HomeMy WebLinkAboutCity Council Resolution 1970-202EXTRACT OF MINUTES OF REGULAR MEETING OF
VILLAGE COUNCIL OF
VILLAGE OF PLYMOUTH, MINNESOTA
June 1, 1970
Pursuant to due call and notice thereof a regular meeting
of the Village Council of the Village of Plymouth was held on
June 1, 1970 at the Village Hall, 13800 State Highway 1'o. 55,
commencing at 7:30 o'clock p_m. The following members were
present: Mayor Hilde, Councilman Hintz, Kindseth, Johnson and
Spaeth. The following members were absent: None.
Councilman Johnson introduced the following resolution
and moved its adoption.
"RESOLUTION NO. 70-202
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF $1,300,000 TEMPORARY PUBLIC IMPROVEMENT BONDS OF 1970
WHEREAS, various improvement projects are now being
constructed within the Village and,
WHEREAS, contracts have been let or will be let prior to the
issuance of bonds for improvements consisting of construction of
sanitary sewers, water mains, water systems and street improve-
ments in the amount of $1,274,650 and,
WHEREAS, because of the present very unfavorable market for
municipal obligations, the Village Council has determined to issue
and sell temporary improvement bonds maturing three years from
date of issue as authorized by Minnesota Statutes, Section
429.091, Subd. 3 in the amount of $1,300,000 and,
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WHEREAS, the Village Council has further determined that
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the high rate of interest required by present market conditions
shall be represented in part by the issuance of additional
obligations in the amount of $25,350 as authorized by Minnesota
Statutes, Section 476.56
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE VILLAGE COUNCIL
OF THE VILLAGE OF PLYMOUTH, MINNESOTA AS FOLLOWS:
1. it is hereby determined that the total cost of
various public improvements, pursuant to contracts hereto-
fore let or which will be let prior to delivery of bonds
will be not lessthanthe sum of $1,274,650 and that of the
total cost of such improvements more than 20% will be paid
from assessments levied against property benefitted by
the construction thereof.
2. It is hereby determined to finance the cost
of said improvements by the issuance of Temporary
Improvement Bonds in the amount of $1,300,000.
3. Said bonds of this series shall be sold in the
amount of $1,274,650. It is further determined that the
municipality shall sell additional bonds to represent the
higher rate of interest as authorized by Minaesota
Statutes, Section 475.56. Such additional bor.'s shall
be in the amount of $25,350 which does not exceed 2% of
the amount otherwise authorized. Bids may be submitted
to purchase bonds in the total amount of $1,300,000 at
a price not less than $1,274,650 shall be credited to
the sinking fund for payment of interest.
4. The Village Council shall meet at the Village �k
Hall on the lst day of July, 1970, at 7:30 o'clock p.m.
for the purpose of receiving and considering sealed bids
for the purchase of said bonds. The Village Clerk shall
cause Notice of Sale to be published once not less than
10 days in advance of the sale in the official newspaper
of the Village and in Commercial. West, a financial paper
published in Minneapolis, Minnesota.
. __._. .1._.�-..-
NOTICE OF SALE
$1,300,000 TEMPORARY IMPROVEMENT BONDS OF 1970
VILLAGE OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the Village Council of
the Village of Plymouth, Minnesota will meet at the Village
Hall in the Village of Plymouth, Minnesota on Wednesday the
1st day of July , 1970 at 7:30 o'clock p.m. (C.D.S.T.)
to 'receive sealed bids for the purchase of $1,300,000 Temporary
Improvement Bonds of 1970 of the Village. The bonds will be
general obligation negotiable coupon bonds in the denomination
of $5,000 each or in multiples thereof at the option of the
purchaser if specified within 48 hours after the award, dated
July 1, 1970 bearing interest at the rate designated by the success-
ful bidder, payable July 1, 1971 and semiannually thereafter on
January 1 and July 1 in each year. All of said Temporary Improve-
ment Bonds of 1970 shall mature on July 1, 1973, but subject to
option of prior payment on July 1, 1972 or any interest payment
date thereafter at par plus accrued interest.
Both principal and interest will be payable at any
suitable bank designated by the purchaser within 48 hours
after award. The Village will furnish printed bonds and
approving legal opinion of Messrs. Howard, LeFevere, Lefler,
Hamilton and Pearson, Minneapolis, Minnesota, both without
expense to the purchaser. The bonds will be delivered to the
purchaser, without expense anywhere in the continental united
States, within forty (40) days after the date of sale, accom-
panied by an unqualified approving legal opinion and customary
final delivery papers, including a certificate showing absence
of litigation.
All bids must be in writing, enclosed in a sealed
envelope, be unconditional except as to the above opinion, and
be left with the undersigned prior to the above time, accompanied
by a certified check, bank draft or cashier's check in the
amount of at least $26,000, payable to the order of the Village,
to be forfeited as liqui-lated damages in event the bid is
accepted and the bidder fails to comply therewith.
No split rate bids will be accepted and bids shall
:not provide for supplemental "B" coupons.
Dewan` B. Barnes �^
Acting Mw, -ager
Village pf Plymouth, Minnesota
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