Res 69 - 253 Awarding Sale of $1.820,000 Temporary Improvement BondsFollowing discussion of the bids received, Member Stringer
introduced the following resolution and moved its adoption:
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RESOLUTION AWARDING SALE OF
$1,820,000 TEMPORARY IWROVEMENT BONDS, SERIES 1969
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, that the bid of Dain, Kalman, & puaIIInc. & Th 1 + 0
of St. Paul Minnesota , and assdc�ates nam�d t�ti PRIA, ned ��`hase
$1,820,000 Temporary Improvement Bonds, Series 1969 of the Village to,be dated
September 1, 1969, and to be issued as specified in the notice of sale heretofore
published, is hereby found and declared to be the bid most favorable to the Village
received pursuant to due notice, and should be and is hereby accepted, said bid
being to purchase the bonds at a price of par and accrued interest plus a premium
of $ -0_ , all bonds to bear interest at the basic rate of % per
annum, and for the period from November.1 1'19 69 ' to S25 '
only, at the additional rate of .75 y per annum. The Cha%P Jrid Clerk lre
authorized and directed to endorse an acceptance on said bid and on a copy thereof,
and to return such copy to the bidder. The Treasurer is directed to retain the
good faith check of said bidder pending completion and delivery of the bonds, and
the good faith checks of other bidders shall be forthwith returned to them.
The motion for the adoption of the foregoing resolution was duly seconded
by Member glair and upon vote being taken thereon, the following members
voted in favor thereof: All Yea
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
Member Stringer then introduced the following resolution and moved
its adoption: A- 5-q -
RESOLUTION AUTHORIZING THE ISSUANCE
AND DELIVERY OF $1,820,000 TEMPORARY
IMPROVEMENT BONDS, SERIES 1969
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, as follows:
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1. It is hereby found, determined and declared that the Village of
Mendota Heights has heretofore ordered, in accordance with the provisions of
Minnesota Statutes, Chapter 429, and after public hearing as required by law, the
construction of local improvements designated as Highland Heights South Water,
Sewer and Street Improvement (68-5), Somerset Hills Water and Sewer Improvement
(68-6), Southwest Industrial Park Improvement (68-9), Cherry Hills Sewer Improvement
(69-3) and Tilsen Water and Sewer Improvement (69-2), and has awarded contracts for
the construction thereof; that the total cost of said improvements is approximately
equal to and not less than $1,820,000, none of which has been borrowed, and it is
necessary.to borrow said amount; that the total benefits resulting from said lm-
provements to the properties within the area proposed to be assessed therefor, and
to the Village at large, wil3 be substantially in excess of the total cost of said
improvements; that said sum of $1,820,000 may best be borrowed by the issuance of
general obligation temporary improvement bonds of the Village in accordance with
the provisions of Minnesota Statutes, Section 429.091, Subdivision 3, as amended;
and that this Council has awarded the sale of said bonds to Dain Kalman 8 Qua II, Ina..
sF N t1 a) g��k of i. PaLTl Minnesota, on the terms and conditions as more
Vu1l r sta�eip n this resolution.
2. There is hereby created a separate fund for each of said improvements
which is hereby designated as the "(name of improvement) Fund." Each fund shall be
held and administered by the Village Treasurer separate and apart from all other
funds of the Village. Into each of said funds shall be paid the collections of all
general ad valorem taxes and special assessments levied for the improvement on
account of which the fund was created. The proceeds of sale of $1,820,000 Tempor-
ary Improvement Bonds, Series 1969 herein authorized shall be paid into said funds
as follows: $132,000 to the Highland Heights South Improvement Fund, $434,000 to
the Somerset Hills Improvement Fund, $676,000 to the Southwest Industrial Park Im-
provement Fund, $225,000 to the Cherry Hills Improvement•Fund, and $353,000 to the
Tilsen Sewer and Water Improvement Fund. From each fund there shall be paid costs
and expenses of making the improvement on account of which it was created,. as in-
curred and allowed, and payments of principal and interest on all temporary Improve-
ment bonds issued for the purpose of financing said improvement. Each fund shall
constitute a separate and special debt redemption fund, and shall be continued and
maintained in the manner herein specified until an costs of constructirg the im-
provement have been paid.
