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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.