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HomeMy WebLinkAboutCCMin_63Sep18_Special1995 SPECIAL MEETING OF SEPTEMBER 18, 1963 Pursuant to due call and notice thereof, a special meeting was duly held at the Village Hall on the 18th day of September 1963 at 7:00 P.M. The follo~ring members were present: Harold Nilsen, Mayor; George Shavor, Charles Stone, and Willis Warkentien, Trustees, and W. A. Mortensen, Village Clerk. Also present was Treasurer William Olsen. Mayor Nilsen presided at the meeting, Duran and Moody - Robert Sander of the firm of Duran and Moody, Village Financial Consultants:financial consultants, reviewed with the Council the payment schedule on $180,000 of General Obligation Watermain and Sanitary Sewer Improvement Bonds, The provisions for payment included assessments of X161,000 including $l~2,000 against -the University property, leaving $119,000 on other than University property. The University share is to be included under general taxes for a total of X61,000 ($19,000 plus $l~2,000 University share). Assessments are to be made over 20 years. Resolution Providing for the Issuance of General Obligation Refunding Improvement Bonds of 1963 Member Stone introduced the resolution attached here to and made a part of these minutes. Motion was seconded by Shavor. Upon a vote being taken thereon, the following voted in favor thereof: Nilsen, Mortensen, Shavor, Stone, and Warkentien; and the :following voted against the same: None. Serest Maintenance: Ken Quarn was present and the Council reviewed with him the work of the past summer season with plans for the winter and next season. Spot repair and spot resealing methods were discussed. Quarn recormnended the purchase of a tar kettle and spray for future repairs, Other matters included sign repairs and pipe replacements and commercial trucks and trailers in residential areas, village hall maintenance and improvements. Quarn is to be in charge of establishing the skating rinks with the hockey rink at the Snelling-Idaho playground to be reduced in size, with skating surrounding the hockey rink, Requisition of Fire Stone moved, seconded by Mortensen that Fire Department be Department for Hand authorized to purchase a hand expander at an additional Expander: expense of $20.00, Mot3.on carried. Upon motion, the meeting was adjourned at 11;30 P.M, Signed 1 1996..... Vr~~ ~ ~ ~- f-,~.F c ~ Pte( EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COUNCIL OF THE VILLAGE OF FALCON HEIGHTS, RAMSEY COUNTY, MINNESOTA Pursuant to due call and notice thereof, a s~~_<<A-~ meeting of the Village Council of the Village of Falcon Heights, Ramsey County, Minnesota, was duly held at the Village Hall in said Village on September 18, 1863, at ~;~o o'clock f~ .M. The following members were present: and the following were absent: Member ~jTONE introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS OF 1963 BE IT RESOLVED by the Village Council of the Village of .Falcon Heights, Minnesota, as follows: 1. The Village Council does hereby find, determine, and declare that it is necessary and advisable for the reduction of interest cost to the municipality and consistent with the coven- ants made with the holders thereof to refund the principal of $900,000 Sanitary Sewer System Improvement No. 1 Bonds of 1957• 2. It is hereby found and determined that the obligations listed in paragraph 1 above mature more than 6 months after October 1, 1963, the date on which it is proposed to issue the refunding obligations to be issued hereunder, and that the obli- gations to be refunded mature or are callable before October 1, 1973. 3. With respect to the obligations listed in paragraph l above, the Village of .Falcon Heights hereby exercises its right to call said bonds for redemption according to their terms and hereby authorizes and directs the Village Clerk to give notice of call to the bank where said bonds are payable, to the last known holders and to all holders who have registered their names, addresses and bond numbers with'rthe Village Clerk. Each of said bonds is hereby called on the first interest payment date follow- ing the passage of this resolution on which by its terms it is subject to call. ~i 1997 ~. The Village shall forthwith issue its negotiable coupon eneral obligation bonds in the aggregate principal amount of 525,000, to be 525 in number and numbered consecutively from 1 to 525, both inclusive, in the denomination of $1,000 each, dated October 1, 1863, and to bear interest from the date thereof until the principal is paid at the rate of two and ninety hundredths per cent (2.90/) per annum on all bonds maturing in the years 1964 to 1969, both inclusive, and at the rate of three and twenty hundredths per cent (3.20/) per annum on all bonds maturing in the years 1970 to 1974, both inclusive, ~ayable April 1, 1864, and semi-annually thereafter on October 1 and April 1 in each year,? plus additional interest on all bonds represented by a separate set of interest coupons, at the rate of two and forty hundredths er cent (2.40f) per annum from November 1, 1863 to October 1, 196, payable Octo- ber 1, 1864. Said bonds shall be payable as to principal and in- terest at The American National Bank of Saint Paul, St. Paul, Minnesota, and shall mature serially on October 1, in the years and amounts as follows: 40,000 in each of the years 1g64, 1868 and 1971; 45,000 in each of the years 1867, 1970, and 1972; 50,000 in each of the years 1965, 1966, 1969, and 1973; and 70,000 in the year 1874. All bonds maturing in the years 1969 to 1974, both inclusive, shall be subject to redemption and prior payment at the option of the Village, in inverse order of their serial numbers on October 1, 1868, and on any interest payment date thereafter, at par and accrued interest, plus a premium of $30.00. At least thirty days prior notice of redemption shall in each case be given to the bank where said bonds are payable, and to the last known holder. Hold- ers desiring to receive such notice must register their names, addresses, and bond numbers with the Village Clerk. 