Res 67 - 119 Awarding Sale of $1,400,000 Temporary Trunk Sewer Improvement Bonds, Series AMember Mertensotto then introduced the following resolution and
moved its adoption: /� 9
RESOLUTION AWARDING SALE OF $1,400,000
TRTORARY TRUNK SEWER IMPROVEMENT BONDS,
SERIF'S A
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, that the bid of the First National Bank , of
Minneapolis , Minnesota , and associates named therein, to
purchase $1,400,000 Temporary Trunk Sewer Improvement Bonds, Series A, of the
Village to be dated December 1, 1967, 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 ac-
crued interest plus a premium of $ none , all bonds to bear interest at
the basic rate of 4.20 % per annum, and for the period from March 18 , 19 68 ,
to June 1 , 1968 , only, at the additional rate of 1.80 % per annum. The
Chairman and Clerk are 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 forth-
with returned to them.
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.
Member Mertensotto introduced the following resolution and moved
its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE AND
DELIVERY OF $1,400,000 THNPoRARY TRUNK
SEWER I24PROVM.1ENT BONDS, SERIES A
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, as follows:
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,
Pz
the construction of a local improvement designated as Improvement No -A, Project
No. 7, and has awarded a contract for the construction of the first stage thereof;
that the total cost of said improvement is estimated to be approximately equal to
Zd_-3 680,000, none of which has been borrowed, and it is necessary to borrow
.400,000 of said cost at this time; that the total benefits resulting from said
improvement to the properties within the area proposed to be assessed therefor,
and to the Village at large, will be substantially in excess of the total cost of
said improvement; that said sum of $1,400,000 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 the First National
Bank of Minneapolis , Minnesota., on the terms and conditions as
more fully stated in this resolution.
2.. There is hereby created a separate fund for said improvement which
is heVeby designated as the "Improvement No. 4, Project No. 7 Fund," and shall be
held and administered by the Village Treasurer separate and apart from all other
funds of the Village. Into said fund shall be paid the collections of all general
ad valorem taxes and special assessments levied for said improvement. The proceeds
of sale of $1,400,000 Tenkgorary Trunk Sewer Improvement Bonds herein authorized
shall be paid into said fund and from said fund there shall be paid costs and ex-
penses ofmaking said improvement as -incurred and allowed, and payments of prin-
cipal and interest on all temporary improvement bonds issued for the purpose of
financing said improvement. Said fund shall constitute a separate and special
debt redemption fund, and shall be continued and maintained in the manner herein
specified until all costs of constructing the improvement have been paid.
3., Upon completion and payment of all costs of making said improvement.,
said improvdment fund shall be discontinued, and all moneys therein shall be paid
into the Temporary Improvement Bond Fund of the Village created by the resolution
of this Council adopted on June 6, 1967, authorizing issuance of $220,000 Tempor'-
ary Improvement Bonds of 1967, which shall constitute a separate and special debt
redemption fund, to be maintained as long as any of the bonds herein authorized
remain unpaid, the moneys therein to be used only for the payment of principal of
and interest on the bonds herein airlhorized and on any additional bonds heretofore
or hereafter issued and made payable from said fund. After discontinuance of said
improvement fund, and as long as any of said bonds shall remain unpaid, the col-
lections 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
Improvement Bond Fund, or, if any definitive improvement bonds have been issued
on account of said improvement, into a fund to be created for payment of such
bonds.
4. It is hereby covenanted and agreed that the Village will not later
than October 1, 1968, do and perform all acts and things necessary for the final
and valid levy of special assessments upon the properties benefited by said im-
provement, in a principal amount not less than 20;lo of the cost of the improvement.
In the event that any such assessment shall be at any time held invalid with res-
pect to any lot or tract of land, due to any error, defect or irregularity in any
action or proceeding 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 fur-'
Cher acts and things and shall take all such further proceedings as shall be re-
quired by lav to make such assessment a valid and binding lien upon the property
assessed.
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5. Not later than December 1, 1970, the Council will by resolution
provide for the issuance, sale and delivery of definitive improvement bonds, pay-
able 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. 'Ihe Village shall forthwith issue and deliver to the purchaser
thereof its negotiable coupon general obligation Temporary Trunk Sewer Improvement
Bonds, Series A, dated as of December 1, 1967, in the denomination of $5,000 each
in the principal amount of $1,400,000, to be numbered from 1 to 280. Said bonds
shall mature on December 1, 1970, and shall bear interest at the basic rate of
4.20 % per annum from date of issue until paid, and for the period from March 18,
, 1968 , to June 1 , �9 6 8 , only, at the additional rate of
1.80 f per annum, all interest to be payable on June 1, 1968, and semiannually
thereafter on each December 1 and June 1. Bach bond is subject to redemption
and prepayment at the option of the Village on December 1, 1969, or June 1, 1970,
at a price of 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 newspaper 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. Zhe Village 'Treasurer shall also mail notice of call
for redemption to the bank at which principal and interest are then payable, but
published notice shall be effective without mailing. The principal of and inter-
est on said bonds shall be payable at the First National Bank of Minneapdis, in
Minneapolis , Minnesota, and the Village hereby agrees to pay the reason-
able and customary charges of said paying agent for the receipt and disbursement
thereof.
7. Said bonds and the coupons attached thereto shall be in substanti-
ally the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF DAKOTA
VILLAGE OF MENDOTA HEIGHTS
TEMPORARY TRUNK SEWER 134FROVEMENT BOND, SERIES A
No.
$5,000
SNOW ALL MEN BY TRESE 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 December, 1970:
or on a date prior thereto on which this bond shall have been duly called for re-
demption, and to pay interest thereon at the basic rate of per cent
( p) per ,annum from the date hereof until said principal sum be paid or un-
til this bond be 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 June 1, 1968, and semiannually thereafter on each
December 1 and June 1, interest to maturity being represented by and payable in
accordance with and upon presentation and surrender of the interest coupons appur-
tenant 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
principal 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
$1,400,000, 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 a
local improvement 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 Improve-
ment Bond Fund of said Village, to which fund there have been irrevocably appropri-
ated the general ad valorem taxes and the special assessments to be levied in
respect of the improvement financed by said issue, and into which fund there are
to be paid the proceeds of definitive improvement bonds which the Village is re-
quired 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 takes and special assessments-
on
ssessmentson hand in said fund are not sufficient for the payment thereof.
All bonds of this issue are each subject to redemption and prepayment
at the option of the Village on December 1, 1969, or June 1, 1970, at par and
accrued interest, on notice of call for redemption published not less than 30 days
before the date specified for redemption in a financial newspaper published 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 preliminary to and
in the issuance of this bond in order to make it a valid and binding general ob-
ligation 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 payment 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 constitu-
tional or statutory limitation.
IN WIMESS WHEREOF the Village of Mendota Heights, Minnesota, by its
Village Council, has caused this bond to be executed in its behalf by the signa-
ture of the Mayor, attested by the signature of the Clerk, and by affixation here-
to of its official seal, and the interest coupons appurtenant hereto and the
certificate on the reverse side hereof to be executed and authenticated by the
facsimile signatures of said officers, and has caused this bond to be dated
December 1, 1967.
Attest:
Clerk
No.
(Form of Coupon)
Mayor
On the lst day of December (June), 19 , 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 Trunk Sewer Improvement Bond, Series A, dated December 1,
1967, No.
(Facsimile signature)
Clerk
(Facsimile signature)
Mayor
(Coupons Nos. 5 and 6 shall also state: "Unless the bond described
below has been called for earlier redemption")
(Form of certificate to be printed on the back of each bond follow-
ing 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
Me
(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 certificate 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 certificate 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 issu-
ance thereof, a certified copy of this resolution and of all other proceedings re-
lating 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 con-
trol -or as otherwise known to them, and all such certified copies, certificates
and affidavits shall be deemed representations of the Village as to the correct-
ness of all statements contained therein.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Calkins , 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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STATE OF MINNESOTA )
) ss.
COUNTY OF DAKOTA )
I, the undersigned, being the duly qualified and acting Village Clerk
of the Village of Mendota Heights, Minnesota, hereby attest and certify that
(1) as such officer, I have the legal custody of the original record
from which the attached and foregoing extract was transcribed;
(2) I have carefully compared said extract with said original record;
(3) I find said extract to be a true, correct and complete transcript
from the original minutes of a meeting of the Village Council of
said Village held on the date indicated in said extract, including
any resolutions adopted at such meeting, insofar as they relate to
improvement bonds of the Village, and;
(4) said meeting was duly held, pursuant to call and notice thereof as
required by law.
WIT MS my hand officially as such Village Clerk, and the seal of
said Village, this day of kztt, 1967. y
000571
Village Cler
(SEAL)
In