Res 69 - 227 Awarding Sale of $160,000 Improvement Bonds of 1969Member Stringer then introduced the following resolution and
moved its adoption:
RESOLUTION NO. 227
RESOLUTION AWARDING SALE OF
$160,000 IMPROVEMENT BONDS OF 1969
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, that the highest and best bid for the purchase of $160,000 Improvement
Bonds of 1969 of the Village, dated June 1, 1969, received pursuant to public adver-
tisement for bids, is that of The First National Bank of St. Paul
of St. Paul , Minne s ota , and associates, said bid stating a price of
par and accrued interest plus a premium of $ 0 , 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 Interest Rate
1970 - 1980 576
1981 - 1985 5 1/47o
Plus .75% extra 8/1/69 to 8/1/70
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 for the adoption of the foregoing resolution was duly seconded
by Member R adabaugh , 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.
Member thereupon introduced the following resolution and
moved its adoption:
IM
RESOLUTION AUTHORIZING AND ESTABLISHING THE
FORM AND DETAILS OF $160,000 IMPROVEMENT BONDS
OF 1969, 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 $235,000 Temporary Improvement Bonds of 1966, Improvement 4, dated August 1,
1966, 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
July 5, 1966; that all of said bonds were validly issued and constitute legal obli-
gations of the Village in their full amount; that all of said bonds are now out-
standing and become due and payable on August 1, 1969; that the amount of moneys
remaining on hand in the Temporary Improvement Bonds of 1966, Improvement 4, Fund
and available for the payment of said Temporary Improvement Bonds is approximately
equal to and not less than $79,700, of which amount $4,700 is required for the
payment of interest on said bonds coming due on their maturity, and $75,000 is
available for and will be applied to payment of principal; and that it is necessary
to issue $160,000 definitive improvement bonds to refund the same principal amount
of said Temporary Improvement Bonds maturing on August 1, 1969.
2. The Temporary Improvement Bonds of 1966, Improvement 4, Fund created
in and by the resolution above referred to shall be continued, but shall be desig-
nated henceforth as the "1969 Definitive Improvement Bond Fund," and separate
accounts shall not be maintained therein. All collections of general ad valorem
taxes and special assessments levied on account of the improvements financed by
said temporary improvement bonds shall be paid into said fund, and moneys therein
shall be used only for payment of principal and interest on the bonds herein auth-
orized and on any other bonds made payable therefrom, '
3. The definitive improvement bonds of the Village hereinabove determined
to be issued shall be designated as "Improvement Bonds of 1969", all payable primar-
ily from the 1969 Definitive Improvement Fund of the Village. They shall forthwith
be issued and delivered to The First National Bank of St. Paul ,
Of St. Paul , Minnesota , as the successful bidder therefor, in
accordance 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
June 1, 1969, shall be 32 in number and numbered serially from 1 to 32, 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 inter-
est at the rate per annum shown opposite the year of maturity, as follows:
Year
Amount
Rate
Year
Amount
Rate
1970
$10,000
5%
1978
$10,000
576
1971
10,000
d"
1979
10,000
"
1972
10,000
if
1980
10,000
if
1973
10,000
It
1981
10,000
5 1/410
1974
10,000
It
1982
10,000
If
1975
10,000
If
1983
10,000
"
1976
10,000
"
1984
10,000
If
1977
10,000
"
1985
10,000
it
::.
The bonds shall also bear additional interest, represented by separate "B" coupons,
from 8-1 , 1969 , to 8-1 , 1970 , at the rate of .75 % per annum.
