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HomeMy WebLinkAboutCity Council Resolution 1970-245EXTRACT OF MINUTES OF SPECIAL MEETING OF THE VILLAGE COUNCIL, OF THE VILLAGE OF PLYMOUTH HENNEPIN COUNTY, MINNESOTA Jule 1, 197n Pursuant to due call and notice thereof, a special meeting of the Village Council of the Village of Plymouth, Minnesota, was duly held at the Village Hall at 13800 State Highway No. 55 on the 1st day of July, 1970, at 7:30 o'clock p.m. The following members were present: Mayor Hilde, Councilmen Hintz, Kindseth and Spaeth; and the following members were absent: Councilman Johnson. The Mayor announced that the Council would consider all bids for the purchase of $2,010,000 Public Improvement Bonds of 1970-2 as advertised for sale. The Acting Manager 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 of sale and said bids were opened, examined and found to be as follows: NAME OF BIDDER INTEREST RATES AMOUNT OF BID Piper, Jaffray a Hopwood 6.508 1972 - 1977 $1,971,850.20 6.608 1978 6.708 1979 - 1980 Total Interest $835,324.80 Average Rate 6.9006598 After due consideration, of said bids, Councilman Spaeth intro- duced the following resolution and moved its adoption: 0 i RESOLUTION NO. 70-245 RESOLUTION AWARDING THE SALE OF $2,0101000 PUBLIC IMPROVEMENT BONDS OF 1970-2 BE IT RESOLVED By the Village Council of the Village of Plymouth, Minnesota, as follows: 1. The bid of Piper, Jaffray & Hopwood of Minneapolis, Minnesota, to purchase $2,010,000 Public Improvement Bonds of 1970-2 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 bo;;ds bearing interest as follows:` Maturing Dates 1972 - 1977 1978 1979 - 1980 Interest Rates 6.50% 6.60% 6.708 The Village Treasurer is directed to retain the good faith check of the successful bidder pending coR pletion of the sale and delivery of the bonds. The motion for the adoption of the foregoing resolution was seconded by Mayor Hilde and upon vote being taken thereon, ,the following voted in favor thereof: Mayor Hilde, Councilmen Hintz, Kindseth and Spaeth; and the following voted against: None. Whereupon► said resolution was declared duly passed and adopted. Councilman Spaeth introduced the following resolution and moved its adoption: RESOLUTION NO. 70-246 RESOLUTION FIXING THE FORM AND SPECIFICATIONS FOR $2,010,000 PUBLIC IMPROVEMENT BONDS OF 1970-2 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 $2,010,000 dated July 1, 1970, said bonds being 402 in number and numbered 1 to 402, both inclusive, in the denomination of $51'000 each, bearing interest as follows: Maturing Dates Interest Rates 1972 - 1977 6.50% 1978 6.60% 1979 - 1980 6.70% -2- and which bonds mature serially on July 1 in the years and amounts as follows: 1972 - $220,000 1977 -- $225,000 1973 - $220,000 1978 - $225,000 1974 - $220,000 1979 - $225,000 1975 - $225,000 1980 - $225,000 1976 - $225,000 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. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF PLYMOUTH Public Improvement Bonds of 1970-2 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 1970-2 Fund, the sum of FIVE THOUSAND DOLLARS on the 1st day of July, 1972 and to pay interest thereon at the rate of Maturing Dates 1972 - 1977 1978 1979 - 1980 Interest Rates 6.50% 6.60% 6.70% all interest to maturity payable July 1, 1971, and semiannually there- after on the 1st day of January and the 1st 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. This bond is one of an issue of bonds in the total principal amount of $2,010,000, all of like date and tenor except as to interest rate, 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 benefitted thereby, but con- stitutes a general obligation of the village and, to provide monies for the prompt and full 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 CRD 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 1, 1970. Mayor Village Clerk (Seal) (Form of Coupon) No. $ ON THE FIRST DAY OF JULY 1971 the Village of Plymouth, Hennepin County, Minnesota will pay to bearer out of its Public Improvement Bonds of 1970-2 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 Public Improvement Bonds of 1970-2 dated July 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'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 -4- 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 signat.:res 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 1970-2 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 is hereby determined that the estimated collection of special assessments for the payment of said bonds will produce at least five percent 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 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 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 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 market- ability of said bonds, and such instruments, including any heretofore ` furnished, shall be deemed representations of the village as to the facts stated therein. -5- 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: Mayor Hilde, Councilmen Hintz, Kindseth 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 $2,010,000 Public Improvement Bonds of 1970-2 of the village. WITNESS My hand officially as such Clerk and the seal of the village this 6111 � day of , 1970. -6-