HomeMy WebLinkAboutCity Council Resolution 1967-134White, Weid & Company
4.50% 1970-86; 4.60% $320,000.00
1987-97. Plus 1.40% Total interest
on all bonds from *Z45,927.00
10/7/67 to 3/1/69. Ayerate Rate
After due consideration of said bids, Councilman Hagen
introduced the following resolution and moved its adoption:
"Resolution No. 67-133
RESOLUTION AWARDING THE SALE OF $220,000.00
PUBLIC IMPROVEMENT BONDS OF 1967
BE IT RESOLVED, By the Village Council of the Village of
Plymouth, Minnesota z.s follows:
1. The bid of Piper, Jaffray & Hopwood to purchase
$220,000.00 Public Improvement Bonds of the village
described in the notice of sale thereof is hereby
found and determined to be the highest and best bid
received pursuant to duly authorized notice of sale
and shall be and hereby is accepted, said bid being
to purchase bonds bearing interest as follows:
Maturity Dates
1970-76
1977-82
1983-86
1987-88
1989-97
All bonds
Interest Rates
4.10',
4.20%
4.30%
4.40%
4.50%
1.40% from 9/27/67 to 3/1/69
The Village Treasurer is directed to retain the
good faith check of the successful bidder pending com-
pletion of the sale and delivery of the bonds, and the
Village Clerk -Administrator is directed to return the
checks of the unsuccessful bidders forthwith."
The above motion was seconded by Councilman Hunt and
upon vote being taken thereon the following voted in favor
thereof: Councilmen O'Fallon, Hunt, Duntley and Hagen. The
following voted against: None; whereupon said resolution was
declared duly passed and adopted.
* * *
* * *
Councilman Bunt introduced the following resolution and
moved its adoption:
"Resolution No. 67-134
RESOLUTION FIXING THE FORM AND SPECIFICATIONS
FOR $220,000.00 PUBLIC IMPROVEMENT BONDS OF
1967, DIRECTING THEIR EXECUTION AND DELIVERY
AND PROVIDING FOR THEIR PAYMENT
BE I RESOLVED, By the Village Council of the Vill�►ge
of Plymouth,onnesota as follows: 0
1. The Village shall forthwith issue its
negotiable bonds in the principal amount of
$100,000.00 dated September 1, 1967, said bonds
being 20 in number and numbered 1 to 20, both
inclusive, in the denomination of $5,000.00 each,
bearing interest as follows:
Maturity Dates Interest Rates
1969-76 4.10%
1977-82 4.20%
1983-86 4.30%
1987-88 4.40%
All bonds 1.40% from 9/27/67 to 3/1/69
and which bonds mature serially on September 1 in
the amounts of $5,000.00 in each of the years 1969
to 1988 both inclusive. Bonds maturing in 1A78
and thereafter are subject to redemption in inverse
numerical order on September 1, 1977, and any interest
payment date thereafter at par and accrued interest
plus a premium of $50.00.
2. Both principal and interest shall be payable at
The First National Bank of StR ul in the City of
St. 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:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
PARK IMPROVEMENT BONDS OF 1967
KNOW ALL MEN 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 Park Fund, the sum of FIVE THOUSAND DOLLARS
on the lot day of September 19 and to pay interest thereon
at the rate of
Maturity Dates Interest Rates
1969-76 4.10%
1977-82 4.20%
1983-86 4.30%
1987-88 4.40%
All bonds in this issue 1.40% from 9/27/67 to 3/1/67
All interest to maturity payable September 1, 1968 and semi-
annually thereafter on the lot day of March and the lot day of
September in each year, in accordance with and upon presentation
and surrender of the interest coupons hereto attached as they
severally become due. Bonds maturing in 1978 and thereafter are
subject to redemption in inverse numerical order on
September 1, 1977, and any interest payment date thereafter
at,par and accrued interest plus a premium of $50.00. Both
-3-
principal and interest on this bond are payable at The First Nati
al Bank of St. Paul , in the City of St. Paul F
Minnesota, in any coin or currency of the United States of
America which on the date of payment is legal tender for public
and private debts.
