Res 74 - 15 Extract of Minutes of Meeting of the City Council of MH (2/5/1973)„� 1
EXTR.ACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
MENDOTA HEIGHTS, MINNESOTA
HELD: � .. �� uQ� � S /���
Pursuant to due call and notice thereof, a regular
meeting of the Village Council of the Village of Mendota Heights,
Minnesota, was duly held at the Village Hall_in said Village '
on the � day of February� �, 1973, at 8:00 o'clock P.M.
The following members were present : xuber, Lockwood,
,Wahl, Gutzmer, Losleben �
`and the following were absent: none �
� �Q�S. �Va . 7�'—��
; Member �� �� introduced the following
resolution and moved its adoption: .
RESOLUTION CORRECTING RESOLUTION
ADOPTED OCTOBER 15, 1973 ACCEPTING
BID ON THE SALE OF $385,000 TEMPORARY
IMPROVEMENT BONDS, SERIES 1�73
; WHEREAS, contrary to the intent of the Village Counc.il
.the Resolution adopted by the Village Council on Octoher 15, ”
1973, accepting bid `on the sale of Temporary Improvement Borids,
Series 1973 erroneously omitted references to the definitive
improvement bonds which the Villa�e is required to issue under
certain circumstances, and made reference to a direct ad valorem
'�tax levy;
NOW THEREFORE, BE IT RESOLVED by the Village Council of
�the Village of Mendota Heigh�s, Minnesota that paragraph 9 of
said resolution of October g, 1973 is hereby corrected, paragraph
11 of said resolution is deleted, and a new paragraph 11 is added
so that paragraphs 9-11 read as follows: �
�
�
.�
�,
q. There is hereby ereated a special. fund to be
designa�ed "General. Obliga�ian Temporary Impro=�ement Bonds,
Series-.1973 Fund" to be. held and administered by'the Vi7.lage
Treasurer separate and apart fram alI a�her funds of the
Village. Said fund shall be main%ained in the manner herein
speci�'ied un�il all of the bands herein a�thorized and '�he
in•t�res� thereon have been ful.ly paid. In said fund there
shall be maintained two separate accounts, to be designa�ed
as the "Constructian Account" and the "Sinking Fund Account",
respectively. The proceeds of the sa1.e af the bonds herein
authorized, less any premium and accrued interest received
�hereon, and less any amount paid for said �o nds in excess of
382,004,,,and less capitalized interest in the amount of
�i,�, a4o_�n , shall be credited to �he Construction Account,
from'which �here shalZ be paid aI1. co�ts and exp�nses of making
aaid improvements, including the costs of construction contract�
heretafore le� and all other cos�s incurred and �o be incurred
�nd the moneys in said account sha11 be used for no othEr pur-
pose, pravided tha� the bond praceeds may also be used to the
extent necessary to pay interest an s�.3.d �onds due prior to
the anticipated da�e of commencement of the callectian of
tax�s or special assessmen�s herein l�vied,�and pr•avided further
tha� if upon campletion of said improvemenis �here shall remain
any unexpended balance in said Construction Account, said balance
may be tran�ferred by �he Council to �he fund of any oth�r im-
pravement insti�uted pursuant �o Chap�er �E2g M,S.A, There is
hereby pledged and there shall. be credited to the Sin�king Fund
Account, all collections of spec.ial assessments herein cove-. -
nanted �o be levied, all accrued �nterest received upon de-
livery of said bonds, all funds paid for �he bonds in excess of
�3$2,OOtJ, capi�ali�ed intErest in the amount of � 16,940.00 ,
collections of all taxes herein l�vied for the payment of sai
bands, and a11 funds remaining in said Canstruction Accaunt
after completion of the improv�men.ts and payment af �he costs
�hereof, na� so �ransferred to the fund of another improvement;
provided however, �hat upon terminatipn of the Sinking Fund
Accaunt all collections of such special a�s�ssments and taxes h�re-
3.n levied not-used for thE paymen� of said temporary bonds shall
be pledged and credited to the ex�ent necessary to the S3.nking
Fund Accaunt of any definitive bonds issued �o pay in whole
or part said temporary bonds, fihe Sinking Fund Account shall be
used so3.ely �o pay principal and interest on the bands issued
hereunder and any other general obliga�ion bond�s of the Village
hereafter issued by the Village and made payabie from said_accaunt.
