HomeMy WebLinkAboutCity Council Resolution 1970-103ti
j EXTRACT OF MINUTES OF SPECIAL MEETING
OF VILLAGE COUNCIL OP
s VILLAGE OF PLYMOUTH, MINNESOTA
�+ March 30, 1970
i{
Pursuant to clue call and notice thereof a special meeting
ti
!} of the Village Council of the Village of Plymouth was held on
t�
it .larch 30, 1970, at the Village Hall, 13800 State highway No. 55,
!i commencing at 7:30 o'clock p.m. The following members were
Ij
! present: Mayor Hilde, Councilmen Hintz, Johnson, Kindseth and
,i
Spaeth. The following members were absent: None.
'� r r • • * t : t
i
t; Councilman Johnson introduced the following resolution
iand moved its adsptiono
"RESOLUTION NO. 70- 103
A RES%KION .TPOVIDING FOR THE ISSUANCE
AND SALE OF $1,410,000 PUBLIC IMPROVEMENT
II+ BONDS OF 1970
ii WHERBAB, various improvement projects are now being
constructeir4ithin the Village and,
WHEREAS, contracts have been let or will be let prior
to the issuance of bonds for improvements consisting of construe
tion of sanitary sewers, water mains, water systems, and street
restoration with respect to the following improvements -
1. Zachary Lane - Water and Sever
i; 2. Northwest Interceptor
3. Northeast Interceptor
4. Water Storage Facilities
1 $. Street Restoration Phase It -
Southwest
NOW THERWORH, BE IT HEREBY RESOLVED BY THE VILLAGE
COUNCIL OF THE VILLAGE OF PLYMOUTH AB FOLLOWS:
r
�! 1. The Village Council deems it to be neceasary
and -expedient to issue its negotiable coupon
Public Improv*"nt Bonds'of 1970 In the amount of
81,410,000 pursuant to Chapter 429, Minnesota Statutes.
The specifications for such bond issue shall be as not
i forth in the following Notice of Sale and shall be
f substantially the Notice of Bond Sale to be so
published:
;t
E�
,I
2. The Council has further determined that the
village shall avail ituelf of the powers granted by
Kinndsota Statutes, Section 475.56 to issue additional
bonds in amount not exceeding 2% of the amount so
authorized to represent in part the higher rate of
interest required to market bonds. Said bonds shall
be issued in the total principal amount of $1,410,000
and bidders may bid not less than $1,382,505 for said
issue. Any amount received by the Village in excess
of $1,382,505 shall be credited to the sinking fungi,
for payment of interest first accruing.
3. TheVillageCouncil deems it to be
necessary in order to provide for payment of said
bonds at maturity to levy assessments in the
amount of $1,410,000 over a period of years beginning
in 1971.
4. The village Clerk shall cause the above
notice of such sale to be given by publication at
least ten (10) days in advance of said sale in the
official newspaper of the Village and in Commercial
west, a financial newspaper ptlilished in Idinneapolis,
Minnesota."
I
The"above motion was seconded by Councilman Spaeth and 1
"Upon vote being taken thereon the fdllowing voted in favor there
'of: Mayor Hilde, councilmen Hintz,-Johnson,'Xindowth and Spaeth.
The'fdllpwing voted against: None.
Whereupon said resolution was declared duly passed and
I .adopted.
I w r r t** t t r
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, hereby certify that
I have carefully compared the attached and foregoing extract of
minutes of a spacial meeting of the Village Council of said
village held March 30, 1970 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 providing for the
issuance and sale of $1,410,000 Public Improvement Bonds of 1970,
WITNESS, My hand officially as s ch Clerk and the
corporate seal of the village this day of �r
1970.
Village of/Plymouth, Minnesota
. LAW OFFICES
HOWARD, LEFEVERE, LEFLER, HAMILTON AND PEARSON
CHARLES B. HOWARD 2200 FIRST NATIONAL BANK BUILDING
CLAYTON L. LEFEVERE MINNEAPOLIS, MINNESOTA 55402 TELEPHONE
HERBERT P. LEFLER 333-0643
JOSEPH E. HAMILTON
CURTIS A. PEARSON
JAMES I- SARGENT April 16, 1970
JOYCE A. HUGHES
J DENNIS O BRIEN
Miss Caroline Hanf
Village of Plymouth
13800 State Highway No. 55
Minneapolis, Minnesota 55427
Dear Caroline:
• I enclose a new Notice of Sale to be inserted after
Page 1. in Resolution No. 70-103. The old Notice can
be thrown away.
