HomeMy WebLinkAboutResolution 0353The collections of said taxes shall be credited and paid into the improvement
Bond Redemption Fund of the Village. It is hereby estimated that the collec-
tions of the special assessments described in paragraph 4 hereof and of the taxes
herein levied, and all other taxes and assessments heretofore levied and appropri-
ated 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 bond
herein authorized, and on all other bonds of the Village payable from the Improve
went Bond Redemption Fund.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Johnson and upon vote being taken thereon, the
following voted in favor thereof: Rustad, Malvin, Walser, Johnson and Lang
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
The Clerk presented a proposed form of bond and coupon for the printing
of $140,000 Municipal State -Aid Street Bonds of 1968, which was examined by all
members present, approved and ordered placed on file in the office of the Clerk.
Member Rustad then introduced the following resolution and
moved its adoption:
RESOLUTION #353
RESOLUTION ESTABLISHING FORK AND DETAILS
AND AUTHORIZING EXECUTION AND DELIVERY OF
$140,000 MUNICIPAL STATE AID STREET BONDS
OF 1968, AND APPROPRIATING STATE AID STREET
ALLOTMENTS TO THEIR PAY T, AND PLEDGING
THE FULL FAITH AND CREDIT OF THE VILLAGE
BE IT RESOLVED by the Village Council of the Village of Mounds View,
Minnesota, as follows:
1. It is hereby found and determined that under and pursuant to the
provisions of Minnesota Statutes, Section 162.18, this Council is authorized to
issue negotiable coupon general obligation bonds of the Village for the purpose
of financing state -aid street improvements; that the bonds herein authorized are
necessary to be issued for said purpose and have been duly advertised at public
sale and sold upon the terms hereinafter stated; that the Village has no bonds
outstanding issued pursuant to such authority; and that the average annual amount
of principal and interest due on said bonds in all subsequent years will not ex-
ceed 50% of the amount of the last annual allotment preceding this issue, received
by the Village of Mounds View from the Construction Account in the Municipal
State Aid Street Fund of the State of Minnesota, such annual allotment having been
in the amount of 25,377 The proceeds of said bonds are hereby appropri-
ated to be used solely for the construction of approved municipal state -aid street
projects within the Village.
2. Said bonds shall be designated as Municipal State Aid Street Bonds
of 1968 shall be dated as of January 1, 1968, shall be 28 in number and num-
bered from 1 to 28 inclusive, each in the denomination of 5,000
and shall mature serially on January 1, without option of prior payment, in the
years and amounts set forth below, the bonds of each annual maturity to bear in-
terest from date of issue until paid at the rate per annum shown opposite the
year of such maturity, as follows:
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Year Amount Interest Rate
1969 5,000
1970 5,000
1971 10,000
1972 10,000
1973 10,000
1974 10,000
1975 10,000
1976 10,000
4.7o%
4.7o%
4.7o;S
4.7
4.70%
4.70%
4.8o%
4.80.13
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Year Amount Interest Rate
1977 $10,000
1978 10,000
1979 10,000
1980 10,000
1981 1o, 000
1982 10,000
1983 10,00o
4.8o%
4.90
4.9o%
4.9o%
4.9o%
5%
All bonds shall bear additional interest, represented by separate "B" coupons,
from February 7, 1968, to July 1, 1969, at the rate of 1% per annum, all interest
to be payable on July 1, 1968, and semiannually thereafter on each January 1 and
July 1. The bonds and interest thereon shall be payable at the office of the
American National Bank and Tcust 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 of the principal and interest moneys.
3. Said bonds and the interest coupons to be attached thereto shall be
in substantially the form of bond and coupon approved this date.
4. Said bonds shall be prepared for execution under the direction of
the Village Clerk, and when so prepared shall be executed on behalf of the Village
by the facsimile signature of the Mayor and the manual signature of the Village
Clerk, and the official corporate seal shall be affixed to each of the bonds; and
the interest coupons and certificate as to the opinion of bond counsel shall be
executed and authenticated by the printed, lithographed or engraved facsimile
signatures of the Mayor and Village Clerk. When the bonds have been so executed,
they shall be delivered by the Village Treasurer to the purchaser thereof, and the
purchaser shall not be required to see to the application of the purchase price.
