HomeMy WebLinkAboutCity Council Resolution 1970-243After due consideration of said bids, Councilman Hintz
introduced the following resolution and moved its adopt4on:
RESOLUTION NO. 70-243
RESOLUTION AWARDING THE SALE OF $1,300,000 TEMPORARY
IMPROVEMENT BONDS OF 1970
BE IT RESOLVED.by the Village Council of the Village of
Plymouth, Minnesota, as follows:
1. The bid of Piper, Jaffray & Hopwood, Minneapolis,
Minnesota, to purchase $1,300,000 Temporary Improvement Bonds of
1970 of the village described in the notice of sale thereof is
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 Interest Rates
1973 6.008
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,.and the Village Clerk is directed to return the checks of
the unsuccessful bidders forthwith.
The motion for the adoption of the foregoing resolution was
seconded by Councilman Spaeth and upon vote being taken thereon, the
following voted in favor thereof: Mayor Hilde, Councilmen Kindseth,
Hintz and Spaeth; and the following voted against: None. Whereupon
said resolution was declared duly passed and adopted.
Councilmen Kindseth introduced the following resolution and
moved its adoption:
RESOLUTION NO. 70-244
RESOLUTION FIXING THE FORM AND SPECIFICATIONS
FOR $1,300,000 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 temporary
improvement bonds in the principal amount of $1,300,000 dated July 1,
1970, said bonds being 260 in number and numbered 1 to 260, both
inclusive, in the denomination of $5,000 each, bearing interest as
follows:
Maturing Dates
1973
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Interest Rates
6.008
and which bonds mature on July 1, 1973. All bonds are
callable on July 1, 1972 or any interest payment date thereafter
upon payment of the principal amount of each bond plus accrued interest.
Thirty days prior notice of redemption will be given in the manner
provided by law.
2. Both principal and interest shall be payable at First
National Bank of Saint Paul, 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.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF PLYMOUTH
Temporary Improvement Bonds of 1970
$5,000
KNOW ALL MEN BY THESE PRESENTS That the Village of Plymouth,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer out of its
Temporary Improvement Bonds of 1970 Fund, the sum of FIVE THOUSAND
DOLLARS on the 1st day of July, 1973 and to pay interest thereon at
the rate of
Maturing Dates Interest Rates
1973 6.00$
all interest to maturity payable July 1, 1971, and semiannually
thereafter on the lot day of January and the lot day of July 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 First National
Bank of Saint Paul in the City of Saint Paul, Minnesota, in any coin
or currency of the United States of America which on the date of
payment is legal tender for public and private debts.
All bonds are callable on July 1, 1972 or any interest
payment date thereafter upon payment of the principal amount of each
bond and accrued interest to date. 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 $1,300,000 all of like date and tenor as issued by the
village for the purpose of providing money to defray the expenses
incurred and to b(� incurred in various public improvements, pursuant to
and in full confou+rity 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 benefitted
thereby, but constitutes a general obligation of the village and,
to Fr.ovide monies for the prompt and full payment of said principal
arta 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 v.lorem 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
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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 authenti-
cated by the facsimile signatures of said officers, all as of July..l,
1970.
(Seal)
No.
(Form of Coupon)
ON THE FIRST DAY OF
JULY, 1971
S
the Village of Plymouth, Hennepin County, Minnesota, will pay to
bearer out of its Temporary Improvement Bonds of 1970 Fund at First
National Bank of Saint Paul in the City of Saint Paul, Minnesota,
the amount shown thereon for interest then due on its Temporary
Improvement Bonds of 1970 dated July 1, 1970.
No.
(facsimile signature) (facsimile signature)
--Village �Clerrk Mayor
4. The Village Clerk shall obtain a copy of the proposed
approving legal opinion of Messrs. Howard, LePevere, Lefler, Hamilton
and Pearson which shall be complete except as to dating thereof
and shall cause Paid opinion to be printed on each bond, together with
a certificate to be signed by his facsimile signature, in substantially
the following forms
I hereby certify that the foregoing is a full, true
and correct copy of 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
S. The bonds shall be prepared under the direction of
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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
Temporary 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 cf 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 is hereby determined that the estimated collection of
special assessments for the payment of said bonds will produce at least:
five per cent in excess of the amount needed to meet, when 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:
(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 receipts 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 village 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 re-
cords 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,
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the following voted in favor thereof: Mayor Hilde, Councilmen
Kindseth, 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 acting
Clerk of the Village of Plymouth, Minnesota, hereby certify that
I have carefully compared the attached and foregoing extract of
minutes of a special meeting of the Village Council of said village
held July 1, 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 $1,300,000 Temporary
Improvement Bonds of 1970 of the village.
WITNESS My hand officially as such Clerk and the seal of
the village this % day of , 1970.
f
Carol Han
Villa Clerk 1
Village of Plymouth, Minnesota
(Seal)
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