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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: -3- 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 -5- 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. -6- 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 -7- try