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Res 70 - 378 Adopting & Confirming Assessments for Improvement #68, Project #6s'l�t �� r � .,;.3 Village of Mendota Heights Dakota County, Minnesota RESOLUTION NO. � ��I RESOLUTION ADOPTING AND CONFIRMING ASSESSMENTS FOR IMPROVEMENT NO. 68, PROJECT NO. 6(CON- STRUCTION OF A SANITARY SEWER 5YSTEM AND WATER DISTRIBUTION SYSTEM TO SERVE SOMERSET HILLS AND ADJACENT AREAS) BE IT RESOLVED by the Village Council of the Village of Mendota Heights as follows: WHEREAS, the Village Clerk with the assistance of Edward Kishel, Engineer for the Village of Mendota Heights, has calculated the proper amount to be specially assessed for Improvement 68, Project No. 6(construction of a sanitary sewer system and water distribution system to serve Somerset Hi11s and adj,acent areas) against every assessable lot, piece or parcel of land affected thereby upon the basis of benefits, without regard to cash valuation, in accordance with the provisions of Chapter 429, Minnesota Statutes Annotated, particularly '= of Section 429.051 thereof; and � wHEREAS, the proposed assessment roll has been on file with the Clerk and at al1 times since its filing has been open for public inspection; and notice thereof has been duly published and mailed as required by law. Said notice stated the date, time and place of such meeting; the general nature of the improvement; the area proposed to be assessed; that the proposed assessment roll has been on file with the Clerk; and that written or oral objections thereto by any property owner wou].d be con- sidered; and WHEREAS, said hearing was held at 8;00 o'clock P.M. on October 8, 1970, at the Mendota Elementary School at 2001 South Victoria Road in the Village of Mendota Heigh�s, Minnesota; and WHEREAS, the Mayor announced that the hearing was open for the considera- tion of objections, if any, to said proposed assessments; and WHEREAS, all persons present were then given an opportunity to present oral objections, and all written objections theretofore filed with the Clerk were presented and considered; and WHEREAS, said hearing was continued until October 22, 1970, at 8:00 o'clock P.M. in the Village Hall of the Village of Mendota Heights; and WHEREAS, said hearing reconvened at 8:00 o'clock P.M. on October 22, 1970, in the Village Hall of the Village of Mendota Heights, and :� ._ _L� WHEREAS, said hearing was thereupon continued until October 26, 1970, at 8:00 o'clock P.M. in the Village Hall of the Village of Mendota Heights, and WHEREAS, said hearing was reconvened at 8:00 o'clock P.M. on October 26, 1970, at the Village Hall of the Village of Mendota Heights; and WHEREAS, all persons present were then given an opportunity to present oral objections, and all written objections theretofore filed with the Clerk were presented and considered. NOW THEREFORE, this Council, having heard and considered all objections so presented, and being fully advised in the premises, and having made all necessary adjustments and corrections, finds that each of the lots, pieces and parcels of land enumerated in the proposed assessment roll was and is specially benefited by the construction of said improvement in not less than the amount of the assessment, as corrected, set oppo- site the description of each such lot, piece and parcel of land, respectively, and that such amount so set out is hereby levied against each of the respective lots, pieces and parcels of land therein des- cribed; and BE IT FURTHER RESOLVED, that the proposed assessment roll as so corrected is hereby adopted and confirmed as the proper special assessment for each of said lots, pieces and parcels of land respectively, and the assessment against each parcel, together with interest at the rate of seven per cent (7�) per annum accruing on the full amount thereof from time to time unpaid, shall be a lien concurrent with general taxes upon such parcel and all thereof. The total amount of each such assessment shall be payable in equal annual installments extending over a period of nineteen (19) years, the first of said installments, together with interest on the entire assessment from the date hereof to December 31, 1971, to be payable with general taxes for the year 1970, collectible in 1971, (now designated as real estate taxes payable in 1971) and one of each of the remaining installments, together with one year's interest on that and all other unpaid installments, to be payable with general taxes for each consecutive year thereafter until