This bond is one of an issue of bonds in the total
principal amount of $100,000.00 each in the denomination of
$5,000.00, all of like date and tenor , except as to maturity,
interest and redemption, all issued by the village for the
purpose of providing additAonal money to defray the expenses
incurred and to be incurred for public park purposes, pursuant
to and in full conformity with the Constitution and Laws of
the State of Minnesota, including Minnesota Statutes, Chapter 47,
and is payable from the park funds of the village and 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 due, the full faith and credit of the village
is hereby irrevocably pledged and the Village Council will levy
ad valorem taxes which shall be levied on all of the taxable
property in the village without limitation as to 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 Minnesota to be done, 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 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 does
not exceed any constitutional or statutory limitation thereon.'
IN WITNESS WHEREOF, the Village of Plymouth, Hennepin
County, Minnesota, by its Village Council, has caused this bond
to be executed in its behalf by the facsimile signature of the
Mayor and the manual signature of the Village Clerk Administrate
and sealed with the corporate seal, and the interest coupons
hereto attached to be executed and authenticated by the facsimi;
signatures of said,officers, all as of September 1, 1867.
(SEAL)
-4-
•Rlyor
(Form of Coupon)
No. $
On the 1st day of September (March), 19 , the Village
of Plymouth, Hennepin County, Minnesota, will pay to bearer
out of its Park Funds at The First National Bank of St. Paul,
in the City of St. Paul , Minnesota, the amount shown
hereon for interest then due on its Park :ImprovOmdnt'Bonds-ot,1
dated September 1, 1967, No.
(facsimile signature)
mayor
(facsimile signature)
Village er - anis ra or
4. The Village Clerk -Administrator shall obtain
a copy of the proposed approving legal opinion of
Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson,
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;
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)
Village clerx-AcImInistrafor
5. The bonds shall be prepared 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 be affixed to each thereof, and
the interest coupons shall be executed and authenti-
cated by the printed facsimile signatures of said Mayor -
and Village Clerk -Administrator. The said bonds,
when fully executed, shall be delivered by the Treasurer
to the purchaser thereof upon receipt of the purchase
price, and the said purchaser shall not be obligated
to see to the proper application thereof.
6. The bonds issued hereunder shall be payable
from Village Park Funds. If any payment of principal
of or interest on said bonds shall become due when
there is not sufficient money in said funds to pay
the same, the Treasurer shall pay such principal
or interest from the general fund of the village
and such funds shall be reimbursed for such advances
out of proceeds of ad valorem tax levies for said park
purposes when collected.
-5-
0
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 475.63, Minnesota Stztutes.
8. It is hereby determined that the improvements
to be financed by the issuance of bonds hereunder will
benefit 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 into its Park Funds 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 connection with
its park improvements.
(c) 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 transcripts,
as may be required to show the facts within their
knowledge, or as shown by the books and records in
their custody and under their control relating to the
validity and marketability of said bonds, and such
instruments, including any heretofore furnished, shall`
be deemed representations of the village as to the
facts stated therein.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilman Hagen, and upon vote being
taken thereon, the following voted in favor thereof; Councilmen
O'Fallon, Sunt, Hagen and Duntley; and the following voted
against the same; None; whereupon said resolution was declared
duly passed and adopted.
i
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
)
VILLAGE OF PLYmouTH)
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 the Village of Plymouth held August 15, 1567,
with the original thereof on file in my office, and the same
is a full, true and complete transcript therefrom insofar as
the same relates to the issuance and sale of $100,000.00
Park Improvement Bonds of the Village.
WITNESS My hand officially as such Clerk -Administrator
r
and the seal of the village this r/ day of
1967.
vvs�. yea v♦ wvj/ JXUW •iAMW %'X=
Village of Plymou , Minnesota
(SEAL)
1
{
Wl-
EXTRACT OF MINUTES OF SPECIAL MEETING
OF VILLAGE COUNCIL OF
VILLAGE OF PLYMOUTH, MTNESOTA
August 15, 1967
Pursuant to due call and notice thereof a special
meeting of the Village Council of the Village of Plymouth was
held on August 15, 1967 at 7:30 o'clock P. M. The following
members were present: Councilmen O!Fallon, Hunt, Duntley and
Hagen. The following members were absent: Mayor Staples.
Acting Mayor O'Fallon announced that the Council
would consider all bids for the purchase of $220,000.00 Public
and the $100,000.00 Park Improvement Bonds
Improvement Bonds as acivertised Xor sale. The erc- n trato
presented affidavits showing publication of notice of sale more
than ten days in advance of sale in the Minnetonka Herald, the
official village newspaper, and in Commercial West, a financial,
paper published in :,iinneapolis, Minnesota, which affidavits were
examined and found to be satisfactory and ordered placed on file.
