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HomeMy WebLinkAboutMinutes - 1966/06/20Extract_.of Minutos- af--Meeti:ng_ of Village Councii Village of Mounds View, Ramsey County, Minnesota Held June 20, 1936 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 sale in the New Brighton Bulletin and in the Commercial West, publie'-.cd 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 403D% 1977 through 1986 4060% 1987 through 1996 Net Rate: plus additional interest at the rate of 1.20% per annum 4.6304% on all bonds from October 1, '356 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. Din 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, Jaffray and Hopwood Minneapolis, Minnesota Sherson, Hammill 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 4.50% 1982 through 1985 4.60% 1986 through 1990 4.70% 1991 through 1996 plus additional interest at the rate of 1.20% per annum on all bonds from October 1, 1966 to January 1, 1968. $2,640,000.00 Net Rate: 4.67166% Member Rustad then introduced the following resolution and moved its adoption: 1969 through 1976 1977 through 1986 1987 through 1996 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 is 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 4.30% 4.50% 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 indestigaied 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 a+nlard 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 Improvement Ordered Awarded 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 special assessments Less portion of cost financed by $1,575,000 Temporary Improvement Bonds dated August 1, 1964 3 $3,984,458 393.228 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 or redemption, and shall mature serially on January 1 in the respective years and amounts as follo•.rs: -4 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 Year Amount Interest 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 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: AMOUNT 256,040 73,000 735,960 1.575.000 2,640,000 .1'17 77) and used solely to pay the costs of said improvements and for the other purpose specified in said ordinance, and for the purpose of rede said $1,575,000 of outstanding temporary improvement bonds. The accrued interest to be received upon delivery of said bonds shall be credited ardpaid 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 Redemption Fund after the cost of the improvement is paid in full; which assessments will be paid in 30 equal annual installments, col- lectible with general taxes of the Village in consecutive years com- meneino in 1966 or 1967, with interest at the rate of 6% per annum. It is further estimated that approximately $99,000 principal amount of special assessments have been or will be levied on account of the other improvements financed by the bonds herein authorized to be issuld, and by said issue of bonds referred to above, dated April 1. 196, and will be available for credit to the Improvement Bond Re- dcmptinn Fund after the cost of such improvements is paid in full; Which assessments will be paid in 15 equal annual installments collec- tible with general taxes of the Village in consecutive years commencing in 1966 or 1967, with interest at the rte of 6% per annum. To the :Hrat 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 in 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 accounted and expended in the manner provided in Ordinance No. 68. The 2u1l faith and credit of the Village is also pledged for the payment e-2 said bends and interest as provided in said ordinance. There is hereby levied a general ad valorem tax upon all operty in the Village for the purpose of paying principal nx and interest on the bonds herein authorized, which shall be spread in the emounts and collectible in the years as follows: 197e Year Amount AN:: Amount 21, 1977 52,100 1987 64,600 1973 53,200 1988 63,200 23 1979 54,300 1989 61,700 21:,400 1980 55,400 1990 60,200 40,500 1931 56,500 1991 69,200 z.1.600 1982 62,600 1992 67,300 1983 63,700 1993 65,300 43,800 1984 64,900 1994 63,400 4/!,900 1985 67,500 1995 61,400 lr.:,000 1936 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- of tionment oassessments. Seconded by Rustad 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 Lloyd Blanchard Village Clerk FIRSTS NATIONAL LINE CONCOURSE 507 MARQUETTE AVE. MINNEAPOLIS, MINNESOTA 55402 .:x.339 -8291 ::(AREA CODE June 24, 1966 Mr. L. Jerome, Blanchard Mounds View Village Clerk 2401 Highway #10 New Brighton, Minnesota 55112 Re: $2,640,000 Improvement Bonds Dear Jerry: Enclosed is the original copy of the minutes of June 20 awarding the sale and setting the form and details of the above bonds of the Village. A copy of the minutes has been forwarded to the Ramsey County Auditor for tax levy and bond registration purposes, and the bonds are being printed. We will notify you when the printing is completed so that arrangements can be made for signing and delivery. Very ruly yours, .obert L. Ehlers RLE:cd Enclosure EHLERS -MANN ASSOCIATE FINANCIAL CONSLILTA, P.S. We will revise the tax levies when the final assessment figures are determined.