All interest shall be payable on February 1, 1970, and semiannually thereafter on
each August 1 and February 1. The bonds maturing in the years 1970 through 1980
shall be without option of prior payment, but those maturing in 1981 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, 1980, and any interest payment date
thereafter, at par and accrued interest, plus a premium of 1% of par value for any
bond redeemed before August 1, 1983, or no premium for any bond redeemed on or after
August 1, 1983. All redemptionsishall be made on notice of call for redemption pub-
lished 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 metro-
politan 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 princi-
pal of and interest on said bonds is then payable, but published notice shall be
effective without mailing. The principal of and interest on said bonds shall be
payable at The First National Bank of St. Paul ,
in St. Paul Minnesota and the Village hereby agrees to pay the
reasonable and customary charges�of said paying agent for the receipt and disburse-
ment thereof. I
4. Said bonds and the'interest coupons appurtenant 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
IMPROVEMENT BOND OF 1969
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 pro-
mises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the 1st day of August,
19 , or, if'this bond is redeemable as stated below, on a date prior thereto on
which it shall have been called for 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 shall have been duly called for redemption, plus additional interest,
represented by the separate "B" coupons appurtenant hereto, at the rate of
per cent ( %) per annum, from r, ; 19 ,
to 19 only, all interest being payable on February 1, 1970,
and semiannually thereafter on August 1 and February 1 of each year, and interest
to maturity being represented by and payable in accordance with and upon presenta-
tion 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 pub-
lic and private debts. For the prompt and full payment of said principal and inter-
est as the same respectively become due, the full faith, credit and unlimited tax-
ing powers of said Village have been and are hereby irrevocably pledged.
This bond is one of an issue in the aggregate principal amount of
$160,000, all of like date and tenor except as to serial number, redemption privil-
ege, interest rate and maturity, issued for the purpose of paying and refunding at
maturity the same principal amount of temporary improvement bonds issued in 1966,
and is issued pursuant to and in full conformity with the provisions of the Consti-
tution and laws of the State of Minnesota thereunto enabling. This bond is payable
primarily from the 1969 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 1980 and prior years are without option
of redemption, but those maturing in 1981 and later years are each subject to re-
demption and prepayment at the option of the Village, in inverse order of serial
numbers, on August 1, 1980, and any interest payment date thereafter, at par and
accrued interest,•plus a premium of 1% of par value for any bond redeemed before
August 1, 1983, or no premium for any bond redeemed on or after said date. All
redemptions will be made upon notice of call for redemption published not less than
30 days prior to the date specified for redemption in a financial periodical pub-
lished in a Minnesota city of the first class or its metropolitan area.
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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 precedent to and in
the issuance of this bond in order to make it a valid and binding general obliga-
tion 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 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 interest respectively become due, and has appropriated
the same to said fund, and additional 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 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 be-
half 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 June 1, 1969.
Attest:
Village Clerk
(Form of Coupon)
Mayor
On the 1st day of August (February), 19 , unless the bond described
below is subject to and has been called for earlier redemption, the Village of
Mendota Heights, Dakota County, Minnesota, will pay to bearer at
,the sum
shown hereon in lawful money of the United States of America for interest then due
on its Improvement Bond of 1969, dated June 1, 1969, No.
(Facsimile signature)
Village Clerk
(Facsimile signature)
Mayor
(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
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(Facsimile signature)
Mayor
..
•
5. The bonds shall be forthwith prepared for execution under the direc-
tion 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 purchase price. Said purchase price shall, however, be
credited and paid to the Temporary Improvement Bonds of 1966, Improvement 4, Fund,
for the redemption of the same principal amount of said Temporary Improvement Bonds,
due and payable on August 1, 1969,
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 benefited by said improvements in the amount of $ ,
of which $ principal amount remains uncollected. Said assessments are
payable in equal annual installments in the years 1969 through 19910, with interest
at the rate of 6% per annum on unpaid installments. In the event that any assess-
ment levied for said improvements 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 Collection
Year Amount Year . Amount
1970 Q
1978 0
1971
1979
1972
1980
1973
1981
1974
1982
1975
1983
1976
1984
1977
1985
The collections of the foregoing taxes are hereby irrevocably appropriated to the
1969 Definitive Improvement Bond Fund, and shall be irrepealable except as provided
in Minnesota Statutes, Section 475.61, Subdivision 3.
8. It is hereby estimated that the collections of said taxes and assess-
ments and interest thereon will provide amounts not less than 105% of the principal
of and interest on said bonds as they become due.
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9. The Clerk is hereby directed to file a certified copy of this resolu-
tion with the County Auditor of Dakota County and to obtain said Auditor's certifi-
cate 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 fur-
nish 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, certi-
ficates 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 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 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 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 accordance 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 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 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 foregoing resolution was duly
seconded by Member , and upon vote being taken thereon, the follow-
ing voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
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