Yours very truly,
Herbert P. Lefler
HPL:nj
enclosure
NOTICE OF SALE
VILLAGE OF PLYMOUTH, MINNESOTA
$1,410,000 PUBLIC IMPROVEMENT BONDS Of 1970
NOTICE 1S HEREBY GIVEN that the Village COnnCil of the Village of
Flymouth, Hennepin County, Minnesota will meet at the Vill-'go 11,111 on
Tuesday, May 5, 1970, at 7:30 o'clock P.M., C.S.T., to receive, opeii
and consider sealed bids for and award the sale of $1,110,000 Public
Improvement Bonds of 1970 of said Village to be issued for the purpose
of financing the cost of constructing local water system and sanitary
sewer system improvements including street restoration. The bonds will
be general obligations of the Village, payable from unlimited ad valorem
taxes. Said bonds will be in the denomination of $1,000 or $5,000,
whichever the successful bidder may designate within 48 hours after
award of sale, and will bear interest at a rate or rates to be designated
by the successful bidder expressed in integral multiples of 1/20 of 1%
per annum. The bonds will be dated June 1, 1970, and interest thereon
will be payable on June 1 and December 1, commencing on June 1, 1971.
Said bonds will mature serially on June 1 in the years and amounts
as follows:
Yea&
Amotuit
Yea&
Amount
1972
$70,000
1982
$75,000
1973
70,000
1983
75,000
1974
70,000
1984
75,000
1975
75,000
1985
75,000
1976
75,000
1986
75,000
1977
75,000
1987
75,000
1978
75,000
1988
75,000
1979
75,000
1989
75,000
1980
75,000
1990
75,000
1981
75,000
Bonds maturing in 1981 and later years will be each subject to re-
demption and prepayment at the option of the Village on June 1, 1980, and
any interest payment date thereafter at 101-1/2 of par plus accrued
interest. Principal and interest will be made payable at any suitable
bank in the United States designated by the successful bidder within
48 hours after award of sale, subject to approval by the Council, and
the Village will pay the reasonable and customary paying agency charges.
The Village will furnish without cost to the purchaser and within 40
days after award of sale the printed and executed bonds, the unqualified
approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton
and Pearson of Minneapolis, Minnesota, and the usual form of no -litigation
certificate. Delivery will be made without cost to the purchaser at any
point in the continental United States. Payment for the bonds must be
made in funds immediately available to the Village on the date of delivery.
r u,
Scaled bids marked "Bid for $1,410,000 Bonds" way be mailed or
delivered to the uudersirned and must be received prior to the time
of said meeting. Oral auction bids will not be considered. Each bid
must be unconditional except as to legality, in which respect bids
may be conditioned upon the opinion of the above attorneys, and must
be accompanied by a cashier's or certified check or bank draft in the
amount of $28,200 payable to the Village Treasurer, to be retained by
the Village as liquidated damages if the bid is accepted and the
bidder fails to comply therewith. Bids shall state one rate of interest
from date of issue to maturity for all bonds having a common maturity
date. No rate may be lower than the basic rate applicable to any
earlier maturing bond. No rate may exceed 7% per annum. The bid
offering the lowest not interest cost (total interest from date Of issue
to stated maturitiesi less any excess of the purchase price over
$1,410,000 or plus any amount by which the purchase price is less than
$1,410,000 will be deemed the most favorable; however, the net interest
rate may not exceed 70 per annum. No bid for less than $1,382,505
plus accrued interest on all bonds from date of issue to date of bond
delivery will be considered. The right to waive any informality and
the right to reject any and all bids are reserved.
Dated April 13, 1970.
BY ORDER OF THE VILLAGE COUNCIL
Dewan B. Barnes
Acting Manager
Plymouth, Minnesota
Further information may
be obtained from:
JURAN 6 MOODY, INC.
114 East Seventh Street
St. Paul, Minnesota SSIOI
612-224-9661
BIDS MAILED OR DELIVERED 70 JURAN 6 MOODY, INC. TO REACH THEM BY
4:30 P.M., MAY S. 1970 WILL BE PRESENTED AT 711E MEETING.