HomeMy WebLinkAboutCity Council Resolution 1971-306Hunt and Johnson.
The Mayor announced that the Council would consider all bids
for the purchase of $2,521,000 Temporary Improvement Bonds of 1971 as -
advertised for sale. The Village Manager prese�:ted a£fdavits'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
Conenercial West, a financial paper published in Minneapolis, Minnesota, '
which affidavits were.examined and found to be satisfactory and ordered
placed on file.
The Village 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 & Hopwood 4.50% 1971 - 1974 $2,500,075.70
and which bonds mature on September 1
callable on September 1, 1973, or any
upon payment of the principal amount
accrued interest. Thirty days prior
given in the manner provided by law.
1974. All bonds are
interest payment date thereaf
of each bond at par plus
notice of redemption will be
2. Both principal and interest shall be payable at First
National Bank of Saint Paul, in the City of Saint Paul, Minnesota, an
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
Temporary Improvement Bonds of 1971
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 1971 Fund, the sum of FIVE THOUSAND
DOLLARS on the 1st day of September, 1974, and to pay interest
thereon at the rate of
Maturing Dates Interest Rates
1974 4.25%
all interest to maturity payable September 1, 1972, and semiannually
thereafter on the 1st day of March and the 1st day of September 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 September 1, 1973, or any interest
payment date thereafter upon payment of the principal amount of each
bond at par 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 $2,521,000 all of like date and tenor as issued by the
village for the purpose of providing money to defray the expenses'
incurred and to 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 obligation
of the village and, to provide monies for the prompt and full paymeni
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 rr.-te 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 sign-,ture of the Mayor and
the manual signature of the Village Manager 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 September 1, 1971.
(Seal)
No.
(Form of Coupon)
ON THE FIRST DAY OF
SEPTEMBER, 1972
the Village of Plymouth, Hennepin County, Minnesota, will pay to
bearer out of its Temporary Improvement Bonds of 1971 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 1971 dated September 1, 1971.
No.
(facsimile signature) (facsimile signature)
Village Manager Mayor
4. The Village Manager 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.
age manager
5. The bonds shall be prepared under the direction of
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the Village Manager and shall be executed on behalf of the
village by the facsimile signature of the Mayor a'.3 the manual
signature of the .Village Manager, and the corporate seal of
the -village shall be affixed to each thereof, and the intez-st_
coupons shall be executed and authenticated by the printed facsimile
signatures of said Mayor and Village Manager. The said
bonds, when fully executed, shall be delivrred 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 applica-
tion thereof.
6. The bonds issued hereunder shall be payable from the
Temporary Improvement Bonds of 1971 Fund, and all the proceeds of
the special asE�essments to be levied for said improvement are
hereby pledged to said fund. If any payment of principal of or inte
est 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 Village Manager 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 th:t the first install-
ment will be collectible during 1972 and will take all steps
necersarf 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 -re hereby authorized and
directed to prepare and furnish to the purchaser of the bonds and
to the attorneys approving the same, certifirA copies of proceedings
and records of the village relating to said bonds and to the
financial condition iind 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 i)ords, and such instruments,
including any heretofore furnished, 3n all 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 Spaeth and upon vote being taken thereon,'
the following voted in favor thereof: Mayor Hilde, Councilmen
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