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Res 73 - 82 Extract of Minutes of Meeting of the City Council of MH (10/16/1973)0 RESOLUTION NO. 73-82 EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COtTNCIL OF THE VILLAGE - OF MENDOTA HEIGHTS, MINNESOTA HELD: OCTOBER 16, 1973 Pursuant to due call and notice thereof, a Regular meeting of the Village Council of the Village of Mendota Heights, Dakota County, Minnesota, was duly held in the Village Hall in said Village on the 16th day of October, , 1973, at 8:00 o'clock P.M. C.D.T, for the purpose of open- ing and considering bids for and awarding the sale of $385,000 General Obligation Temporary Improvement Bonds, Series 1973 of said Village, The following members were present : Gutzmar, Losleben ` R. Wahl, D. Huber and R. Lockwood � and the following were absent: None. The Clerk presented affidavits showing publication of notice of call for bids on $385,000 General Obligation Temporary Improvement Bonds, Series 1973 of the Village, f or which bids were to be received at this meeting, in accordance with the resolution adopted by the Village Council on Septem- ber �4, 1973. Said affidavits were examined, found to comply with the provisions of �Iinnesota Statutes, Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of sai� bonds. The following bids were received: Bidder Interest Rate Net Interest Cost 0 0 �.ewY✓����f�i";y �4;4�'�(b',4�7'�4�^-.,��1Nn,�!1f �'*�iF�� *'"1� W > :�Tt' � 'R'.:n d'- .'t`.�`t'-`��'�s'�4, � ��;i.�±����. � ��� � ��. �`�� �� ��� n - • � - - .... j / �' � .� � ,_ '' BIDS JR�CEIVED $385,000 VILLAGE OF MENDOTA H�IGHTS TEMPORARY IMPROVEMENT BONDS 1973 BIlIDER MARQUETTE NATIONAL BANK Minneapolis, Minn FZRST NATIONAL BANK Sta Paul, Minn. CHEROKEE STATE BANK , St. Paul, Minn. FIRST NATIONAL BANK Minneapolis, P4inn. MID AMERICA STATE BANK Mendota Heights, Minn PIPER JAFFRAY & HOPWOOD CPN. 4.40% . � 4.40% 4.60% ����' �,. _9 • .�+�.'�.. �F. � �°� �€ � DISCOUNT $ COST % RATE $981.75 $51,801.75 4.485% 2,271.50 53,091.50 4.596% 2,618.00 55,748.00 4.826% Minneapolis, Minn. , � 4.6fl% , 3,000.00 56,130.00 4.859� BONDS AWARDED TO MARQUETTE NATIOI�AL BANK OF MINN�APOLIS. � The Council then proceeded to consider such bids. After the bids had'been considered and discussed, member - Nuber introduced the following resolution and moved its adoption: � RESOLUTION NO. 73-82 RESOLUTION ACCEPTING BID ON SALE OF $385,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1973 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the Village of Mendota Heights, Minnesota�, as follows: 1. That the bid of Marquette National Bank, Minneapolis, Minn. • to purchase $385,000 General Obligation Temporary Improvement Bonds, Series 1973 of the Village, in accordance with the no- tice of bond sale, at the rates of interest hereinafter set forth, and to pay ; therefor the sum of $ 384;018.25 '`�-"�� - -- -- - _ -- �___ - . ' - _ ' --- -- -- is hereby found, determined and declared - to be the most -t'avorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The Vil- lage Clerk is directed to retain the.deposit of said b idder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at Ma'r'quette�Pdational Bank • Minneapolis, Minneosta 2. The $385,000 negotiable coupon general ob liga- tion bonds of the Village shall be dated November 1, 1973, and shall be issued forthwith. Said bonds shall be 77 in number and numbered from 1 to 77, both inclusive, in the de- nomination of $5,000 each: Said bonds shall mature on Novem- ber 1, 1976. - 3. Said bonds shall provide funds for the construc- tion of sewer, water an.d street improvements in the Village. The total cost of said improvements, including the cost of construction under the terms of the lowest bid received, en- gineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, is estimated to be �t least equal to the amount of the b onds herein authorized. Work on the improvements shall proceed with due diligence to completion. -2- , �. 4. The bonds of said issue�maturing in the years and bearing the serial numbe.rs se� forth below shall bear interest, payable November 1, 1974, and semiannually there- after on May 1 and November 1 af each year, at the respec- tive ra�es per annurn set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate November I976 1-75 4.40� 5. A11 iaonds of this issue shal.l be subject ta redemption and prepayment at the optian af the Village on November l, 1975, or May 1, 1975 at par and accrued interest. Published notice of redemption shall in each case be given in accordance wi�h la�r, and a� least �hirty days prior mailed notxce of redemption shall be given to the bank where said bonds are payable and �o �he las'� knawn holders, pravided tha� published notice alone shall be effective without mailed no�ice. Holders desir�.ng �o receive mailed notice .= must register �heir names, addresses and bond numbers wi�h the Village Clerk. 