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HomeMy WebLinkAboutResolution 00469 tract of Minutes of Meeting of Village Council Village of Mounda View, Ramsey County, Minnesota May 25, 1960 Pursuant to due call and notice thereof, a special meeting of the Village Council of the Village of Mounds View, Minnesota, was held at the Village offices in said Village on Wednesday, May 25, 1960, at 8:00 o'clock P.M., Central Daylight Saving Time, w!th the following mem- bers present: Mayor Crane, Clerk Smith, and Trustees Christensen and Ho es and the tollov ng members absent: Trustee Malvin. The Clerk then presented affidavits of publication of,notice of bond sale in the official newspaper and in Commercial West, published at Mi Minnesota. Said affidavits were examined, approved and ordered filed. The Mayor then announced that the meeting was open for the purpose of recei,Ypng and considering sealed bids for the purchase of $615,000 Water works Impioveaent Bonds of the Village, and the Clerk announced that ha had receivedd three. bids for Raid hands which MOD being opened were found to be as !'chefs: Name of Bidder Interest bates Price (See Bid Tabulation attached) -1- NAME OF BIDDER TURA& MOODY, INC. St. Paul, Minnesota .alman Company, Inc. Minneapolis, Minnesota American National Bank St. Paul, Minnesota E. J. Prescott Company Minneapolis, Minnesota ALLISON -WILLIAMS COMPANY Minneapolis, Minnesota J. M. Dain Company Minneapolis, Minnesota Pip6 Jaffrey Hopwood Minneapolis, Minnesota Shearson Hamill Company Chicago, Illinois Mannheimer -Egan, Inc. St.Paul, Minnesota ldwell Phillips Company 3t. Paul, Minnesota y ,odard- Elwood Company Minneapolis, Minnesota JOHN NUVEEN COMPANY, INC. Chicago, Illinois Harold E. Wood Company St. Paul, Minnesota Sampair Egan St. Paul, Minnesota B/D _TABULATION $615,000 WATERWORKS IMPROVEMENT BONDS VILLAGE OF MOUNDS VIEW MOUNDS VIEW, MINNESOTA SALE: WEDNESDAY, MAY 25, 1960 AWARD: JURAM MOODY, INC. OF ST. PAUL ASSOCIATES FOR BONDS MATURING RATE IN THE YEARS 3.60% 1962 through 1964 4.00% 1965 through 1969 4.20% 1970 through 1976 4.40% 1977 through 1982 plus additional interest at the rate of 1.60% per annum on all bonds from October 1, 1960 to January 1, 1962. 4.30% 1962 through 1970 4.40% 1971 through 1976 4.50% 1977 through 1982 plus additional interest at the rate of 1_50% Der annual on all bonds from September 1, 1960, to January 1, 1962. 4.40% 1962 through 1972 4.50% 1973 through 1974 4.60% 1975 through 1982 plus additional interest at the rate of 1.40% per annum on &11 bonds from August 1, 1960, to January 1, 1962. PRICE $615,000.00 Net Rate 4.3 923% $615,000.00 Net Rate 4.598% $615,139.45 Net Rate 4.6995% EHLARS-MANN ASSOCIATES, 1821 University Avenue, St. Paul 4, Minnesota ei Member Christensen the introduced proposed Ordinance No. 68 entitled "An Ordinance Establishing the Improvement Bond Redemp- tion Fund of the Village of Mounds View and the Conditions and Procedure for the Issuance and Covenants for the Security of Bonds Payable from That Fund and moved its adoption. The motion for the adoption of said ordi- nance was duly seconded by Hodges taken thereon, the following voted in favor thereof: Crane, Smith, Hodges and Christensen and the following voted against the same: None whereupon said ordizi:nce was declared duly passed and adopted and was pre- sented to and signed by the Mayor, which was attested by the Village Clerk. Member Hodges and upon vote being then introduced the following resolu- tion and moved its adoption: y6 RRSQLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $615,000 WATERWORKS IMPROVTaiTsra s0Nirs, PAYABLE FROM ',NE IMPROVEMENT BOND REDEMPTION FUND, AND APPROPRIATING SPECIAL ASSESSMENTS AND TAXES TO THAT FUND FOR THE PAYMENT OF SUCH BONDS BE IT RESOLVED by the Council of the Village of Mounds View, Minnesota, as follows: Ill.. For the purpose of defraying expenses incurred and to be in- curred in the construction of Waterworks Improvement No. 1960 -1, as hereto- fore ordered by this Council, the Village shall forthwith issue, sell and