HomeMy WebLinkAboutCity Council Resolution 1969-082IV
EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a
meeting of the Village Council of the Village of Plymouth,
Minnesota, was duly held at the Village Hall in said village
on Monday, the 7th day of April, 1969, at 7:30 o'clock P.M.
The following members were present:
Mayor Hilde, Councilmen Hintz, Humphrey and Johnson.
The following members were absent:
There was one council seat vacant.
Councilman Johnson introduced the
following resolution and moved its adoption: #69-82
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $54,000 GENERAL OBLIGATION
SEWER REVENUE BONDS FOR THE PURPOSE OF
PROVIDING MONEY FOR THE REPAIR OF SANI-
TARY SEWERS IN THE VILLAGE
WHEREAS, the Village of Plymouth has sustained
unusual and serious damages to a portion of its sanitary
sewer system by reason of the unlawful and improper discharge
into said system of industrial acids and wastes by one of its
users and,
WHEREAS, repair and reconstruction of such damaged
portions of said sanitary sewer system is immediately essential
and necessary and,
WHEREAS, contracts for such repair and reconstruction
have been awarded and,
WHERF,AS, the Village of Plymouth will be required
to expend funds in addition to the costs incurred by reason
of the said contract awards and,
WHEREAS, the Village is authorized under Minnesota
Statutes, Section 444.075, for the purposes of paying the
cost of repairing and reconstructing facilities for disposing
of sewage or industrial wastes, to issue and sell general
obligations payable primarily from taxes or from net revenue,
derived from sewer service charges, and
WHEREAS, the Village Council has determined that it
is necessary and expedient to use the authority granted by
said section,
NOW, THEREFORE, BE IT RESOLVED BY the Village Council
of the Village of Plymouth, Minnesota, as follows:
1. It is hereby determined that it is necessary and ex-
pedient to proceed immediately with the repair and
reconstruction of a portion of the sanitary sewer system of
the village and to finance the same by the issuance of general
obligation sewer revenue bonds as authorized by Minnesota
Statutes, Section 444.075.
2. There is hereby established a Sanitary Sewer Fund
which shall be kept and maintained as a separate
fund of the village during the time that any bonds authorized
by this resolution are issued and outstanding. There shall
be maintained within said fund the following subaccounts:
(a) A Sewer O rations Account, into which shall be
paid all sewer service and use c arges imposed and col-
lected by the municipality. There shall always be lain-
tained in said account an amount sufficient to pay anti-
cipated expenses of current operations, including neces-
sary repairs of the sanitary sewer system of the village
during the ensuing quarterly period. The balance shall
be deemed net revenues and shall be transferred at the
end of each quarter to the Sewer Bond Sinking Fund in the
manner hereinafter provided.
(b) A Sewer Bond Sinking Fund, to which there shall
be credited quarterly the entire net revenues in the Sewer
Operations Account until there is credited thereto an
amount equal to the amount of interest due on the next
succeeding interest payment date and the amount of prin-
cipal due on the next succeeding principal payment date
on all bonds issued under this resolution.
(c) A Construction Account, to which shall be
credited all proceeds from the sale of the bonds issued
hereunder and additional amounts appropriated for the
payment of costs of construction of such waste collection
and treatment system by subsequent resolution of the
. village council. Out of such funds or account shall be
paid all costs necessary and incidental to the completion
of such sanitary sewer project. After completion of the
entire project, any balance then remaining in the
Construction Account shall be transferred to the Sewer
Bond Sinking Fund.
3. The village shall issue and sell General Obligation
Sewer Revenue Bonds in the aggregate principal amount
of $54,000, said bonds to be 1 in number and numbered 1 and in
the denomination of $54,000 bearing date May 1, 1969, bearing
interest at the rate or rates hereinafter determined at public
sale, all interest payable November 1, 1969, and semiannually
thereafter on May lot and November lot in each year, and which
bond shall mature on May 1, 1972, said bond being subject to
redemption on any interest payment date at par and accrued
interest. -
4. The bond to be issued hereunder, and the interest
coupons to be thereto attached, shall be in substan-
tially the following form:
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No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
GENERAL OBLIGATION
SEWER REVENUE BOND OF 1969
$54,000
KNOW ALL MEN BY THESE PRESENTS That the Village of
Plymouth, Hennepin County, Minnesota, hereby acknowledges that
it is obligated and, for value received, promises to pay to
bearer, out of the Sewer Bond Sinking Fund, on the 1st day of
May, 1972, the sum of FIFTY FOUR THOUSAND DOLLARS, and to pay
interest thereon out of said fund from the date hereof until
the principal sum is paid at the rate of
all interest to maturity payable November 1, 1969, and semi-
annually thereafter on the lst day of May and the 1st day of
November in each ,ear, in accordance with and upon presentation
and surrender of the interest coupons hereto attached as they
severally become due. Both principal and interest are payable
at FIRST NATIONAL BANK OF MINNEAPOLIS in the City of Minneapolis,
Minnesota, in any coin or currency of the United States of
America which at the time of payment is legal tender for public
and private debts.