the entire assessment is paid; and BE IT FURTHER RE50LVED, that prior to November 26, 19?0, the owner of any lot, piece or parcel of land assessed hereby may at any time pay the whole of such assessment, without interest to the Village Treasurer; and BE IT FURTHER RESOLVED, that the C1erk thereafter shall prepare and transmit to the County Auditor a certified duplicate of said assessment roll with each then unpaid installment and interest set forth separately, to be extended upon the proper tax lists of ' the County, and the County Auditor shall thereafter collect said assessments in the manner pravided by law. Adopted by the Villaqe Council of the Village of Mendota Heights this 26th day of October, 1970. VILLAGE COUNCIL VILL G OF MEN OTA H GHTS By . Dona d L. Huber Mayor CERTIFICATION OF MtNUTES RELATING TO $1,020,000 TRUNK SEWER IMPROVEMENT BONDS SERIES A � Issuer: Village of Mendota Heights, Minnesota � , ` Governing body: Village Councii Kind, date, time and place of ineeting: a Special meeting held in the Village Hall on November 10, 1970` et 5:30 P.M. , Members present: � Huber, Gutzmer, Blair, Radabaugh Members absent: Stringer, Lockwood Documents attached: Minufies of said meeting (pages): 7 , . �, r•4- .. , , ; . . ,� , .. .. � � � . � I, the undersigned, being the duly qualified and acting recording offiicer of the public corporatiori issuing the bonds�referred to in the title of this certifi- ' cate, certify that the documents attached hereto; as described above, have been care- fully compared with the original records ot said corporation in my legal custody, from which they have been t�anscribed; that said documents are a correct and complete trans- cript of the minutes"of a meeting of the�governing body of said corporation, and correct and complete copies of all- resol�utions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and � was attended throughout by the members indicated above, pursuant to call and notice of such meefiing given as required by law. , WITNESS my hand officially as such recording ofticer this I�� day of ���x�� , 1970. . • , , // /% // � _. ., - . . - .v (SEAL) z � � _�1} - Name and Title The Mayor announced that this was the time and place for the receipt and opening of sealed bids for the purcha.se o� $1,020,000 Trunk Sewer Improvement Bonds Series A of the Village. The Villa,ge Clerk furnished affidavits of publication of the notices of sale in the West St. Paul Suburban Sun and in , the Commercial West. Said affidavits were approved and ordered filed in the office of the Village Clerk. The Clerk then stated that four sealed bids had been received, which were thereupon opened and read and found to be as follows: 0 u BIDS RECEtVED VILLAGE OF MENDQTA HEIGHTS Sold: Nav. 10, 1970 $�,020,004 TR!!NK SEWER IMPROVENiENT BONDS . Interest Account Cpn. Years Discount Cost Rate American National Bank, S-h. Paul 4.6 72/75 9,537.Q0 5$2,553.25 5.9902� Juran & Moody, {nc. S�. Pau! � 5 76179 John Nuveen 8 Co., Chicago 5.b 80I8) Merrill Lynch, Pierce 6.0 82/83 Fenrter & Smith Chicago �6.2 84I85 6� 86/88 First Nationa) Bank First Nationa! Bank Paine Webber, Jackson & Curtis duPont, Glare Forgan Cherokee State Bank St. Paul Minneapolis Baston New York St, Pau I Dain,Kaiman & Quail Minneapolis Piper,Jaff ray & Hopwoad Minneapolis Aliison-Wi!liams & Co. Minneapolis Nor�Yhwesfiern Natl. Bank Minneapolis Nibbard 0'Connor & Weeks Memphis Year '� - 1972 1973 1974 1975 f976 1977 l978 1979 198p 5� 5.9 6.2 b.4 6.5 5� 6 6.2 6.3 b.4 6.5 5� 5 3/4 5.9 6 6,4 6.6 72/77 78/80 s�1�3 84/85 86 87/88 72l79 80/$3 84 85 86 87/88 �zi�� 78/8Q 81 82/84 85186 87/88 10,455.00 13,260.00 i9,975.20 589,550.00 604,706.25 609,945.20 Bonds awarded American National Bank 8 Trust Company, St, Paul, Nlinnesota and associates Cpn• 4.60 4,60 4.b0 4.60 5 5 5 5 5.6 Yield 4 . {3d 4.25 4.50 4.60 4.75 4.90 5.04 5.10 5.25 Year 1981 1982 l983 1984 l985 1986 1�87 1988 Cpn• 5,6 6 6 6.20 6.2Q 6.50 6,50 6.5q Yield �.60 5.90 6.00 6.10 6.20 6.30 6.40 6.50 6.0622% 6.2180� 6.2719� J . Member Huber its adoption:. then introduced the following resolution and moved RESOLUTION NO. 377A RESOLUTION AWARDiNG SALE OF $ I, 0�',�00 TRUNK SEWER I MPROVEMENT BONDS SERf��S A BE IT RESOLVED by the Vill.age Council of the Village of Mendota Heights, Minnesota that the highest and best bid for the purchase of $1�;020,000 Trunk Sewer Improvement Bonds Series A of the Village, dated November (, 1970,, received pursuant to public advertisement for bids, is that of American Nationai Bank $ Trust Co. of