HomeMy WebLinkAboutCity Council Resolution 1969-296and.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 lata;
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 statutory limitation
thereon.
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 facsimile signature of the Mayor andthemanual
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 October 1, 1969.
(Seal)
(Form of Coupon)
No. $
ON THE FIRST DAY OF
OCTOBER 1970
the Village of Plymouth, Hennepin County, Minnesota, will pay to
bearer out of its Temporary Improvement Bonds of 1969 Fund at First
National Bank of Saint Paul in the City of Saint Paul, Minnesota,
the amount shown thereon for interest then due on its Temporary ,Improve
sent Bonds of 1969 dated October 1, 1969.
No.
(facsimile si nathre) (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 substantia.y
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.
f (facsimile signature)
village Clerk Administrator
5. The bonds shall ,be prepared under the direction of
t
s
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the Village Clerk -Administrator and shall be executed on behalf of
.the village by the facsimile signature ,f the Mayor and the manual
., signature of the Village Clerk-Administ tor, and the corporate seal
of the village shall be. affixed to each thereof, and the interest
coupons shall be executed and authenticated by the printed facsimile
signatures<of said Mayor and Village Clerk -Administrator. The said
bonds, when fully executed, 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 issuedhereundershall be payable from the
Temporary Improvement Bonds of 1969 Fund, and all the proceeds of the
special assessments to be levied for said improvement 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 monoy 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 r
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. `he 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
S.It is hereby determined that the improvements to be
financed by the issuanceof 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)
ollows (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 keep complete and accurate books
and records showing all -receipts and disbursements in
connection with each improvement, 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 its said books and records wk=
to be audited -at least annually by qualified public accountants
and will furnish copies, of. such audit reports to any interested j
persons upon request'.
9. The officers of the village are hereby authorized and
directed to prepare and furnish to the purchaser of thebonds 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 toshow the facts within their knowledge,
or as shown by the books and records in 'their custody and under their, ,
control relating'to the valdity.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 Councilmen Humphrey, Hintz -and
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