Loading...
HomeMy WebLinkAboutCity Council Resolution 1970-167EXTRACT OF MINUTES OF SPECK".' MEETING OF THE VILLAGE COUNCIL OF THE 7ILLAGE OF PLYMOUTH HENNEPIN COUNTY, MINNESOTA May 5, 1970 Pursuant to due ca=1 and notice thereof, a special meeting of the Villaie Council of the Village of Plymouth, Minnesota, was duly held at the Village Hall at 13800 State Highway No. 55 on the 5th day of May, 1970, at 7:30 o'clock p.m. The following members were present: Councilmen Hintz, Johnson and Spaeth; and the following members were absent: Mayor. Hilde, Councilmen Kirdseth. Actin, Mayor Johnson presided. �r * t t • t r . * * w ,t * w The Acting Mayor announced that the Council would consider all bids for the purchase of $1,410,000 Public Improvement Bonds of 1970 as advertised for sale. The Acting 'tanager presented affidavits showing publication of the notice of sale more than ten days in advance of sale in the Minnetonka Sun, the official newspaper of the Village, and in Commercial West, a financial paper published in Minneapolis, Minnesota which affidavits were examined and found to be satisfactory and ordered placed on file. The Acting Manager presented the sealed bids which had been delivered to him prior to the time specified in the notice df sale and said bids were opened, examined and found to be as follows: NAME OF BIDDER INTEREST RATES AMOUNT OF BID Piper, Jaffray & Hopwood 6.70% 1972 - 1981 $1,382,835.00 6.80% 1982 - 1983 6.90% 1984 - 1990 Total Interest $1,094,100.00 Average Rate 7.00% After due consideration of said bids, Councilman Hintz introduced • the following resolution and moved its adoption: -1- RESOLUTION NO. 70-167 LESOLUTION AWARDING THE SALE OF $1,410,000 PUBLIC IXPROVLMENT BONDS OF 1970 BE IT RESOLVLD By the Village Council of the Village of Plym=outh, Minnesota, as follows: 1. The bid of Piper, Jaffray & Hopwood of Minneapolis Minnesota, to purchase $1,410,000 Public Improvement Bonds of 1970 of the village described in the notice of sale thereof .a 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 1972 - 1981 1982 - 1983 1984 - 1990 Interest Rates 6.708 6.808 6.908 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. The motion for the adoption of the foregoing resolution was seconded by Acting Mayor Johnson and upon vote being taken thereon., the following voted in favor thereof: Acting Mayor Johnson, Councilmen Hintz, and Spaeth; and the following voted against: None. Whereupon said resolution was declared duly passed and adopted. • * * t t t ,r ,r r * * * ,r ,r w Acting Mayor Johnson introduced the following resolution and moved its adoption: RESOLUTION NO. 70-168 RESOLUTION FIXING THE FORM AND SPECIFICATIONS FOR $1,410,000 PUBLIC IMPROVEMENT BONDS OF 1970 DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT 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 $1,410,000 dated June 1, 1970, said bonds being 282 in number and numbered 1 to 282, both inclusive, in the denomination of $5,000 each, bearing interest as follows: Maturing Dates Interest Rates 1972 - 1981 6.70% 1982 - 1983 6.803 1984 - 1990 6.90% -2- and which bonds mature serially on February 1 in the years and amounts as follows: 1972 - $70,000 1973 - $70,000 1974 - $70,000 1975 - $75,000 1976 - $75,000 1977 - $75,000 1978 - $75,000 1979 - $75,000 1980 - $75,000 1981 - $75,000 1982 - $75,000 1983 - $75,000 1984 - $75,000 1985 - $75,000 1986 - $75,000 1987 - $75,000 1988 - $75,000 1989 - $75,000 1990 - $75,000 All bonds maturing in 1981 and later years are callable on June 1, 1980 or any interest payment date thereafter upon payment of the principal amount of each bond plus accrued interest and a premium of $15.00 per $1,000. Selection of all bonds to be so redeemed shall be made in inverse numerical order. Thirty days prior notice of redemption will be given in the manner provided by law. 2. Both principal and interest shall be payable at American National Bank and Trust Company in the City of Saint Paul, Minnesota, and the village shall pay the reasonable charges of said bank for its services as paying agent. 3. The bonds and interest coupons shall be substantially as follows: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF PLYMOUTH Public Improvement Bonds of 1970 KNOW ALL MEN BY THESE PRESENTS That the Village of Plymouth, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer out of its Public Improvement Bonds of 1970 Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of June, 1972 and to pay interest thereon at the rate of Maturing Dates 1972 - 1981 1982 - 1983 1984 - 1990 Interest Rates 6.70% 6.80% 6.90% all interest to maturity payable June 1, 1971, and semiannually there- after on the 1st day of December and the 1st day of June in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal and interest on this bond are payable at American