Res 69 - 199 Authorizing & Establishing the Form & Details of $265,000 Improvement Bonds of 1968, & Levying Taxes & Appropriating Special Assessments for the Payment ThereofRESOLUTION NO. 199
RESOLUTION AUTHORIZING AND ESTABLISHING THE FORII
AND DETAILS OF $265.,000 IMPROVEMENT BONDS OF 19681)
AND LEVYING TAXES AND APPROPRIATING SPECIAL ASSESS-
-MENTS FOR THE PAYP4ENNT THEREOF
BE IT RESOLVED by the Council of the Village of Mendota Heights, iRinne-
sota, as follows:
1. It is hereby found and determined that the Village did heretofore
issue $265,000 Temporary Improvement Bonds of 1966, dated January 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 January 4, 1966;
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 outstanding and become
due and payable on January 1, 1969; that the amount of moneys remaining on hand in
the Temporary Improvement Bonds of 1966 Fund and available for the payment of said
Temporary Improvement Bonds is $4,372.50, all of which amount is required for the
payment of interest on said bonds coming due on their maturity; and that it is nec-
essary to issue $265,000 definitive improvement bonds to refund the same principal
amount of said Temporary Improvement Bonds maturing on January 1, 1969.
2. The Temporary Improvement Bonds of 1966 Fund created in and by the
resolution above referred to shall be continued, but shall be designated henceforth
as the "1968 Definitive Improvement Bond Fund," and separate accounts shall not be
maintained therein. All collections of general ad valorem taxes and special assess-
ments 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 pay-
ment of principal and interest on the bonds herein authorized 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 1968", all payable pri-
marily from the 1968 Definitive Improvement Fund of the Village. They shall forth-
with be issued and delivered to Axnerican National Bank & Trust Co.
0 of St. Paul 0 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 Decem-
ber 1, 1968, shall be 53 in number and numbered serially from 1 to 53, 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
1969
$10,000
4.30%
1978
?15,000
4.70%
1970
20,000
4.30
1979
15,000
4.7010
1971
202000
4.300
1980
15,000
4.70%
1972
20,000
4.3016
1981
15,000
4.707o
1973
20,000
4.3076
1982
15,000
4.8076
1974
15,000
7
1983
10,000
4.807o
1975
15,000
4.30%
1984
10,000
1976
15,000
4.30%
1985
10,000
4.90%
1977
15,000
4.707o
1986
10,000
4.907o
The bonds shall also bear additional interest, represented by separate "B" coupons,
from January 25 1969 , to Feb. 1 , 1970 , at the rate of 1 % per annum.
All interest shall be payable on August 1, 1969, and semiannually thereafter on each
February 1 and August 1. The bonds maturing in the years 1969 through 1979 shall
be without option of prior payment, but those maturing in 1980 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, 1979, 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 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 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 bond., is then payable, but published notice shall be effective
without mailing. The principal of and interest on said bonds shall be payable at
The American National Bank & Trust Company , in
St. Paul Minnesota , and the Village hereby agrees to pay the reasonable and
customary charges of said paying agent for the receipt and disbursement thereof.
k. 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 1968
No.
KNOW ALL ISN BY THESE PRESENTS that the Village of 111endota Heights, Dako-
ta 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 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 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 here-
to, at the rate of
per cent ( %) per annum, from , 19 , to , 19 , only,
all interest being payable on August 1, 1969, and semiannually thereafter on Febru-
ary 1 and August 1 of each year, and interest to maturity being represented by and
payable in accordance with and upon presentation and surrender of the interest cou-
pons appurtenant hereto. Both principal and interest are payable at
, in e o
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
$265,000, all of like date and tenor except as to serial number, redemption privi-
lege, interest rate and maturity, issued for the purpose of baying 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 1968 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 1979 and prior years are without option
of redemption, but those maturing in 1980 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, 1979, 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,-afinancial 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, con-
ditions 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 issu-
ance 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 prior to the issuance hereof the Village
has duly levied general ad valorem taxes and special assessments for the ,years re-
quired 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, Minne-
sota, by its Village Council, has caused this bond to be executed in its behalf by
the signature of its 14ayor, 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 December 1, 1968.
Mayor
Attest:
Village Clerk
(Form of Coupon)
No. $
On the 1st day of August (February), 19 , 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 of
1968, dated December 1, 1968, No. .
(Facsimile signature)
Village Clerk
(Facsimile signature)
Payor
(Coupons numbered 22 and up shall also state: "Unless the bond
described below is called for earlier redemption")
(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) (Facsimile signature)
Village Clerk Mayor
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'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 engravgd facsimile sig-,
natures of said Mayor and Clerk. When so executed, the bonds sh l'be delivered/!
by the Treasurer to the purchaser thereof, upon payment of the �chase,price here-
tofore agreed upon, and said purchaser shall not be obligated to1,see'to'the anplica
tion of the purchase price. Said purchase price shall, however.;;`;be credited.a5d
paid to the Temporary Improvement Bonds of 1966 Fund, for'thel`'redemption of.the same
principal amount of said Temporary Improvement Bonds, 'due, and payable on -January 1,
1969, ;.li
6:. The full faith and credit of the Village shall be a4d are hereby
pledged to the prompt and full payment of said bonds and the inte�est thereon. It
ds hereby found'and'determined that the Village has heretofore levied special assess-
ments upon property benefited by said improvements in the amountof z 1'00 ,
of which $x 2 (�06 r, 'principal amount remains uncollected. Said,as6essments are
payable in egda7.. annual.installments in the years 1968 through 1986, 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 wit % respect to any
lot, piece or.parc'el of land, due' to' any error, defect or'irregul�erity 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:tdirect, annual, ad valorem tax on all taxable
l;,
property in the Village, which shall be collectible in the years and amounts as
follows:
Collection Collection
Year Amount Year Amount
1970
0
1979
a 0
1971
4000
1980
;` { 0
'1972
4000
1981
''0
1973
4000
1982
0
1974
4000
1983
0
1975
0
1g84
0
1976
0
1985
0
1977
0
1986
0
1978
0
The collections of the foregoing taxes are hereby irrevocably appropriated to the
1968 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 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 affida-
vits as to all such other matters as may be required by them to evidence the legal-
ity 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 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 Huber , 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.
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