HomeMy WebLinkAboutCC RES 68-045 RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF ASSESSMENT ROLLS STREET IMPROVEMENTS 1968- 1, 1968- 2, 1968- 5; STORM SEWER IMPROVEMENT RAMSEY COUNTY DITCH # 2, # 3 Meeting Sheet
IIIIIIVIIIVIIIVIIIVIIIVIII IIII IIII
105094
Box: 34
Folder: CC RES 1968
Document: CC RES 68-045 RESOLUTION DECLARING COST TO BE
ASSESSED AND ORDERING PREPARATION OF ASSESSMENT ROLLS
STREET IMPROVEMENTS 1968- 111968- 2, 1968- 5; STORM SEWER
IMPROVEMENT RAMSEY COUNTY DITCH q 2, ti 3
RESOLUTION NO. 68-045A
RESOLUTION DIRECTING THE ISSUANCE OF $960,000
IMPROVEMENT BONDS, CREATING .ACCOUNTS THEREFORE
AND PROVIDING FOR AND APPROPRIATING SPECIAL
ASSESSMENTS AND AD VALOREM TAXES FOR THE PAY-
MENT THEREOF
RE IT RESOLVED by the Village Council of the Village of St. Anthony,
Minnesota, as follows:
1 . The proposal of Piper, Jaffray & Hopwood, of Minneapolis, Minnesota,
and associates, to purchase $960,000 Improvement Bonds of 1968 of the Village at a
price of $950,035.20 and accrued interest and subject to the terms and conditions
hereinafter set forth has heretofore been duly accepted by this body as the lowest
and best bid for this issue.
2. Said bonds shall be donominated Improvement Bonds of 1968, and shall
be dated October 1 , 1968. Said bonds shall be '192 in number and numbered from 1
• through 192, inclusive, in denomination of $5,000 each. Bonds maturing in the
years set forth below shall bear interest from date of issue until paid or duly
called for redemption at the rate per annum set opposite said maturity years res-
pectively, as follows:
Maturity Years Rate
1971 through 1978 4.30%
1979 through 1982 4.60%
1903 and 1984 4.70%
1985 and 1986 4.80°5
1987 through 1990 4.90%
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Interest
2-Interest on all of said bonds shall be payable on July 1 , 1969, and semiannually
thereafter on each January 1 and July 1. Said bonds shall mature serially lowest
numbers first, on January 1 in the amount of $60,000 in each of the years 1971
through 1977, $50,000 in each of the years 1978 and 1979, and $40,000 in each of
the years 1980 through 1990. Bonds maturing in the years 1971 through 1979 shall be
payable on their respective stated maturity dates without option of prior payment.
Bonds maturing in the years 1980 through 1990 shall each be redeemable on January 1,
1979, and any interest payment date thereafter, in inverse order of serial numbers,
at a price of 100-3/4 and accrued interest. Notice of call for redemption shall be
given not less than 30 days prior to the date specified for redemption by publica-
tion in a daily or weekly periodical published in a Minnesota city of the first
class, which circulates throughout the state and furnishes financial news as a part
of its service. Notice shall also be mailed not less than 30 days prior to the
redemption date to the bank at which principal and interest are then payable, but
published notice shall be effective without mailing. Both principal and interest
on said bonds shall be payable at Northwestern National Bank, in Minneapolis,
Minnesota, and the Village agrees to pay the reasonable charges of such paying agent.
3. Said bonds and the interest coupons to be attached thereto shall be
in substantially the following forms
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND RAMSEY
VILLAGE OF ST. ANTHONY
• IMPROVEMENT BOND OF 1968
No. $5,000
KNOB! ALL MEQ! BY THESE PRESENTS that the Village of St. A nthony, a duly
organized Village in Hennepin and Ramsey Counties, Minnesota, acknowledges itself
to be indebted and for value received hereby promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS on the 1st day of January, 19 , or, if this bond is prepay-
able as stated below, on any date prior thereto on which it shall have been duly
called for redemption, and to pay interest thereon at the rate of
per cent ( %) per annum from the date hereof
until said principal sum be paid, or if this bond is prepayable, until it has been
duly called for redemption, being payable on July 1, 1969, and semiannually there-
after on the 1st day of January and the 1st day of July of each year. Interest to
maturity or prepayment is payable in accordance with and upon presentation and sur-
render of the interest coupons appurtenant hereto. Both principal and interest are
payable at Northwestern National Bank in Minneapolis, Minnesota, in any coin or
currency of the United States of America which on the respective dates of payment
is legal tender for payment of public and private debts. For the prompt and full
payment of such principal and interest as the same respectively become due, the
full faith, credit and taxing power of the Village have been and are hereby irrev-
ocably pledged.
This bond is one of an issue of bonds in the aggregate principal amount
of $960,000, all of like date and tenor except as to serial number, maturity, inter-
est rate and prepayment privilege, issued by said Village for the purpose of defray-
ing the expenses incurred and to be incurred in constructing necessary local improve-
ments in said Village, and is issued pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota thereunto enabling, and pursuant to
resolutions duly adopted by the Village Council . The principal of and interest on
this bond are payable primarily from the Improvement Bond Redemption Fund of the
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Village, to %&M►ich fund the Village Council has appropriated special assessments and
taxes levied for the payment of the cost of improvements financed by this bond issue,
but the Village Council is required to pay the same out of any fund of the Village
in the event that the assessments or taxes collected are at any time insufficient
therefore .