�Any {a} earnings o� ne� profits derived fram inves�- �
ment or depasit of the proceeds"of said bond"s not expended for
s�aid improvements, (b) accrued interest and premium received upon
�he sale of said bonds, and (c} any o�her bond proceeds not ex-
pended for improvements wi1.1 be applied against interest and/or
principal due on said bonds within three year� of their da�e af+
issue. � �
�
10. It 3.s hereby determined that na less than
�20�5oo.�a �f �he cas� af imprav�ment� shall be paid by
special assessm�nts to be levied against every a�ses�able
io�, piece and parcel of land benefited by said improvemen�s.
Said amount is not less than 20� af the cost of �he improve�
ments ta the Village with in the meaning of Minn�sota Statu'�es,
Sec�ion �75,58, subdivision 1(3). The Village hereby covenants
and agrees tha� it wil1. da and perform as soon as they may
be done, all acts and �hings necessary for th;e f.inal and
vali.d levy af such special assessments, and in the event
tha� any such assessment be a� any time held invalid with
�espect to any lot, piece or parc�:l of land due �o any error,
defec�, ar irregularity, in any action or proceeding� taken
or to be taken by �he Village ar �his Council or any of �he
Vill.age officers or emplayees, ei�her in �he mak3.ng af such
assessments or 3.n the performance of any condition p�rEceden�
thereto, the Village and this Council will forthwith do all
such further acts and �ake all such further proceedings as
mayl�e required by 1aw to rnake such assessments a valid and
binding lien upon such praper�y. Said assessments shall be
payable in equal, consecutive, annual installmen�s, with
general taxes for �he years shawn below and with interest an
the deferred balance of all such assessments at �he rate of
���� per annum:
ImprovemEnt
Designa�ion
� 1972 -6
i972 �$
1972 -4
Amount
$83,500
�7 i �}��
150,000 (est)
Levy Y'ears
19 74-19 80
1974-1993
1974-1993
ll. To further pravide moneys for the prompt and
full payment of pr3.ncipal and interes� on said temporary im-
provement bonds, the Village shall issue and sell defini�ive
improvement bonds, at or prior to the maturity date of the
bonds issued hereunder, i.n such amounts as are needed to pay
the principal. and interes'c then due on said �emparary improve-
ment bonds after the application of the assessments and �axes
co3lected, and the appropriatzon of such other munica.pal funds
�s are properly ava3.lable for such purpos�. The Council hereby
finds, determines and declares that the estimated ca2lec�ions
af apecial assessments and taxes �o be received beforE the
rnaturity da�e af said �emporary improvement bonds, together
with the praceeds of any definitive improvement bands to be
issued at or before said maturity�date, and other revenues
pledged far the paymen� af said temporary improvemen� bonds
and the interes� thereon will equa7. a� least 5� in excess of the
principal and in�erest requiremen�s of.said �emporary improve-
men� bonds as the same become due.
The motion for the adoption of the foregoing resolu-
tion was duly seconded by member � and upon a
• vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed
and adopted.
�� �
�
STATE OF MINNESOTA .
COUNTY OF DAKOTA ss
VILLAGE OF MENDOTA HEIGHTS
I, the undersigned, being the duiy qualified and
acting Clerk of the Village of Mendota Heights, Minnesota, DO
HEREBY CERTIFY that I have carefully compared the attached
and foregoing extract of minutes with the original minutes
of a meeting of the Village Council held on the date therein
indicated, which�ar�-on file and of record in my off.ice, and
the same is a full, true and complete transcript therefrom
insofar as the same relates to the resolution correcting
resolution adopted October 15, 1973•
WITNESS my hand as such Clerk and the official
seal of the Village this � day of , 1973•
(SEAL)
0
�
, Village Clerk