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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.