6. The bonds and interest coupons to be issued hereunder shall be in substantiall.y the following form. � No. UNITED STATES OF AMERICA STATE OF MINNESOTA � DAKOTA COUNTY VILLAGE OF MENDOTA HEIGHTS GENERAL OBLIGATION TEMPORARY IMPROVEMENT BOND, SERIES 1973 $5,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Mendota Heights, Dakota County, Minnesota, certifies �hat it is indebted and for value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the first day of November, 1976, and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( per annum, payable on the first day of November, 1g�7-4, arid semiannually�thereafter on the first day'of M ay and the first day of November in each year, in accordance with and upon presentation and su�render of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payab le at in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of•this issue are subject to redemption and prepayment at the option of the Village on November l, 1975 and May 1, 1976, at par and accrued interest. Pub lished notice of redemption shall in each case be given in accord- ance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the last known holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receiye mailed notice must register their names, addre�sses and bond numbers with the Village Clerk. This bond is one of an issue in the total principal amount of $385,000 all of like date and tenor, except as to serial number, maturity and interest rate which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of pro- viding money for sewer, water and street improvements, and is payable out of the General Obligation Temporary Improvement Bonds, Series 1973 Fund of the Village. This bond constitutes a general obligation of the Village, and to provide moneys for the prompt and full payment of said principal and inter- est when the same become due, the full faith and credit and taxing powers of said Village have been and are hereby irre- vocably pledged. IT IS HEREBY�CERTIFIED AND RECITED that all acts, conditions 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 this bond, together with all other debts 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 of indebtedness. IN WITNESS WHEREOF, the Village of Mendota Heights, Dakota County, Minnesota, by its Village Council has caused > this bond to be executed in its behalf by the signatures of " the Mayor and the Village Clerk, and the corporate seal of said Village to be affixed hereto, and has caused the inter- est couppns to be executed and authenticated by the facsimile signatures of said off icers, all as of November l, 1973• � Village Clerk Mayor (Form of Coupon ) No. $ � On the first day of November (May), lg , unless the bond described below is called for earlier redemption, the Village of Mendota Heights, Dakota County, Minnesota, will pay to bearer at the sum shown hereon for interest then due on its General Ob- ligation Temporary Improvement Bor1d, Series 1973 No, dated November l, 1973. ' /s/ Facsimile /s/ Facsimile Village Clerk Mayor ' -5- t • 7. �he bonds shall be e�ecuted on behalf of the Village by the signature af its Mayor and the signature of its Clerk and be sealed wi�h �he seal af the Village; provided, tha� one of such signa�ur�s and the seal of �hz Village may be prin�ed facsimiles. The in�erest coupons per�aining there- to shall be executed by the printed,�engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The said bonds �hen so prepared and executed shall be delivered by �he Treasurer �o the purchaser �hereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see ta the praper application thereof. q. There is hereby created a special fund to be designa�ed "General Obligation Temporary Improvement Bonds, Series i973 Fund" �o be held and administered by the Village Treasurer separa�e and apart from all other funds af the Village. Said fund shall be main�ained in the manner herein specified un�il aI1 of �he bonds herezn authorized�and the interest �herean have been fully paid. Tn said fund there sha11 be maintained two separa�e accaunts, to be designa�ed as the "Construction Account" and the "Sinking Fund Account", respectivel.y. The proceeds of the sale of the bonds herein authori�ed, less any premium and accrued interest received thereon, and 1.ess any amount paid f or said bonds in excess af � $3$�2,000, and less capitalized in�erest in �he amaun� of • $-;���94p�pp , shall be credited to the Construction Account, from wha.ch there shall be paid all costs and expenses of mak�ng said improvemen�s, including �he costs of construction cantracts heretoiore let and all other costs inc�zrred and �a be incurred and the moneys 3.n said account shall be used for no other pur- pose, provided that the band proceeds may also be used to the extent necessary to pay in�erest on said bonds due priar to the anticipated da�e o� commencement af the callection of taxes or specia3. assessmen�s herea.n ievied, and provided further that if upon