to
redemption in inverse numerical order on September 1, 1962, and any
interest payment date thereafter. Redemption shall be at par and
accrued interest plus a premium of 1%.
3. The village council shall meet at the Village Sall in said
village on Tuesda the 18th day of Au ust , 1967, at 7.30
o'clock p.m., or a purpose of considering sealed bids for Me—
purchase of said bonds and the village clerk shall cause notice of
sale to be given by publishing at least ten days in advance of
the date of sale in the official newspaper of the village and in
Commercial West, a financial paper published in Minneapolis,
Minnesota, the notice of sale attached. Said notice shall recite
that the village will furnish printed bonds and approving legal
opinion of Messrs. Howard, L®Fevere, Lefler, Hamilton and Pearson,
Minneapolis, Minnesota, both without expense to the purchaser;
shall require sealed bids accompanied by a good faith check in the
amount of at least 16,400; shall state that all bids shall state one
or more rates of interest in multiples of one-quarter or
one-tenth of one percent; and shall state that the bonds will be
payable at any suitable bank designated by the purchaser and that
delivery will be made within forty days after the date of sale.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilman Hunt , and upon vote being
taken thereon, the following voted in favor thereof: Mayor Staples,
Councilmen O'Fallon, Hunt and Duntley,
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
t. 0 4
STATE OF MINNESOTA )
• )
COUNTY OF HiHNEPIN ) ss.
VILLAGE OF PLYMOUTH)
I, the undersigned, being the duly qualified and acting Clerk
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 1.7, 1967, with the original thereof on file in my office,
and the same is a full, true and complete transcript therefrom inso-
far as the same relates to the issuance and sale of $1001000
Park Improvement Bonds, and $220,000 Improvment Bonds of 1967 of
the village.
WITNESS My hand officially as such C7rl and the corporate
Beal of the village this day of 2• , 1967,
(SEAL)
•
0
i
,t
Village of Plymouth,
a a
NOTICE OF SALES
$100,000 PARK IMPROfEMENr BONDS and
$220, 000, IMPROSiEMENT BONDS
® VILLAGE OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN That the Village Council of the
Village of Plymouth, Minnesota, will meet at the Village Hall in
said village on Tuesday , the 15thday of August , 1967,
at 7:30 o'clock p.m. for the purpose of receiving and consider-
ing sealed bids for the purchase of $100,000 Park Improv--nt gond&
of the Village bearing date September 1, 1967, bearing interest at
the rate or rates designated by the successful bidder, payable
September 1, 1968, and semiannually thereafter on March 1 and
September 1 in each year, and maturing serially o.^ September 1 in
the years and amounts as follows: $5,000 in each cf the years 1969
to 1908, both inclLiive. Bonds maturing in 1978 and thereafter
will be subject to redemption in inverse nurse Taal order on
September 1, 1977, and any interest payment da's theroafter.
Redemption shall be at par and accrued interest plus a premium of 1%;
and 270,000 Improvement Bonds of the village, bearing date
September 1, 1967, beaw#w# rs rstms de�asd
by 1 r bearing
interest at the rate or rates designated by the successful bidder,
payable September i, 1968, and semiannually thereafter on March 1
and September 1 in each year, and maturing :serially on September 1
in the years and amounts as follows:
$5,000 in each of the sears 1970 to 1981, both inclusive; $10,000
in each of the years 19 82 to 19 97, both inc)ueive
bonds maturing in
1983 and thereafter will be subject to redemption in inverse numer-
ical order on September 1, 1982, and any interest payment date
thereafter. Redemption shall be at par and accrued interest plus
a premium of 1%.
The bonds will be general obligations of the village in
denomination of $1,000 each, or at purchaser's option be in
denomination of $5,000 each if requested by the successful bidder
within 48 hours after award of sale. Both principal and interest
will be payable at any suitable bank designated by the purchaser
within forty-eight hours after the award. The village will furnish
printed bonds and approving legal opinion of Mezars. Howard,
LeFevere, Lefler, Hamilton and Pearson, Minneapolis, Minnesota, both
without expense to the purchaser. The bonds will be delivered to tb,
purchaser, without expense, within forty days after the date of sale,
accompanied by an unqualified approving leg --.1 opinion and customary
final lelivery papers.
All bids must be in writing, enclosed 1x; a sealed envelope,
be unconditional except as to the above opinion, and be left with tht
undersigned prior to the above time accompanied by a certifies check.
bank draft or cashier's check in the amount of at least o63 ;-Do
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.
Split rate bids may be submitted stating the same rate or
rates of interest from the date of issue to maturity for all bonds
having a common maturity date, in integral multiples of one-quarter
or one-tenth of one percent per annum, with the basic rate for any
maturity not less than the basic rate for any prior maturity,
provided that any wich bid may also provide that all or some of the
bonds shall bear additional interest for any interest period or
periods of the terms of the bonds, the total face amount of such
separate couyons nct to exceed 'dG,400 and the total interest rate
for any period nox to exceed R%. Bidders are asked to state total
computed interest cost and average rate. The bid deemed the most
favorable will to accepted. No bid for less than par plus accrued
interest from date of issue to date of bond delivery will be
considered. Oral auction bids will not be received. The right to
waive any informality and the right to reject any and all bids are
reserved.
BY ORDER OF THE
Gerald Splinter
Village Clrrk
Plymouth, Minnei
VILLAGE COUNCIL