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Res 72 - 503 Awarding Sale of $1,700,000 Improvement Bonds, Series 1972� Member Walter J gutzmer tion and moved its adoption: then introduced the following resolu- RESOLUTION NUmBER 503 RESOLUTION AWARDING SALE OF $1,700,000 IMPROVEMENT BONDS, SERIES 1972 BE IT RESOLVED by the Village Council of the Village of Men- dota Heights, Minnesota, that the highest and best bid for the purchase of �1,700,000 Improvement Bonds, Series 1972 of the Village, dated August l, 1g72, received pursuant to public advertisement for bids, is that � of BancNorthwest , of Minneapolis , Minnesota , and associates, s.aid bid stating a price of $1,688,610 and accrued interest, for bonds to be issued in'accordance with the published notice of sale and to bear interest at the following rates per annum: , Maturity Years 1973-1977 1978-1981 1982-1985 1986- 1987- � 1988-1990 Interest Rate 4.00y 4.50% S.00X . 5.10� 5.20� 5.25% Said bid is hereby accepted, and sa�d bonds are hereby declared to be awarded to said bidder. The Mayor and Clerk are hereby authorized to execute the contract for sale of said bonds to said bidder in behalf of the Village, and the good faith check of said bidder shall be held by the Village pending delivery of and payment for the bonds. The good faith checks of the other bidders shall be returned to them by the Clerk. The motion for the adoption of the foregoing resolution was duly seconded by Member Wm. J. Blair , and upon vote being taken there- on, the following voted in favor thereof: All and the fol::c���ing voted against ' Y�� same: None � whereupon s��: �3 resolution was de�.yared duly passed and ac�: �.cF�d. Member Robert G. Lockwood thereupon introduced the following resolution and moved its adoption: RESOLUTION NUmBER 504 RESOLUTION AUTHORIZING AND ESTABLISHING THE • FORM AND DETAILS OF $1,700,000 IMPROVEMENT � BOI�DS, SERIES 1972, AND LEVYING.TAXES AND . APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the Village of Mendota Height�s, Minnesota, as follows: • e r ... _ a �a a _ L .. _., • .a t i_ ,.. t t i- _ � r _ 't "+ - -- _ � • � 1. 1li 1.� i1C1'C.�J�jl 1VU17U CL11U UCLCi111111cu 411q,1i 1�11C V.il._a.FjC U�.IA heretofore issue $1,820,000 Temporary Improvement Bonds, Seri'es 196g, dated September l, 196g, for the purpose of paying costs of the Village ior construction of local improvements, which bonds were authorized by resolution of the Council adopted on August 12, 196g; that a11 of said -3- F- . r^ � bonds were validly issued and constitute legal obligations of the ,Village in their full amount; that all of said bonds are now outstand- ing and become due and payable on September l, 1972; that the amount of moneys remaining on hand in the Temporary Improvement Bond Fund land available for the payment of said Temporary Improvement Bonds is approximately equal to and not less than $193,875, of which amount $56,875 is required for the payment of interest on said bonds coming due on their maturity, and $137,000 is available f or and will be ap- �plied to payment of principal;•and that it is necessary to issue $1,700,000 definitive improvement bonds, including $17,000 of bonds ,representing interest, as authorized by Minnesota Statutes, Section �475.56, to refund $1,683,000 principal amount of said Temporary•Im- provement Bonds maturing on September l, 1972. 2. There is hereby created a fund to be known as the 1972 Definitive Improvement Bond Fund, which shall be maintained at all ` times as a separate account on the books of the Village. Into it shall be paid from the Temporary Improvement Bond Fund any bond pro- ceeds or special assessment collections received on account of the issuance of said Temporary Improvement Bonds, Series 1969, to the extent that they are not applied to the payment of principal and in- terest due on said bonds on September l, 1972. Into said 1972 Defini- tive Improvement Bond Fund shall also be paid the accrued interest re- ceived upon delivery of the bonds herein authorized, any amount by which the purchase price exceeds $1,683,000, and the collections of all special assessments levied on account of the improvements financed by said 1g69 temporary bonds, and the collections of all general ad valorem taxes herein or hereafter levied for payment of the bonds herein authorized. Moneys in said 1972 Definitive Improveme�it Bon� Fund shall be used only for the payment or prepayment of principal and interest on the bonds herein authorized, including premiums for �redemptions before maturity'. . �3. The definitive improvement bonds of the Village herein- above determined to be issued shall be designated as "Improvement Bonds, Series 1972", all payable primarily from the 1g72 Definitive Improvement Bond Fund of the Village. They shall forthwith be issued and delivered to BancNorthwest & Associates , af' Minneapolis , Minnesota , as the successful bidder therefor, in �.:cordance with the official adver�isem.ent for bi�.s heretofore pub- lished and the bid of said bidder accepted by this Council. Said bonds shall be dated as of August 1, 1g72, shall be 340 in number and numbered serially from 1 to 340, i�clusive, each in the denomina- tion o.f �>5,000, and shall mature ser�.a�ly on August 1 in :ne years and amount:� ;�F': forth below, and the bo;?1� �f each maturity s�iall bear in- terest di trie rate per annum shown ��,.�osite the year of ir�at;urity, as follows: ' Year 1973 1974 1975 1976 1977 1978 1979 1980 1981 Amoun� $ 75,000 100,000 100,000 100,000 100,000 100,000 100,000 ioo,000 100,000 Rate 4.00% 4.00� 4.00% 4.00� 4.00X 4.50� 4.SOy 4.50y 4.50� Year 1g82 1983 1g84 1985 1986 1g87 1g88 1989 1990 Amount $100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 25,000 Rate s.00/ 5.00y 5.00% 5.00X 5.10y 5.20� 5.25� 5.25� 5.25% All interest shall be payable semiannually on each February 1 and Aug- ust l, corrm:encing February l, 1973. The �onds maturing in the years 1973 through 1984 shall be without option of prior payment, but those� maturing in 1985 and later years shall each be sub.ject to redemption -4- and prepayment. at the option of the Village in inverse order of ser- ial numbers on August l, 1g84, and any interest payment date there- after, at par and accrued interest, plus a premium of 1% of par value for any bond redeemed on or before February l, 1g87, or no premium for any bond redeemed on or after August 1, 1987. All redemptions shall be made on notice of call for redemption published not less than 30 days prior to the date specified f or redemption in a daily or weekly periodical published in a Minnesota city of the first class or its metropolitan area, which circulates throughout the state and furnishes financial news as a part of its service. The notice shall also be mailed to the bank at which principal of and interest on said bonds is then payable, but published notice shall be effective with- out mailing. The prir..cipal of �and interest on said bonds shall be p ayab le at Northwestern National Bank of Minneapolis , inMinneapolis , Minnesota , and the Village hereby agrees to pay the reasonable and customary charges of said paying agent f or the receip'� and disbursement thereof. 4. Said bonds and the interest coupons appurtenant thereto shall be in substantially the following form: -5- �� . • , UNTTED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA VILLAGE OF MENDOTA HEIGHTS IMPROVEMENT BOND, SERIES 1972 No.- $5,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Mendota Heights, Dakota County, Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the lst day of August, lg , or, if this bond is redeemable as stated below, on a date prior thereto on which it shall have been duly called for earlier redemption, and to pay inter.- est thereon at the rate of per cent ( �) per annum, from the date hereof until said princi- pal sum is paid, or, if this bond is redeemable, until it has been duly called for earlier redemption. Interest on said bonds is pay- able semiannually on February 1 and August 1 of each year, commencing February l, 1973, interest to maturity being represented by and pay- able in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto. Both principal and interest are payable at , in , , in any coin or currency of the United States of America which on the respective dates of pay- ment is legal tender for public and private debts. For the prompt and full payment of said principal and interest as the same »espec- tively become due, the full faith, credit and unlimited taxing powers of said Village have been and are hereby irrevocably pledged. This bond is one of an issue in the aggregate principal amount of $1,700,000, all of like date and tenor except as to serial number, int�rest rate, redemption privilege and maturity date, issued for the purpose of paying and refunding at maturity a portion of the principal amount of temporary improvement bonds issued in 196g, and is issued pursuant to and in full conformity with the provisions of tl��e Constitution and laws of the State of Minnesota thereunto enabling. `l''�is bond is payable primarily from the 1g72 Defi:,:itive Improvement t3�nd Fund of the�Village, but the Council is required by law to pay maturing principal hereof and interest hereon out of any funds in the treasury if moneys on hand in said special fund are insufficient therefnr. ' d:�nds of this issue matul°ir• � in 198� and earliE:.;� years are without �pt�on of prior payment. Bo��<<s of this issue maturing in 1985 and later years are each subject tc� redemption at the option of the Village in inverse ordez° of serial numbers on August l, 198�1, and any interest payment date thereafter at a price of 101� of par, plus accrued interest, if redeemed on or before February l, 1g87, or par plus accrued interest if redeemed on or after August 1, 1987. Notice of call for redemption will be published not less than 30 days before th� date specified for r�demption in a financial periodical published in a Minnesot3 city of'i�he fir�st class or its metropolitan area. • • IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed pi�eceden'� to and in the issuance of this k�ond in order to .-- -- ,�,�,��ce �;: �, �-",��d �.��u bindin� �ereral. obligG:ti�Lr. c�' �a:�3 tiTilla�e a�c�r: - `� ing-to its terms have been done, do exist, have happened and have been performed as so required; that prior to the issuance hereoflthe Vil- lage has duly levied general ad valorem taxes and 'special assessmenis for the years required and in amounts sufficient to produce�sums not � . _,...�. . . . ��,.� less than 5� �n excess of the amounts required to pay the principal of and interest on the bonds of this issue as such principal and in- terest respectively become due, and has appropriated the same to said fund, and additional ad valorem taxes, if needed f or said purpose, may be levied upon all taxable property within the Village without limita- tion as to rate or amount; and that the issuance of this bond did not cause the indebtedness of said Village to exceed any constitutional or statutory limitation. 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 signature of its Mayor, attested by the signature of the Village Clerk,• and the corporate seal of the Village to be affixed hereto, and has caused the interest coupons appurtenant hereto and the certificate as to legal opinion on the reverse side hereof�to be executed and authenticated by the facsimile signatures , of said officers, all as of August 1, 1972. Attes n) Mayor No. � • On the lst day of February (August),•lg , unless the bond described below is subjec� to and has been duly called for earlier re- demption, the Village of Mendota Heights, Dakota County, Minnesota, will pay to bearer at � , in , , the sum shown hereon in lawful m�ney of the United States of America for interest then due on its Improvement Bond, Series 1g72, dated August l, 1972, No. . (Facsimile signature) _ (Facsimile signature) Village Clerk Mayor (Certificate as to legal opinion to be printed on the reverse side of each bond) � T�;e -certify that the abovE _s a full, true and c�rrect copy of the le�a:l. opinion rendered by bond ::cittr,�el on the issue c_' �onds of the Village c�:' n7endota Heights, Minnes�#:�., which includes thE: within bond, dated as cf the date of delivery of �:;�d payment for• the b�ilds. (Facsimile signature) Village Clerk � 0 �7- (Facsimile signature) Mayor .. . .. ���. 5. The bonds shall be forthwith prepared for execution under the direction of the Village Clerk, and shall then be executed by the signature of the Mayor, attested by the Village Clerk and sealed with the corporate seal of the Village, and the appurtenant interest coupons and the certificate as to legal opinion shall be executed and authenticated by the printed, lithographed or engraved facsimile signatures of said Mayor and Clerk. When so executed, the bonds shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon, and said purchaser shall not be obligated to see to the application of the pur- chase price. Not less than $1,683,000 of said purchase price shall, however, be credited and paid to.the Temporary Improvement Bond Fund, for the redemption of �he same principal amount of said Temporary Im- provement Bonds, due and payable on September l, 1972. 6. The full faith and credit of the Village shall be and ' are hereby pledged to the prompt and full payment of said bonds and the interest thereon. It is hereby found and determined that the Village has heretofore levied special assessments upon property bene- fited by said improvemen� in the amount of $1,812,822.38 , of which $1,472,200 principal amount remains uncollected. Said assessments are payable in equal annual installments in the years 1972 through 1g89, with interest at the rate of 7.00 � per annum on unpaid in- stallments. In the event that any assessments levied for said im- provement be at any time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or proceedings taken or to be taken by the Village or this Council or any of the Village's officers or employees, either in the making of such assessment or in the performance of any condition p��- cedent thereto, the Village and this Council hereby covenant and agree that they will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assess- ment a valid and binding lien upon such property. 7. There is hereby levied a direct, annual, ad valorem tax on all taxable property in the Village, which shall be collectible in the years and amounts as follows: Collection Year 1986 1987 1988 Amount � $12,000 18,000 19,000 Collection Year 1989 1990 Amount �� $19,000 28,800 The collec.tions of the foregoing taxes are hereby irrevocably appro- priated to the 1972 Definitive Improvement Bond Fund, and shall be irrepealable except as provided in Minnesota Statut,es, Section 475.61, Subdivision 3. 8. It is hereby estimated that the collections of said taxes and assessments and interest thereon will provide amounts not less than 105% of the principal of and interest on said bonds as they become due. ;. The C�_erk is ';_ereiiy c��i�ecied t� file a �ertii'iF�e� cop5� of this res�lution with the County Auditor.of Dakota County and to obtain said Auditor's certificate in accordance with i�innesota Stat- utes, Sections 475.61 through 475.63; and the officers of the Village S � , - "� � ;,. „ and County are hereby authorized and directed to furnish �o the pur- chaser of said bonds, and to the attorneys approving the legality thereof, certified copies of a11 ordinances, resolutions and other actions and proceedings of the Village relating to the issuance of said bonds, and certificates and affidavits as to all such other matters as may be required b�t them to evidence the legality and marketability of said bonds, and all such certified copies, certi- ficates and affidavits, including any heretof ore furnished, shall be deemed recitals of the Village of Mendota Heights as to the cor- rectness of all statements contained therein. 10. When all bonds issued pursuant to this resolution, and all coupons appertaining thereto, have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the bonds shall cease. The Village may discharge all bonds and coupons which are due on any date by deposit,- ing with the paying agent or agents for such bonds on or bef ore that da�e a sum sufficient for the payment thereof in . full; or if any bond or coupon should not be paid when due, it may nevertheless be dis- charged by depositing with the paying agent a sum sufficient for the payment thereof in full with interest accrued to the date of such de- posit. The Village may also discharge any prepayable bonds according to their terms, by depositing with the paying agent or agents on or before that date an amount equa]_ to the principal, interest and re- demption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided herein. The Vil- lage may also at any time discharge any issue of such bonds in its entirety, subject to the provisions of law now or hereafter authoriz- ing and regulating such action, by �allin� all prepayable bonds of such issue for redemption on the next date when they may be prepaid in accordance with their terms, by giving the notice required for such redemption, and by depositing irrevocably in escrow, wi�h a bank qualified by law as an escrow agent for this purpose, cash or securities which are general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all prin- cipal, interest and redemption premiums, if any, to become due on all bonds of the issue on and before said redemption dC.te. The motion for the adoption of the foregoing resolution was dul,y secondcd by Member Russell A. Wahl' , and upon vote being taken thereon, trt�� f �llowing voted in �'avor thereof : All and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. � �