St. Paul , Minnesota , and associates said bid stating a price of $ 1,010,463.00 , for bonds to be issued in accordance with the published notice ot sale and to bear interest at the followi.ng rates per annum: Maturi ty Y'ears 72/75 ' 76/7.9 80/81 82/83 84/85 86/ 88 Interest Rate 4.60� �5 5.6 6.0 6.2 6.5 Said bid is hereby accepted, and said 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 #or the adoption ot the foregoing resolution was duly seconded by Member Gutzmer , and upon vote bei.ng taken thereon, the following voted in favor thereof: all yea and the following voted against the same: none whereupon said resolution was declared duly passed and adopted. Member Huber moved its adoption: thereupon introduced the followi.ng resolution and RESOLUTION NO. 377B RESOLUTION AUTHORIZING AND ESTABLISHING THE FORM AND DETAILS OF.$1,020,000 TRUNK SEWER IMPROVEMENT BONDS SERIES A, 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 fol lows: ' 1. It is hereby found and defiermined that fihe Village did heretofore tssue $1,400,OQ0 Temporary Trunk Sewer Improvement Bonds Series A, dated December I, 197Q far the purpose of paying costs of the Vilirage for construction ofi a loca! improvement, which bonds were autharized by resolution of the Counci) adopted on that a!I of�said bonds were validly issued and constitute legal obligations af the Village in their full amounfi; that a11 ofi the said bonds are now r:oufistanding and become due and payable on December I, 1970; thafi the amount of moneys remaining on hand in the Temporary Trunk Sewer Irnprovement Band Fund and available for the payment of said Tem- porary Improvement Bonds is appraximately equai ta and not less �han $ 450,OOp of which amount $ 28,000 is required for the payment of infierest on said bonds coming due on fiheir maturity, and $ 400,000 is available for and wili be applied to payment of principal; and that it is necessary ta issue $l,02Q,Q40 definitive improve- menfi bonds to refund the same principai amounfi of said Temporary Trunk Sewer improvement Bonds mafiuri_ng on December 1,.1970. 2. There is hereby created a fiund to be knawn as the Trunk Sewer improvemeni� Bond Fund, which shail be maini-ained a1- ail fiimes as a separate account on fihe books af fihe Village. Into it shall be paid from the Temparary improvement Bond Fund any bond pro- ceeds ar special assessment co!<I;ec#1ons.received on account of the issuance of said Temporary Trunk Sewer improvements Bonds, to `hhe e�tent that they are no-h applied to the payment af principa! and interest due on said bonds on December 1, 1970. lnto said Trunk Sewer improvemenfi Bond Fund shall also be paid the accrued interest received upon delivery of the bonds herein aufihorized, and the callections of all special assessments levied on account of the impravement financed by said (967 temparary bonds, and the coilectians of any general ad valorem taxes hereaffier levied for payment of the bands herein au�Fhorized. Maneys sn said 7run€c Sewer Improvement Bond Fund shal# be used anEy for the payment or prepayment of principal and infierest on the bands herein authorized and an such boncis as may het-eaf�'er be issued and made payable from said fund, including pr�miums for redemptions be�Fore maturiiy. 3. The defiinifiive improvement bonds of the Viflage hereinabove determined to be issued shali be designated as "Trunk Sewer Improvemenf Bonds Series A", all payable primarily f ram the Trunk Sewer {mprovemenfi Band Fund of the Village. They shall #orth- with be issued and delivered to American National Bank � Trust Company af St. Paul , Minnesata , as the successful bidder therefot-, in accord- ance with the official advertisement for bids heretofore pubiished and the bid of �aid bidder accepted by this Council, Said bonds shali be dated as of Navember IT f970, shall be 204 in number and numbered serially from I to 204, inclusive, each in fihe denamination of $5,000, and shal! mature Serialiy an February I in the years and amounts set forth below, and the bonds of each maturity shaii bear interest at i-he rate per annum shawn opposite the year of maturity, as follows: Yea r I 97'2 l973 (974 1975 ��7� I 9l7 1978 1979 1980 Amount $40,Q00 60,000 60,000 60,000 ������ 60,000 b0, 00{} 60,000 60,044 Rate 4.60 4.60 4.60 4.60 5 5 5 5 5. �i Year 1981 l982 1983 (984 1985 (986 #987 (988 Amount $60,q00 so,00a 60,000 60,p00 65,000 65,000 65,000 65,000 Ra te �.6 6 6 6.2 6.2 6.5 6.5 6,5 The bohds maturing in the years l972 thr-ough 1981 shal! be withaut