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HomeMy WebLinkAbout1961.03.21 CC MinutesMinutes of Proceedings of the Village Council of the March 21, 1961 Special Meeting for opening of bids for ? for waterworks system for village. It was agreed by Council members that $950.00 paid Kuusisto Engineering should be credited to waterworks preliminary investigation and plans. President Maslowski and Robert Ehlers reported on meeting with White Bear School Board in reference to proposed water assessment for new school in Hugo with favorable results Meeting adjourned at 11:15pm Robert Burkhand Clerk EXTRACT OF MUWTES OF MEETING OF THE VILLAGECOUNCIL OF THE VILLAGE OF HUGO, . MINNESOTA Pursuant to due call and notice thereof a special meeting of the Village Council of the Village of Hugo, Minnesota, was held at the Village Hall in said Village on Tuesday, March 21, 1961; at 8:00 o'clock P.M. with the following members present: Mayor Emil Maslowski, Robert E. Burj,-.ard, James LetT a. 1 t ourneau and Marier and the following members absent: Clarence 'Kenzel The Clerk then presented an affidavit.of publication of notice of bond sale in the official newspaper and in Commercial West which affi- davits were examined and approved and ordered filed. The Cldrk then announced that he had received. 2 bids for the purchase of said bonds which, upon being opened, were found to be as follows: BIDDER INTEREST RATES PRICE (See Bid Tabulation Attached) B I D T A B U L A T 1 0 N $160,000 WATERWORKS IMPROVEMENT BONDS VILLAGE OF HUGO, MIN'NESOTA SALE: TUESDAY, MARCH 21, 1961 AWARD: ALLISON-WILLIAMS COMPANY OF MINNEAPOLIS AND ASSOCIATES FOR BONDS MATURING NAME OF BIDDER RATE IN THE YEARS PRICE ALLISON-WILLIAMS COMPANY J. M. Dain & Company Piper, 'affray & Hopwood Minneapolis, Minnesota KALMAN & COMPANY E. J. Prescott & Company Minneapolis, Minnesota Juran & Moody, Inc. St. Paul, Minnesota 400% 1963 through 1970 $160,000 4.2% 1971 through 1977 4.3% 1978 through 1981 Net Rate -- plus additional interest at the rate of 1.2% per annum on all 4.322% bonds from may 1, 1961 to August 1, 1962. 1963 through 1969 $160,000 4.2% 1970 through 1981 plus additional interest at the Net Rate -- rate of 1.5% per annum on all bonds from August 1, 1961 to 4.3377% August 1, 1962. EHLERS-MAN'N & ASSOCIATES, INC., 807 TITLE INSURANCE BUILDING, 400 SECOND AVENUE SOUTH, MINNEAPOLIS 1, MINNESOTA, FEDERAL 9-8291 Member i4arier then introduced the following resolution and moved its adoption: RESOLUTION AWARDING THE SALE OF $160,000 WATERWORKS IMPROVEMENT BONDS, SETTING THE BOND AND COUPON FORMS, CREATING A SINKING FUND AND LEVYING TAXES FOR THE SUPPORT THEREOF. BE IT RESOLVED By the Village Council of the Village of Hugo, Minnesota, as follows: (1) That it is hereby found, determined and declared that the bid - of i Ili ams Company of Minneapolis for the purchase of $160,000 general obligation Waterworks Improvement Bonds is the highest and best bid submitted for said bonds, said bid being to purchase the same at a price of Dar and accrued interest plus a premium of (no premium) dollars for bonds maturing and bearing interest as follows: 4. 0% for bonds maturing in the years 1963 through 1970, inclusive; 4. 25/0 for bonds maturing in the years 1971 through 1977, inclusive; 4.3% for bonds maturing in the years 1978 -through 1981, inclusive,, plus additional interest at -the rate of 1.2% per annum on all bonds from i4ay 1, 1961 to hugust 1, 1962. (2) That said bid is hereby accepted on behalf of the Village and the Mayor and Clerk are hereby authorized and directed to en- dorse an acceptance on said bid and the Clerk is hereby authorized and directed to retain the good faith deposit of said high bidder and to re- turn the bid deposits of all other bidders forthwith. (3) That the Village shall forthwith issue its $160,000 Waterworks Improvement Bonds of 1961, in denominations of $1,000 each, numbered 1 through 160, dated May 1, 1961, maturing on February 1 of each year and bearing an annual interest as follows: Interest Interest Year Maturity Rates Year Maturity Rates 1963 $ 5,000 4'.. 0c/,6 1973 $ 4,000 4. 2%> 1964 e? 10, 0 0 0 4.00 19741. $ 4,000 4.2% 1965 $151000 4.0% 1975 4,000 4. Z, /. 1966 $10,000 4.01)10' 1976 $ 4,000 z1l. 2% 1967 $15,000 4.0% 1977 $ 4,000 4. 20//0 1968 $10,000 4.01,16 1978 $ 5,000 4. 3% 1969 $15,000 4.0% 1979 $ 5,000 4. 3% 1970 $10,000 4. 0% 1980 5,000 4.3%. 1971 $15,000 4.2% 1981 $ 5,000 4'. 3% 1972 $15,000 4 . 