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.
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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:
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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.
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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%
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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
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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
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Mayo
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M-11 age Clerk "%
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(Seal)
Pio
(Form of Coupon)
ON THE FIRST DAY OF JUNE
1971
the Village of Plymouth, Hennepin County, Minnesota will pay to
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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:
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(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)
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Village Clerk
Village of Plymouth, Minnesota