Loading...
HomeMy WebLinkAboutResolution 0057Pursuant 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 Tuesday, October 18, 1960, at 8:00 o'clock P.M., C.S.T., with the following members present: Crane, Smith and Hodges. and the following members absent: be as follows: NAME OF BIDDER EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COUNCIL OF THE VILLAGE OF MOUNDS VIEW, MINNESOTA Christensen and Malvin (See Bid Tabulation attached) INTEREST RATES x.57 The Clerk then presented affidavits of publication of notices of bond sale for $585,000 Waterworks Improvement Bonds of the Village, which affidavits were examined, approved and ordered filed. The Clerk then announced that he had received 3 bids for the purchase of said bonds, which upon being opened were found to PURCHASE PRICE ALLISON WILLIAMS COMPANY J. M. Dain Company, Inc. Piper, Jaffray Hopwood Woodard Elwood Co. Kalman Company, Inc. E. J. Prescott Company Minneapolis, Minnesota Shearson, Hammill Co. New York City Mannheimer -Egan, Inc. Caldwell, Phillips Co. Juran Moody American National Bank of St. Paul St. Paul, Minnesota NAME OF BIDDER JOHN NUVEEN COMPANY Chicago, Illinois Harold E. Wood Company Sampair Egan, Inc. St. Paul, Minnesota BARCUS, KINDRED COMPANY Channer Newman Securities Company Chicago, Illinois B I D T A B U L A T I O N $585,000 WATERWORKS IMPROVEMENT BONDS VILLAGE OF MOUNDS VIEW, MINNESOTA MOUNDS VIEW, MINNESOTA SALE: TUESDAY, OCTOBER 18, 1960 AWARD: ALLISON WILLIAMS CCMPANY OF MINNEAPOLIS ASSOCIATES FOR BONDS MATURING RATE IN THE YEARS 4.00% 1962 through 1968 4.20% 1969 through 1972 4.25% 1973 through 1978 plus additional interest at the rate of 1.50% per annum on all bonds from February 1, 1961 to February 1, 1962. 4.50% 1962 through 1965 4.00% 1966 through 1970 4.20% 1971 through 1975 4.30% 1976 through 1978 plus additional interest at the rate of 1.20% per annum on all bonds from December 1, 1960 to February 1, 1962. 4.40% 1962 through 1972 4.30% 1973 through 1978 plus additional interest at the rate of 1.50% per annum on all bonds from February 1, 1961 to Februry 1, 1962. PRICE $585,000 Net Rate: 4.3415% $585,000 Net Rate: 4.3498% $585,000 Net Rate: 4.5022% Member Hodges the introduced the following reso- lution and moved its adoption: r 57 RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $585,000 WATERWORKS IMPROVEMENT BONDS PAYABLE FROM THE 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: (1) For the purpose of defraying added expenses incurred and for the expenses to be incurred in the construction of Waterworks Improvement Nos. 1960 -1, 1960 -2, and 1960 -3, as hereto- fore ordered by this Council, the Village shall forthwith issue, sell and deliver to Allison Williams Company of Minneapolis. Minnesota and associates, its negotiable coupon general obligation Waterworks Improvement Bonds to be dated as of November 1, 1960, in the aggregate principal amount of $585,000, which bonds shall be payable from the Improvement Bond Redemption Fund of the Village of Mounds View in accordance with the provisions of Ordinance No. 68, adopted May 25, 1960, and shall be secured by all the cove- nants and governed by all the terms and provisions set forth in that ordinance. It is hereby found and determined that said improvements have been duly instituted in accordance with the provisions of Minne- sota 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 and materials required for said im- provements, in accordance with approved plans and specifications, that the total cost of the improvements is estimated to be not less than 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 received this date, which proposal is the highest and best bid submitted pursuant to advertisement heretofore made under the direction of the Council. The Mayor and Clerk are hereby authorized and directed to enter into a contract for the sale of the bonds on the part of the Village in accordance with said pro- posal. The Treasurer shall retain the good faith check furnished by the purchaser until delivery of the bonds and payment of the purchase price, and shall return the checks of all other bidders forthwith. (2) Said bonds shall be numbered serially from 1 to 585 inclusive, each in the denomination of $1,000, shall bear interest at the respective annual rates stated opposite their maturity dates belc-=, from date of issue until paid or duly called for redemption, and shall mature serially on August 1 in the respective years and amounts as follows: 2 YEAR AMOUNT RATE YEAR AMOUNT RATE 1962 $35,000 4.004 1971 $35,000 4.20; 1963 $35,000 4.00% 1972 $35,000 4.20% 1964 $35,000 4.00% 1973 $35,000 4.25% 1965 $35,000 4.00/ 1974 $35,000 4.25; 1966 $35,000 4.004 1975 $35,000 4.254 1967 $35,000 4.00; 1976 $35,000 4.254 1968 $35,000 4.00% 1977 $35,000 4.25% 1969 $35,000 4.20; 1978 $25,000 4.25% 1970 $35,000 4.204 Interest shall be payable August 1, 1961 and semiannually thereafter on February 1 and August 1. Interest at the basic rate applicable to each bond, from date of issue to maturity, shall be represented by appropriate interest coupons appurtenant to such bond, and each and all of the bonds shall bear additional interest, represented by separate coupons designated as "B" coupons, at the rate of 1.50 per annum for the limited period from February 1 19 61 to February 1 19 62. The bonds maturing in the years 1962 through 1973 shall not be subject to redemption before maturity, but those maturing in the years 1974 through 1978 shall be each subject to redemption and prepayment at the option of the Village on February 1, 1972, and any interest payment date thereafter, in inverse order of their serial numbers and at a price of par and accrued interest plus a premium of $20 for each bond prepaid. 