Res 67 - 91/92 Awarding Sale of $220,000 Temporary Improvement Bonds of 1967/Authorizing the Issuance & Delivery of $220,000 Temporary Improvement Bonds of 1967Member Mertensotto then introduced the following resolution and
moved its adoption:
RESOLUTION AWARDING SALE OF $220,000
TR4PORARY IITROVENM BONDS OF 1967
IBE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Minnesota, that the bid of Dain, Kalman & Co. , Inc. ,
of Minneapolis , Minnesota , and associates named therein, to
purchase $220,000 Temporary Improvement Bonds of 1967 of the Village to be dated
June 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 Vil-
lage 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
3 1/2 % per annum, and for the period from September 1, 1967 , toDecember 1,
1967 , only, at the additional rate of 2 % 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 forthwith re-
turned to them.
,The motion for the adoption of the foregoing resolution was duly
seconded by Member Lockwood , 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 Mertensotto introduced the following resolution and moved
its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE D
AND DELIVERY OF $220,000 TEMPORARY
IMPROVEMENT BONDS OF 1967
HE 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 I+29, and after public hearing as required by law,
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the construction of a local improvement designated as Somerset Hills Water Improve-
ment 4-5, and has awarded a contract for the construction thereof, that the total
cost of said improvement is approximately equal to and not less than $220,000, none
of which has been borrowed, and it is necessary to borrow said mount; 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 substanti-
ally in excess of the total cost of said improvement; that said'sum of $220,000
may best be borrowed by the issuance of general obligation temporary improvement
bonds of the Village in accordance with the provisions of Rinnesota Statutes,
Section 429.091, Subdivision 3, as amended; and that this Council has awarded the
sale of said bonds to Dain, Kalman & Co. , Inc. , and associates of MinneEpo),is,
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
hereby designated as the "Somerset Hills Water Improvement 4-5 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 $220,000 Temporary Improvement Bonds of 1967 herein authorized shall he
paid into said fund and from said fund there shall be paid costs and expenses of
making said improvement as incurred and allowed, and payments of principal and in-
terest on all temporary improvement bonds issued for the purpose of financing said
improvement. Said Rand 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 improvement fund shall be discontinued, and all moneys therein shall be paid
into the Temporary Improvement Bond Fund of the Village, which is hereby created,
and shall constitute a separate and special debt redemption fund, to be maintainer
as long as'any of the bonds herein authorized remain unpaid, the moneys therein tc
be used only for the payment of principal of and interest on the bonds herein
authorized and on any additional bonds which may hereafter be issued and made pay•
able from said fund. After discontinuance of said improvement Rand, and as long
as any of said bonds shall remain unpaid, the collections of all general ad valorE
taxes and special assessments previously required to be paid into the discontinues
fund shall be paid into said temporary Improvement Bond Rand.
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
improvement, in a principal amount not less than 20% of the cost of the improve-
ment. 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 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 assess-
ment or the performance of any condition precedent thereto, the Village will do
all such further acts and things and shall take all such further proceedings as
shall be required by law to make such assessment a valid and binding lien upon the
property assessed.
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S
5. Not later than June 1, 1970, the Council will by resolution pro-
vide 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 Hand 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 of
1967, dated as of June 1, 1967, in the denomination of $5,000 each, in the prin-
cipal amount of $220,000, to be numbered from 1 to 44. Said bonds shall mature
on June 1, 1970, and shall beer interest at the basic rate of 3-1/2% per annum
from date of issue until paid, and for the period from September 1, 1967, to
December 1, 1967, only, at the additional rate of 2% per annum, all interest to
be payable on December 1, 1967, and semiannually thereafter on each June 1 and
December I. All bonds are subject to redemption and prepayment at the option of
the Village in inverse order of serial numbers on June 1, 1969, and December 1,
1969, at par and accrued interest, on notice of call for redemption mailed by the
Treasurer not less than 30 days prior to the date specified for redemption to the
holder, if known, and to the bank at which principal and interest are then
payable. The Village Treasurer and his successors in office shall maintain a
register in which they shall record, insofar as such information is furnished to
them, the names and addresses of holders of redeemable bonds, and the serial num-
bers of such bonds. The principal of and interest on said bonds shall be payable
at the Northwestern National Bank of Minneapolis , in
Minneapolis , Minnesota, and the Village hereby agrees to pay the reasonable
and customary charges of said paying agent for the receipt and dist;ursement there-
of.
7. Said bonds and the coupons attached thereto shall be in substanti-
ally the following form:
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UNIM STATES OF AMERICA
SATE OF MINNESOTA
COUNTY OF DAKOTA
1 • I5! I • I+9I
No.
$5,NQ
KNOW ALL MEN BY MESE 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 THOUSM DOLLARS on the lst day of June, 1970,
without option of prior payment, and to pay interest thereon at the basic rate of
three and one-half per cent (3-1/2%) per annum from the date hereof until said
principal sum be paid, and for the period from September 1, 1967, to .December 1,
1967, only, at the additional rate of 2% per annum, said interest being payable
on Deaenber 1, 1967, and semiannually thereafter on each June 1 and December 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 the
main office of the Northwestern National Bank of Minneapolis, in Minneapolis,
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 Fayment 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
$220,000, 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 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 improvement 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 takes and special assessments on hand in said
fund are not sufficient for the payment thereof.
All bonds are subject to redemption and prepayment at the option of the
Village in inverse order of serial numbers on June 1 and December 11 1969, at par
and accrued interest, on notice of call for redemption mailed not less than 30
days prior to the date specified for redemption to the holder, if known, and to
the bank at which principal and interest are then payable. Holders who wish to
receive such notice must submit their names and addresses and the serial numbers
of their bonds to the Village Treasurer.
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IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AMM 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 rake it a valid and binding general obli-
gation 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 WITNESS 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
hereto 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 June 1,
1967.
Attest:
Clerk
(SEAL)
No.
(Form of Coupon)
Mayor
On the 1st 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 Improvement Bond of 1967, dated June 1, 1967, 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
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(Fhcsimile 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 Bach 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
issuance thereof, a certified copy of this resolution and of all other proceed-
ings relating to said bonds, together with such affidavits, certificates and in-
formation 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.
Zhe motion for the adoption of the foregoing resolution was duly
seconded by Member Lockwood y 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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SgATE OF MINNESOTA )
}
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.
WITRMS my hand officially as such Village Clerk, and the seal of
r�
said Village, this / day of 1967.
(SrAL.)
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Village Cl#rk