HomeMy WebLinkAboutCity Council Resolution 1969-011RESOLUTION NO. 69- 11
RESOLUTION FIXING THE FORD AND SPECIFICATIONS
FOR $1,057,000 PUB.IC IMPROVEMENT BONDS OF 1969
DIRECTING THEIR EXECUTION AND DELIVERY
AND PROVIDING FOR THEIR PAYMENT
B8 IT RESOLVED by the village Council of the Village ,if
Plymouth, Minnesota, as follows:
1. The village shall forthwith issue its negotiable public
improvement bonds in the principal amount of $1,0:7,000
dated February 1, 1969, said bonds being 213 in number and numbered
1 to 213, both inclusive, in the denoalaation of $51000 each, with
the exception of bond numbers 77 and 7S which s:iall be in the
denomination of $1,000 each, bearing interest as follows:
Maturing Dates
1971-1980
1981-1990
1991-1999
Plus additional interest as follows:
1971-1980
1981-1990
1991-1999
Intnrost Pi ce
5.00";
5.30;7.
5.50 ,00
1.0;'o from 3/1/69 to 2/1/71
.7%from 3/1/69 to 2/1/70
.50%from 3/1/69 to 8/1/70
and which bonds mature serially on February 1 in the years and amounts
as follows:
1971 - $65,000
1972 - $65,000
1973 - $70,000
1974 - 470,000
1975 - $70,000
1976 - $20,000
1977 - $22,000
1978 - $25,000
1979 - $25,000
1980 - $25,000
1951 - $25,000
1982 - $25,000
1983 - $25,000
1954 - $25,000
1935 - $30,000
19S6 - S30,000
1987 - $30,000
1988 - $30,000
1989 - $30,000
1990 - $35,000
1991
- $35,000
1992
- $35,000
1993
- $35,000
1994
- $35,000
1995
- $35,000
1996 -
$35,000
1997 -
$35,000
1998 -
$35,000
1999 -
$35,000
All bonds maturing in the years 1980 through 1999 are callable on
February 1, 1979 or any interest payment date thereafter upon payment
of the principal amount of each bond plus accrued interest and a
premium of $20.00 per $1,000 if prepaid on or before August 1, 1989 or
at a premium of $10.00 per $1,000 if prepaid on or after February 1,
1989. Selection of all bonds to be so redeemed shall be made in inverse
numerical order provedigtyldawys prior notice of redemption will be given in
the 2. Both principal and interest shall be payable at Main Office
of Northwestern National Bank of Minneapolis, in the City
of Minneapolis, Minaesota, 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:
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NO, $5,000
UNITED STATES OF AMERICA
STATE OF MIr'h'ESOTA
COUNTY OF =NNEPIN
VILLAGE OF PLYMOUTH
Public Improvement Bonds of 1969
IWON ALL MSN 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 1969 Fund, the sum of FIVE THOUSAND
DOLLARS on the 1st day of February, 1971 and to pay interest thereon
at the rate of
Maturing Dates
1971-1930
1981-1990
1991-1999
Plus additional interest as follows;
1971-1980
1981-1990
1991-1999
Interest Rates
5.00%
5.30',
5.50%
1.0% from 3/1/69 to 2/1/71
.70%from 3/1/69 to 2/1/70
.50%from 3/1/69 to 8/1/70
all interest to maturity payable February 1, 1970, and semiannually
thereafter on the 1st day of August and the 1st day of February in
each year, in accordance with and upon presentation and -surrender of
the interest coupons hereto attached as they severally become due. Both
principal and interest on this bond are payable at Main Office of
Northwestern National Bank of Minneapolis in the City of Minneapolis,
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.
All bonds maturing on February 1, 1980 through February 1, 1999
are callable on February 1, 1979 or any interest payment date thereafter
upon payment of the principal amount of each bond, plus a premium of
Twenty Dollars ($20,00) per $1,000 if prepaid on or before August 1,
1989 or at a premium of Ten.Dollars ($10.00) per $1,000 if prepaid on or
after February 1, 1989, and accrued interest to date. Selection of all
bonds to be so redeemed shall be made in inverse numerical order. Thirty
days prior notice of redemption will be given in the manner provided
by law.
This bond is one of an issue of bonds in the total principal
amoun 000 all of like date and tenor except as to interest
rate nd maturity, all issued by the village for the purpose
of providing 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 Minnesota, including Minnesota
Statutes, Chapter 429, and is payable primarily from special assessments
against property specially benefited thereby, but constitutes a general
obligation of t6 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, if required for such
purpose, which may 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 z tatutory limitation
thereon.
IF WITNESS WHEREOF, the Village of Plymouth, Hennepin County,
Minnesota, by its Village Council, aas caused this bond to be
executed in its behalf by the facsimile signature of the Mayor and the
manual signature of the Village Clerk -Administrator and sealed 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 February 1, 1969.
Village er - inis ra or
(SEAL)
No.
(Form of Coupon)
ON THE FIRST DAY OF
FEBRUARY 1971
mayor
H
the Village of Plymouth, Hennepin County, Minnesota, will pay to bearer
out of its Public Improvement Bonds of 1969 Fund at Main Office of North-
western National Bank of Minneapolis in the City of Minneapolis,
Minnesota, the amount shown thereon for interest then due on its Public
Improvement Bonds of 1969 dated February 1, 1969.
No.
(facsimile signature) (facsimile signature)
Village Clerk Mayor
Administrator
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)
VillageClerk-Administrator
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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 couprns
shall be executed and authenticated by the printed facsimile signatures
of said Mayor and Village Clerk -Administrator. The said bonds, when
fullyexecuted, 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 i.ereunder shall be payable from the public
Improvement Bonds of 1969 Fund, and all the proceeds of the
special assessments to be levied for said improvment 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 same, the Treasurer shall pay such principal or interest from the
general fund of the village and such fund shall be reimbursed for such
advances out of the 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 produce
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 improvments 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 the assessments for said
improwment to be promptly levied so that the first installment
will be collectible during 1970 and will take all 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
each i;aprovemmt, 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.
(c) The village will cause
to be audited at least annually
and will furnish copies of such
persons upon request,
its said books and records
by qualified public accountants
audit reports to any interested
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.
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The motion for the adoption of the foregoing resolution was
duly seconded by Councilman Humphrey and upon vote being taken thereon,
the following voted in favor thereof: Mayor Hilde, Councilmen Hagen
and Humphrey; and the following members voted against: none; whereupon
said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) s5.
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 said village held
January 7, 1969 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 $1,057,000 Public Improvement
Bonds of 1969 of the village.
WITNESS My hand officiall as such Clerk -Administrator and the
seal of the village this -��day of , 1969.
ra p r
Village Clerk- inistrator
Village of Plymouth, Minnesota
(SEAL)
0
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