Res 66 - 8 Accepting Bid on Sale of $265,000 Temporary Improvement Bonds of 1966, & Providing Their Issuance1- 4- C(,
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' RESOLUTION N0.
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
A RESOLUTION ACCEPTING BID ON SALE OF $2653000
TEMPORARY IMPROVEMENT BONDS'OF 1966,
AND PROVIDING FOR THEIR ISSUANCE
WHEREAS, the Village Council has heretofore determined
that it is`necessary and expedient to issue $265,000 Temporary
Improvement Bonds of 1966, for the purpose of defraying the expense
of certain improvements on which contracts have heretofore been
awarded, but which have not been completed.
NOW THEREFORE,BE IT RESOLVED by the Council of the Village
of Mendota Heights, Minnesota, as follows:
1. That the bid of The First National Bank of Saint Paul
in aul Minnesota to purchase $265,000 Temporary mprove-
ment Bonds of 19 -of the Village in accordance with the published
notice of bond sale at the following rates of interest:
3. 30%.° for bonds due 1/1 /69
and to pay therefor the sum of $265,000 (plus a premium of '0- )
is hereby found, determined, and declared to be the most favorable
bid received and is hereby accepted and said bonds are hereby
awarded to said bidder. The Village Clerk is directed to retain
the deposit of said bidder and to forthwith return the•good faith
checks or drafts to the unsuccessful bidders. Said bonds shall be
payable as to principal and interest at The First National Bank
'Of St. Paul, Minnesota , and the"Village agrees
o pay the reasonable charges of such paying agent.)
2. The $265,000 negotiable coupon general obligation
bonds of the Village shall be dated January 1, 1966, and shall be
issued forthwith. Said bonds shall be 53 in number and numbered
from 1 to 53 , both inclusive, in the denomination of $5,000
each. SaiT7onds shall mature on January 1, 1969.
.3. The bonds of said issue shall bear interest, payable
January 1, 1967, and semi-annually thereafter on July,l and January
1 of 'each year, at the rate of Three and. Three Tenths , • per cent
( 3.30 _�) per annum. (Plus additional in eyes at the rate
0 six tenths. per annum on -all bonds from March 7, 1966 to
nuarg 1. 1967 , payable January i,
I Via
4. The bonds and interest coupons to be issued hereunder
shall be 'in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF'MINNESOTA
COUNTY OF DAKOTA
VILLAGE OF MElV'DOTA HEIGHTS
TEMPORARY IMPROVEMENT BOND OF 1966
No.
KNOW ALL MEN BY THESE PRESENTS that the Village of Mendota
Heights, Dakota County, Minnesota, certifies that it is indebted,
and for value received promises to pay to.bearer•the sum of
THOUSAND DOLLARS
on the first day of January, 19 , • and to pay interest thereon
from the date hereof until the principal is paid, at the rate of
on e first da of January cl96 ( n per annum,
payable y y, 9 7, • and semi-annually
thereafter on the first day of July and the first day of January
in each year, plus additional interest at the rate of
per cent (_�) per annum rom
to , payable
in:accordance with and upon
presentation!and surrender of the interest coupons hereto attached,
which are in two sets, one representing interest at the rate of
per cent (__�) per annum
from the date hereof to maturity, . and the other -representing addi-
tional interest at the rate of
per cent per annum for the period
to Both -principal and interest are
payable at
in any coin or currency of the United States of America wh ch a
the time of payment is legal tender for public and private debts.
All bonds of this issue are subject to redemption -and
prior -payment at the option of the Village in inverse order of
their serial numbers on January 1, 1968 and July 1, 1968, at a
price of par and accrued interest. At least thirty days prior
notice of redemption shall in each case be given to the% bank ,
where said bonds -are payable and tq,the last known hol;'&6r. Hold-
ers desiring to receive such notice must register their names,
addresses and bond numbers with the Village Clerk.
amount of
This
OOOd allone of an of like dateuandnthe tenoraexcepttaspt6�cipal
serial number, all issued for -the purpose of defraying expenses
incurred and to ba incurred in constructing necessary sanitary sewers,
watermains*and storm sewers 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, and pursuant
to resolutions duly adopted by the Village Council. This bond is
payable primarily from the Temporary Improvement Bonds of 1966
Fund of said Village, to which fund there have been irrevocably appro-
priated the special assessments to be levied in respect of the improve-
ments financed by said issue,,and into which 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 pur-
pose of refunding the same to the extent that special assessments
and taxes ther0tofore collected are not sufficient for the payment
thereof. This bond constitutes a general obligation -of the Village,
and to provide moneys for the prompt and full payment of said princi-
pal -and interest when the same become due, the full faith and credit
of said Village have been and are hereby. -irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that all acts, condi-
tions 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.pbligation of said Village according.to
its terms have been done, do exist, have happendd'and have been
:performed as required by law, and that the issuance of this bond
did not cause the indebtedness of the 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 behalf by the signatures of its Mayor
and Village.Clerk and the corporate; seal to be hereunto affixed
and has caused the interest coupons to be executed and authenticated
by the facsimile signatures of said officers, all as of January 1, 1966:
Village Clerk Mayor
(Form of Coupon)
No.