2,,,,' plus additional interest at the rate of 1.2% per antrum on all bonds from May 1, 1961 to Rugust 1, 1962, with bonds maturing in the years 1973 -through 1981 subject -to redemption and prepayment at the Village's option, in inverse numerical order, on February 1, 1972 or any interest payment date thereafter at a price of 102% of par plus accrued interest. Interest shall be payable on February 1, 1962, and semiannually thereafter to maturity. Bot'll-i principal and interest shall be payable at the main office of the Northwestern National Bank of Minneapolis, Minneapolis, Minnesota the Village agreeing to pay the reasonable and customary charges of said paying agent and to furnish the printed and executed bonds and unqualified approving legal opinion of Messrs. Briggs and Morgan of St. Paul _J1 Minnesota 11 without expense to the purchaser. (4) The bonds and interest coupons attached thereto shall be in sub- stantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF WASHINGTON 'VILLAGE OF HUGO WATERWORKS IMPROVEMENT BOND OF 1961 No. $1,000 KWal ALL MEN BY THESE PRESENTS That -the Village of Hugo, Washing- ton County, Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of ONE THOUSAND DOLLARS on -the first day of February, 19_, or, if this bond is redeemable as stated below, on a date prior thereto on which it shall have been duly called for earlier redemption, and to pay interest thereon from -the date hereof to maturity, or, if this bond is redeemable as stated below, until it has been duly called for redemption at the rate of per cent ( 0,,.') per annum payable on February 1, 1962, and semiannually thereafter on August 1 and February 1 in accordance with and upon presentation and surrender of the interest coupons attached hereto; and to -pay additional interest thereon at the rate of One and Twenty Hundredths per cent ( 1.2 %) from -i,,Iav 1 -, 19 61 to _August 1 19 62 , payable on February 1, 1962, and semiannually thereafter on August 1 and February 1 in accordance with and upon presentation and surrender of the separate "B" coupons hereto attached. Both principal and interest are payable at the main office of Northwestern National Bane of idinneapolls in Minneapolis _, iviinnesotca P in any coin or currency of the United States of America which on the date 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 All bonds of this issue maturing in the years 1963 through 1972, inclusive, being numbered 1 through 120, inclusive, are payable on their stated maturity dates without option of prior payment. Bonds of this issue maturing in the years 1973 through 1981, inclusive, being numbered 121 through 160, inclusive, are subject to redemption and prepayment at the option of the Village, in inverse numerical order, on February 1, 1972 or any interest payment date thereafter at a price of 102% of par plus accrued -4- interest. Such redemption shall be made upon thirty (30) days prior notice by mail to the bank where said bonds are payable and to the last known holder. Holders of said bonds desiring to receive such notice must register their names, addresses and bond numbers with the Village Clerk. This bond is one of a series in the aggregate principal amount of $160,000, all of like date and tenor except as to maturity, interest rate and redemption privilege; all issued by the Village for the purpose of paying the costs of constructing waterworks improvements in said Village and issued pursuant to and in full conformity with resolutions duly adopted by the Village Council of said Village after hearings as required by law and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota t-hereunto enabling, including Minnesota Statutes, Chapter 429. This bond is payable primarily from Waterworks Improvement Bond Sinking Fund of 1961, but the Council is requ ired to pay the principal and interest hereof out of any funds in the -treasury in the event the money on hand in said fund is at any time insufficient to meet the payment of maturing principal and interest. 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 pre- liminary to and in the issuance of this bond in order to make it a valid and binding general obligation of said Village according to its terms have been done, do exist, have happened and have been performed as so required; that -the Village has duly determined the necessity of and contracted for the construction of said waterworks improvements; that the Waterworks Im- Provement Bond Sinking Fund of 1961 has been duly created and provision made for the support -thereof by ad valorem taxes heretofore levied and special assessments to be levied for the years and in aggregate amounts not less thanjoyd in excess of sums sufficient to Pav the interest hereon and the principal hereof as they respectively become due; and that addition- al taxes, if needed, will be levied upon all -taxable property in the Village 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 1.1ITNESS WHEREOF, the Village of Hugo, Washing -ton Countv, Minne- sota, by its Village Council, has caused this bond to be executed in its behalf by the signature of its Mayor and attested by -the signature of the Village Clerk and sealed with its official seal, and the interest coupons appurtenant hereto to be executed and authenticated by the facsimile signa- tures of said officers, and has caused this bond to be dated as of May 1, 1961. MAYOR 2V-L'TEST: VILLAGE VITTAGE