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Extract_.of Minutes- of-Meeti
of Village Council
Village of Mounds View, Ramsey County, Minnesota
Held June 20, 1966
A special meeting of the Village Council of the Village of
Mounds View, Minnesota, was held at the Village Hall in said Village on
Monday, June 20, 1966, at 7:00 o'clpck p.m., with the following members
present: Mayor Rustad, Clerk Blanchard, and Trustees Johnson and Lang
and the following members absent: Trustee Malvin
Tha Clerk presented affidavits of publication of notice of bond
s ie in the New Brighton Bulletin and in the Commercial West, pubh ^'_d
at Minneapolis, Minnesota. Said affidavits were examined, approved
and ordered filed.
The Mayor announced that the meeting was open for the purpose
of receiving and considering sealed bids for the purchase of $2,;- ;u,000
Improvement Bonds of 1966 of the Village, and the Clerk announced that
he had received 2 bids for said bonds, which upon being opened were
found to be as follows:
Miller- Schroeder, Inc.
Minneapolis, Minnesota
4.30% 1969 through 1976 $2,640,300.00
4.30% 1977 through 1986
4,60% 1987 through 1996 Net Rate:
plus additional interest at
the rate of 1.20% per annum 4.6304%
on all bonds from October 1,
'.;66 to January 1, 1968.
FIRST NATIONAL BANK
OF ST, PAUL
St. Paul, Minnesota
John Nuveen and Co., Inc.
Chicago, Illinois
Allison- Williams Company
Minneapolis, Minnesota
American National Bank and Trust Company
at. Paul, Minnesota
Cincotta, Inc.
La Jolla, California
J. M. Dain Co., Inc.
Minneapolis, Minnesota
Francis I. DuPont and Co.
New York, New York
Hornblower and Weeks Hemphill, Noyes
Chicago, Illinois
Juran and Moody, Inc.
St. Paul, Minnesota
Kalman and Company, Inc.
Minneapolis, Minnesota
Paine, Webber, Jackson and Curtis
Boston, Massachusetts
Piper, Jaffrey and Hopwood
T.4i nncapo ?a.s, Minnesota
Sherson, Hamill and Co., Inc.
New York, New York
Caldwell Phillips, Inc.
St. Paul, Minnesota
Channer Newman Securities Company
Chicago, Illinois
E. J. Prescott and Company
Woodard Elwood and Company
Minneapolis, Minnesota
4.40% 1969 through 1981 $2,640,000.00
4.50% 1982 through 1985
4.60% 1986 through 1990 Net Rate:
4.70% 1991 through 1996
plus additional interest at 4.67166%
the r :te of 1.20% per annum
on all bonds from October 1,
1966 to January 1, 1968.
Member Rustad then introduced the following resolution and
moved its adoption:
RESOLUTION 241
RESOLUTION AWARDING SALE OF $2,640,000
IMPROVEMENT BONDS OF 1966
BE IT RESOLVED by the Council of the Village of Mounds View,
Minnesota, that the bid of Miller and Schroeder, Inc. of Minneapolis,
Minnesota to purchase $2,640,000 Improvement Bonds of 1966 of the
Village of Mounds View to be dated July 1, 1966 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 said 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 $300.00, the bonds maturing in the years shown below to bear
Interest at the respective rates per annum shown opposite the years
of maturity, as follows:
Maturity Years Interest Rate
1969 through 1976 4.30%
1977 through 1986 4.50%
1987 through 1996 4.60%
and all bonds also to bear additional interest at the rate of 1.20
per annum from October 1, 1966 to January 1, 1968, only. The Village
Treasurer is directed to retain the good faith 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 Member Johnson and upong vote being taken thereon, the fol-
lowing voted in favor thereon: Rustad, Blanchard, Johnson and Lang
and the following voted against the same: none
whereupon the resolution was declared duly passed and adopted.