deliver to Juran Moody. Inc. of At_ PAW and associates, its negotiable coupon general obligation Waterworks Improvement Bonds to be dated as of July 1, 1960, in the aggregate principal amount of $615,000, which bonds shall be payable from the Improvement Bond Redemption Fund of the Village of Mounds Yiev in accordance with the provisions of Ordinance No. hg adopted May 25, 1960, and shall be secured by all the covenants and governed by all the terms and provisions set forth in that ordinance. It is hereby found and determines that said improvement has been duly instituted in accordance with the provisions of Minnesota Statutes 1957, Chapter 429, as amended, upon hearing as required by law, that contracts have been duly awarded upon advertisement for bids for a portion of the work anx materials required for said improvemment, in accordance with approved plans and specifications, that the total coat of the improvement is estimated to be not less then the amount of the bonds herein authorized, and that the terms and provisions of said bonds as herein set forth are as provided in the proposal of said purchaser receive this date, which proposal is the highest and best bid submitted pur- suant to advertisement heretofore made under the direction of the Council. The Mayor and Clerk are hereby authorized and directed to enter into a con- tract for the sale Lf the bonds'en the part of the Village in accordance with said proposal. The Treasurer shall retain the good faith check fur- nished'by the purchaser until delivery of the bonds and payment of the purchase price, and shall return the check,, of all other bidders forthwith. Ne '2e Said bonds shall be numbered serially from 1 to 615, inclusive, each in the deaanination of $1,000, shall bear interest at the respective annual rates stated opposite their maturity dates below, from date of issue until paid or duly called for redemption, and shall mature serially on January 1 in the respective years and amounts as follows: Year Amount Rate Year Amount Rate I• $15,0 3.60% 1973 $35,000 4.20% 1963 35, 3.60% 1974 35,E 4.201. 1964 35,000 ee, 3.60 1975 35,000 4.20;0 1965 35,E 1: 68g- 1976 35,000 4.20 1966 35,000 1977 15,000 1967 35,E 4.00% 4 40 1963 35,000 1978 15 1969 35,000 4.00% 198 15,000 4.40% 1970 35,000 4.20% 1981 15 000 4.40;0 1971 35,000 4.20% i 2 15,000 4.4096 4.40% 1972 35,000 4.2096 Interest shall be payable each January 1 and July 1, commencing in 1961. Interest et the basic rate applicable to each bond, from date of issue to maturity, shall be represented by appropriate interest coupons appurtenant to such bend, and each and all of the bonds shall bear additional interest, represented by separate coupons designated as "B" coupons, at the rate of 1 ee er annum for the limited period from Octpbar 1 19 to J� ar�y 19_§;e The bonds maturing in the years 1962 tt 1974 ahe33'uo1 be subject to redemption before maturity, but those suturing in the years 1975 through 1982 shall be each subject to redemption and pie poyment at the option of the Village on January 1, 1972, and any interest payment date thereafter, in inverse order of their serial numbers and at a price of per and accrued interest pans apremium of $25 for each bond pre- paid. Not less than thirty days before the date specified for prepayment and redemption of any of said bonds, the Village Treasurer shall mail notice of the c thereof to the holder, if known, and to the bank at which prin- cipal ands ntereat are then payable, and the Treasurer is directed to main- tain a record of the names and addresses of holders of prepayable bonds for the purpose of mailing such notices, so far as such information is made avaelabl4'•to him. The principal of and interest on said bonds shall be payable at the mein office of 1unereceux eleWepenee blank p f S gayl in sta a• 3 Village hereby agrees to pay the reasonab Vi a and customary charges of such paY9.n6 ag for the receipt and disbursement thereof. 3. The bonds shall be prepared for execution forthwith, executed and delivered to said purchasers in the manner and substantially in the form set forth4in said Ordinance No. 68 upon payment by the purchasers of par plus accrued interest plus a premium. of 0 as provided in the con- tract of sale above described, and the proceeds thereof shall be credited by the Treasurer to the fund of Waterworks Improvement No. 1960 -1, and used solely to pay the cost of said improvement and for the other purposes speci- fied in said ordinance, provided that $30,000 of said proceeds will be needed for the payment of interest to accrue on the bonds during the construction of the improvement and shall be credited forthwith to the Improvement Bond Redemp- tion Fund, for this purpose. 4. In accordance with said ordinance, it is hereby estimated that appraxlmate]y $344,000 principal amount of the special assessments to be levied ups properties within the area assessable for said improvement, as heretofore established by the resolution ordering the rams, will be avail- able for 'credit to the Improvement Bond Redemption Fund after the cost of the improvement is paid in full; which assessments will be payable in fifteen equal annul installments, to be spread upon the tax rolls of the tillage in consecutive yearn commencing, it is plrnned, in 19 61, with interest at the rate of 6% per annum. To the first installment shall be added interest on the entire assessment on each property from the date of adoption thereof until December 31 of the year in which the first in- stallment is payable, and to each subsequent installment shall be added -4- r yr interest for one year on the then unpaid balance of the assessment. 'here is also hereby levi�� upon all of the taxable property in the Village, a direct, annual, ae valorem tax which shall be spread upon the tax ralle for the years and in the amounts as follows, and shall be collected with and as a part of other general taxes within the Village in the respective ensuing years: Year Amount 1960 $15,800 1961 $19,800 1962 $19,800 1963 $19, 800 1964 't $19, 800 1965 $19,700 1966 $19,600 STATE OF MINNESOTA) ss. COUNTY pF RAMSEY Year Amount Year ;mount 1967 $19, 500 1968 $19,400 1969 $19, 200 1970 $19, 000 1971 $18, 900 1972 $18, 700 1973 $18,500 1974 $18,300 1.975 $19, 900 1976 $19,300 1977 $18,600 1978 $17,900 1979 $17,200 1980 $16,500 It is estimated that the collections of said special assessments and Wes Will produce at least five per cent in excess of the amounts needed each sa!:• tq meet when due the principal and interest payments on the bowls hue in authorized, no other bonds of the Village being presently parable from the Improvement Bond Redemption Fund. All moneys collected therefrom. shall lie and are hereby appropriated to the fund of said improvement and to the4sprevement Bond Redemption Fund, and shall be accounted for and ex- pended;in the manner provided in Ordinance No. 68 The full faith and credit of the Village is also pledged for the payment of said bonds and in- terest ,wa provided in said ordinance. The motion for the adoption of the foregoing resolution was duly seconded by Member Crate and upon vote being taken thereon, the following voted in favor thereof: Cana, Smith, Christensen and Hodges and the following voted against the same: None. whereupon said resolution was declared duly passed and adopted. I, the undersigned, being the duly qualified and acting Clerk of the Village of Mounds View, Ramsey County, Minnesota, hereby certify that I bavev;cerefully compared the attached and foregoirg extract of Warates of a meeting of the Village Council of said Village held on the date therein indicated with the Jriginal minutes of said meeting on file in my office, and that.the same is a full, true and correct transcript insofar as said minutes relate to awarding the sale of A615,000 Waterworks Iemroveeent Bed authorizing the issuance of said bonds, creating a sinkint, fund and providing for toe support thereof by assgaments and the levy of taxes, and fixing the 1 form opp4 terms of said bonds. MANE= my d o and the official seal of thy, Village this' day of 7 1960. r 1t (I■ r Y age C e -5-