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HomeMy WebLinkAboutResolution 0454Lifio 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 $1,115,000 General Obligation Water Revenue Bonds of 1969, which was examined by all members present, approved and ordered placed on file in the office of the Clerk. moved its adoption: Member Hodges then introduced the following resolution and BE IT RESOLVED by the Village Council of the Village of Mounds View, Minnesota, as follows: 1. Pursuant to the authority and for the purpose described in the reso- lution adopted on September 8, 1969, entitled "Resolution Determining Total Costs and Calling for Issuance and Sale of $1,115,000 General Obligation Water Revenue Bonds and $205,000 Improvement Bonds of 1969," and in accordance with the contract for sale of said bonds, the Village shall forthwith issue its General Obligation Water Revenue Bonds of 1969 in the aggregate principal amount of $1,115,000, all dated November 1, 1969, said bonds to be 223 in number and numbered from 1 through 223, each in the denomination of $5,000. The bonds shall mature in order of serial numbers onFebrnary 1 in the years and amounts set forth below, and the bonds of each annual maturity shall bear interest from date of issue until paid or duly called for redemption at the annual rate set forth opposite such year of maturity, as follows: Year 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 Amount Rate Year Amount $25,000 30,000 40,000 50,000 55,000 60,000 60,000 70,000 80,000 75,000 RESOLUTION AUTHORIZING THE ISSUANCE AND DETERMINING THE FORM AND DETAILS OF $1,115,000 GENERAL OBLIGATION WATER REVENUE BONDS OF 1969 OF THE VILLAGE, CREATING A SINKING FUND THEREFOR, AND LEVYING TAXES, APPROPRIATING SPECIAL ASSESSMENTS AND PLEDGING NET REVENUES FOR THE PAYMENT THEREOF 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% RESOLUTION NO. 454 -6- Rate 1982 90,000 6.80% 1983 95,000 6.80$ 1984 100,000 6.80% 1985 105,000 6.80% 1986 110,000 6.80$ 1987 45,000 6.80% 1988 5,000 6.80% 1989 5,000 6.80$ 1990 10,000 6.80% 1991 5,000 6.80% Interest shall be payable on each February 1 and August 1, beginning on February 1, 1970. Bonds maturing in the years 1972 through 1981 shall be payable on their stated maturity dates without option of prior payment, but bonds having stated maturity dates in the years 1982 through 1991 shall each be subject to redemption and prepayment at the option of the Village in inverse order of serial numbers on February 1, 1981, and any interest payment date thereafter, at 1022 of par value plus accrued interest. Notice of any call for redemption shall 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 publishes financial news as a part of its service. Notice shall also 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 agrees to pay the reasonable charges of said pay- ing agent. 2. Said bonds and the interest coupons to be thereto attached shall be in substantially the form approved at this meeting. 3. The bonds shall be prepared under the direction of the Village Clerk and attorneys, and when so prepared, shall be executed in behalf of the Village by the printed facsimile signature of the Mayor, attested by the Village Clerk, and sealed with the official seal of the Village, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the Mayor and Clerk. On the reverse side of each bond there shall be printed a copy of the legal opinion to be rendered by bond counsel, authenticated by the certificate, and printed facsimile signatures of the Mayor and Village Clerk. When said bonds have been so executed and authenticated, they shall be delivered by the Village Treas- urer to the purchaser on receipt of the purchase price heretofore agreed upon, and said purchaser shall not be required to see to the application thereof; however, all proceeds of issuance of the bonds received in excess of $1,093,144 shall be credited to the sinking fund described below. 4. A separate sinking fund for said bonds is hereby created, to be designated as the "Water System General Obligation Revenue Bond Fund which shall be kept by the Treasurer apart from all other funds of the Village and used for no purpose other than payment of principal and interest on said bonds; provided, that if any payment of principal or interest shall become due when there is not suffici- ent money in said fund therefor, the Treasurer shall pay the some from the general fund of the Village and said general fund shall be reimbursed for such advances out of the proceeds of the taxes hereinafter levied. Into said sinking fund shall be paid the proceeds of all taxes and special assessments levied pursuant to this reso- lution, and the receipts of all water system net revenues pledged by the terms of this resolution, and all other moneys received for or appropriated to the payment of said bonds and interest. 5. It is hereby estimated that special assessments will be levied on account of the improvements financed by the bonds herein authorized to be issued in the principal amount of $160,000, and will be available for credit in such amount with interest to the Bond Fund referred to above; which assessments will be paid in -7- 20 annual installments collectible with general taxes of the Village in consecutive years with interest at the rate of 8% per annum. 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 said bond fund. 6. Pursuant to the provisions of Section 444.075, Minnesota Statutes, as amended, the Village of Mounds View hereby covenants and agrees with the holders from time to time of the bonds herein authorized that so long as any of the bonds are outstanding, the Village will impose and collect reasonable charges for the service, use and availability of said water utility to the Village and its inhabi- tants according to schedules sufficient to produce net revenues sufficient, to- gether with collections of the special assessments referred to in paragraph 5 hereof, to pay all principal and interest when due on said bonds, and said net revenues, to the extent necessary, are hereby irrevocably pledged and appropriated to the payment of said bonds and interest thereon. Provided, that nothing herein shall preclude the Village from hereafter making further pledges and appropriations of net revenues of the water utility for payment of additional obligations of the Village hereafter authorized if the Village Council determines before the authoriza- tion of such additional obligations that the estimated net revenues of the water utility will be sufficient, together with any other sources pledged to the payment of the outstanding and additional obligations, for payment of the bonds herein authorized and such additional obligations. Such further pledges and appropria- tions of said net revenues may be made superior or subordinate to or on a parity with the pledge and appropriations herein made. 7. For the prompt and full payment of the principal of and interest on said bonds as the same respectively become due, the full faith, credit and taxing powers of the Village shall be and are hereby irrevocably pledged. To provide moneys for the payment thereof, to the extent and in the event that the net revenues hereinabove pledged to payment of the bonds are insufficient for that pur- pose in any year, there is hereby levied upon all of the taxable property in the Village a direct, annual, ad valorem tax which shall be spread upon the tax rolls for the years and in the amounts as follows, and collected with and as a part of other general taxes of the Village in the respective ensuing years: Year Amount Year Amount Year Amount (See attached sheet, page 8.1) -8- 51,115,000_ G. 0. Water Revenue Bonds Village of Mounds View, Minnesota LEVY COLLECT AMOUNT AMT 5 TAX 1970 1971 100820.00 105861.00 105900 1971 1972 104120.00 109326.00 109400 1972 1973 112080.00 117684.00 117700 1973 1974 119360.00 125328.00 125400 1974 1975 120960.00 12.7008.00 127000 1975 1976 122220.00 128331.00 128400 1976 1977 118140.00 124047.00 124100 1977 1978 124060.00 130263.00 130300 1978 1979 129300.00 135765.00 135800 1979 1980 118860.00 124803.00 124800 1980 1981 128760.00 135198.00 135200 19/11 1982 127640.00 134022.00 134100 1982 1983 126180.00 132489.00 132500 1983 1984 124380.00 130599.00 130600 1984 1985 122240.00 128352.00 128400 1985 1986 49760.00 52248.00 52300 1986 1987 6700.00 7035.00 7100 1987 1988 6360.00 6678.00 6700 1988 1989 1 1020 .00 11571.00 1 1 600 1989 1990 5340.00 5607.00 5600 1878300.00 1972900 NOTE: FUNDS ON HAND AMOUNTING TO 5 94775.00 WILL BE USED TO PAY ALL OR PART OF INTEREST PAYMENTS DUE 2 1 -1970 8 -1 1970 2 1 -1971 8.1 Said tax shall be irrepealable as long as any of said bonds are outstanding and unpaid; provided that in accordance with provisions of Section 475.61 Minnesota Statutes, the Village Clerk and Treasurer shall annually, on or before October 10 of each year as long as any of the bonds herein authorized are outstanding, report to the Council the amount on hand in the Water System General Obligation Revenue Bond Fund hereinabove established, and the Council shall thereupon reduce the tax hereinabove levied for that year by an amount equal to the fund then on hand in said Bond Fund, and shall direct the Clerk to certify such reduction to the County Auditor, so that only the balance of the tax levied for that year will be collected. 8. The Village Clerk is hereby authorized and directed to file with the County Auditor of Ramsey County a certified copy of this resolution, together with such other information as the County Auditor may require, and to obtain from said County Auditor a certificate that the tax required by law for the payment of said bonds has been levied, and th t the bonds have been entered upon his bond register. 9. When all bonds of this issue and all coupons appertianing thereto have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the bonds shall cease. The Village may discharge all bonds and coupons of this issue which are due on any date by depositing with the paying agent on or before that date a sum sufficient for the payment thereof in full; or if any bond or coupon should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The Village may also discharge all prepayable bonds of this issue which are called for redemption on any date when they are prepayable according to their terms, by depositing with the paying agent on or before that date an amount equal to the principal, interest and redemption premium which are then due, provided that notice of such redemption has been duly given as provided in this resolution. The Village may also at any time discharge this issue of bonds in its entirety, subject to the provisions of law now or hereafter authorizing and regulating such action, by call- ing all prepayable bonds for redemption on the next date when they nay be repaid in accordance with their terms, by giving the notice for such redemption, and by de- positing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal, interest and redemption premiums to become due on all bonds of the issue on and before said redemption date. 10. 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 issuaa e thereof, certi- fied copies of all proceedings and records of the Village relating to said bonds and to the financial condition and affairs of the Village, and such other affi- davits, certificates and information as may be required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore fur- nished, shall be deemed representations of the Village as to the facts recited therein. -9- The motion for the adoption of the foregoing resolution was duly seconded by Member Blanchard and upon vote being taken thereon, the follow- ing voted in favor thereof: Blanchard, Johnson, Rustad and Hodges; and the following voted against the same: None; whereupon said resolution was declared duly passed and adopted. -10- UNITED STATES OF Ai9ERICA STATE OF MINNESOTA COUNTY OF RAIMSEY VILLAGE OF HOUNDS VIEW IMPROVEMENT BOND OF 1969 No. $5,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Mounds View, a municipal corporation of Ramsey County, Minnesota, hereby acknowledges itself to be indebted and fo- value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the first day of February, 19 or, if this bond is prepayable as noted below, on a prior date on which it shall have been duly called for redemption, and to pay interest thereon at the rate of six and eighty hundredths per cent (6.80X) per annum from the dare hereof until said principal sum is paid, or until this bond, if prepayable, is duly called for redemption, pay- able on February 1 and August 1 of each year, commencing on February 1, 1970, interest to maturity being payable in accordance with the coupons appurtenant hereto. Both principal and interest are payable at The First National Bank of Saint Paul in St. Paul Minnesota in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public and private debts. For the prompt and full payment of said principal and interest as the same become due the full faith, credit and taxing powers of said Village shall be and are hereby irrevocably pledged. This bond is one of an issue in the aggregate principal amount of $205,000, all of like date and tenor except as to serial number, maturity SEM- tramactsxsa8a and redemption privilege, issued by said Village pursuant to a resolution duly adopted by the Village Council for the purpose of paying costs of necessary local improvements within the Village, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minne- sota thereunto enabling, including Minnesota Statutes, Chapter 429. This bond is payable primarily from the Improvement Bond Redemption Fund of the Village, created by Ordinance No. 68, but the Council is required by law to pay the principal and interest thereof out of any fund of the Village if ever the amount credited to said fund should be insufficient for such purpose. Bonds of this issue maturing in the years 1972 through 1981 are not subject to redemption prior to maturity, but those maturing in the years 1982 through 1989 are each subject to redemption and prepayment in inverse order of serial numbers at the option of the Village on February 1, 1981, and any in- terest payment date thereafter, and at a price of 1022 of par plus accrued in- terest. Not less than thirty days before the date specified for prepayment and redemption of any of said bonds, the Village will publish a notice of call for redemption in a financial periodical published in a Minnesota city of the first class, or its metropolitan area. -1- IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED 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 precedent to and in the valid issuance of this bond have been done, do exist, have happened and have been performed in regular and due form, time and manner as so required; that prior to the issuance hereof the Village has levied upon all taxable property within its corporate limits a direct, annual, ad valorem tax for the years and in the amounts required, together with estimated collections of ad valorem taxes heretofore lev- ied and appropriated to said Redemption Fund, and special assessments levied and to be levied for local improvements and appropriated to said Redemption Fund, to produce sums not less than 5% in excess of the annual amounts of principal and interest to become due upon the bonds of this issue and all other bonds payable from said Redemption Fund; that additional taxes, if needed for the payment of said principal and interest, may be levied upon such property without limitation as to rate or amount; and that the issuance of this bond did not cause the indebtedness of said Village to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF the Village of Mounds View, Ramsey County, Minnesota, by its Village Council, has caused this bond to be executed in its behalf by the facsimile signature of its Mayor and the manual signature of its Village Clerk, and* MifiOnlftWoliWofilifilX4NOWINLAWVINNK snd the appurtenant interest coupons and the certificate as to opinion of bond counsel on the reverse side hereof to be executed and authenticated by the facsimile signatures cf said officers, and has caused t,)i.s bond to be dated as of November 1, 1969. 