HomeMy WebLinkAboutResolution 0352RESOLUTION #352
RESOLUTION AUTHORIZING THE ISSUANCE, SALE
AND DELIVERY OF $250,000 IMPROVEMENT BONDS
OF 1968, PAYABLE FROM THE IMPROVEMENT BOND
REDEMPTION FUND, AND PROVIDING FOR AND
APPROPRIATING SPECIAL ASSESSMENTS FOR THE
SUPPORT AND HAIN'.iENANCE OF SAID FUND, AND
ALSO LEVYING GENERAL AD VALOR TAB FOR
SAID FUND
BE IT RESOLVED by the Village Council of the Village of Mounds View
Minnesota, 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 here-
tofore ordered the construction of local improvements pursuant to public hearings
and notices thereof as required by law, and has awarded contracts for their con-
struction, 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 approxi-
mately equal to and not less than the respective amounts shown below opposite the
descriptions of said improvements, including all items of cost from the inceptior
to the completion of the improvements and all fees and expenses incurred in con-
nection therewith, as follows:
Date
Name of Improvement Ordered
Water Improvement
No. 1966 -9
Sewer and Water
Improvements No. 1967 -1
September 12, 1966 October 4, 1966
Sanitary Sewer, Water June 12, 1967 and September 25, 1967
and Street Improvement July 24, 1967
No. 1967 -5
January 23, 1967 March 6, 1967
Additional Expenses of 11,700.00
1964 -1A Improvement
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 to borrow the sum
of $250,000; that the remainder of said cost, amounting to $2,123.60, will be paid
from surplus funds on hand in said amount; that said borrowing herein determined
to be necessary can best be made by the issuance of $250,000 general obligation
improvement bonds of the Village in accordance with the provisions of Chapter 429,
Minnesota Statutes, 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 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 toy for said improvements have been done, do exist,
have happened and have been performed in due form, time and manner as so required.
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Dare Contract
Awarded
Total
Estimated Cost
3,247.49
153,199.00
83,977.11
$252,123.60
2. Said bonds shall be dated January 1, 1968, shall be numbered seri-
ally from 1 to 50 inclusive, each in the denomination of 5,000 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:
Year Amount Interest Rate Year Amount Interest Rate
1970 $15,000 4.70% 1980 0.0 000 4.90%
1971 15,000 4.70% 1981 10,000 4.90%
1972 15,000 4.70% 1982 10,000 5.00%
1973 15,000 4.70% 1983 10,000 5..00%
1974 15,000 4.70% 1984 10,000 5.00%
1975 15,000 4.80% 1985 10,000 5.00%
1976 15,000 4.80% 1986 10,000 5.00%
1977 15,000 4.80% 1987 10,000 5.00%
1978 15,000 4.90% 1988 10,000 5.00%
1979 15,000 4.90% 1989 10,000 5.00%
Interest shall be payable each January 1 and July 1, commencing on July 1, 19€8.
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 1.00% per annum for the
limited period from February 7 1968, to July 1 19 69. The bond
maturing in the years 1970 through 1981 shall not be subject to redemption before
maturity, but those maturing in the years 1982 through 1989 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 102% of par and accrued inter-
est. Not less than thirty days before the date specified for prepayment and re-
demption of any of said bonds, the Village Treasurer shall cause notice of call
for redemption to be published in a daily or weekly periodical published in a
hinnesota city of the first class, or its metropolitan area, which circulates
throughout the state and furnishes financial news as a part of its regular service,
and shall also cause such notice to be mailed to the bank at which principal and
interest are then payable, but published notice shall be effective without mail-
ing. 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 Allison Williams Company 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
Water Improvement No. 1966 -9
Sanitary Sever,
Improvement No.
Sewer and Water
No. 1967 -1
Improvement No. 1964 -1A
AMOUNT
3,247.49
Water and Street
1967 -5 151, 075.40
Improvements
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83,977.11
11,700.00
250 ,000 00
and used solely to pay the costs of said improvements and for the other purpose
specified in said ordinance. The accrued interest to be received upon delivery of
said bonds shall be credited and paid into the Improvement Bond Redemption Find of
the Village.
4. In accordance with said ordinance, it is hereby estimated that
special assessments have been or will be levied on account of the improvements
financed by the bonds herein authorized to be issued in the principal amounts here
inafter set forth, and will be available for credit in such amounts to the Improve-
ment Bond Redemption Fund after the cost of such improvements is paid in full; whi
assessments will be paid in annual installments collectible with general taxes of
the Village in consecutive years with interest at the rate of 6% per annum; and
that the principal amount of such assessments, the number of installments thereof,
and the year in which the first installment will be collected are as follows:
Name of Improvement
Principal Amount Number of Year of Collection
of Assessments Installments of First Installment
Water Improvement 3,188.99 15 1968
No. 1966 -9
Sanitary Sewer Water (Sewer $49,046.25 30 1969
and Street Improvement (Water 43,133.90 15 1969
No. 1967 -5 (Street 48,415.00 10 1969
Sewer and Water Improve
ment No. 1967 -1 Sewer 19, 555.81 30 1968
Water 13,618.87 15 1968
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 payable, and to each subsequent installment shall be
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 funds of
said improvements and to the Improvement Bond Redemption Fund, and sh4,7.l be ac-
counted for and expended in the manna 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 amounts and collectible
in the years as follows:
Year Amount Year Amount Year Amount
1969 $8,200 1976 $6,300 1983 $6,200
1970 6,800 1977 6,300 1984 8,800
1971 6,800 1978 6,200 1985 8,500
1972 6,700 1979 5,600 1986 8,000
1973 6,600 1980 5,500 1987 7,700
1974 6,500 1981 5,400 1988 7,300
1975 6,400 1982 5,200
The Village anticipates prepayments of assessments in the amount of
$7,300 will be available for payment of interest due July 1, 1968
and January 1, 1969, and hereby appropriates $3,850 funds on hand
to payment of interest due on said dates.
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