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 call thereof to the holder, if known, and to the bank at which principal and interest are then payable, and the Treasurer is directed tc maintain a record of the names and addresses of holders of prepayable bonds for the purpose of mailing such notices, so far as such informa- tion is made available to him. The principal and interest on said bonds shall be payable at the main office of American National Bank of St. Paul in St. Paul, Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of such paying agent for the receipt and disbursement thereof. (3) The bonds shall be prepared for execution forthwith, exe- cuted and delivered to said purchasers in the manner and substantially in the form set forth in said Ordinance No. 68, upon payment by the purchasers of par plus accrued interest plus a premium of 0 as provided in the contract of sale above described, and the proceeds thereof shall be credited by the Treasurer to the funds of said Waterworks Improvements to -wit: 54,945 to Waterworks Improvement No. 1960 -1; $321,288, less $8,580 for interest during construction, to Waterworks Improvement No. 1950 -2; $265,745, less $6,420 for interest during construction, to Waterworks Improvement No. 1960 -3; 3 said funds shall be used solely to pay the costs of said improvements and for the other purposes specified in said ordinance, provided that $15,000 of said proceeds will be needed for the payment of interest to accrue on the bonds during the construction of the improvements and shall be credited forthwith to the Improvement Bond Redemption Fund, for this purpose. (4) In accordance with said ordinance, it is hereby estimated that approximately $560,000 principal amount of the special assessments to be levied upon properties in the area assessable for said improvements, as heretofore established by previous resolutions, will be available for credit to the Improvement Bond Redemption Fund after the cost of the improvements are paid in full; of said assess- ments, approximately $325,000 will be payable in fifteen equal annual installments commencing in the year 1961, and the remainder, $235,000, will be payable in fifteen equal annual installments, to be spread upon the tax rolls of the Village collectible in consecutive years commencing, it is planned, in 1962, 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 installment is pay- able, and to each subsequent installment shall be added interest for one year on the then unpaid balance of the assessment. There is also hereby levied, upon all of the taxable property in the Village, a direct, annual ad valorem tax which shall be spread upon the tax rolls 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 Year Amount 1960 0 1969 $1,000 1961 $1,000 1970 $1,000 1962 $1,000 1971 $1,500 1963 $1,000 1972 $1,500 1964 $1,000 1973 $1,600 1965 $1,000 1974 $1,600 1966 $1,000 1975 $13,000 1967 $1,000 1976 $13,000 1968 $1,000 1977 0 It is estimated that the collections of said special assessments and taxes will produce at least five per cent in excess of the amounts needed each year to meet when due the principal and interest payments on the bonds authorized. All moneys collected therefrom shall be and are hereby appropriated to the funds of said improvements and to the Improvement Bond Redemption Fund, and shall be accounted for and expended 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 interest as provided in said ordinance. 4 The motion for the adoption of the foregoing resolution was duly seconded by Member Smith and upon a vote being, taken thereon, the following voted in favor thereof: Crane, Smith and Hodges. and the following voted against the same: None. whereupon said res ^lution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF RAMSEY ss. VILLAGE OF MOUNDS VIEW) I, the undersigned, being the duly qualified and acting Clerk of the Village of Mounds View, Ramsey County, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a meeting of the Village Council of said Village held on the date therein indicated with the original minutes or 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 $585,000 Waterworks Improvement Bonds, authorizing the issuance of said bonds, creating a sinking fund and providing for the support thereof by assessments and the levy of taxes, and fixing the form and terms of said bonds. WITNESS My hand officially and the official seal of the Village this AM day of (SEAL) 5 1960.