completion of said improvements �here shall remain any unexpended balance in said Constructi.on Account, said balance may be �ransferred by �he Council to �he fund of any other im- provement instituted pursuant ta Chapter �#29 M.S.A. There is hereby p3edged and there shall be credited to the Sinking Fund Account, all collections of special assessments here�.n cove- nan�ed �o iae levied, a11 accrued interes� received upon de- livery of said bonds, a11 funds paid for �he bonds in excess of $382,OOQ, capitalized interest in the amoun� of $ , collections of all taxes herein levied for the payment�o��id - bonds, and all funds remaining in sai.d Canstruction Account after campletion of' the improvements and payment of the costs thereaf, not so transferred to the fund oi another improvement. The Sinking Fund Account shall be used solely to pay principai and interes� on the bonds issued hereunder and any o�her gen-. eral abligation bands o�` the Vill�ge hereafter issued by the Village and made payaiale from said account, � Any (a) earnings or net prof its derived from in- vestment or deposit of the proceeds of said bonds not ex- pended for said improvements, (b) accrued interest and pre- mium received upon the sale of said bonds, and (c) any other bond proceeds not expended for improvements will be applied against interest and/or principal due on said bonds within three years of their date of issue. 10. It is hereby determined that no less than � 320 500 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. Said amount is not less than 20� of the cost of the improve- ments to the Village within the meaning of Minnesota Statutes, Section 475.58, subdivision 1(3). The Village hereby covenants and agrees that it �rill do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defec�, or irregularity, in any action or proceedings taken or to be taken by the Village or this Council or any of the Village officers or employees, either in the making of such assessments or in the performance of any condition precedent thereto, the Village and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 7 % per annum: Improvement Designation 1972 - 6 1972 - 8 1972 - 4 Am o unt 83,500 87,000 150,000 est. Levy Years 1974-1980 1974-1993 1974-1993 11. To provide moneys for the payment of said principal and interest there is hereby levied upon all of the taxable property in the Villag� a direct annual ad valorem tax which shall be spread.upon the tax rolls and collected with and as part of, other general property taxes in said Village for the years and in the amounts as follows: -7- 0 Year of Tax Levy 1974 1975 Year of Tax Collection 1975 1976 Amount �� Said tax levies are such that if collected in full they, together with estimated collections of special assess- ments and other revenues pledged 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 . Said tax levies shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided that the Village reserves the right and power to reduce the levies in the manner and to the extent permitted by Sec. 475.61(3) M. S.A. • For the prompt and full payment of the principal of and interest on said b onds, as the same respectively become due, the full faith, credit and taxing powers of the. Village shall be and are hereby irrevocably pledged. 12. The Village Clerk is hereby directed to f ile a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other infor- mation as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has been made. 13. The officers of the Village are hereby author- ized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the Village relating to said bonds and to the financial condition and affairs of the Village, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketab ility of said bonds as the same appear from-the b ooks and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and aff idavits, in- cluding any heretofore furnished, shall be deemed re,presen- tations of the Village as to the facts recited therein. : ,. . .y r ' The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the fo owing voted in favor thereof : all yea. • and the following voted against the same: none Whereupon said resolution was declared duly passed and adopted. � � •.Y` � ,• � n STATE OF MINNESOTA ' COUNTY OF DAKOTA VILLAGE OF MENDOTA HEIGHTS I, the undersigned, being the duly qualified and acting Clerk of the Village of l�Zendota Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and fore- going extract of minutes with the original thereof on f ile in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the Village Council of said Village, duly called and held on the date therein indicated, insofar as such minutes relate to the opening and ' considering of bids for, and awarding the sale of $385,000 0 General Obligation Temporary Improvement Bonds, Series 1973 of said Village. ' WITNESS my hand and the seal of said Village this �""_' day of �('�,�y�/�� , 1-973 • (Seal )