The bonds of this issue maturing in 1979 or prior years are not subject to
redemption before maturity but those maturing in 1980 and later years are each sub-
ject to redemption and prepayment at the option of the Village, on January 1 , 1979,
and any interest payment date thereafter, in inverse order of serial numbers, and at
a price of 100-3/4 of par plus accrued interest. All redemption of bonds prior to
stated maturity shall be made upon notice of call for redemption given thirty days
prior thereto by publication in a financial periodical published in a Minnesota city
of the first class or its metropolitan area.
IT IS I!EREBY CERTIFIED AND RECITED that all acts, conditions and things
required by the Constitution and laws of the State of Kinnesota to be done, to hap-
pen, to exist and to be performed precedent to and in the issuance of this bond have
been done, have happened, do exist 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 special assessments upon property benefited by said improvements and has lev-
ied a direct, annual, ad valorem tax upon all of the taxable property in said Village
in the years and in aggregate amounts not less than 5% in excess of amounts required
for payment of the interest hereon and the principal hereof as the same respectively
become due; that additional general ad valorem taxes, if needed for the payment of
such principal and interest, may be levied upon all of such property without limit-
ation as to rate or amount; and that the issuance of this bond does not cause the
indebtedness of the Village to exceed any constitutional or statutory limitation of
indebtedness.
IN l!ITNESS WHEREOF, the Village of St. Anthony, Hennepin and Ramsey
Counties, Minnesota, by its Village Council , has caused this bond to be executed in
its behalf by the facsimile signature of the Mayor, attested by the manual signature
of the Village Manager, and by a printed facsimile of the official seal of the
Village, and has caused the interest coupons appurtenant hereto and the certificate
on the reverse side hereof to be executed and authenticated by the facsimile signa-
tures of said Mayor and Manager, all as of October 1 , 1960.
Mayor
ATTES `
Vi lage Manager
(SEAL)
(Form of Coupon)
No. $
• On the first day of July (January), 19 , the Village of St. Anthony,
Hennepin and Ramsey Counties, Minnesota, will pay to bearer at
, i n the City of
the amount shown hereon in lawful money of the United States of America for interest
then due on its Improvement Bond of 1965, dated October 1 , 1968, No.
(Facsimile signature) (Facsimile signature )
Village Manager Mayor
(Coupons numbered 21 and upward shall also include the phrase:
"Unless the bond described below is called for earlier redemption".)
(Form of certificate to be printed on the reverse side of each bond,
X
ollowing a full copy of the legal opinion on the issue)
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 St.
Anthony, Minnesota, which includes the within bond, dated as of the date of
delivery of and payment for the bonds.
(Facsimile signature ) (Facsimile signature)
Village Manager Mayor
4. Said bonds shall be prepared under the direction of the Village Clerk
and shall be executed on behalf of the Village by the facsimile signature of the
Mayor, attested by the manual signature of the Manager and the corporate seat shall
be affixed thereto, and the interest coupons attached to said bonds and the certifi -
cate on the reverse side thereof shall be executed and authenticated by the printed,
engraved or lithographed facsimile signatures of said Mayor and Manager. then said
bonds have been so executed and authenticated, they shall be delivered by the Trea-
surer to the purchaser thereof upon payment of the purchase price in accordance with
the contract of sate heretofore made and executed, and said purchaser shall not be
obligated to see to the application of the purchase price; provided that $3,535.20 or
the purchase price and all accrued interest paid to date of delivery shall be paid
into and remain in the Improvement Bond Redemption Fund hereinafter referred to.
5. This body has heretofore by Ordinance No. 59 duly created an Improve-
ment riond Redemption Fund the provisions of which are applicable to these bonds as
well as all other bonds issued pursuant to Chapter 429, Minnesota Statutes 1961 .
There is hereby created or there has heretofore been created a special fund for each
of the improvements listed paragraph 1 of the resolution adopted by this Council
on August 19, 1965, entitled "Resolution Calling for the Public Sale of $960,000
Improvement Bonds of 196011, which funds shall be or are in the form "Fund for
Improvement No. "; special assessments and taxes levied, and
to be levied, with respect to each such improvement shall be credited to its im-
provement fund as needed until the cost of such improvement shall have been fully
paid. Out of the proceeds of the bonds issued hereunder there shall also be crediteC
to such accounts such sums as are necessary, when combined with available funds from
other sources, to pay the cost of each of said improvements. The fund of each im-
provement shall be used solely to pay the cost and expenses of the making thereof,
as such expenses are incurred and allowed, provided that excess sums, if any, in
said accounts may be transferred in accord with the provisions of Ordinance No. 59.