The Clerk -Administrator presented the sealed bids which
had been delivered to him prior to the time specified in the
notice of sale, and said bids were opened, examined and found
to be as follows:
NAME OF BIDDER INTEREST RATES AMOUNT OF BID
Piper, Jaffray & Hopwood 4.10% 1970-76; 4.20% $320,000.00
1977-82; 4.30% 1983-86 Total Interes
4.40% 1987-88; 4.50'x, T236,
18379T-
1989-97. Plus 1.40% Average Rate
on all bonds from 9/27/67 4.4z3—
to 3/1/69.
John Nuveen and Company
4.00% 1970-72; 4.10%
$3200,000.00
1973-74; 4.20% 1975-76;
Total Interes
4.30% 1977-80; 4.409'0
1981-87; 4.50% 1988-97.
Average Rate
Plus 1.30% on all bonds
from 1011/67 to 3/1/69.
American National Bank &
4.00% 1970-73; 4.30%
$320,000.00
Trust Company, St. Paul,
1974-81; 4.40% 1982-86;
Total Interest
Minnesota
4.50% 1987-89; 4.60%
,
1990-97. Plus 1.30% on
Average Rate
t
all bonds from 10/1/67
4. 57SU',o
to 3/1/69
BE IT RESOLVED, By the Villa ;e Council of the Village
of Plymouth, 'Minnesota as follows:
a
1. The Village shall forthwith issue its
negotiable bonds in the principal amount of
$220,000.00 dated September 1, 1967, said bonds
being 44 in number and numbered 1 to 44, both
inclusive, in the denomination of $5,000.00 each,
bearing interest as follows
Maturity Dates
1970-76
1977-82
1983-86
1987-88
1989-97
All bonds
Interest Rates
4.10%
4.20,%
4.30%
4.40%
4.50%
1.40% from 9/27/67 to
and which bonds mature serially on September 1 as
follows:
$5,000.00 in each of the years 1970-1981,
bo :h inclusive
$10,000.00 in eche of the years 1982-1997,
both inclusive
Bonds maturing in 1983 and thereafter will be subject
to redemption in inverse numerical order on September 1;
1982, and any interest payment date thereafter at par
and accrued interest plus a premium of $50.00.
2. Both principal and interest shall be payable
at The First National Bank of St. Paul in the City
of St. 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:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF =E INE -PIN
VILLAGE OF PLYMOUTH
PUBLIC IMPROVEMENT BONDS OF 1967
KNOW ALL MEN 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 Bonds of 1967 Fund, the
sum of FIVE THOUSAND DOLLARS on the lst day of September 19
and to pay interest thereon at the rate of
;maturity Dates
1970-76
1977-82
1983-86
1987-88
1989-97
All bonds in this issue
-3-
Interest Rates
4.10%
4.20 0
4.30%
4.40%
1.401 -from 9/27/67 to 3
all interest to mat—�-it, payable September 1, 1968 and somi-
a annually thereafter on the ls` day of March and the 1st day of
September in each year, in acoordanco with and upon presentation
and surrender of the coupons hereto attached as they severally
a beccue due. Bonds maturing in 1933 and thereafter aro subject
to redemption in inverse numerical order on September 1, 1982,
and any interest payment date thereafter at par and accrued
interest plus a premium of $50.00. Both principal and interest
on this bond are payable at The First National Flank of St. Paul,
in the City of St. Paul , Minnesota, in any coin or
currency of the United States of America which on the date of
payment is legal tender for public and private debts.
This bond is one of an issue of bonds in the total
principal amount of $220,000.00 each in the denomination of
~5,000.00, all of like date and tenor, except as to maturity,
interest and redemption, all issued by the village for the
purpose of providing additional )ney to defray the expenses
incurred and to be incurred in % •ious public improvements,
pursuant to and in full conform- with the Constitution and
Laws of the State of Minnesota, .including Minnosota Statutes,
Chapter• 429 and is payable primarily from special assessments
against property specifically benefitted thereby 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 due, the full faith and credit of the village
is hereby irrevocably pledged and the Village Council will levy
ad valorem taxes which shall be levied on all of the taxable
property in the village without limitation as to rate or amount.
