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HomeMy WebLinkAbout10/27/1971 Council Minutes10/26/71 113 accepts the plastic we might as well, too. Mr. Locher noted too that in light of the Attorney General's opinion he could not advise the Council to prosee'7t' someone uses the plastic pipe. There was discussion o,n what happens if such pipe is red - tagged. Mr. L'.Al7i_er aaked,Ns. Locher to check with St. Paul and to send a letter on his findings to the Clerk with copies to the Council and P&Z members. Clyde will wait until the November 8th meeting to, see how this comes out. Mr. Bohjanen moved to pay the bills as audited. Seconded by Mr. Rosengren. Carried unanimously. Mr. Cardinal moved to adjourn at 9:44 P.M. Seconded by Mr. Rosengren. Carried unanimously. Minutes approved at the meeting of November 8, 1971, Clerk - Treasurer 10/27/71 A special meeting of the Lino Lakes Village Council was called to order by Mr. L'Allier, at 8 :10 P.M., on October 27, 1971. Those present were Mr. L'Allier, Mr. Jaworski, Mr. Bohjanen, Mr. Cardinal, Mr. Rosengren, Mr. Locher, Mr. Gotwald and Tom Strand a representative from Springsted, Inc. The meeting was called for the purpose of opening bids for sale of $550,000 bonds to be used in the Chomonix project for sewer and water. The first bid was from Piper, Jaffrey & Hopwood, Inc. Enclosed was a certi- fied check for a good faith deposit. The net interest cost was $68,585 with net effective rate of 4.1567. The second bid was from the Northwestern National Bank of Minneapolis. The net interest cost was $62,480, with net effective rate of 3.78666. The third bid was from the First National Bank of St. Paul. Enclosed was a check for a good faith deposit. The net interest cost was $63,322.50 with net effective rate of 3.8316. Mr. Jaworski moved to adopt a resolution. to sell the bonds to the Northwestern National Bank, Minneapolis, using the format as recommended by the attorney. A copy of which is attached hereto. Seconded by Mr. Cardinal. Carried unanimously. Mr. Strand advised that it takes approximately five weeks to get the money, but the money is assured so the village can go ahead and sign the contracts. Mr. Locher advised that there are state laws as to where these monies can be deposited. It is adviseable to put them in a State or National Bank, Govern- ment Securities, or use it to purchase other municipal bonds, but it cannot be deposited in a savings and loan. Mr. Gotwald stated he would be able to ascertain during the next week just what the first payment would amount to. It was advised that during this five week period the village would receive interest on this money at the rate of 3.78666. There was discussion as to finding out where we can get the best interest, and the fact that we would want to transfer it immediately upon receipt. Mr. Locher advised of the receipt of Printer's Affidavits of Publication in the,Commercial West, October 9, 1971, and the Forest Lake Times, October 7, 1971. They are filed with the Clerk. 1.14 10/27/71 Mr. Cardinal moved to authorize the signing of the contracts for sewer anr'. water. Seconded by Mr. Jaworski. Carried unanimously. Mr. Cardinal moved to authorize Mr. L'Allier to deal with the Fiscal Agent regarding the interest upon transfer. Seconded by Mr. Jaworski. Carried unanimously. At 8 :25 P.M. Mr. Bohjanen moved to adjourn. Seconded by Mr. Rosen- re-.r.. Carried unanimously. Minutes approved at the meeting November 8, 1971 Deputy -Clerk 11/3/71 The special meeting of the Lino Lakes Village Council held on November 3, 1971 to canvass the results of the Village election of November 2nd was called to order at 8 :14 p.m. with all members present. The Clerk read the summary and tally as follows: Number of registered voters 1024 Number of persons voting in person 664 Number of persons voting absentee ballots 7, Total number of persons voting 671 OFFICE Mayor- -term to expire Jan. 1, 1974 PERSON VOTES William I. Bohjanen 373 Andrew J. Cardinal 280 Jos. Van Hese 2 No. of defective ballots 16 Total 671 Trustee -term to expire Jan. 1, 1975 Donald R. Marier 369 Henry H. Rosengren 286 No. of defective ballots �6 Total 671 Constable - -term to expire Jan. 1, 1974 Virgil F. Lundberg 596 Jim Livingston 1 Mary Myhre 1 Emil Rehbein 1 Dick Hauer 1 No. of defective ballots �] Total 671 Mr. L'Allier stated that all had heard the results of the canvassing as read by the Clerk and would accept a motion,accepting same. Mr. Jaworski moved to accept the results of the canvassing as read by the Clerk. Seconded by Mr. Rosengren. Carried unanimously. Mr. Jaworski moved to adjourn at 8:17 p.m. Seconded by-Mr. Cardinal. Aye. Minutes approved at the meeting of November 8, 1971 Clerk - Treasurer ill adoption: 1 i ADDENDUM