6. The Village hereby covenants and agrees that it has done or will do
and perform all acts and things necessary for the final and valid levy of special
• assessments for the payment of the cost of each of said improvements, in no case les-
then 100 % of the cost of the improvement to the Village, and all such assessments
shall be or have been made payable in 10 equal installments except Improvement
No. 1968-4, the assessments for which will be payable in 20 installments, and inter-
est on the unpaid installments for all improvements will be payable at the rate of
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6% per annum, said installments having been spread or to be spread so that the first
installment thereof is or will be collectible with taxes payable in the years 1968,
1969, or 1970.
7. For the purpose of providing, together with payments and prepayments
of special assessments plus interest to accrue thereon, aggregate amounts not less
than 5% in excess of the amounts needed to meet when due the principal and interest
payments on eacil and all of the bonds herein authorized, there shall be and there is
hereby levied a direct, annual, ad valorem tax on all the property within the Vil -
lage, collectible in the years and in the amounts as follows :
Collection Collection Collection
Year Amount Year Amount Year Amount
1969 $29716.88 1976 549399.50✓/ 1933 $2,678.00
1970 5,173.50 1977 3,770.50� ' 1984 2,584.00
1971 5,044.50 1978 3,663.00 1985 2,488.00
1972 4,915.50 1979 3,04.00 1986 2,392.00
1973 4,786.50 1980 2,956.00 1987 2,294.00
1974 4,657.50✓ 1981 2,864.00 1988 2,196.00
1975 4,528.50/ 1982 2,772.00 1989 2,098.00
Said levies shall be irrepealable except as to the extent and in the manner provided
for Minnesota Statutes, Section 475.61 and in Ordinance Flo. 59, and all collections
thereof shall be credited as provided in paragraph 5 hereof. The Village hereby
recognizes and reaffirms its pledge of the full faith and credit of the Village to
the payment of these bonds.
8. The Clerk is hereby authorized and directed to file with the County
Auditors of Hennepin and Ramsey Counties, a certified copy of this resolution and
to obtain from said County Auditors a certificate setting forth the registration of
said bonds in their registers in accordance with the provisions of Minnesota
Statutes, Section 475.63, as amended, and stating that the tax required by law for
the payment of said bonds has been levied.
9. 1lhen all bonds issued pursuant to this resolution, and all coupons
appertaining 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 which are due on any
date by depositing with the paying agent or agents for such bonds 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 any prepayable
bonds according to their terms,be depositing with the paying agent or agents on or
before that date an amount equal to the principal, interest and redemption premium,
if any, which are then due, provided that notice of such redemption has been duly
given as provided 'herein. The Village may also at any time discharge any issue of
such bonds in its entirety, subject to the provisions of law now or hereafter author
izing and regulating such action, by calling all prepayable bonds of such issue for
redemption on the next date when they may be prepaid in accordance with their terms,
by giving the notice required for such redemption, and by depositing 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 inter-
est 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.
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10.
6-10. The officers of the Village and said County Auditors 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 certified copies of all
proceedings and records relating to said bonds and to the financial affairs of the
Village, and such other affidavits, 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 other-
wise known to them, and all such certified copies, certificates, and affidavits, in-
cluding any heretofore furnished, shall be deemed representations of the Village as
to the facts recited therein.
Mayor
ATTEST, _1_11_______'�- �/O "V "C
C k
Manager
•
RESOLUTION NO. 60-045
RESOLUTION DECLARING COST TO BE ASSESSED AND
ORDERING PREPARATION OF ASSESSMENT ROLLS STREET
IMPROVEMENTS 1965-1, 1963-2, 1960-53 STORM
Sa,!ER IMPROVEMENT RA,MSEY COUNTY DITCH #2,3.
'11EREAS, improvements were made by the Village of St . Anthony at
the cost shown for the several projects as follows :
Street Improvement 1963-1 - $97,645. 19
1 . 33rd Avenue N.E., Stinson Boulevard to the !lest
property line St . Anthony High School .
2. Stinson Boulevard, 37th Avenue N.E. to Silver
Lane.
Street Improvement 1963-2 - $33,653. 16
1 . Kenzie Terrace, Stinson Roulevard to St. Anthony
Ooulevard.
Street Improvement 1963-5 - $4,000.00
1 . St. Anthony Doulevard, Stinson to Silver Lake
Road cost.
2. St. Anthony Boulevard, Highway #3 to East
Village Limits.
Storm Sewer Improvement - $102,343.23
1 . Ramsey County Ditch #2, serving as an outlet
to Silver Lake and Storm Sewer District #4
2. Ramsey County Ditch #3 serving as an outlet X01° �,iT-
to Silver Lake and Storm Sewer District #4
NOW THE'FFORE RE IT RESOLVED that 100% of the cost of the improve-
ments be specially assessed against the benefited property. The Village
Clerk with the assistance of the engineer, shall calculate the amount to
be specially assessed for the above improvements against every lot or
parcel of land affected without regard to cash valuation and he shall
file a copy of such proposed assessment in his office for public inspection.
Upon completion of the proposed assessment roll, the Clerk shall
notify the Council .
Adopted this 27th day of August, 196
Mayor
ATTEST:
� k I\
Villa 9
i1lag Ierl< V 1 lage Manager