Ii IS HEREBY CERTIFIED AND RECITED That all acts,
conditions and things required by the Constitution and Laws of
the State of Minnesota to be done, to happen and to be performed
.;edent to and in the issuance of this bond have been done,
Dave happened and have been performed in regular and due form,
time and manner as required by law; an(, that this bond, together
with all other indebtedness- of the village outstandin- on the
date hereof and the date of its actual issuance and delivery doe,
not exceed any constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the Village of Plymouth, Hennep.n
County, Minnesota, by its Village Council, has caused this 'bond
to be executed in its behalf by tl-,. facsimile signature of the
Mayor and the manual signature of the Village Clerk-Administrat
and scaled with the corporate seal, and the interest coupons
hereto attached to be executed and authenticated by the facsimi
signatv--,- o said officers, all as of September 1, 1967.
(SEAL)
-4-
• (Form of Coup&
No.
On the lst day of September (March), 10 , the Village
of Plymouth, Hennepin County, Minnesota, will pay �o bearer
out of its Public Improvement Bonds of 1967 Fund at The First
National Bank of St. Paul , in the City of St. Paul ,
Minnesota, the amount shown hereon for interest then due on its
Public Improvement Bonds of 1967, dated September 1, 1967,
No.
(facsimile signature)
Mayor
(facsimile signature)
Village er -c inis rator
4. The Village Clerk-Admin:strator shall obtain
a copy of the proposed approving legal opinion of
Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson,
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:
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 ::•3nd delivery.
(facsimile signature)
i age er inis ra or
5. The bonds shall be prepared under the direction
of the Village Clerk -Administrator and shall be
executed on behal_ of the village by the facsimile
signature of the ?payor and the manual signature of the
Village Clerk -Administrator, and the corporate seal
of the village shall be affixed to each thereof, and
the interest coupons shall be executed and authenti-
cated by the printed facsimile signatures of said Mayor
and Village Clerk -Administrator. The said bonds,
when fully executed, shall be delivered by the Treasurer
to the purchaser thereof upon receipt of the purchase
price, and the said purchaser shall not be obligated
to see to the proper applicatiir thereof.
6. The bonds issued he_eunder shall be payable
from Public Improvement Bonds of 1967 Fund. If any
payment of principal of or interest on said bonds shall
become due when there is not sufficient money in said
funds to pay the same, the Treasurer shall pay such
principal or interest from the general fund of the vill
and such funds shall be reimbursed for such advances
out of proceeds of assessments for said improvements
when collected.
-5-
'•\ � tom'
7. The Clerk -Administrator shall deliver a
certified copy of this resolution to the County
Auditor of Hennepin County, and obtain his,cortificato
as required by Section 475.63, Minnesota Statutes.
S. It is hereby determined that tho improvement:
m to be financed by the issuance of bonds heroundex• will
benefit the entire village and the village r.ereby
covenants with the holders from time to time of said
bonds as follows:
(a) The village will cause the
assessments for said improvements to be
promptly levied so that the first installment
will be collectible during 1969 and will
ta::e al. steps necessary to assure prompt
collection.
' (b) The village will keep complete and
accurate books and records showing all receipts
and disbursements in connection with Stich public
improvements.
(c) 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 transcripts
as may be required to show the facts within their
knowledge, or as shown by the books and records in
their custody and under their control relating to the
validity and marketability of said bonds, and such
instruments, including any heretofore furnished, sh..).1
be deemed representations of the village as to the
facts stated therein.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilman Hagen, and upon vote being
taken thereon, the following voted in favor thereof: Councilmen
O'Fallon, Hunt, Hagen and Duntley; and the following voted
against the same: hone; whereupon said resolution was declared
duly passed and adopted.
-6-
STATE OF HI1'N OTA )
COUNTY OF RMWEPIN ) SS
VILLAGE OF PLYHOU'I o
I, the undersigned, being the d,iy qualified and acting
Cleric -Administrator of the Village o: 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 the Village of Plyiu--h held August 15, 1967,
with the original thereof on file in my office, and the same
is a full, true and complete transcript therefrom insofar as
the same relates to the issuance and sale of $220,000.00
Public Improvement Bonds of 1967 of the Village.
WITNESS Hy hand officially as such Clerk -Administrator
and the seal of the village this/ day of �-
1967.
(SEAL)
Village of ply uth, Minnesota
-7-