TO MINUTES OF OCTOBER 27, 1971 After due consideration of said bids, Councilman Jaworski introduced the following resolution and moved its RESOLUTION AWARDING THE SALE AND DIRECTING THE ISSUANCE OF $550,000 TEMPORARY IMPROVEMENT BONDS OF 1971 AND PROVIDING COVENANTS FOR THEIR PAYMENT BE IT RESOLVED By the Village Council of the Village of Lino Lakes, Minnesota, es follows: 1. The bid of Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, to purchase $550,000 Temporary Improvement Bonds of 1971 of the village described in the notice of sale thereof, is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, said bid being to purchase said bonds bearing interest at the rate of three and sixty hundredths per cent (3.60 %) per annum at a price of $546,920.00. The village treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds, and the village clerk is directed to return the checks of the unsuccessful bidders forthwith. 2. The $550,000 Temporary Improvement Bonds of 1971 shall bear date Nov. 1, 1971, shall be 110 in number and numbered 1 to 110, both inclusive, in the denomination of $5,000 each. Interest shall be payable semiannually on May 1 and November 1 of each year and all bonds shall mature on November 1, 1974. The principal of and interest on said bonds shall be payable at Northwestern National Bank of Minneapolis in the City of Minneapolis, Minnesota, and the village shall pay the reasonable charges of said bank for its services as paying agent. 3. Said Temporary Improvement Bonds shall be printed in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA VILLAGE OF LINO LAKES TEMPORARY IMPROVEMENT BOND OF 1971 KNOW ALL MEN BY THESE PRESENTS That the Village of Lino Lakes, a duly organized municipal corporation of Anoka County, Minnesota, acknowledges itself to be indebted and, for value received, promises to pay to bearer from its 1971 Water -Sewer Improvement Chomonix Fund the sum of FIVE THOUSAND DOLLARS on the first day of November, 1974, and to pay interest thereon from the date hereof until paid at the rate of three and sixty hundredths percent (3.60%) per annum, interest to maturity payable semiannually on the first day of May and the first day of November in each year in accordance with separate interest coupons hereto attached. Both principal and interest and payable at Northwestern National Bank page 2 - Addendum, cont. 1 of Minneapolis in the City of 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 payment of such principal and interest as the same become due, the full faith, credit and taxing powers of the village are hereby irrevocably pledged. All bonds of this issue are subject to redemption at the option of the village on November 1, 1973 and May 1, 1974 in inverse numerical order at par and accrued interest. Thirty days prior notice of redemption will be given in the manner provided by law. Interest shall cease on and after the redemption date unless the bond is presented and payment is refused. This bond is one of a series in the aggregate principal amount of $550,000, all of like date and tenor except as to serial number, all issued by said village for the purpose of defraying expenses incurred and to be in- curred in construction of 1971 Water and Sewer Improvement Chomonix pursuant to and in full conformity with resolutions duly adopted by the Village Council after hearings as required by law and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 429.091, Subdivision 3. This bond is payable primarily from assessments to be hereafter levied for said improvement and ad valorem taxes for general village share of the cost, but the Council is required to pay the principal thereof and interest thereon out of any funds in the treasury in the event the moneys on hand in said special fund are at any time insufficient to meet the payment of maturing principal and interest, and is further required, at or prior to the maturity of this bond, to provide for the payment and retire - ment thereof by the issuance of definitive bonds to the extent, if any, that the assessments and taxes or other municipal funds theretofore collected and received in said special fund account may be insufficient for such purpose. 