All bonds of this issue are subject to redemption,
at the option of the village, on any interest payment date,
at par and accrued interest, upon thirty days prior notice
given in the manner provided by law.
This bond is the only bond of an issue in the total
principal amount of $54,000, which bond has been issued for the
purpose of providing money for repair and reconstruction of the
sanitary sewer system of the village as authorized by Minnesota
Statutes, Section 444.075, and the principal hereof and interest
hereon are payable from the net revenues of the sanitary sewer
system of the villagi, out of the Sewer Bond Sinking Fund of
the village, as set forth in a resolution entitled, "A Resolution
Providing for the Issuance and Sale of $54,000 General Obligation
Sewer Revenue Bonds for the Purpose of Providing Money for the
Repair of Sanitary Sewers in the Village," to which reference
is made for a full statement of rights and powers hereby con-
ferred. The full faith and credit of the village is pledged
for its payment and the Village Council has obligated itself
to levy taxes on all of the taxable property in the village in
the event of any deficiency, which taxes may be levied without
limitation as to rate or amount.
IT IS HEREBY CERTIFIED AND RECITED That in and by
the authorizing resolution, the village has covenanted and
agreed that it wi',continue to own and operate the sanitary
sewer system, frei from competition by other .like utilities
and free from all liens thereon; that adequate insurance on
said plant and system and suitable fidelity bonds on employees
will be carried; that proper and adequate books of account
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will be kept showing all receipts and disbursements relating to
the sanitary sewer system; that it will create and maintain a
Sanitary Sewer Fund into which it will pay all of the gross
revenues from the sanitary sewer system; that it will create
and maintain a Sewer Bond Sinking Fund into which it will pay
all of the net revenues from the system; and that it will pro-
vide in the Sewer Bond Sinking Fund a sum sufficient to pay
principal hereof and interest hereon when due.
IT IS FURTHER 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 per-
formed precedent to and in the issuance of this bond have been
done, have happened and have been performed in due form, time
and manner as required by law; and that the Village Council
has, by a resolution duly adopted, created the Sewer Bond
Sinking Fund and will provide for the payment of principal of
and interest on this bond as the same become due.
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 manual
signature of the Mayor and the manual signature of the Village
Clerk, and the corporate seal of the village to be hereto
affixed, and has caused the interest coupons hereto attached
to be executed nd authenticated by the manual signature of
sid officers, a?l as of May 1, 1969.
(Form of Coupon)
No. $
On the 1st day of November (May), 19 , the Village
of Plymouth, Hennepin County, Minnesota, will pay to bearer,
out of its Sewer Bond Sinking Fund, at First National Bank of
Minneapolis in the City of Minneapolis, Minnesota, the amount
shown hereon for interest then due on its General Obligation
Sewer Revenue,Bond of 1969, dated May 1, 1969, No.
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5. The bonds shall be printed under the direction of
the clerk and when so prepar3d shall be executed on
behalf of the village by the manual signature of the mayor and
the manual signature of the village clerk and the seal of the
village shall be affixed thereto, and the interest coupons
shall be executed and authenticated by the manual signature
of such officers.
6. The principal of and interest on the bonds to be
issued hereunder shall be payable from the Sewer
Bond Sinking Fund, but the full faith and credit of the village
is pledged for their payment, and the village council has
obligat d itself to levy taxes on all of the taxable property
in the village in event of any deficiency, which taxes may be
levied without limitation as to rate or amount.
7. The village treasurer shall cause proper books of
account to be kept separately as to the sanitary
sewer system, showing:
(a) The total amount of charges and penalties made
against each customer,
(b) the date and amount of each statement rendered,
(c) the date and amount of each payment thereon,
(d) the date, amount and purpose of each disburse-
ment on account of the operation, repair and maintenance
of the system,
(e) the amount set aside for operation and mainten-
ance, and
(f) the total amount of revenue bonds of this issue
out"tanding and the date and amount of all payments of
interest and principal thereon.
