Loading...
Res 71 - 439 Authorizing & Establishing the Form & Details of $400,000 Improvement Bonds, Series 1971, & Levying Taxes & Appropriating Special Assessments for the Payment ThereofRESOLUTIQN NO. 439 RESOLUTION AUTHORIZING AND ESTABLISHING THE FORM AND DETAILS OF $400,000 IMPROVEMENT BONDS, SERIES 1971, AND LEVYING TAXES AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the Village of Mendota Heights,/ Minnesota, as follows: 1. It is hereby found and determined that the Village did heretofore issue $500,000 Temporary Improvement Bonds of 1968, dated December 1, 1968, for the purpose of paying costs of the Village for construction of local improvements, which bonds were authorized by resolution of the Council adopted on December 3, 1968; that all of said bonds were validly issued and constitute legal obligations of the Village in their full amount; that all of said bonds are now out- standing and become due and payable on December 1, 1971; that the amount of moneys remaining on hand in the Temporary Improvement Bond Fund and available for the payment of said Temporary Improvement Bonds is approximately equal to and not less than $116,000, of which amount $10,000 is required for the payment of interest on said bonds coming due on their maturity, and $106,000 is available for and will be ap- plied to payment of principal; and that it is necessary to issue $4002000 definitive improvement bonds to refund $394,000 principal amount of said Temporary Improvement Bonds maturing on December 1, 1971. 2. There is hereby created a fund to be known as the 1971 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 of 1968, to the extent that they are not applied to the payment of principal and interest due on said bonds on December 1, 1971. Into said 1971 Definitive Improve- ment Bond Fund shall also be paid the accrued interest received upon delivery of the bonds herein authorized, any amount by which the pur- chase price exceeds $394,000, and the collections of all special assessments levied on account of the improvements financed by said 1968 temporary bonds, and the collections of all general ad valorem taxes herein or hereafter levied for payment of the bonds herein auth- orized. Moneys in said 1971 Definitive Improvement Bond 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 1971", all payable primarily from the 1971 Definitive Improvement Bondd F nd of the Vil1 he shall forthwith be issued and delivered Go o the AmeriCSn National nieic'& Trust Company , of St. Paul .1 Minnesota , as the successful bidder therefor, in accord- ance with the official advertisement for'bids heretofore published and the bid of said bidder accepted by this Council. Said bonds shall be dated as of November 1, 1971, shall be 80 in number and numbered ser- ially from 1 to 80, inclusive, each in the denomination of $5,000, and shall mature serially on August 1 in the years and amounts set forth below, and the bonds of each maturity shall bear interest at the rate per annum shown opposite the year of maturity, as follows: Year Amount Rate Year Amount Rate 1972 $15,000 42 1981 $25,000 4.6% 1973 25,000 42 1982 25,000 4.6Z 1974 25,000 4% 1983 25,000 5.1% 1975 25,000 4X 1984 25,000 5.1% 1976 25,000 4% 1985 25,000 5.2% 1977 25,000 4Z 1986 203000 5.3% 1978 25,000 4.6% 1987 20,000 5.4A 1979 25,000 4,62 1988 203000 5.4X 1980 25,000 4.6Z All interest shall be payable semiannually on each February 1 and Aug- -ust 1, commencing February 1, 1972. The bonds maturing in the years 1972 through 1981 shall be without option of prior payment, but those maturing in 1982 and later years shall each be subject to redemption and prepayment at the option of the Village in inverse order of serial numbers on August 1, 1981, and any interest payment date thereafter, at par and accrued interest, plus a premium of 1% of par value for any bond redeemed on or before February 1, 1985, or no premium for any bond redeemed on or after August 1, 1985. All redemptions shall be made on notice of call for redemption published not less than 30 days prior to the date specified for redemption in a daily or weekly periodical pub- lished 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 pub- lished notice shall be effective without mailing. The principal of and interest on said bonds shall be payable at the American National Bank and Trust Company , in 5t. Paul , Minnesota , and the Village hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disbursement thereof. 4. Said bonds and the interest coupons appurtenant thereto shall be in substantially the following -form: -10- UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA VILLAGE OF MENDOTA HEIGHTS IMPROVEMENT BOND, SERIES 1971 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, 19 , 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 interest thereon at the rate of per cent ( %) per annum, from the date hereof until said principal sum Is paid, or, if this bond is redeemable, until it has been duly called for earlier redemption. Interest on said bonds is payable semiannually on February 1 and August 1 of each year, commencing February 1, 1972, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons appur- tenant 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 payment is legal tender for public and private debts. For the prompt and full payment of said principal and 'interest as the same respectively 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 $4005,000, all of like date and tenor except as to serial number, interest 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 1968, and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling. This bond is payable primarily from