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 happen and to be performed preliminary to and in the issuance of this bond in order to make it a valid and binding general obligation of said village according to its terms, have been done, to exist, have happened and have been performed as so required; that the Village Council has duly determined the necessity of and provided for the construction of said improvements; that a special fund has been duly created and provision will be made for the support thereof by ad valorem taxes and special assessments to be levied, at or prior to the time of maturity or by the issuance of definitive bonds; that the holder hereof shall have and may enforce by appropriate proceedings all duties imposed by Minnesota Statutes, Chapter 429, upon the village and its officers with re- ference to the levy and collection of said assessments and taxes and the issuance of said definitive bonds; 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 Lino Lakes, Anoka County, Minnesota, by its Village Council, has caused this bond to be executed in its behalf by the manual signature of its Mayor and facsimile signature of its village clerk and sealed with a facsimile of its corporate seal, and the interest coupons appurtenant thereto to be executed and authenticated by the facsimile signature of said officers, and has caused this bond to be dated as of November 1, 1971. (facsimile signature) Village Clerk (SEAL) Mayor page 3 - Addendum, cont. (Form of Coupon) On the 1st day of May (November), 19 , the Village of Lino Lakes, Anoka County, Minnesota, will pay to bearer from its 1971 Water -Sewer Improvement Chomonix Fund at Northwestern National Bank of Minneapolis, in the City of Minneapolis, the amount shown hereon for interest then due on its Temporary Improvement Bond of 1971, dated November 1, 1971, No. 1 (facsimile signature) Village Clerk ( facsimile signature 1 Mayor 4. The village clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, which shall be complete except as to dating thereof and shall cause said opinion to be printed on each bond, together with a certificate to be signed by his facsimile signature in substantially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) Village Clerk The clerk shall obtain a copy of the opinion at the time of bond delivery and execute a separate certificate as to such opinion upon receipt of such opinion and shall file the opinion in his office. 5. The bonds shall be prepared under the direction of the village clerk and shall be executed on behalf of the village by the manual signature of the mayor and facsimile signature of the village clerk and a facsimile of the corporate seal of the village shall be affixed thereto, and the coupons shall be executed and authenticated by the facsimile signatures of said officers. When said bonds have been executed and authenticated, they shall be delivered by the treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon, and said purchaser shall not be obligated to see to the application thereof. 6. The council has determined to levy special assessments against property benefited by reason of the making of 1971 Water and Sewer Improvement Chomonix in an amount not less than % of the cost, in order to produce sums at least 5% in excess of the amounts sufficient to pay principal and interest when due on said temporary improvement bonds and on any definitive bonds to be issued as herein provided, such special assessments to be placed on the tax rolls subsequent to the time when said project has been completed and the total cost thereof has been determined. 7. The village further recognizes its statutory duty, as provided by Section 429.091, and covenants and agrees with the purchaser and all holders from time to time of said Temporary Improvement Bonds, at or prior to the maturity thereof, it will pay and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council shall issue and sell at or prior to the maturity of the temporary improvement bonds, to the extent that page 4 - Addendum, cont. 1 1 the same cannot be paid out of funds available in the 1971 Water -Sewer Improve- ment Chomonix Fund or out of other municipal funds which are properly available and are appropriated by the council for such purpose. 8. The village clerk is hereby authorized and directed to file a certified copy of this resolution with the county auditor of Anoka County, together with such other information as he shall require and to obtain from said county auditor a certificate that said bonds have been entered on his bond register. 9. The officers of the village and the county auditor of Anoka County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records relating to said bonds and to the financial affairs of said village, and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and such certificates, certified copies and affidavits, including any heretofore furnished, shall be deemed representations of the village as to the correctness of all statements contained therein. The motion for the adoption of the foregoing resolution was seconded by Councilman Cardinal, and upon vote being taken thereon, the following voted in favor thereof: L'Allier, Bohjanen, Cardinal, Jaworski and Rosengren, and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted.