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:
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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%
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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
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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.
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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.
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