the 1971 Definitive Improvement Bond 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 therefor. Bonds of this issue maturing in 1981 and earlier years are without option of prior payment. Bonds of this issue maturing in 1982 and later years are each subject to redemption at the option of the Village in inverse order of serial numbers on August 1, 1981, and any interest payment date thereafter at a price of 101% of par, plus ac- crued interest, if redeemed on or before February 1, 1985, or par plus accrued interest if redeemed on or after August 1, 1985. Notice of -11- call for redemption will be published not less than 30 days before the date specified for redemption in a financial periodical published in a Minnesota city of the first 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 precedent to and in the issuance of this bond in order to make it a valid and binding general obligation of said Village accord- ing to its terms have been done, do exist, have happened and have been performed as so required; that prior to the issuance hereof the Vil- lage has duly levied general ad valorem taxes and special assessments for the years required and in amounts sufficient to produce sums not less than 5% in 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 for 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 November 1, 1971. Attest:— Village ttest:Village Clerk (Form of Coupon) RM Mayor On the lst day of February (August), 19 , unless the bond described below is subject 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 money of the United States of America for interest then due on its Improvement Bond, Series 1971, dated November 1, 1971, No. (Facsimile signature) (Facsimile signature) Village Clerk Mayor -12- (Certificate as to legal opinion to be printed on the reverse side of each bond) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the,issue of bonds of the Village of Mendota Heights, Minnesota, which includes the within bond, dated as of.'the date of delivery of and payment for the bonds. (Facsimile signature) Village Clerk 13 -13- (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, provided, that one such signature and the seal may be printed facsimiles, and the appurtenant interest coupons and the certificate as to legal opinion shall be executed and authenticat.od by the printed, lithographed or engraved facsimile sig- natures 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 purchase price. Not less than $394,000 of said purchase price shall, however, be credited and paid to the Temporary Improvement Bond Fund, for the redemption of the same principal amount of said Temporary Improvement Bonds, due and pay- able on December 1, 1971. 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 Vil- lage has heretofore levied special assessments upon proper be efited by said improvement in the amount of $_ _'428,000 , of which $32+52 prin- cipal amount remains uncollected. Said assessments are payable in equal annual installm5nts in the years 1972 through 1980, with inter -- est at the rate of % per annum on unpaid installments. In the event that any assessments levied for said improvement 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 precedent 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 assessment 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 Amount Collection Year Amount 1972 -0- 1980 $7,000 1973 _©- 1981 $7,500 1974 -0- 1982 $7.500 1983 $7,500 1976 $7,000 1984 $2.500 197$ $7,000 5 198 $2,300 0 $7.,0 52,80 1979 1987 The collections of the foregoing taxes are hereby irrevocably appropri- ated to the 1971 Definitive Improvement Bond Fund, and shall be irre- pealable except as provided in Minnesota Statutes, Section 475.61, Subdivision 3. -14- 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. g. The Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County and to obtain said Audito'r's certificate in accordance with Minnesota Statutes, Sec- tions 475.61 through 475.63; and the officers of the Village and County are hereby authorized and directed to furnish to the purchaser of said bonds, and to the attorneys approving the legality thereof, certified copies of all 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 by them to evidence the legality and marketability of said bonds, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed recitals of the Village of Mendota Heights as to the correctness 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 before that date 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 discharged' by depositing with the paying agent a sum sufficient for the payment thereof in full with'interest accrued to the date of such deposit. 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 equal to the principal, interest and redemption premium, if any, which are then due, provided that notice of such redemption has been duly given as provided herein. The Village may also at any time discharge any issue of such bonds in its. entirety, subject to the pro- visions of law now or hereafter authorizing and regulating such action, by calling 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 irre- vocably in escrow, with 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 auth- orized 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 principal, interest and redemption premiums, if any, to be- come due on all bonds of the issue on and before said redemption date. The motion for the adoption -of the foregoing resolution was Ed duly seconded by Member Stzinger and upon vote being taken thereon, the following voted in favor thereof: all yes -15- and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. -16-