The Clerk presented a proposed form of bond and coupon for the
printing of $2,640,000 Improvement Bonds of 1966, 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 moved
its adoption:
RESOLUTION 242
RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF $2,640,000 IMPROVEMENT BONDS OF 1966, PAYABLE FROM THE
IMPROVEMENT BOND REDEMPTION FUND, AND THE REDEMPTION OF
$1,575,000 TEMPORARY IMPROVEMENT BONDS, AND PROVIDING
FOR AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE
SUPPORT AND MAINTENANCE OF SAID FUND, AND ALSO LEVYING
GENERAL AD VALOREM TAXES FOR SAID FUND
BE IT RESOLVED by the Village Council of the Village of Mounds
View, Minnesota, as follows:
1. This Council has inntestigaied the facts necessary to ascertain
and does hereby find, determine and declare that the Village of Mounds
View has heretofore ordered the construction of local improvements
pursuant to public hearings and notices thereof at 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
descriptions of said improvements, including all items of cost from the
inception to the completion of the improvements and all fees and eX-
penses incurred in connection therewith, as follows:
Date Date Contract Total
Name of Imoruement Ordered Aw -rded Estimated Cost
Sanitary and Storm Sewer Mar. 23 various dates
and Street Resurfacing Apr. 27 in 1964 -66
Improvement May 11, 1964
Less portion to be paid from prepayments
of sp.,ial ae
Less portion of cost financed by $1,575,000
Temporary Improvement Bonds dated August 1,
1964
$3,984,458
3 99A
3,591,230
1.575.000
2,016,230
Street and Water Im- July 27, 1964 August 24, 1964 4,100
provement 1964 -1
Street and Water Im- August 24, 1964 October 14, 1964 30,000
provement 1964 -2
County Road H Water February 8, 1965 Mar. 22, 1965 50,000
Improvement 1965 -1
Silver Lake Rd. Water November 9,1964 awarded by 15.710
Improvement 1965 -2 Ramsey County 2,116,040
Less portion of cost financed by $1,860,000
Improvement Bonds dated April 1, 1965 1.860.000
256,040
Sanitary Sewer and 73,000
Water Improvement
1966 -1
Sanitary Sewer, 735,960
Watermain and Surface
Water Drainage
Improvement 1966 -3 1,065,000
Total improvement costs to be financed
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 construc-
ting said improvements it is necessary to borrow the sum of $1,065,000;
that the Village has outstanding $1,575,000 Temporary Improvement
Bonds dated August 1, 1964, all of which become due and payable on
August 1, 1966; that said bonds were issued for the payment of costs
of making said Sanitary and Storm Sewer and Street Resurfacing
Improvement, and all of the proceeds of said bonds were expended for
said purpose; that no moneys remain in the fund of said improvement
available for transfer to the Temporary Improvement Bond Fund for the
payment of said bonds; that it is therefore necessary to issue
$1,575,000 of definitive improvement bonds for the purpose of refunding
said temporary bonds; that said borrowings herein determined to be
necessary can best be made by the issuance of $2,640,000 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 payable from
the Improvement Bond Redemption Fund of the Village, in accordance
with the provisions of Ordinance No. 68 of the Village, adopted on
May 25, 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 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 and to redeem said temporary bonds
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 July 1, 1966, shall be numbered
serially from 1 to 528, inclusive, each in the denomination of $5000,
shall bear interest at the rates set forth 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:
-4
Year Amount Inteyejt Rate Year Amount Interest Rate
1969 $65,000 4.30% 1983 90,000 4.50%
1970 65,000 4.30% 1984 105,000 4.50%
1971 65,000 4.30% 1985 105,000 4.50%
1972 80,000 4.30% 1986 105,000 4.50%
1973 80.000 4.30% 1987 105,000 4.60%
1974 80,000 4.30% 1988 105,000 4.60%
1975 80,000 4.30% 1989 105,000 4.60%
1976 80,000 4.30% 1990 105,000 4.60%
1977 90,000 4.50% 1991 105,000 4.60%
1978 90,000 4.50% 1992 115,000 4.60%
1979 90,000 4.50% 1993 115,000 4.60%
1980 90,000 4.50% 1994 115,000 4.60%
1981 90,000 4.50% 1995 115,000 4.60%
1982 90,000 4.50% 1996 115,000 4.60%
Interest shall be payable each January 1 and July 1, commencing on January
January 1, 1967. 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 1.20% per annum for the
limited period from October 1, 1966, to January 1, 1968. The bonds
maturing in the years 1969 through 1981 shall not be subject to re-
demption before maturity, but those maturing in the years 1982 through
1996 shall be each subject to redemption and prepayment at the option
of the Village on January 1, 1981, and any interest payment date
thereafter, at a price of 101 10 of par and accrued interest. 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 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 American National
Bank and Trust Company in St. Paul, Minnesota, and the Village hereby
agrees to pay the reasonable and customary charges of said paying
agent for the receipt and disbursement thereof.