3. Upon completion and payment of all costs of making each improvement,
the improvement fund created for such improvement shall be discontinued, and all
moneys therein shall be paid into the Temporary Improvement Bond Fund of the Vil-
lage created by resolution adopted on June 6, 1967, as a separate and special
debt redemption fund, to be maintained as long as any of the bonds herein author-
ized remain unpaid, the moneys therein to be used only for the payment of principal
of and interest on the bonds herein authorized and on any additional bonds hereto-
fore or hereafter issued and made payable from said fund. After discontinuance
of each improvement fund, and as long as any of said bonds shall remain unpaid, the
collections of all general ad valorem taxes and special assessments previously re-
quired to be paid into the discontinued fund shall be paid into said Temporary Im-
provement Bond Fund.
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4. It is hereby covenanted and agreed that the Village will not later
than October 1, 1970 , do and perform all acts and things necessary for the final
and valid levy of special assessments upon the properties benefited by said improve-
ments, in a principal amount not less than 20% of the cost of each improvement. In
the event that any such assessment shall be at any time held invalid with respect
to any lot or tract of land, due to any error, defect or irregularity in any action
or proceedings taken or to be taken by the Village or the Village Council or any of
the Village officers or employees in the making of the assessment or the performance
of any condition precedent thereto, the Village will do all such further acts and
things and take all such further proceedings as shall be required by law to make
such assessment a valid and binding lien upon the property assessed.
5. Not later than September 1, 1972, the Council will by resolution
provide for the issuance, sale and delivery of definitive improvement bonds, payable
from such fund or funds as may be determined by the Council, for the purpose of
providing moneys to pay and redeem all temporary improvement bonds payable from said
Temporary Improvement Bond Fund which become due and payable on said date, so far
as the same cannot be paid out of moneys then on hand in said fund.
6. The Village shall forthwith issue and deliver to the purchaser thereof
its negotiable coupon general obligation Temporary Improvement Bonds, Series 1969,
dated as of September 1, 1969, in the denomination of $5,000 each, in the principal
amount of $1,820000, to be numbered from 1 to 364. Said bonds shall mature on
September 1, 1972, each bond being subject to redemption at the option of the
Village on September 1, 1971, and March 1, 1972, at par and accrued interest, on
notice of call for redemption published not less than 30 days prior to the date
specified for redemption in a daily or weekly periodical published in a Minnesota
city of the first class or its metropolitan area which circulates throughout the
state and furnishes financial news as a part of its service. Notice shall also be
mailed to the bank at which principal and interest are then payable, but published
notice shall be effective without mailing. The bonds shall bear interest at the
basic rate of 6.25% per annum from date of issue until paid or duly called for
redemption, and for the period from November 1 , 19 69 , to March 1 , 19 71`$
only, at the additional rate of .75 l per annum, all interest to be payable on
March 1, 1970, and semiannually thereafter on each September 1 and March 1. The
principal of and interest on said bonds shall be payable at 1st National Bank
, in St. Paul , Minnesota, and the Village hereby
agrees to pay the reasonable and customary charges of said paying agent for the re-
ceipt and disbursement thereof.
7. Said bonds and the coupons attached thereto shall be in substantially
the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
VILLAGE OF MENDOTA HEIGHTS
TEMPORARY IMPROVEMENT BOND, SERIES 1969
RM
$5,000
KNOW ALL MEN BY THESE PRESENTS that the Village,of Mendota Heights, a
duly organized and existing municipal corporation of the County of Dakota, State of
Minnesota, acknowledges itself to be indebted and for value received promises to
pay to bearer the sum of FIVE THOUSAND DOLLARS on the 1st day of September, 1972,
or on a date prior thereto on which this bond shall have been duly called for redemp
tion, and to pay interest thereon -at the basic -rate of
per cent i %) per annum from the date hereof until said prin-
cipal sum has been paid or this bond has been duly called for redemption, and for
the period from , 19 , to , 19 , only, at the additional
rate of % per annum, said interest being payable on March 1, 1970, and semi-
annually thereafter on each September 1 and March 1, interest to maturity being
represented by and payable in accordance with and upon presentation and surrender of
the interest coupons appurtenant hereto, which are in two sets, one representing
interest at said basic rate to maturity, and the other, designated as "B" coupons,
representing'interest at said additional rate for the limited period stated above.
Both principal and interest are payable at
in , Minnesota, 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 such prin-
cipal and interest as the same respectively become due the full faith, credit and
taxing powers of the Village are hereby irrevocably pledged.
