HomeMy WebLinkAboutCity Council Resolution 1969-180RESOLUTION NO. 69-180
RESOLUTION AWARDING THE SALE OF $2,550,000 PUBLIC
IMPROVEMENT BONDS OF 1969-2
BE IT RESOLVED by the Village Council of the Village o
Plymouth, Minnesota, as follows:
1. The bid of Piper, Jaffray & Hopwood of Minneapolis,
Minnesota, to purchase $2,550,000 Public Improvement
Bonds of 1969-2 of the village described in the notice of sale t.erecf
is hereby found and determined to be the highest and best bid received
pursuant to duly advertised notice of sale and shall be and hereby is
accepted, said bid being to purchase bonds bearing interest as follows:
Maturing Dates
1971- 1991
1992 - 1999
Interest Rates
6.50%
6.75%
The Village Treasurer is directed to retain the good faith check of the
successful bidder pending completion 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 motion for the adoption of the forecoing resolution was
seconded by Councilman Johnson.and upon vote be -.-,.---taken thereon, the
following voted in favor thereof: Mayor Hilde, Cc:_ncilmen Humphrey
Hintz, Johnson and Kindseth; and the following voce:. against: None.
Whereupon said resolution was declared duly passed n adopted.
Councilman Humphrey introduced the 'o ---'owing resolution and
moved its adoption:
RESOLUTION NO. 69-181
RESOLUTION FIXING THE FORM AND SPECIFIC:. -'IONS
FOR $2,550, 000 PUBLIC IMPROVEMENT BONDS OF 1969-2
DIRECTING THEIR EXECUTION AND DELIVERY
AND PROVIDING FOR THEIR PAYI✓ENT
BE IT RESOLVED by the Village Council of the Village of
Plymouth, Minnesota, as follows:
1. The village shall forthwith issue its negotiable public
improvement bonds in the principal amount of $2,550,000
dated July 1, 1969, said bonds being 510 in number and numbered 1 to
510, both inclusive, in the denomination of $5,000 each, bearing
interest as follows:
Maturing Dates
1971 - 1991
1992 - 1999
WC
Irt^rest hates
6.5:im
6.75%
and which bonds mature serially on February 1 in the years and amounts
as follows:
1971
- $85,000
1972
- $85,000
1973
- $85,000
1974
- $85,000
1975
- $85,000
1976
- $85,000
1977
- $85,000
1978
- $85,000
1979
- $85,000
1980
- $85,000
1981 -
$85,000
°1982 -
$85,000
1983 -
$90,000
1984 -
$90,000
1985
- $90,000
1986 -
$90,000
1987
- $90,000
1988
- $90,000
1989
- $90,000
1990
- $90,600
199, -
$C'✓10111
1992
1993 -
$9::,003
1y95 -
$y010i�o
=996 -
$90,000
1997 -
S501000
'_998 -
$901000
:.999
- $70roCG
A.1 bonds maturing after July 1, 1984 are tail& -tee. on said date or any
interest payment date thereafter upon payment of t._ psi Cpal a*:our.t
of each bond nl,s accrued interest and a premium o_ $20.00 per $1,000
if prepaid before July 1, 1989 or at a premiumof $� .0G per $1,000
if prepaid on or alter July 1, 1989 and at par if re:-eemed on or after
July 1, 1994. Selection of all bonds to he so recee:ae_ ha11 be .::ade
in inverse numerical order. Thirty days prior notice of redo prior,
will be given in the: manner provided by law.
2. Both principal and interest shall be payaole at American
National Bank and Trust Company in the Ci -v of Saint Paul,
Minnesota, and the village shall pay the reasonable charges of said
bank for its services as paying agent.
No.
3. The bonds and interest coupons shall be substantial .y
as follows:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
Public Improvement Bonds of 1969-1
$5,000
KNOW dlrl, MEN BY THESE PRESENTS That the Village of Plvraouth,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer o of its
Public Improvement Bonds of 1969-2 Fund, the sum of F_iiOUSn`D
DOLLARS on the 1st day of July, 1971 and to pay interes_ thereon at the
rate of
Maturing Dates
1971 - 1991
1992 - 1999
Interes-.: Rags
6.. .
6.7�
all interest to maturity payable July 1, 1970, and -here-
after on the 1st day of January and the 1st day of July e. c: year,
in accordance with and upon presentation and surrender o:: the _:,merest
coupons hereto attached as they severally become due. 3o�zp_.cloal
and interest on this bone are payable at American National and
Trust Company in the City of Saint Paul, Minnesota, in any coin cr
0 -3-
h�
a;
IN WV
OREOP, the Village of Plymouth,'xernepin Coup
.age COUnoil:, has caused. this bond to be exocu
Ecthe Village Clerk -A
111tiblicImproVeMent`)Bdhds� of
. 1969-2 fund at American
*i6hAIS'a4kAh4`VVIu*t, Company in the -City of 'Saint, Paul., Minnesota
s ow ereon or on its. Public Improv'emel
th-O.*oUnt interest then'
Bonds 1969-w2 dated _July '.1 1960".
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
improvement to be promptly levied so that the first install-
ment will be collectible during 1970 and will take all steps
necessary to assure prompt collection.
(b) The village will keeA completa and accurate »cots
and records showing all receipt and cis'�urselents in
connection with each improvement, t:.e Lssass.anis 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 its said books sd records
to be audited at least annually by qualified pu%lis accountants
and will furnish copies of such audit reports to any interested
persons upon request.
9. The officers of the village are hereby aut,-orized and
directed to prepare and furnish to the rjurch,aser of the
bonds and to the attorneys approving the same, certified copies of
proceedings and records of the village relating to sai::'bonds and to
the financial condition and affairs of the village, a -:d such other
certificates, affidavits and transcripts as may be re __-ed 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 Johnson and upon vote being taken thereon,
the following voted in favor thereof: Mayor Hilda, Councilman
Humphrey, Hintz, Johnson and Kindseth; and the following members
voted against: 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 qualifies. .._:u acting Clerk -
Administrator of the Village of Plymouth, Minnesota, 1-.ereby certifv
that I have carefully compared the attached and foregoing extract o=
minutes of a special meeting of the Village Council Of said village :geld
June 10, 1969 with the original thereof on file in my of -ice, and the
same is a full, true and complete transcript therefro... _nsofar as the
same relates to the issuance and sale of $2,550,000 Public Improvement
Bonds of 1969-2 of the village.
WITNESS My hand officially as such f�`� erk-Adminis to•- and the
seal of the village this � day of 1 2 T1,
Seal)
-6-
\S Gi V. Jei.i4,l=am
Village Clerk- .d t '.as �:-7aZ..or
Village of Plymou il, 'Inn": sota
i.