3. The bonds shall be prepared for execution forthwith, executed
and delivered to Miller and Schroeder, Inc., of Minneapolis, Minnesota
as purchaser thereof, in the manner and substantially 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 accepted 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
Sanitary and Storm Sewer and Street Re-
surfacing Improvement
Sanitary Sewer and Water Improvement 1966 -1
Sanitary Sewer, Watermain and Surface Water
Drainage Improvement 1966 -3
Temporary Improvement Bond Fund
AMOUNT
256,040
73,000
735,960
1.575.000
2,640,000
and used solely to pay the costs of said improvements and for the
other Purpose specified in said ordinance, and for the purpose of
rode said $1,575,000 of outstanding temporary improvement bonds.
The accrued interest to b rece upon delivery of said bonds shall
be credited and paid into the Improvement Bond Redemption Fund of the
Village.
4, In accordance with said ordinance, it is hereby estimated
that approximately $3,000,000 principal amount of special assessments
have been and will be levied on account of said Sanitary and Storm
Sewer and Street Resurfacing Improvement upon properties within the
area assessable for said improvement, as heretofore established by
the resolutions ordering the same, and that $2,606,772 of said amount
of assessments will be available for credit` to the Improvement Bond
und after the cost of the improvement is paid in full;
1 0,10n
assessents will be paid in 30 equal annual installments, col
lectiale with m general taxes of the V'.11ege in consecutive years com-
mencinc! ;n 1966 or 1967, with interest at the rate of 6% per annum.
It i. f anther estimated that approximately $99,000 principal amount
oz spec_.al assessments have been or will be levied on account of the
other improvements financed by the bonds herein authorized to be
issued, and by said issue of bonds referred to above, dated April 1,
and'will be available for credit to the Improvement Bond Re
roc �(.in: Fund after the cost of such improvements is paid in full;
a$SCSSments will be paid in 15 equal annual installments collec
wi'ch general taxes of the Village in consecutive years commencing
in 1966 or 1967, with interest at the r of 6% per annum. To the
:;'.:a'. installment shall be added interest on the entire assessment on
e ach property from the date of adoption thereof until December 31
of •t he yea; in which the first installment is payable, and to each
subsequent installment shall be added interest for one Year on the
u balance of the a-sessment. All moneys collected therefrom
::hall be and aye hereby appropriated to the funds of said improvements
Tn to ''_c J provement Bond Redemption Fund, and shall' be accounted
and expended in the manner provided in Ordinance No. 68° The
'1 h and credit of the Village is also pledged for the payment
.71 bc2nds and 9.nterest as provided in said ordinance.
in
Mc:`o is hereby levied a general ad valorem tax upon all
ep-)_ty in the Village for the purpose of paying principal
cl ii.zerest on the bonds herein authorized, which shall be spread
...e amounts and collectible in the years as follows:
_124r c. Year Amount Year Amount
`11, "30 1977 52,100 1987 64,600.
J() 1978 53,200 1988 63,200
2 390 1979 54,300 1989 61,700
.,400 1980 55,400 1990 60,200
10,500 1981 56,500 1991 69,200
:1.600 1982 62,600 1992 67,300
1983 63,700 1993 65,300
197^ 43,800 1984 64,900 1994 63,400
4'',900 1985 67,500 1995 61,400
1 i' 000 1986 66,100
-6-
The collections of said taxes shall be credited and paid into the
Improvement Bond 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 amounts
needed each year to meet when due the principal and interest payments
on the bonds 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 Member Lang, and upon vote being taken thereon,
the following voted in favor thereof: Rustad, Blanchard, Johnson
and Lang
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
The State Aid Fund program applicable to Mounds View road
projects was discussed at great length.
Motion by Blanchard to accept final plans and specs from Comstock
and Davis for street improvement project 1966 -7 and 1966 -8. Seconded
by Lang. 4 ayes.
Motion by Rustad to advertise for bids for street improvement
projects 1966 -7 and 1966 -8. Bid closing date will be July 18, 1966
at 12:30 p,m. Seconded by Blanchard. 4 ayes.
The Maintenance Department was instructed to replace posts along
Spring Lake Road at Spring Lake.
Motion by Blanchard to adopt Resolution 243 egarding appor-
tionment of assessments. Seconded by Rustad 4 ayes
Mr, Skiba was authorized to purchase a mower for the Ford
Tractor in the amount of $394.74. The bill will be split between
the Recreation and Road Fund.
Motion by Lang to adjourn. Seconded by Rustad. 4 ayes.
Meeting adjourned at 9:00 p.m.
Respectfully submitted
1e/
Lloyd Blanchard
Village Clerk