HomeMy WebLinkAboutResolution 0196Member i C
moved its adoption:
voted in favor thereof:
L
and the following voted against the same:
c
then introduced the following resolution and
RESOLUTION 'AW BDI G SALE OF $1,860,000
IMPROVEMENT BONDS OF 1965
BE IT RESOLVED by the Council of the Village of Mounds View, Minnesota,
that the bid of 7 1 `J 7 of and associates named therein, to purchase
$1,860,000 improvement Bonds of 1965 of the Village of Mounds View to be dated
April 1, 1965, in accordance with the notice of sale heretofore duly issued by
the Village, is hereby found and declared to be the highest and best bid received
for the purchase of i id bonds, and should be and is hereby accepted, said bid
being to purchase said bonds at a price of par and accrued interest plus a premium
of the bonds of each maturity to bear interest at the rates per
annum shown below opposite the respective years of maturity, as follows:
Maturity Years Interest Rate
and all bonds also to bear additional interest at the rate of per annum
from 191r E3 to air 19 C only. The Village Treas
urer ib directed to retain the good check of said successful bidder pending
completion of the sale and delivery of said bonds, and the checks of unsuccessful
bidders shall be forthwith returned to them.
The motion for the adoption of the foregoing resolution was duly seconded
by L,./-6L. �Lt -c and upon vote being taken thereon, the following
-3-
C
whereupon the resolution was declared duly passed and adopted.
Member„74: !_introduced the following resolution and
moved its adoption:
RESOLUTION OONSOLIDA.TING
CERTAIN SEWER AND STREET
RESURFACING IMPROVEMEN7S
BE IT RESOLVED by the Village Council of the Village of Mounds View,
Minnesota, that this Council did on November 8, 1963, institute proceedings under
Minnesota Statutes, Chapter i29, for the making of certain sanitary and storm sewer
and street resurfacing improvements in the Village, as more fully described in the
official notices of hearings on said improvements held on December 5, 12 and 19,
1963, and on January 18, 1964; that said improvements were ordered made by this
Council on May ]3, 1964, with the exception of certain portions thereof; that pro-
ceedings for said improvements, although separately instituted, can be more econom-
ically completed if said proceedings are consolidated and hereafter conducted as
one proceeding; and that said proceedings are hereby consolidated and shall here-
after be conducted and referred to as a single improvement under the name of
"Sanitary and Storm Sewer and Street Resurfacing improvement."
by Hodges
in favor thereof:
The motion for the adoption of the foregoing resolution was duly seconded
and the following voted against the same:
moved its adoption:
and upon vote being taken thereon, the following voted
Hodges, Blanchard, aVaque, Rustad and Malvin
none
whereupon the resolution was declared duly passed and adopted.
The Clerk presented a proposed form of bond and coupon for the i:inting
of $1,860,000 improvement Bonds of 1965, which was examined by all members present,
approved and ordered placed on file in the office of the Clerk.
Member Blanchard introduced the following resolution and
RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF $1,860.000 IMPROVEM T BONDS OF 1965, PAYABLE FROM THE
IMPROVEMENT BOND REDEMPTION FUND, AND PROVIDING FOR AND
APPROPRIATING SPECIAL ASSESSMENTS IOR THE SUPPORT
AND MAINTENANCE OF SAID FUND, ARD ALSO LEVYING GENERAL
AD VALOREM 'TAXES FOR SAID FUND
BE IT RESOLVED by the Village Council of the Village of Mounds View, Min-
nesota, as follows:
1. This Council has investigated the facts necessary to ascertain and
does hereby find, determine and declare that the Village of Mounds View has hereto-
fore ordered the construction of local improvements pursuant to public hearings and
notices thereof as required by law, and has awarded contracts for their construction,
or will award contracts for their construction, all as set forth below; that the
total cost of said improvements to the Village is estimated to be approximately
equal to and not less than the respective amounts shown below opposite the descrip-
tions of said improvements, including all items of cost from the inception to the
completion of the improvements and all fees and expenses incurred in connection
therewith, as follows:
Name of Improvement
Sanitary and Storm Sewer
and Street Resurfacing
Improvement:
Lift stations (1964 -2)
Laterals (1964 -3)
Silver Lake sewer (1965
Maintenat.e building
(7965 -2
County Road "H" inter-
ceptor (replacing lift
station)
Sewer maintenance equipment
Date Date 'Ibtal
Ordered Contract Awarded Estimated Cost
May 11, 1964
November 23, 1964
December 14, 1964
Not awarded yet
March 22, 1965
March 22, 1965
Not awarded yet
*Includes costs of only those portions of the improvement shown in
_additional portions of the improvement will be constructed later.
Street and Water Improve- July 27, 1964 August 24, 1964
went 1964 -1
Street and Water Improve- August 24, 1964 October 14, 1964
ment 1964 -2
County Road "Ii" Water February 8, 1965 March 22, 1965
Improvement 1965 -1
Silver Lake Road Water November 9, 1964 Not awarded yet
Improvement 1965 -2
$1,757,
this tabulation;
4 ,926
32,301
46,008
15,710
$98,9
that the total benefits resulting from said improvements to the assessable lots,
pieces and parcels of land 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 constructing said improvements it is necessary that the sum of
$1,860,000 be borrowed by the issuance of general obligation improvement bonds of
the Village in accordance with the provisions of Chapter 429, Minnesota Statutes
1961, as hereinafter provided; that said bonds should be and are hereby made pay-
able from the Improvement Bond Redemption Fund of the Village, in accordance with
the provisions of Ordinance No. 68 of the Village, adopted on y 25, 1960, and sY,a]_
be secured ty 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 laws of the State of Minnesota to be done, to exist, to happen
and to be performed preliminary to the issuance and sale of said bonds to provide
moneys to pay for said improvements have been done, do exist, have happened and
have been performed in due form, time and manner as so required.
2. Said bonds shall be dated April 1, 1965, shall be numbered serially
from 1 to 372 inclusive, each in the denomination of $5,000, shall bear in-
terest at the rates set forth below, from date of issue until paid or duly called
fbr redemption, and shall mature serially cn April 1 in the respective years and
mounts as follows:
oh
Interest Interest
Year Amount Rate Year Amount Rate
1967 $70,000 3.60% 1982 $60,000 3.80%
1968 70,000 3.60% 1983 60,000 3.90%
1969 70,000 3.60% 1984 60,000 3.90%
1970 70,000 3.60% 1985 60,000 3.90%
1971 70, 000 3. 60% 1986 60, 000 3.90%
1972 70,000 3.60% 1987 60,000 4.00%
1973 70, 000 3.8 0% 1988 60,000 4.00%
1974 70,000 3.8 0% 1989 60,000 4.00%
1975 70,000 3 .8 0% 1990 60,000 4.00%
1976 70,000 3 .80% 1991 60,000 4.00%
1977 70,000 3.80% 1992 60,000 4.00%
1978 70,000 3.80% 1993 6o, 000 4. 00%
1979 60,000 3.80% 1994 60,000 4..00%
1980 60,000 3.80% 1995 60,000 4.00%
1981 60,000 3.80%
Interest shall be payable each October 1 and April 1, commencing on October 1,
1965. 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 2.00 per annum for
the limited period from July 1 19 65, to April 1 19 66. The bonds
maturing in the years 1967 through 1976 shall not be subject to redemption before
maturity, but those maturing in the years 1977 through 1995 shall be each subject
to redemption and prepayment at the option of the Village on April 1, 1976, and
any interest payment date thereafter, at a price of 102, of par and accrued interes
for any bond redeemed before April 1, 1986, or a price of 101% of par plus accrued
interest for any bong redeemed on or after said date. Not leas 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 to maintain 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
available to him. The principal of and interest on said bonds shall be payable at
The First National Bank of Saint 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 disburse-
ment thereof.
3. The bonds shall be prepared for execution forthwith, executed and
delivered to First National Bank of Saint Paul of
St. Paul Minnesota as purchaser thereof, in the manner and substan-
tia]1y in the form set forth in said Ordinance No. 68, upon payment by the purchaser
of par plus accrued interest, as provided in the contract of sale of said bonds
heretofore aecepted by this Council. The proceeds of issuing said bonds shall be
credited by the Treasurer to the funds and in the amounts as follows:
FUND A140Dif'
Sanitary and Storm Sewer and Street Re- $1,757,
surfacing Improvement
Street and Water Improvement 1964 -1
Street and Water Improvement 1964
County Road "H" Water Improvement 1965 -1
Silver Lake Road Water improvement 1965 -2
*$41,233 on hand will be appropriated into
the fund for this improvement
4,926
32,301
4,775*
15,710
1,815,120
41, 233
$1,856,353
sole_ to :.y the costs c_ said cv. __ts w..a for the other mr.tc:es
in said ordinance. Of the remaining proceels of issuing said bonds,
y;
44,880 and also the accrued interest to be rece' nzon deliv; _,'o_
C:`_nds shfil be credited and paid i_ o the -ant nd demmtion .a of
Village.
••u
4. acc0_'G .nc@ hcre y e
ly y1,335,63 rinea' ali.o.__., of s eel..._ rises„ is aiiL e Levi,-
sf s.:.id Sanitary and Storm Seiler aar_. a Street Resurfacing Improvement. :'C
s within the area assessable for .:o ement, as heretofore estab-
l ished by the resolutions ordering the some, and vill be available for credit to
the !improvement Bond Redemption Fund wit° r the cost of the improvement is d in
full; :which assessments will, be paid in 30 eou l annual instalments, collectible
with general taxes of the Village in consecutive years commencing; in 1966, with
interest at the rate of 6g4, per annum. It is further estimated that a ro at -1,y
98,945 principal amount of special assessments will be levied on account
of the other improvements financed by the bonds herein authorized to be issued,
and will be available for credit' to the Improvement Mond 'Redemption rlxrd aster the
cost of such improvements is paid in full; which assessments dal be paid n 15
equal annual installments collectible with general taxes of the Village in conse-
cutive years commencing ini 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 instRllment is payable, and to each subsea_uent` installment "s'ra3].'
added interest for one year on the then unpaid balance of the assessment All
moneys collected therefrom shall be and are hereby +appropriated to the ftmds of
said improvements and to the ?a>iprovement Bond Redemption 2Und, and shall be
accounted for and expended in the ananner 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:
5. There is hereby levied a general ad valorem tax upon all taxable
property in the Village for the purpose of paying principal of and interest on the
bonds herein authorized, which shall be spread in the mounts and collectible in
the years as follows:
Year Amount Year Amount Year _*mount.
1967 $11,300 1977 $14,900 1987 $14,400
11,800 1978 15,200 1988 14,600
1969 12,200 1979 5,100 1989 14,700
1970 12,600 1980 5,800 1990 14,900
1971 13,000 1981 13,100 1991 15,000
1972 13,400 1982 13,400 1992 15,200
1973 13,800 1983 13,600 1993 13,300
1974 14,100 1984 13,800 1994 15,500
1975 14,300 1985 14,000 1995 15,600
1976 14,600 1986 14,200
T::e collections of said taxes shall be credited and maid into tae Dra ovezent Both
Redemption Fund of the Village. It is hereby, estimated that the collections of
the special assessments described in paragraph 4 hereof and of the taxes herein
levied, and all other taxes and assessments heretofore levied and appropriated
to said fund, will produce at least five per cent in excess of the anouats needed
each year to meet when due the principal and interest payments on the earls herein
authorized, and on all other bonds of the Village payable from the Improvement
Bond Redemption Fund.
The motion for the adoption of the foregoing resolution was duly seconded
by tiember Malvin and upon vote being taken thereon, the following
voted in favor thereof:
Hodges, Blanchard, LaVaque, Rustad and Malvin
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
STATE of MI a so'1A
COUNTY OF RAMSEY
55.
I, the undersigned, being the duly qualified and acting Clerk of the
Village of funds View, Ramsey County, Minnesota, hereby certify that I have care
PIly 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 origi-
ns'_ 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 $1,860,000 Improvement Bonds of 1965, consolidating improvement proceedings,
authorizing the issuance of said bonds, providing for the payment thereof by
assessments, and fixing the form and terms of said bonds.
WITNESS my hand officially and the official seal of the Village this
22nd day of March, 1965.
-8-
EHLERS -MANN ASSOCIATES, DX.
FINANCIAL CONSULTANTS
FIRST NATIONAL -SO0 LINE CONCOURSE 507 MARQUETTE AVE. MINNEAPOLIS. MINNESOTA 55402 339-8291 (AREA CODE 6121
t
March 1, 1965
Council
bV 4E6ia.ii .aa
Mounds View, Minnesota
Re: $1,860,000 Improvement Bonds of 1965
Gentlemen:
Enclosed please find the new financing summary of
the March 22 bond issue. You will note the reduction
in the Laterals 1965 -3 as described to you by the
engineer.
Please substitute these minutes for your other copies
and destroy the others.
The Clerk will sign and seal one copy to be returned
to our office.
Very truly yours,
EHLERS -MANN ASSOCIATES, INC.
ZBM:cd
Enclosures
cc: Mr. Paul Boog
cc: Mr. Richard Meyers
Sanitary Sewer Improvements
Contracts let
IMPROVEMENT BOND ISSUE
VILLAGE OF MOUNDS VI1
MINNESOTA
Lift stations 1964 -2 154,000
Laterals 1964 -3 718,616
Contracts to be let
Silver Lake Rd. sewer 1965 1, est. 41,267
Maintenance _ntenan_e building 1965 =2 est. u0 00O
Laterals 1965 -3, est. 425,000
Co. Rd. "S" interceptor (replacing
lift station), est. 2`.,000
Sewer maintenance equipment, est. 20,000
Total estimated contract costs $1,463,883
Legal, fiscal, engineering, administrative
etc. CO 15% 219,583
Contingency W 5% 73, 942
Other Improvements
$1.757, 'nf
Street and Water Imp. 1964 -1, contract cost 4,103
Street and Water Imp. 1964 -2, contract cost 26,917
Co. Rd. "S" Water Imp. 196! L est. 36,340
Silver Lake Rd. Water 196' est. 13,092
Total estimated contract costs 82,454
Legal, fiscal, engineering, administrative
etc., 15% 12,368
Contingency 5% 4123
9£ 945
Leas improvement funds on hand 40,000 5t,
Sub Total $1,616,3c7
Plus interest payment due 10 /1 /(c, est. 43,
Bond Issue $1
1:1[LERS- MANN ASSOCIATES, INC.
Financial Consultants to the Village
EHLERS -MANN ASSOCIATES, INC.
FINANCIAL CONSULTANTS
1 117131 NAII(NAI tam I IN1- 1.1)NCOURSI: 507 MARQUFTTE AVE MINNEAPOLIS, MINNESOTA 55402 339 (AREA CODE 612)
April 2, 1965
Mr. L. Jerome Blanchard
Village Clerk
Mounds View Village Hall
2401 Highway #10
New Brighton 12, Minnesota
Re: $1,860,000 Improvement Bonds
Dear Mr. Blanchard:
Enclosed for your files please find the original copy
of the minutes of March 22 awarding the sale and
setting the details of the above bonds of the Village.
A copy of the minutes has been forwarded to the County
Auditor for tax levy and bond registration purposes,
and the bonds are being printed.
We will notify you as soon as the bond printing is
completed so that arrangements can be made for signing
and delivery.
Very truly yours,
EHLERS -MANN ASSOCIATES, INC.
Z ne B. Mann
B
Z d
En c o
sure