5. There is hereby created and the Village Treasurer shall continue to
maintain on the official books and records of the Village, as long as the bonds
herein authorized are outstanding, a separate and special sinking fund designated
as the "State -Aid Street Bond Sinking Fund the moneys in which shall be used
solely for the payment of the principal of and interest on the bonds herein des-
cribed, and on any other general obligation State Aid Street Bonds hereafter issued
under the authority cited in paragraph 1, and directed by the Village Council to
be paid from such fund. If at any time the moneys in said fund should be insuf-
ficient to pay all principal and interest due on such bonds, the Village Treasurer
shall nevertheless pay the same from any moneys on hand in other funds of the
Village and available for such purpose, and the moneys so used shall be restored
to the appropriate funds from the moneys next received by the Village from the
Construction or Maintenance Account in the Municipal State Aid Street Fund of the
State, which are not required for the payment of additional principal and interest.
There is hereby irrevocably appropriated to said fund, out of the moneys allotted
and to be allotted to the Village from its account in the Municipal State -Aid
Street Fund of the State, such amount as shall be sufficient to pay the principal
of and the interest on the bonds herein desnribed, as such principal and interest
respectively become due, on the dates and In the amounts as follows:
Year Principal Interest Payable on
(January 1) Jaii 1 July 1
1968
3,935.00
1969 5,000 $4,075.00 3,932.50
1970 5,000 3,257.50 3,140.00
1971 10,000 3,140.00 2,905.00
1972 10,000 2, 905.00 2,670.00
1973 10,000 2,670.00 2, 435.00
19711. 10,000 2,435.00 2,200.00
1975 10,000 2,200.00 1,960.00
1976 10,000 1, 960.00 1,720.00
1977 10,000 1,720,00 1,480.00
1978 10,000 1,480.00 1,235.00
1979 10,000 1,235.00 990.00
1980 10,000 990.00 745.00
1981 10,000 745.00 500.00
1982 10,000 500.00 250.00
1983 10, 000 250 00
The Village Clerk is hereby authorized and directed to certify the above amounts
forthwith to the Commissioner of Highways of the State of Minnesota.
6. For the prompt and full payment of said principal and interest when
due the full faith, credit and unlimited taxing powers of the Village shall be
and are hereby irrevocably pledged. It is estimated that the municipal state -aid
street allotments appropriated in paragraph 5 will produce, and will permit to be
paid into the State Aid Street Bond Sinking Fund, annual suns not less than 5% in
excess of the amounts needed to meet when due the principal and interest on said
bonds.
7. The Village Clerk is hereby authorized and directed to file with
the County Auditor of Ramsey County, Minnesota, a certified copy of this resolu-
tion, together with such other information as the County Auditor may require, and
to obtain from said Auditor prior to the delivery of the bonds herein described a
certificate that said issue has been entered upon his bond register.
8. The officers of the Village and the County Auditor of Ramsey County
are hereby authorized and directed to prepare and furnish to the purchaser of said
bonds, and to the attorneys approving the legality of the issuance thereof, certi-
fied copies of all proceedings and records of the Vtl1 ge relating to said bonds,
and such other affidavits and certificates as may be required to show the facts
relating to the legality and marketability of the bonds, as such facts appear
from the Village's books and records in their custody and control or are otherwise
known to them, and all such certified copies, certificates and affidavits, includ-
ing any heretofore furnished, shall be deemed representations of the Village as to
the correctness of all statements contained therein.
Attest:
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The motion for the adoptiva of the fuze resolution was duly
seconded by Member Lang and upon vote being taken thereon, the
following voted in favor thereof: Rustad, Malvin, Walser, Johnson and Lang
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted and was signed
by the Mayor and attested by the Village Clerk.
STATE OF MINNESOTA
COUNTY OF RAMSEY
Ss.
I, the undersigned, being the duly qualified and acting Village Clerk
of the Village of Mounds View, Minnesota, hereby attest and certify that
(1) as such officer, I have the legal custody of the original record
from which the attached and foregoing extract was transcribed;
1967.
(SEAL)
(2)
(3)
(4)
I have carefully compared said extract with said original record;
I find said extract to be a true, correct and complete transcript
from the original minutes of a meeting of the Council of the
Village of Mounds View held on the date indicated in said extract,
including any resolutions adopted at such meeting, insofar as they
relate to $250,000 Improvement Bonds of 1968 and $140,000 Municipal
State Aid Street Bonds of 1968; and
said meeting was duly held, pursuant to call and notice thereof
as required by law.
WIINESS my hand officially as such Clerk this 11 day of December
Village Clerk