8. The village council covenants and agrees with the
holder of the bond issued hereunder that so long as
said bond remains outstanding and unpaid, it will keep and
enforce the following covenants and agreements:
(a) The council will make the repairs and reconstruc-
tion of the sanitary sewer system in accordance with plans
and specifications heretofore adoptee and approved by the
village council, and will use the proceeds from the bonds
for such purpose, and any balance remaining therefrom
will be credited to the Sewer Bond Sinking Fund.
(b) The village will continue to maintain and
efficiently operate the plan and system as a public
utility and convenience and will cause all revenues
therefrom to be deposited in a bank account and credited
to the Sanitary Sewer Fund as hereinabove provided and
will make no expenditures from said account except for
a duly authorized purpose and in accordance with this
resolution.
(c) The village will impose and collect charges of
the nature authorized by Minnesota Statutes, Section
444.075, at the times and in the amounts required to
produce, together with the taxes designated herein, as
a primary source of payment of the obligations, net
revenues adequate to pay all principal and interest
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when due on the obligations and to create and maintain
such reserves securing said payments as may be provided
herein.
(d) The village will keep and maintain proper and
adequate books of record and account separate from all
other records of the village, in which will be complete
and correct entries as to all transactions relating to
the sanitary sewer system and which shall be open to in-
spection and copying by any bondholder, his agent or
attorney, at any reasonable time, and it will furnish
certified transcripts therefrom upon request and upon
payment of a reasonable fee therefor, and said accounts
shall be audited at least annually by a qualified public
accountant and statements of such audit and report will
be furnished to all bondholders upon request.
(e) The village council will levy ad valorem
taxes on all taxable property in the village in the
amrunt estimated to be required to meet when due all
priacinal and interest payments on the bonds whenever
it is uetermined that net revenues from the sanitary
sewer system will be insufficient for the purpose.
(f) The village council will cause all persons
handling revenues of the sanitary sewer system to be
bonded in reasonable amounts for the protection of
the village and the bondholder and will cause the
funds collect on account of the operation of the
sanitary sewer system to be deposited in a bank or
banks whose deposits are guaranteed under the Federal
Deposit Insurance Law.
(g) The council will keep the sanitary sewer
system insured at all times against loss from risks
customarily insured against, with an insurer or insurers
in good standing in such amounts as are customary for
like plants, to protect the holder from time to time
of the bond issued hereunder and the village from any
loss due to such casualty and will apply the proceeds
of such insurance to make good any such loss.
(h) The village and each and all of its officers
will punctually perform all duties with reference to
the waste collection and treatment system as required
by the laws of the State of Minnesota.
9. The bond to be issued hereunder shall be sold at
public sale and the village council shall meet at
the Council Room of the Village Hall in the Village of Plymouth,
Minnesota, on Monday, the 5th day of May, 1969, at 7:30 o'clock
P.M. for the purpose of receiving and considering bids for such
bond. The village clerk shall publish customary notices of
sale and shall furnish the approving legal opinion of Messrs.
Howard, LeFevere, Lefler, Hamilton and Pearson, Minneapolis,
Minnesota. The bond shall be payable at any suitable bank
designated by the purchaser within 24 hours after the award
of the bond, and the charges of such bank for its services as
paying agent shall be paid by the village and charged as an
expense of the sanitary sewer system.
10. The village clerk and treasurer are hereby authorized
and directed to furnish to the purchaser of said bond
and to the attorneys examining the proceedings and furnishing a
legal opinion to the purchaser, certified copies of all ordinances,
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resolutions and records of the village relating to said bond
or to the right, power and authority of the village, by its
council, to issue the same, and such certified copies or
certificates shall be deemed representations of the village
as to all facts stated therein.
11. All the terms and provisions of this resolution shall
be and constitute a covenant on the part of the
village to and with each and every holder from time to time of
the bonds issued hereunder.
The motion for the adoption of the foregoing resolu-
tion was duly seconded by Councilman Humphrey , and upon
vote being taken thereon, the following voted in favor thereof:
Mayor Hilde, Councilman Humphrey, Hintz and Johnson.
aand the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) SS
VILLAGE OF PLYMOUTH )
I, the undersigned, being the duly qualified and
acting Clerk of the Village of Plymouth, Minnesota, do hereby
• certify that I have carefully compared the attached and fore-
going extract of the minutes of a regular meeting of the Village
Council of said village held April 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 $54,000 General Obligation Sewer
Revenue Bonds of 1969 of the village.
WITNESS My hand)AVillage
such Clerk and the seal
of the village this�(9�9. �\
a Clerk//.
lymouth nnesota
(SEAL)
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