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: '1 1~ -2- 1998 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY VILLAGE OF FALCON HEIGHTS GENERAL OBLIGATION REFUNDING SEWER IMPROVEMENT BOND OF 1863 No. $1,000.00 KNOW ALL MEN BY THESE PRESENTS, that the Village of Falcon Heights, Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day of October, 19 , and to pay interest thereon from the date hereof until the principal is paid at the rate of three and twenty hundredths per cent (3.20) per annum, said in- terest being payable April 1, 1964 and semi-annually thereafter on the first day of October and the first day of April in each year, plus additional interest, represented by a separate set of interest coupons at the rate of two and forty hundredths per cent (2.40) per annum, from November 1, 1863 to October 1, 1864, pay- able October 1, 1964, in accordance with and upon presentation and surrender of the interest coupons hereto attached, which are in two sets, one representing interest from the date hereof to maturity at the rate of three and twenty hundredths per cent (3.20) per annum on the other representing additional interest at the rate of two and forty hundredths per cent (2.406) per annum for the period November 1, 1863 to October 1, 1864. Both principal and interest are payable at The American National Bank of Saint Paul,. St. Paul, Minnesota, in any coin or currency of the United States of America, which on the date of payment is legal tender for public and private-debts. All bonds maturing in the years 1969 to 1974, both inclusive, (numbered 226 to 525, both inclusive), are subject to redemption and prior payment at the option of the Village in inverse order of their serial numbers on October 1, 1968 and on any interest pay- ment date thereafter at par and accrued interest, plus a premium of $30.00. At least thirty days prior notice of redemption shall in each case be given to the bank where said bonds are payable and to the last known holder. Holders desiring to receive such notice must register their names, addresses, and bond numbers with the Village Clerk. This bond is one of an issue in the total principal amount of $525,000, all of like date and tenor, except as to maturity, interest rate, and redemption privilege, which bond has been issued pursuant to and in full conformity with the Constitution and laws -3- 1999 of the State of Minnesota, for the purpose of refunding obl~.ga- tions heretofore issued by the Village, as specified in the~reso- lution authorizing this issue adopted by the Village Council on September 18, 1963, and is payable out of the General Obligation Refunding Sewer Improvement Bonds of 1863 Fund of the Village. This bond constitutes a general obligation of the Village, and to provide moneys for the prompt and full payment of said prin- cipal 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, conditions and things required by the Constitution and laws of the State of Minnesota to be done,,. to happen, to exist and to be performed pre- cedent to and in the issuance bf this bond have been done, have happened, do exist and have been performed, in regular and due form, time, and manner as required by law, and this bond, together with all other debts of the Village outstanding on the date hereof and the date of its actual issuance and deliver, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the Village of Falcon Heights, Ramsey County, Minnesota, by its Village Council has caused this bond to be executed in its behalf by the (facsimile) signature of the Mayor and the (facsimile) signature of the Village Clerk and the corporate seal of the Village to be hereto affixed, and has caused the interest coupons hereto annexed to be executed and authenticated by-the facsimile signatures of said officers, all as of October 1, 1 3. y ~ ~ .~~ Village Clerk Mayor (Form of Coupon) No. On the first day of April (October), 19 Falcon Heights, Ramsey County, Minnesota, wil The American National Bank of Saint Paul, St. sum shown hereon for interest then due on its Refunding Sewer Improvement Bond of 1863, No. 1, g63. Village Clerk the Village of l pay to bearer at Paul, Minnesota, tYie General Obligation dated October ~~ Mayor (On bonds numbered 226 to 525, both inclusive, coupons numbered 11 and higher shall also include the clause, "unless the bond described below is called for earlier redemption." -~- 200 6. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village''by the signature of the Mayor, on bonds numbered 1 to 262, both inclusive, and his lithographed signature on bonds numbered 263 to 525, both inclusive; and by the signature of the Clerk on bonds numbered 262 to 525, both inclusive, and his lithographed signature on bonds numbered 1 to 262, both inclusive. The cor- e porate seal shall be affixed thereto, and the interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. When said bonds have been so prepared and executed, they shall be delivered to the Village Treasurer who shall deliver the same to the purcha- ser thereof as hereinafter provided, but the purchaser shall not.. be required to see to the proper application of the purchase price. 