option of prior pay- ment, but fihose maturing in i982 and later years shall each be subject to redemption and pFepayment at the aptian of the Village in inverse order of serial numbers on February I, 198i, and any interest paymenfi dai-e thereafter, afi par and accrued interesfi, plus a premium af I� ot par value for any bond redeemed on or before August i, 1984, or na prem'sum for any bond redeemed after August I, 1984. A1! redemptions shall be made an notice of call for redemption published nat less than 3Q days prior to the date speci- fisd for redemption e�in a daily or weekly periodical pubfished 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 payabie, but pubiished notice shail be effective without maili.ng. The principal of and interest on said bonds shall be payable at American National Bank & Trust Company in St. Paul , Minnesota , and the Village hereby.agrees to pay the reasonable and customary charges of sa i d pay i.ng .agent for the rece i pt and d i sbursement thereof . 4. Said bonds and the interest coupons appurtenant thereto shall be in substan- tially the followi.ng form: - 9 � 0 r UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA VILLAGE OF MENDOTA HEIGHTS TRUNK SEWER IMPROVEMENT BONDS SERIES A �� $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 pramises to pay to bearer the sum of FIVE T�OUSAND DOLLARS on the Ist 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 cailed 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, the interest on said bonds being payable on August I, 1971, and semiannually thereafter on February I and August I of each year, interest to maturity being represented by and payable 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 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 taxi,ng powers of said Village have been and are hereby irrevocably pledged. This bond is one of an issue in the aggregate principal amount of $1,020,000, all of like date and tenor except as to serial number, interest rate, redemption privilege and maturity, issued for fihe purpose of paying�and refunding at maturity a portion of the principal amount of, temporary improvement bonds issued in 1967, and is issued pur- suant to and in full conformity with the provisions ot the Constitution and laws of the State of Minnesota thereunto enabling. This bond is payable primarily from the Trunk Sewer 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 maturi.ng in 1982 and later years are each subject to redemption at the op�hion of the Village in inverse order of serial numbers on Febru- ary I, 1981, and� any interest payment date thereatter at a price of 101 plus accrued interest if redeemed before February I, 1985, or par plus accrued interest �i�f redeemed on or after February I, 1985. Notice of call for redemption will be published not less than 30 days before the date specified for redemption in a financial periodical publish- ed in a Minnesota city of the first class or its metropolitan area. IT IS HEREBY CERTIFIED, RECITED, CO.V,ENANTED AND AGREED that all acts, conditions and things required by the Constitution a�id 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 obl.igation of said Village�according to its terms have been done, do exist, have happened and have been performed as so required; that prior to the issuance hereof the Village has duly levied-ge�et-�-�—ed --- 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 a i�tergst respectively become due, and has appropriated the same to said fund, and H d valorem taxes if needed for said purpose, may be levied upon all taxable property within the Village without limitation as to rate or amount; and that the issuance of this bond ��did not cause the indebtedness of said Vill.age to exceed any constitutional or statutory limitation. � IN WITNESS WHEREOF, the Viilage of Mendota Heights, Dakota eoun�y, Minneso�a, by its Viilage Council, ha� caused this bond to be executed i.n its behaif by the signature af its Mayar, attested by the signature of the Village-Clerk, and the corporate seal of the Village to be affixed hereto, and has caused the interest caupons appurtenanfi hereto and the certificate as to legal opinion on the reverse side hereo# tQ be executed and authenticated by the facsimile signatures ot said officers, al1 as of November 1, 1970. Attest: Village Clerk tForm af Caupon> � Mayar � Qn the Ist day of August (Februery), 19 , the Vill.age of Menda�a Heights, Qakofia County, Minr�esota, wili pay ta bearer at � , in , , the sum shown hereon