HomeMy WebLinkAboutCity Council Resolution 1969-119EXTRACT OF MINUTES OF REGULAR MEETING OF THE
1bVILLAGE COUNCIL OF THE VILLAGE OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting
of the Village Council of the Village of Plymouth, Minnesota, was
duly held at the Village Ball at 13800 State Highway No. 55 on the
5th day of May, 1969, at 7:30 o'clock p.m.
The following members were present: Mayor Hilde,
Councilmen Hintz, Johnson, Kindseth and Humphrey. The following
members were absent: None.
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The Mayor announced that the Council F:ould consider all bids
for the purchase of $54,000.00 Sewer Revenue Bonds of 1969 as
advertised for sale. The Clerk -Administrator presented affidavits
showing publication of the notice of sale more than ten days in advance
of sale in the Minnetonka Herald, the official newspaper, and in
Finance & Commerce, a financial paper published in Minneapolis,
Minnesota, which affidavits were examined and found to be satisfactory
and ordered placed on file.
The Clerk -Administrator presented the sealed bid which had
been delivered to him prior to the time specified in the notice of
sale and said bid was opened, examined and found to be as follows:
NAME OF BIDDER INTEREST RATE AMOUNT OF BID
First National Bank $54,000.00
of Minneapolis
After due consideration of said bid, Councilman Johnson
introduced the following resolution and moved its adoption:
RESOLUTION NO. 69-119
RESOLUTION AWARDING THE SALE OF $54,000.00
SEWER REVENUE BONDS
BE IT RESOLVED by the Village Council of the village of
Plymouth, Minnesota, as follows:
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No.
UNITEII STArrs OF A!".rrICA
STATr OF MINTNESOTA
COUNTY OF Hr311FPi"1
VILLAGE OF PLYMOUTH
GF.?1$PAL OBLIGATION
SET%MW REV172ME BOND OF 1969
$54,000
IMOF ALL MM BY THESE PRrSE?IrrS That the Village of
Plymouth, Hennepin County, Minnesota, hereby ac),nowledges that
it is obligated and, for value received, promises to pav to
bearer, out of the Seuor Bond Sinking Fund, on the lst day of.
Hav, 1972, the sum of FIFTY FOUR THOUSAND DOLLARS, and to pay
interest thereon out of said fund from the date hereof until
the principal sun is paid at the rate of
all interest to maturity payarle Novemi-er 1, 1569, and semi-
annually thereafter on the 1st day of May and the 1st day of
November 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 are payable
at FIRST NATIO`IAL BANK OF 41TINEAPOLIS 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 *canner 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 village, out of the Se%..er Bond Sinking Fund of
the village, as set forth in a resolution entitled, "A Resolution
Providing for the Issuance and Sale of S54,000 General Obligation
Sewer P.evenue Bonds for the Purpose of Providing honey 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 villacte is pledged
for its payment and the Village Council has oi-linated itself
to levy taxes on all of the taxable Property in .ne village in
the event of any deficiency, which taxes may be levied without
limitation as to rate or amount.
IT IS IEr.EBY CETPrIFIED AND RrCITI;D That in and by
the authorizing resolution, the village has covenanted and
agreed that it will continue to oxm and operate the sanitary
sewer system, free 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
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
reverues from the sanitary sewer system; that it will create
and maintain a Sewer Bond Sinkina 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 FURTiMR 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 lair; 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 FITNESS WHEREOF, the Village of Plymouth,
Hennepin County, Minnesota, by its Villaqe 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 and authenticated by the manual signature of
said officers, all as of May 1, 1969.
t 5r.ru. I
(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 Sever Bond Sinking Fund, at First National Bank of
Minneapolis in the City of Minneapolis, Minnesota, the amount
shorn hereon for interest then due on its General Obligation
Sewer Revenue Bond of 1969, dated May 1, 1969, No.
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