1 (FACSIMILE SEAL) J tl i Villag Caerk (Facsimile signature) Mayor *a printed facsimile of the corporate seal to be printed hereon, -2- (Form of Coupon) No. On the 1st day of February (August), 19 unless the bond described below is subject to and has been called for earlier redemption, the Village of Mounds View, Ramsey County, Minnesota, will pay to bearer at The First National Bank of Saint Paul in St. Paul Minnesota the amount shown hereon in lawful money of the United States of America, for inter- est then due on its General Obligation Water Revenue Bond of 1969, dated November 1, 1969, No. (Facsimile signature) (Facsimile signature) Village Clerk Mayor (Form of certificate to be printed on the reverse side of each bond below a copy of the bond counsel's legal opinion) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of bonds of the Village of Mounds View, Minnesota, which includes the within bond, dated as of the date of delivery of and payment for the bonds. (Facsimile signature) (Facsimile signature) Village Clerk Mayor -3- UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY GENERAL OBLIGATION WATER REVENUE BOND or 1969 No. $5,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Mounds View, Ramsey County, Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19 or, if this bond is redeemable as provided below, then on a date prior thereto on which it shall have been duly called for redemption, and the Vil- lage promises to pay interest on said principal sum from the date hereof until said principal sum is paid, or if this bond is redeemable then until it shall have been duly called for redemption, at the rate of six and eighty hundredeths per cent 6.80 per annum, payable on February 1 and August 1, beginning on February 1, 1970, interest to maturity being represented by and payable in accord- ance with and upon presentation and surrender of the interest coupons appurtenant hereto. Both principal and interest are payable at The First National Bank of Saint Paul in St. Paul Minnesota in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public and private debts. For the prompt and full payment of such principal and interest as the same become due, the full faith, credit and taxing powers of the Village are hereby irrevocably pledged. This bond is one of an issue of $1,115,000 aggregate principal amount, all of like date and tenor except as to serial number, maturity date date VONOOR Ma and redemption privilege, issued by said Village for the purpose of financing waterworks improvements, and is issued pursuant to res.lutions duly adopted by the Village Council, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 444.075. Bonds of this issue maturing in the years 1972 through 1981 are payable on their stated maturity dates without option of prior payment, but bonds having stated maturity dates in the years 1982 through 1991 are each subject to redemption and prepayment at the option of the Village in inverse order of serial numbers on February 1, 1981, and any interest payment date thereafter at 102% of par valve plus accrued interest. Notice of the redemption of any bond prior to its stated maturity date will be published at least thirty days before the date specified for redemption in a financial periodical published in a Minnesota city of the first class or its metropolitan area. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED 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 precedent to and in the issuance of this bond in order to make it a valid and binding general obliga- tion of the Village according to its terms, have been done, do exist, have -1- happened and have been performed in regular and due form, time and manner as so re- quired; that in and by the resolution authorizing said issue of bonds, adopted on October 13, 1969, the Village has covenanted and agreed with the holders of any of said bonds that the Village will impose and collect charges for the service, use and availability of its municipal water system to the Village and its inhabitants at the times and in the amounts required to produce net revenues adequate to pay all principal and interest when due on bonds of said issue; that in and by said resolution the Village has levied a direct, annual, irrepealable, ad valorem tax upon all of the taxable property in said Village for the years and in amounts which, together with the actual collections of said net revenues, will provide Bums at least 5% in excess of the amounts needed to pay the interest hereon and the princi- pal hereof as they respectively become due, and additional taxes, if needed, will be levied upon all of such property withoutlimitation as to rate or amount; and that this bond, together with all other indebtedness of the Village outstanding on the date hereof, and on the date of its actual issuance and delivery, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the Village of Mounds View, Ramsey County, Minnesota, by its Village Council, has caused this bond to be executed in its behalf by the printed facsimile signature of the Mayor, attested by the manual signature of the Village Clerk, araNuasbadxsittlaxtasocoffiagaixamati and the attached interest coupons and the certificate appearing on the reverse side hereof to be executed and authen- ticated by the facsimile signatures of said Mayor and Clerk, and has caused this bond to be djted as of November 1, 1969. Attest; (FACSIMILE SEAL) *a printed facsimile of its official seal, (Facsimile signature) -2- Mayor No. (Form of Coupon) -3- On the 1st day of February (August), 19 unless the bond described be- low is subject to and has been duly called for earlier redemption, the Village of Mounds View, Ramsey County, Minnesota, will pay to bearer at The First National Bank of Saint Paul in St. Paul Minnesota the sum shown hereon in lawful money of the United States of America for interest then due on its Improvement Bond of 1969, dated November 1, 1969, No. (Facsimile signature) (Facsimile signature) Village Clerk Mayor (Form of certificate to be printed on the back of each bond) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of bonds of the Village of Mounds View, Minnesota, which includes the within bond, dated as of the date of delivery of and payment for the bonds. (Facsimile signature) (Facsimile signature) Village Clerk Mayor