HomeMy WebLinkAboutResolution 0144RESC'LUTIK 4 144
Extract of Minutes of Meeting
of Village Council of Village of
Found: View, Ramsey County, Minnesota
Held January 13, 196
A regular meeting of the Village Council of the 'Village of ibu:As
View, Minnesota, was duly held at the Village Hall is said Village an the 13th
day of January, 1964, at 8 :00 o'clock P..M1.
The following members were present:
Hodges, Blanchard, Sullivan, Rustad, La Vwlue
and the following were absent: None
The Clerk presented a proposed form of bond and coupon for the printing
•,f $35f000 later Improvement Bonds of 1964, which was examined by.all n e:ters present,
approved and ordered placed on file in the office of the Clerk.
Member Hodges introduced the following resolution
and moved its adoption:
RESOLUTION AUTHORIZING 793 ISSUANCE, SALE AND DEMENT
OF $35,000 WATER IMPROVIs2 2 T BONDS OF 196N„ PAYABLE 15 011
THE IMPROVEMENT BOND REOE34PTIOA FUND, AND FR0VIDING FOR
AND APPROPRIATING SPECIAL ASSESSMENTS FOR ME SUPPORT
AND MAINTENANCE OF SAID AJND
EE IT RESOLVED by the Village Council of the Village of I& ads View,
Minnesota, as follows:
1. This Council has investigated the facts necessary to,sacertain and
does hereby find, determine and declare that the Village of Hounds Vier has here-
tofore on February 11, 1963, and on June 10, 19 chfly ordered the construction
of water improvements on Groveland Road, Red Oak Drive and Iongriev Rrive, pur-
nuant to public hearings and notices thereof As required by law, and has awarded a
contract for such construction; that the total cost of said improvements to the
Village is estimated to be approximately equal to and not less thau.$35,O0C, in,
eluding all items of cost from the inception to the completion of time improvements
and all fees and expenses incurred in connection therewith; that the total benefits
resulting from said improvements to'$te assessable lots, pieces and parcels of ]and
affected thereby and to the Village at large will be substantially in excess of
the total cost of such improvements; that in order to pay the cost of'
said improvements it is necessary that the sum of $35,003 be borrwed by the
issuance of general obligation improvement bonds o f the Village in accordance vith
the provisions of Chapter 429, Minnesota Statutes 1961, as hereinafter provided;
'.hat said. bonds should be and are hereby made parable fron the Improvement Bond
Redemption Fund of the Village, in accordance with the previsions or Ordinance
:lo. 68 of the Village, adopted on May 1960, and shall be secured by all the
covenants and governed by all the terms and provisions set forth in said ordinance,
and that all acts, conditions and things required by the Constitution and lays of
the State of Minnesota to be done, to exist, to happen, =end to be performed pre
iminary to the i^suanee and sale of said bonds =o prou5 -Ee moneys to pair for said
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improvements have been done, do exist, have happened, aced have been ;performed in
due form, time and manner as so required.
2. Said bonds ehall be dated January 1, 1964, uhall be r umi.ered ::eriall:
from 1 to 35, inclusive, each in the denomination of 11,003, shall bear interest
at the basic rate of 3.50;;, per annum, from date of 1, isee ntil Ta.i1 er •!Rely ci_
for redemption, and shall mature aerially on January 1 de the resTcctive years an.:
amounts as follows:
Year Amoule.
1966 $10,0u0 19T1 4,000
1967 10,00.) 1972 2,000
1968 3,06o 1973 2,d00
1969 2,00a 0a 1974 2e000
1970 2,0:10
Interest shall be payable each January 1 aid: July 1, a L mene ini ..n J aauary 1,
1965. Interest at the basic rate applicable to each bond, from date oof issue
to maturity, shall be represented by appropriate interest eaupoee appurtenant
to such bond, and each anu all of the bonds shall bear additional interest
represented by separate coupons designated as "B" coupons, at the rate of 1.81
per annum for the limited neriod from March 16, 1964, to.January 1, 1965. The
bonds maturing in the year 1964 through 1969 shall not be subject to redemption
before maturity, but thoee maturing in the years 1970 thrcih 17 shall be each
subject to redemption and prepayment at the option of the Vi11a6e In inverse
order of serial numbers on January 1, 1969, and any interest payment date there-
after, at a price of par and accrued interest plus a premium or 40 For eacu
bond prepaid. Not less than thirty days before the date specified for preps nenz.
and redemption of any of eaid bonds, the Village Treasurer s]ra11 ana31 notice of
the call thereof to the older, ]i' known, and to the bank at which principal and
interest are then payable. and the Treasurer is directed to aaaintsirk a record
of the names and addressee of holders of prepayable bonds for the purpose of
mailing such notices eo fa_ as such information is made available to hem.. The
principal of and interest .:n uaid bonds ohal1 be payable at the daeri'een National
Bank of Saint Paul, in Se. 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, f ort:mi t h. executed and
delivered to Juran Mood Inc., of St. Paul, Rlnneseta, as purchaser thereof,
in the manner and substantially ie the form set forth le said Ordinance tic. 68,
upon payment by the purchaser of par plus accrued interest, as provided in the
contract of sale of said bonds heretofore eub riitted to and cons.idezed by this
Council. Said contract, providin: for the issuance of said beede in accordance
with the terms set forth eerein, Is hereby approved and the Mayor and Clerk shall
execute the same in behalf of the Village. The proceeds of Insulne said bonds
shall be credited by the Treasurer to the funds and in the amounts as. follows:
Fiele MOUNT
Waterworks Ik 1963
(Grovcland Road)
Waterworks N?. 1963
(Red Oak and Loa view
Drives)
and used solely to pay t1iu costs if said improvements and for tae the purposes
specified in said ordinance.
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Year Jlmuuut
4. In -accordauuce with said ordinance, it iu hereby Li mated that
approximately $35 na r:
,000 principal amount of special assessments will be. levied
upon properties within the area assessable for said irupxovemeuts hereto-
fore established by the c•'_ solutions ordering the name, and ui L l be available for
credit to the Improvement. Bond Redemption Fund after the cost .L' the improvement..
is paid in full; which a.:. essments will be paid in 10 equal •enntstl in.ata1!Jji :nts.
to be spread upon the te.: rolls of the Village in eonaucuLivi-
in 1964, with interest at the rate of 6%, per annum. To the tiz•;:t installment
shall be added interest :-li the entire assessment on each property from the date:
of adoption thereof until December 31 of the year in which the 'first installment
is payable, and to each .ubsequent installment shall be added i'tlterr_wt for naae
year'on the then unpaid balance of the assessment.; It is" estimated that the
collections of said special assessments and all other asressmen:,a and taxes
heretofore levied and api,ropriated to the Improvement Bond Rede lPtiinn Fund, wi
produce at least five per cent in excess of the smaounts needed each year to meet
when due the principal and interest payments on the bonds heroin authorized, ana
on all other bonds of the Village payable from the Improvement pond Redemption
Fund. All moneys collected therefrom shall be and are hereby appropriated to
the funds of said improvements and to the Improvement Bond Redemption bond, and
shall be accounted for and expended in the manlier provided in 'Drdinaunce No.. 66.
The full faith and credit of the Village is also pledged for t5.c payment of said
bonds and interest as provided in said ordinance.
seconded by Member
thereon, the following v: Led in favor thereof:
Blanchard, itodjes, Sullivan, taustnd, La Vague
and the following voted against the same: h' o ne:
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA)
COUNTY OF RAMSEY
The motion for Lhe adc l,tion of the ioregoin c resnlul a roa was dui,
55.
Blanchard and upon wote toin; taken
I, the undersi,ned, being the duly qualified and acting Clerk of the
Village of Nbunds View, Ramsey County, Minnesota, hereby certify that I have
carefUl]y 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 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 avardin
the sale of $35,000 Water Improvement Bonds of 1964, authorising the issuance
of said bonds, providing for the payment thereof by assessment:., and fixing the
form and terms of said bonds.
WITNESS my hand officially and the official seal_ of the Village this
13 day of January 1964.
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r^ lam\ ,'JL.�'' P 1. r7
r v lase Clera
STATE OF MINNESOTA
COUNTY OF RASSN s0.
VILLAGE OF MOUNDS VIM
I, the undersigned, being the duly qualified and mating Clerk of
the Village of Mounds Vies, Minnesota, DO HEREBY CERTIFY That 1 have carefully
compared the attached and foregoing extract of minutes al a meeting of the Village
Council of said Village held on the date therein indicated with the original niautes
thereof on file in my office and that the same is a full, true mad correct transcript
thereof insofar as said minutes relate to a resolution requeatimg the Ramsey County
Board of Commissioners to change the name of Spring Lake Park Road to Spring Lake Road.
WITNNSS My hand officially and the official seal of the Village this
27th day of January, 1964.
(SEAL)