Res 73 - 06 Extract of Minutes of Meeting of the Council of MH (1/16/1973)EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE
OF MENDOTA HEIGHTS, MINNESOTA
HELD: Januaxy 16, 1973
Pursuant to due call and notice thereof, a
meeting of the Village Council of the Village of Mendota
Heights, Dakota County, Minnesota, was duly held at the
Village Hall in said Village on the 16th day of January,
1973, at 8:00 o'clock P.M. for the purpose of op`ening
and considering bids for and awarding the sale of
$340,000 Temporary Improvement Bonds Series 1972 of said
Village. ;
The following members were present: Huber,
Lockwood, Gutzmer, L o s 1 e b e n, W a h 1 j
and the following were absent : None
The Clerk presented affidavits showing publica-
t3on of notice of call for bids on $340,000 Temporary
Improvement Bonds,Series 1g72 of the Village, for which
bids were to be received at this meeting, in accordance
with the resolution adopted by the Village Council on
November 21, 1972. Said affidavits were examined, found
to compl with the provisions of Minnesota Statutes,
Chapter �75, and were approved and ordered placed on file.
The Council proceeded to receive and open bids for
the sale of said bonds. The following bids were received:
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Bidder Interest Rate Net Interest Cost
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Sale: January 16, 1973 `" " �'' �'� ?"�`� �'' 8:00 P.M.
. B I D S R E C E I V E D
, $340,000 ', �
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VILLAGE OF MENDOTA HEIGHTS '
TEMPORARY IMPROVEMENT BONDS ' . ,
Account � Rates Diecount $ Cost % Cost
American National Bank & Trust Co. � 3.50% 1.326 $37,026 3.63Y
St. Paul, Minn. � •
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Piper, Jaffray & Hopwood, Inc.� 3.60% 2.040 $38,760 -:_3.80Y �
Minneapolis, Minn.
. , ;�,,� -
First National Bank of St. Paul 3.75% 1.496 $39,746 _ 3.896% ,
St�. Paul, Minn. -
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First National Bank of Minneapolis � 3.70� 2.006 $39,746 3.896� .
Minneapolis, Minn. . �
Mid America State Bank �
Mendota Heights, Tiinn. � ���
BancNorthwest � - ^ •
Minneapolis, Minn.� • 4.00% 2.142 $42,942 4.21%.
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The Counc3l then proceeded to consider such
bids. After the bids had been considered and discussed,
member Walter�Gut°zmer introduced the following reso-
lution and moved its adoption:
RESOLUTION N0. 73-06
RESOLUTION ACCEPTING BID ON SALE OF
$340,000 TEMPORARY IMPROVEMENT
BONDS,SERIES 1972
AND PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED by the Council of the Village
of Mendota Heights, Minnesota, as follows:
1. � That the bid of �erican National Bank & Trust
Company to purchase 3 0,000 Temporary
Improvement Bonds,Series 1g72 of the Village, in accord-
ance with the notice of bond sale, at the rates of interest
hereinafter set forth, and to pay therefor the sum of
� 338,674.00 � - ) is hereby found,
determined and declared to be the most favorable bid re-
ceived, and is hereby accepted and said bonds are hereby
awarded to said bidder. The Village Clerk is directed to
retain the deposit of said bidder 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
American National Bank & Trust Company, St. Paul, Minnesota
2. The $340,000 negotiable coupon general obli-
gation bonds of the Village shall be dated November l,
1972 and shall be issued forthwith. Said bonds shall be
68 in number and numbered from 1 to 68, both inclusive, in
the denomination of $5,000 each. Al1 b onds of this issue
shall mature on November l, 1975.
3. Said bonds shall provide funds for the tem-
porary financing of the construction of the following im-
provements in the Village, to wit: Rogers Lakeside� East
Improvement (ordered on June 20, 1972), Mendota Plaza
Improvements (ordered February 1, 1972) and Pagel Road
Improvement (ordered June 6, 1972). Contracts for c.on-
struction of all said improvements have been awarded. The
total cost of said improvements, including the cost of
construction under the terms of the lowest bid received,
engineering, legal and other professional charges, publica-
tion and printing costs, interest accruing on money bor-
rowed for the improvements before the collection of special
assessments levied therefor, and all other costs necessarily
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incurred and to be incurred from the inception to the
completion of the improvements, is estimated to be at least
equal to the amount of the bonds herein authorized. Work
on the improvements shall proceed with due diligence to
completion.
4. The bonds of this issue shall bear interest
payable November l, 1973 and semiannually thereafter on
May 1 and November 1 of each year, at the rate of 3 1/2x�
per annum.
. 5. Al1 bonds of this issue sha11 be subject to
redemption and,prepayment at the option of the Village in
inverse order of serial numbers, on November l, 1974 and
on May l, 1g75 at par and accrued interest. Published
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 holder, provided that pub-
lished notiee alone shall be effective without mailed notice.
Holders desiring to receive mailed notice must register
their names, addresses and bond numbers with the Village
Clerk.
6. The bonds and interest coupons to be issued
hereunder shall be in substantially the followi.ng form:
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No.
- UNITED STATES OF AMERICA
STATE OF MINNESOTA
DAKOTA COUNTY
VILLAGE OF MENDOTA HEIGHTS
TEMPORARY IMPROVEMENT
BOND, SERIES 1972
$5,000
KNOW.ALL MEN BY THESE PRESENTS that the Village
of Mendota Heights, Dakota County, Minnesota, certifies
that it is 3ndebted and for value received promises to pay
to bearer the sum of
FIVE THOUSAND DOLLARS
on the first day of November, 1g75 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,
1973 and semiannually thereafter on the first day of May
and the first day of November in each year, in accordance
with and upon presentation and surrender of the interest
coupons hereto attached, as the same severally become due.
Both principal and interest are payable at
in any coin or currency of the United States of America
which at the time of payment is legal tender for pub lic
and private debts.�
Al1 bonds of this issue are subject to redemption
and prepayment at the option of the Village in inverse
order of serial numbers, on November l, 1974 and on May l,
1975 at par and accrued interest. Published notice of re-
demption shall be given to the bank where said bonds are
payable and to the last known holder, provided that pub-
lished notice alone shall be effective without mailed
notice. Holders desiring io receive mailed notice must
register their names, addresses and bond numbers with the
Village Clerk. � •
This bond is one of an issue 3n the total princi-
pal amount of $340,000 all of 13ke date and tenor, except
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as to serial number, 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 providing
money for the financing of the construction of various
improvements in the Village and is payable out of the
Temporary Improvement Bond Fund of the Village, to which
fund there has been irrevocably pledged the special assess-
ments and taxes which have been or are to be levied in
respect to the improvements financed by said issue, and
into which fund there are to be paid the proceeds of the
definitive improvement bonds which the Village is required
by law to issue at or prior to the maturity of this bond for
the purpose of refund�ng the same if the special assess-
ment and taxes theretofore collected, or any other municipal
funds which are properly available and are appropriated by
the Village Council for such purpose, are not sufficient
for the payment thereof. This bond constitutes a general
obligation of the Village and to provide moneys for the
prompt and full payment of said principal and interest when
the same become due, the full faith and credit of said Vil-
lage have been and are hereby irrevocably 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 caused the corporate
seal of said Village to be affixed hereto and has caused
the interest coupons t.o be executed and authenticated by the
facsimile signatures of said officers, all as of November 1,
1972. .
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(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 Temporary Improvement Bond, Series 1972,
No. dated November 1, 1g72.
/s/ Facsimile
Village Clerk
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/s/ Facsimile
Mayor
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7. The bonds shall be executed on behalf of
the Village by the signature of its Mayor and-the signature
of its Clerk and be sealed with the seal of the Village;
provided, that one of such signatures and the seal of the
Village may be printed facsimiles. The interest coupons
pertaining thereto shall be executed by the printed, engraved
or lithographed facsimile signatures of the Mayor and Clerk.
8. The said bonds when so prepared and executed
shall be delivered by the Treasurer to the purchaser there-
of upon receipt of the purchase price, and the said pur-
chaser shall not be obliged to see to the proper application
thereof.
9. The proceeds of the sale of the bonds herein
authorized, less any premium and accrued interest received
thereon and less any amount paid for said bonds in excess
of $337,000, shall be credited to the funds hereby created
as follows: $ 54,000 to the Mendota Plaza Improvement
Fund, $H2,000 to the Pagel Road Area Improvement Fund
and $204,000 to the Rogers Lakeside East Improvement Fund.
There shall be paid from each such fund all costs and
expenses of making the respective improvements, including
the costs of construction contracts heretofore�let and all
other costs incurred and to be incurred and the moneys in
said funds shall be used for no other purpose, provided that
the bond proceeds may also be used to the extent necessary
to pay interest on said bonds due prior to the anticipated
date of commencement of the collection of special assess-
ments levied for such improvements and provided further'
that if upon completion of said improvements there shall
remain any unexpended balance in said Construction Account,
said balance may be transferr.ed by the Council to the fund
of any other improvement instituted pursuant to Chapter
42g M.S.A. There is hereby pledged and there shall be �
credited to Temporary Improvement Bond Fund of the Village
heretofore created, all collections of special assessments
herein levied or covenanted to be levied, all accrued in-
terest received upon delivery of said bonds, all funds paid
for the bonds in excess of $337,.000 and all Funds re-
maining in said Construction Account after completion of
the improvements and payment of the costs thereof, not so
transferred to the fund of another improvement. Upon pay-
ment in full of the bonds of this issue and the interest
thereon, all collections of special assessments levied for
the improvements h�erein not used for the payment of said
temporary bonds shall be pledged and credited to the extent
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necessary to the Sinking Fund Account of any definitive
bonds issued to pay in whole or part said temporary bonds.
The moneys herein pledged and appropriated to the Tempo-
rary Improvement Bond Fund of the Village, except as
otherwise provided herein, shall be used solely to pay
principal and interest on the bonds issued hereunder.
10. The Village will make no use of the proceeds
of said bonds which, if such use had been reasonably ex-
pected on the date of delivery of and payment for the bonds,
would have caused such obligations to be arbitrage bonds
within the meaning of Section 103id) of the Internal
Revenue Code and any regulations promulgated thereunder;
and the Village will comply with the requirements of said
Section 103(d) and regulations throughout the term of
the issue.
11. It is hereby determined that no less than
$ 300,000 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 improve-
ments. The Village hereby covenants and agrees that it
will 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 assess-
ment be at any time held invalid with respect.to any lot,
piece or parcel of land due to any error, defect, or ir-
regularity, in any action or proceedings taken or to be
taken by the Village or this Council ar any of the Village
officers or employees, either in the making of such assess-
ments 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. fox�.•the years shown below. and. with interest .
on the deferred balance of all such assessments at the rate
of 7.00� per annum:
Improvement
Designation
l. Mendota Plaza
(a) Sanitary Sewer
(b) Storm Sewer
(c) Water
(d) Street
2. Pagel Road
(a) Sanitary Sewer
(b) Storm Sewer
(c) Water •
(d) Street
3. Rogers Lakeside East
(a) Sanitary Sewer
(b) Storm Sewer
(c) Water
(d) Street
Amount
$10,476.90
15,161.58
9,635.50
17,981.04
Levy Years
19
19
19
10
2,000.00 19
• 30,000.00 19
30,000.00 19
11,000.00 10
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3�, 000 . 00� j 19
57, 000. 00-� 19
30,000.00� 19
81;.000. 00 � , 10
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12. For the prompt and full payment of the
principal of and interest on said bonds, as the same
respectively become due, the full faith, credit and tax-
ing powers of the Village shall be and hereby are irre-
vocably pledged.
13. To further provide moneys for the prompt and
full payment of principal and interest on said temporary
improvement bonds, the Village shall issue and sell defini-
tive improvement bonds�, at or prior to the maturity date
of the bonds issued hereunder, in such amounts as are needed
to pay t� principal and interest then due on said temporary
improvement bonds after the application of the assessments
and taxes collected, and the appropriation of such other
municipal funds as are properly available for such purpose.
The Council hereby finds, determines and declares that the
estimated collections of special assessments and taxes
to be received before the maturity date of said temporary
improvement bonds, together with the proceeds of any defini-
tive improvement bonds to-be issued at or before said matu-
rity date, and other revenues pledged for the payment of
said temporary improvement bonds and the interest thereon
will equal at least 5� in excess of the principal and
interest requirements of said temporary improvement bonds
as the same become due.
14. The Village Clerk is hereby directed to file
a certified copy of this resolution with the County Auditor
of Dakota County, Minnesota, together with such other in- �
formation 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.
16. The•officers of the Village are hereby
authorized and directed to prepare and furnish to the pur-"
chaser of said temporary improvement bonds, and to the at-
torneys approving the legality of the issuance thereof,
certified copies of all proceedings and records of the Vil-
lage 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 marketability of said
bonds as the same appear from the books and records under
their custody and control or as otherwise known to them,
and all such certified copies, certificates and affidavits,
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including any heretofore furnished, shall be deemed re-
presentations fo the Village as to the facts recited
therein.
� The motion for the adoption of the foregoing
resolution was duly seconded by member Russ Wahl
and upon a vote being taken thereon, the following voted
in favor thereof : all yea
and none voted against the
same.
Whereupon said resolution was declared duly
passed and adopted.
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Donald L. Huber
mayor
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STATE OF MINNESOTA )
COUNTY OF DAKOTA ) ss
VILLAGE OF MENDOTA HEIGHTS)
I, the undersigned, being the duly qualified
and acting Clerk of the Village of Mendota Heights, Min-
nesota, DO HEREBY CERTIFY that I have compared the at-
tached and foregoing extract of minutes with the original
thereof on file 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 $340,000 Temporary Improvement Bonds,
Series 1972 of said Village.
WITNESS my hand and the seal of said Village
this 16 day of �anuarv , 1973•
(Seal)
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