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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-