7. There is hereby created a special fund to be designated as "General Obligation Refunding Sewer Improvement Bonds of 1g 63 Fund," to be held and administered by the Village Treasurer sepa- rate 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 interest thereon shall have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Escrow Account" and the "Sink- ing Fund Account" respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon, and so much of the Sinking Fund balance of the obligations listed in paragraph 1 hereof and cash as shall be necessary to pay the interest on the obligations to be refunded to their maturity or the date on which they are called for redemption, whichever date is earlier, are hereby pledged and appropriated and shall be cre- dated to the Escrow Account. (a) The Escrow Account shall be deposited together with any other funds available and appropriated by the Council for that purpose in escrow with a suitable banking institution within or without the State, whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and sur- plus is not less than $1,000,000, and shall be invested in secur- ities maturing or callable at the option of the holder on such dates and bearing such interest at such rates as shall be required to provide sufficient funds together with any cash or other funds retained in the Escrow Account to pay when due the interest to ac- crue on each obligation refunded to its maturity or to the date on which it is called as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date, and the monies in said Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Escrow Account after all of the principal, interest and premium has been paid on all of the bonds refunded pursuant to this reso- ~ lution then such balance shall be transferred to the Sinking Fund Account established hereunder. -5 - 2©Ol (b) There is hereby pledged and appropriated and there shall be credited to the Sinking Fund Account all of the special assessments, taxes, and other monies pledged to the Sinking Fund Account of the obligations listed in paragraph 1 hereof, together with all accrued interest received upon delivery of the bonds of this issue and the Sinking Fund balance of the obligations listed in paragraph 1 hereof to the extent that said balance has not been appropriated to the Escrow Account. The Sinking Fund Account shall be used solely to pay the principal, interest, and, if callable and called, the premium on the bonds of this issue. 8. The Village Council hereby finds and determines that the proceeds of the sale of the bonds herein authorized, together with other funds available and appropriated to the Escrow Account. will be sufficient, together with the earnings on the investment of said Escrow Account to pay when due or called all of the prin- cipal, interest, and redemption premium on the obligations refunded hereunder the the Council further finds and determines that the funds pledged and appropriated to the Sinking Fund Account estab- lished hereunder are. sufficient to meet when due the principal. and interest due on the obligations issued hereunder. g. Securities purchased from the monies in the Escrow Ac- count shall be limited to general obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: Banks for Cooperatives, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, and the Federal National Mortgage Association. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the refunding obligations. The Village Council has investigated the facts and hereby finds and determines that The' American National Bank of Saint Paul, St. Paul, Minnesota, is a suitable bank to act as Escrow Agent, and is qualified within the meaning of the provisions of paragraph 7 of this resolution and subd. 5 of M.S.A. §~75.5~. 10. The Village Council hereby finds, declares and determines that the special assessments and taxes heretofore levied and pledged to the payment of the bonds to be refunded hereunder and now pledged to the payment of the bonds of this issue will produce at least five per cent in excess of the amount needed to meet when due the princi- pal and interest payments on the obligations of this issue. The full faith and credit of the Village is hereby pledged for the payment of the principal and interest of the bonds of this issue. 11. The Village Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey 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 Auditors Bond Register. -6- ... . 24(32 12 . The offer of Juran 8c Moody, Inc . , of St . Paul, Minne - sota, to purchase the bonds to be issued hereunder, at par and accrued interest, is hereby accepted, and when said bonds have been printed, the same shall be delivered to the purchaser in accordance with said offer. The motion for the adoption of the foregoing resolution was duly seconded by member ~ hf}VQf.~ and upon a vote being taken thereon, the following voted in 'favor thereof: and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF RAMSEY VILLAGE OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting Clerk of the Village of Falcon Heights, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of min- utes of a meeting of the Village Council of the said Village held on the 1 th day of September,. 1963, with the original thereof on file in my office, and the same is a full, true and com- plete transcript therefrom, insofar as the same relates to the is- suance and sale of $525,000 General Obligation Refunding Sewer Improvement Bonds of 1963 of said Village. WITNESS my hand as such Clerk and the corporate seal of the Village this day of , 1963. .. ~.J'V~1~ I Y ~-CJ l~ Village Clerk (SEAL) -7 -