National Bann and Trust Company in the City of Saint Paul, Minnesota, in any coin or -3- currency of the United States of America which on the date of payment is legal tender for public and private debts. All bonds maturing in 1951 and later years are callable on June 1, 1980, or any interest payment date thereafter upon payment of the principal amount of each bond, plus a premium of Fifteen Dollars ($15.00) per $1,000 and accrued interest to date. Selection of all bonds to be so redeemed shall be made in inverse numerical order. Thirty days prior notice of redemption will be given in the manner provided by law. This bond is one of an issue of bonds in the total principal amount of $1,410,000 all of like date and tenor except as to interest rate, redemption and maturity, all issued by the village for the purpose of providing money to defray the expenses incurred and to be incurred in various public improvements, pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a general payment of said principal and interest as the same become due, the full faith and credit of the village is hereby irrevocably pledged and the Village Council will levy ad valorem taxes, if required for such purpose, which may be levied on all of the taxable property in the village without limitation as to rate or amount. IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and 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 law; _ 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 and the manual signature of the Village Clerk 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 June 1, 1970. A 7� Mayo i M-11 age Clerk "% i' (Seal) Pio (Form of Coupon) ON THE FIRST DAY OF JUNE 1971 the Village of Plymouth, Hennepin County, Minnesota will pay to -4- bearer out of its Public Improvement Bonds of 1970 Fund at America: National Bank and Trsut Company in the City of Saint Paul, Minnesota, .the amount shown thereon for interest then due on its Public Improvement Bonds of 1970 dated dune 1, 1970. No. (facsimile signature) (facsimile signature) Village Clerk Mayor 4. The Village Clerk 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 substantially the following form: I hereby certify that the foregoing is a full, true and correct copy r,f 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. (facsimile signature) Village Clerk 5. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the village by the facsimile signature of the Mayor and the manual signature of the Village Clerk, 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. 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 issued hereunder shall be payable from the Public Improvement Bonds of 1970 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 money 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 advances out of the proceeds of assessments for said improvement when collected. 7. It ir hereby determined that the estimated collection of special assessments for the payment of said bonds will pro- duce at least five percent in excess of the amount needed to meet, whet► due, the principal and interest payments on the bonds, and no tax levies are presently required. The Clerk 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. 8. It is hereby determined that the improvements to be financed by the issuance of bonds hereunder will benefit the entire village and the village hereby covenants with the holders from time to time of said bonds as follows: -5- (a) The village will cause the assessments for said improvement to be promptly levied so that the first install- ment will be collectible during 1971 and will take all steps necessary to assure prompt collection. (b) The village will keep complete and accurate books and records showing all receipt 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 to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any interested persons upon request. 9. The officers of the vi-lage are hereby authorized and directed to prepare and furnish to the purchaser of the bonds 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 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 Hintz and upon vote being taken thereon, the following voted in favor thereof: Acting Mayor Johnson, Councilmen Hintz and Spaeth; 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 qualified and Clerk of the Village of Plymouth, Minnesota, hereby certify that I i.=ve carefully compared the attached and foregoing extract of minutes of a special meeting of the Village Council of said village held May 5, 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 the issuance and sale of $1,410,000 Public Improvement Bonds of 1970 of the village. WITNESS My ha d officially as such Clerk and the seal of the village this �/ day of ��,,,,.. 1970. (Seal) -6- Village Clerk Village of Plymouth, Minnesota