in lawfu! money of the United States of America for interest then due on ifis Trunk Sewer lmprovement Bond Series A, dated November 1, 1970. Na. . , (�acsimile signature> Village Clerk (Facsimile signature) Mayor (C�rtificate as to legal opinion to be printed on the reverse side af each bond) We certify that fihe above is a fuil, true a�� correct copy af the legal opinion rendered by band caunsel on the issue of bonds of the Village of Mendota Heights, Minnesota, which inciudes t�e withsn band, dated as of the date ofi delivery of and payment far the bonds. � - (Facsimile signafiure) V i 1 I age �C i erk (Facsimile signature) Mayar � G � 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 appurten- ant interest coupons and the certificate as to legal opinion shali be executed and authenticated by the printed, lithographed or engraved facsimile signatures ot said Mayor and Clerk. When so executed, the bonds shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase Rrice heretofore agreed upon, and said purchaser shall not be obligated to see to the application of the purchase price. Not less than $I,000,000 of said purchase price shall, however, be credited and paid_ to the Temporary Improvement Bond Fund, for the redemption of the same principai amount of said Temporary Improvement Bonds, due and payable on December (, 1970. q�' 6. The fuil faith and credit fof the Village shall be and are hereby pledged to the prompt and fuli payment of said bonds and the interest thereon. It`is hereby found and determined that the Village has heretofore levied speciai,assessments upon property benefited by said improevment in the amount of $ 2,083,725.65 , of which $1,080,000 principal amount remains uncollected. Said assessments are payable in equal annual installments in the years 1970 through 1988, with infierest at the rate of 7� per annum on unpaid instaliments. 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 Vi�l�I�ge or this Council or any o� the Village's otficers or employees, either in the making of such assessment or in the performance of any condi- tion 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 prooeedings as may be required by law to make such assessment a valid and binding lien upon such property. 7. It is hereby estimated that the collections of said assessments and interest thereon will provide amounts not less than 105� of the principal of and interest on said bonds as they become due. 8. The Clerk is hereby directed to fi.le a certified copy of this resolution with the County Auditor of Dakota County and to obtain said Auditor's certificate in accordance with Minnesota Statutes, Sections 475.61 through 475.63; and the officers of the Village and County are hereby authorized and directed to furnish to the pur- chaser of said bonds , and to the attorneys approving tk�e 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 I,egality and market- ability of said bonds, and all such certitied copies, certificates and affidavits, includi.ng any heretofore furnished, shall be deemed recitals of the Village of Mendota Heights as to the correctness of all statements contained therein. �.,. When all bonds issued pursuant to this resolution, and all coupons appertain- ing 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 ail bonds and coupons which are due on any date by depositing 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 payi.ng agent a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The Vill.age may also discharge any prepayable bonds acco�ding to their terms, by depositing with the payi.ng agent or agents on or before that date an amount equai 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 provisions 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 accord- ance with their terms, by giving the notice required for such redemption, and by depositing irrevocably in escrow, with a bank qualified by law"as an escrow agent for this purpose, cash or securities which are general obl.igations 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 maturi.ng on such dates as shail be required to pay all principal, interest and redemption premiums, if any, to become due on all bonds of the issue on and before said redemption date. The motion for the adoption of the toregoing resolution was duly seconded by Member Blair , and upon vote being taken thereon, the following voted in favor thereof: , all yea and the following voted against the same: � none whereupon said resolution was declared duly passed and adopted. �