HomeMy WebLinkAboutResolution 0453approved and ordered placed on file in the office of the Clerk.
Member Johnson introduced the following resolution and moved
its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE, SALE
AND DELIVERY OF $205,000 IMPROVEMENT BONDS
OF 1969, PAYABLE FROM THE IMPROVEMENT BOND
REDEMPTION FUND, AND PROVIDING FOR AND
APPROPRIATING SPECIAL ASSESSMENTS FOR THE
SUPPORT AND MAINTENANCE OF SAID FUND,
HE IT RESOLVED by the Village Council of the Village of Mounds View,
Minnesota, as follows:
1. This Council has investigated the facts necessary xo ascertain and
doe° hereby find determine and declare that the Village of Mounds View has here
tofore ordered the construction of 1968 -2 Improvement (including 1969 -1), 1969 -3
Improvement and 1969 -4 Improvement 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; that the total benefits resulting from said
improvements to the eaeeesable lots, pieces and parcels of land affected thereby
and to the Pillage at large will be substantially in excess of the total coat of
such improvements; that in order to pay the coat of constructing said improvements
this Council has sold 82 Improvement Bonds of 1969; 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 140. 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 pay for said improvements have been done,
do exist, have happened and have been performed in due form, time and manner as
2. Said bonds shall be dated November 1, 1969, shall be numbered seri-
ally from 1 to 41, inclusive, each in the denomination of $5,000, shall Mature
serially on February 1 in the respective years and amounts set forth below, and
the bonds of each annual maturity shall bear interest until paid or duly called for
redemption at the rate shown below opposite the year of such maturity, as follows:
Interest Inter t
Year Amount Rate Year Amount Rate
1972 $15,000 6.802 1982 5,000 6 80
1973 15,000 6.802 1983 10,000 6.80%
1974 15,000 6.80% 1984 10,000 6.80%
1975 15,000 6.802 1985 5,000 6.80%
1976 15,000 6.802 1986 10,000 6
1977 10,000 6.802 1987 5,000 6 80
1978 10,000 6.802 1988 10,000 6.802
1979 10,000 6.802 1989 10,000 6.80%
1980 10,000 6.80% 1990 5,000 6.80%
1981 10,000 6.802 1991 10,000 6.80
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Interest shall be payable each February 1 and August 1, commencing on February 1,
1970. The bonds maturing in the years 1972 through 1981 shall not be subject to
redemption before maturity, but those maturing in the years 1982 through 1991 shall
be each subject to redemption and prepayment in inverse order of serial numbers at
the option of the Village on February 1,1981, and any interest payment date there
after, at a price of 102% of par and accrued interest. Not less than thirty days
before the date specified for prepayment and redemption of any of said bond., the
Village Treasurer shall cause notice of call for redemption to be published in a
daily or weekly periodical published in a Minnesota 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 mailing. 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 said paying agent for the receipt and disburse-
ment thereof.
3. The bonds shall be prepared for execution forthwith, executed and de-
livered to Ebin, Robertson Company, Inc. of
Minneapolis Minnesota as purchaser thereof, in the manner and sub-
stantially 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 AMOUNT
1968 -2 Improvement (including 1969 -1) 39,212
1969 -3 Improvement 53,923
1969 -4 Improvement 107,846
$200,981
and Tied solely to pay the cc.sts of said improvements and for the other purposes
specified in said ordinance. All proceeds of issuing the bonds received in excess
of $200,981 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
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
hereinafter set forth, and will be available for credit in such amounts to the
Improvement Bona Redemption Fund after the cost of such improvements is paid in
full; which assessments will be paid in annual installments collectible with
general taxes of the Village in consecutive years with interest at the rate of 8%
per annum; and that the principal amount of such assessments, the number of in-
stallments thereof, and the year in which the first installment will be collected
are as follows:
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Principal Amount Number of Year of Collection
Name of Improvement of Assessments Installments of First Installment
1968 -2 Improvement
(including 1969 -1) 40,000 5 1970
1969 -3 Improvement 55,000 20 1971
1969 -4 Improvement 110,000 20 1971
To the first installment shall be added interest on the entire assessment on such
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 shall be ac-
counted for and expended in the manner provided in Ordinance No. 68. The full
faith and credit of the Village is also pledged forthe payment of said bonds and
interest as provided in said ordinance.
5.. It is hereby estimated that the collections of the special assess-
ments described in paragraph 4 hereof, and all other taxes and assessments hereto"
fore 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 end interest
payments on the bonds herein authorized, and on all other bonds of the Village pay-
able from the Improvement Bond Redemption Fund.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Hodges
voted in favor thereof:
and upon vote being taken thereon, the following
Hodges, Rustad, Johnson and Blanchard;
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