On the first day of January (July), 19 , the Village
of Mendota Heights, Dakota County, Minnesota,.wi= pay to bearer
the sum shown hereon for interest then -due on its Temporary Im-
provement Bond of 1966, No. , dated January 1, 1966.
village Clerk Mayor
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(on all bonds coupor&s numbered 3 and higher shall also include the
clause "Unless the bond described below is called for earlier redemp-
tion.")
5. The bonds shall be'prepa.red under the direction of
the Village Clerk and shall be executed on behalf of the Village
by.the signature of the Mayor, -and by the signature of the Clerk.
The Mayor and Clerk are authorized and directed to cause the coupons
attached to said bonds to be executed and authenticated by their
printed, engraved or lithographed facsimile signatures. The corpor-
ate seal shall be affixed thereto. When said bonds have been so
prepared and executed, they shall be delivered to the Village Treace
surer who shall deliver the same to the purchaser thereof as herein-
after provided, but the purchaser shall not be required to see to
the proper application of the purchase price.
6. There is hereby created a special fund to be designated
"Temporary Improvement Bonds of 1966 Fund" to be held and adminis-
tered by.the Village Treasurer ' separate and apart from all other
funds of the Village. Said fund shall be maintained in the manner
herein specified -until all of the bonds herein authorized and the
interest thereon have been fully paid. In said fund there shall
be maintained two separate accounts to be designated as the "Con-
struction,Account" and the "Sinking Fund Account"., respectively.
The proceeds of the sale of the bonds herein authorized, less
accrued interest received thereon, shall be credited to the Con-
struction -Account, from which there shall be paid all costs and
expenses of making said improvement, including the costs of con-
struction contracts heretofore let and all other costs incurred and
to be incurred and the moneys in said account shall be used for no
other -purpose, provided that if upon completion of said improve-
ment there shall remain any unexpended balance in'said Construction
Account., such balance shall be transferred to the Sinking Fund Ac-
count. There shall be credited to the Sinking Fund Account all
collections of special assessments and taxes herein levied, all
accrued interest receivedupondelivery of said bonds and all funds
remaining in said Construction Account after completion of the
improvements and payment of the costs thereof. The Sinking Fund
Account shall be used solely to pay principal and interest on the
bonds issued hereunder.
7. It is hereby determined that $265,000.00 of the cost
of said improvements shall be paid by special assessments to be
levied against every assessable lot,.piece and parcel of land bene-
fited by the said improvements. The Village hereby covenants and
agrees that it will do and perform.,,as soon,as they may be done.,
all acts and things necessary,for the final and valid levy of such
special assessments, and in the event that any such assessment be
at any time held invalid with*respect to any;lot, piece, or parcel
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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 officers or employees, either in the making of
such assessment or in the performance of any condition -precedent
thereto, the Village and this Council 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. Said assessments shall be payable in 19 equal, con-
secutive, annual installments, the first of said T—F6allments to'be
payable with general taxes for the year 1967, collectible with such
taxes during the year 1967. To the first installment there shall be
added interest at the rate of '6 _.% per annum on the entire
assessment from the date of the resolutions levying the assess-
ments until,December 31, 19 To each of the subsequent install-
ments there shall be added interest at said rate for one year on,all
unpaid installments.
8. To provide moneys for the payment of principal and
interest there is hereby levied upon -all of the taxable propertyin
the Village a direct general annual ad valorem tax, which shall be
spread upon the tax rolls and collected with and as a part of other
general property taxes in said Village for the years and in the
amounts as follows: '
Tax Year
None
Amount Tax Year
None
Amount
Said tax shall be irrepealable so song as any of said bonds are out-
standing and unpaid, provided that the Village reserves the right
and power to reduce the levies in the manner and to the extent per-
mitted by 475.61(3) M.S.A.
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9. To provide moneys for the prompt and full payment of
principal and interest, the -Village shall issue and sell definitive
bonds at or prior to the maturity of the bonds issued hereunder, in
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such amount as are needed to pay the principal and interest after
the application of the assessments and taxes, if any,,collected,
and the appropriation of such other municipal funds as are properly
available for such purpose. The Council hereby finds, determines
and declares that theestimated collections of special assessments
and taxes to be received before January 1, 1969, together with the
proceeds of any definitive improvement bonds to be issued at or
before January 1, 1969. -and other moneys available for the payment
of said bonds and the interest thereon will equal atleast 5% in
exdess of the principal and interest requirements of said issue
as the same become due.
10. The full faith and credit -of the Village:,is 'hereby
pledged for the payment of the principal of "and interest on said
bonds.
11. The Village Clerk is hereby directed to file a
certified copy of this resolution with the County Auditor of
Dakota County, Minnesota,, together with such other information as -
he shall require., -and to obtain from' said Auditor a certificate
that said bonds have been entered in the Auditor's Bond Register.
Enacted this -L day of January, 1966.
THE VILLAGE OF MENDOTA HEIGHTS
By 'DOVU00-1. J46 - - ___ __
onald . HUber
Mayor
ATTEST:
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/J� r
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William F. alkins
Clerk