This bond is one of an issue in the aggregate principal amount of
$1,820,000, all of like date and tenor except as to serial number, all issued for
the purpose of defraying expenses incurred and to be incurred in constructing local
improvements in said Village heretofore duly ordered and contracted to be made in
accordance with the provisions of'Minnesota Statutes, Chapter 429, and is issued
pursuant to and in full conformity with the Constitution and laws of the State of
Minnesota thereunto enabling, and pursuant to resolutions duly adopted by the
Village Council. This bond is payable primarily from the Temporary Improvement
Bond Fund of said Village, to which fund there have been irrevocably appropriated
the general ad valorem taxes and the special assessments to be levied in respect
of the improvements financed by said issue, and into which fund there are to be
paid the proceeds of 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 refunding
the same so far as the collections of taxes and special assessments on hand in said
fund are not sufficient for the payment thereof.
Each bond of this issue is subject to redemption at the option of the
Village on September 1, 1971, and March 1, 1972, at par and accrued interest, on
notice of call for redemption published in a daily or weekly financial periodical
published in a Minnesota city of the first class of its metropolitan area, not less
than 30 days before the date specified for redemption.
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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 preliminary to and in
the issuance of this bond in order to make it a valid and binding general obligation
of said Village according to its terms have been done, do exist, have happened and
have been performed as so required; that ad valorem taxes, if needed for the pay-
ment of principal and interest, may be levied upon all taxable property in the
Village without limitation 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 sta-
tutory limitation.
IN WITNESS WHEREOF the Village of Mendota Heights, Minnesota, by its
Village Council, has caused this bond to be executed in its behalf by the signature
of the Mayor, attested by the signature of the Clerk, and by affixation hereto of
its official seal, and the interest coupons appurtenant hereto and the certificate
on the reverse side hereof to be executed and autheriticated by the facsimile signa-
tures of said officers, and has caused this bond to be dated September 1, 1969.
Attest:
Clerk
(SEAL)
No.
(Form of Coupon)
Mayor
On the 1st day of March (September), 19 , unless this bond is subject
to and has been duly called for earlier redemption, the Village of Mendota Heights,
Dakota County, Minnesota, will pay to bearer at
, in , Minnesota, the sum shown hereon in
lawful money of the United States of America for interest then due on its Temporary
Improvement Bond, Series 1969, dated September 1, 1969, No.
(Facsimile signature)
Clerk
(Facsimile signature)
Mayor
(Form of certificate to be printed on the back of each bond following
the approving legal opinion)
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)
Clerk
(Facsimile signature)
Mayor
8. Said bonds shall be prepared for execution under the direction of the
Village Clerk and executed on behalf of the Village by the signature of the Mayor,;
attested by the signature of the Village Clerk, and by affixation of the corporate
seal of the Village on each bond, and the appurtenant interest coupons and the cer-
tificate as to opinion of bond counsel on the back of each bond shall be executed
and authenticated by the printed, engraved or lithographed facsimile signatures of
said Mayor and Clerk. When the bonds have been so executed and authenticated, they
shall be delivered by the Village Treasurer to the purchaser thereof upon payment
of the purchase price specified in the contract of sale, and the purchaser shall
not be obligated to see to the application of the purchase price.
9. Each and all of the terms and provisions of this resolution shall
constitute a covenant and agreement on the part of the Village with the holders
from time to time of each bond issued hereunder. The Village Clerk is hereby.'
authorized and directed forthwith to file a certified copy of this resolution with
the County Auditor of Dakota County, and to obtain from the County Auditor a certi-
ficate that said bonds have been duly entered upon his register.
10. The officers of the Village and the County Auditor of Dakota County
are hereby authorized and directed to prepare and furnish to the purchaser of the
bonds'issued hereunder, and to the attorneys approving the legality of the issuance
thereof, a certified copy of this resolution and of all other proceedings relating
to said bonds, together with such affidavits, certificates and information as may
be reasonably required to show the legality and marketability of said bonds, as
such information appears from the books and records in their custody and control
or as otherwise known to them, and all such certified copies, certificates and
affidavits shall be deemed representations of the Village as to the correctness of
all statements contained therein.
The motion for the adoption of the foregoing resolution was duly seconded
by Member Blair , and upon vote being taken thereon, the following members
voted in favor thereof: All Yea
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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1114.
R53 ��zs�
The Mayor announced that this was the time and place for the receipt and
opening of sealed bids for the purchase of $1,820,000 Temporary Improvement Bonds,
Series 1969, of the Village. The Village Clerk furnished affidavits of publication
of the notice of sale in the West St. Paul Booster -Riverview News and in the
Commercial West. Said affidavits were approved and ordered filed in the office of
the Village Clerk.
The Clerk then stated that sealed bids had been received, which
were thereupon opened and read and found to be as follows:
Bidder or Bidding Account Manager Interest Rates
Dain, Kalman & Quail _ Mpls. 6z'r%
1st National Bank of St. Paul .75-11%:1/69 to 3[1/7t
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