CLERK (SEAL) -5- (Form of coupon) No. On the 1st day of cbruary (P.ugust) , 19_, the Village of Hugo, ty, - the main office of the ,�)'ashington Coun Minnesota, will pay to bearer at the L Northwestern National Bank of Minneapolis, at Minneapolis, Minnesota the sum of DOLLZ.RS, la�,.,7ful money of the United States of America, for the installment of interest -then due on its j'Ta-!Cerworks Improvement Bond, dated May 1, 1961, No. (Facsimile Signature) 16"X`Oil (Facsimile ;ignat_ure) V1T­'T_,P_,G1,! CLERK (5) SaIld bonds shall be prepared Linder the direction of the Clerk and . when so -prepared shall be executed on behalf of the Village by the signature of -the :Mayor, attested by the Clerk, sealed the Village seal and 4 authenticated. L_ the interest coupons shall be executed and authenticated by the printed, en- c r -T fraved o lithographed _'Facsimile signatures of the Mayor and Clerk. vhen said bonds have been so executed and authenticated, they shall be delivered by the Village Treasurer -to -the purchaser on receipt of the purchase -rice heretofore agreed upon, and said purchaser shall not be required to see to the application thereot. (6) There is hereby created a separate fund of the Village to be desig- nated as the -'.',,!aterworks improvement Bond Sin,�_Jng Fund of 1961 in which shall be kept tWo separate accounts designated respectively as -the Con- struction Fund ?-account and the Sinking Fund Z'=ount. into the Construction Fund _-"ccount shall be appropriated the proceeds of -this issue (except $80750 of the proceeds of -Lhis issue which is appropriated into -the Sinking Fund J'kc- count, an-�, premium offered for the purchase of said bonds and interest accrued from -the date of said bonds to date of delivery) and the proceeds of $21,242 estimated _L prepayment of the special assessments to be levied for special bene- fit derived from said. improvements. From said Construction Fund Account shall be paid all costs of acquiring and constructing said waterworks system. Into the '` inking Fund Account shall be paid any premium offered for the purchase of said bonds, the accrued interest from the date of said bonds to the date of delivery, $8750 of the proceeds of this issue, -the proceeds of all. special assessments to be levied for special benefit derived from said im- provement, with the elxception of the $21,242 of said assessments -vfhich have been and are hereby appropriated to the payment of construction costs of said improvement, and -the proceeds of -the ad valorem -taxes hereinafter levied against all taxable property within the Village. From said Sinking Fund "�c- count shall be paid only the principal of and interest on said bonds as the same respectively become due. (7) it is hereby determined that not less than $130,000 of the cost of said improvements shall be specially assessed against properties specially ',:)enefj-t(:!d by said i1mprovement which assessments may be paid in cash without interest, if 'paid within thirty days after the adoption of said assessments, or may be paid in ten equal annual installments with interest at the rate of &,f.' per annum from -the date of the adoption of said assess- ments to-Decer=er 31 of the year of which -the first installment is payable -to be aCded to the first installment and one year's interest on unpaid install- ments from year to year to be added to each subsequent installment, which installments and interests shall be collectable and paid over in the same manner as real estate taxes. It is further determined that not less than ,21,242 of said assessments will be prepaid and shall be appropriated directly into the Construction Fund Account for the defrayment of the cost of said improvement. (8) 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 are hereby irrevocably pledged. To provide money for the payment of said principal and interest as the same be- come due, -there is hereby levied upon all 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 shall be collected with and as a part of other general taxes of the Village in -the respective ensuing years. Year .271imount ",rear Amount: Year Punount 1961 - 1962 $4, 920 1968 $5,580 1974 $5,720 1963 $4, 920 1969 $5,580 1975 $5,540 19 6 ZI $ 5, lZIO 1970 $8,410 1976 $ 6, 450 1965 $5, 140 1971 $6,270 1977 $6, 210 1966 $5,360 1972 $6,090 1978 $5,980 1967 $5, 360 1973 $5,910 1979 $5,740 It is hereby found, determined and declared that said -taxes, -to- gether with installments of principal and interest on assessments to be made against 'Property specially benefited by said improvement will provide funds at least "O/O in excess of the amounts needed to pay matturing principal and interes-L. on said bonds as they respectively become due. Said taxes shall be irrepealable as long as any of said bonds are outstanding and unpaid, provided, however, that the Village reserves the right to reduce said levies in the manner ant; to the extent permitted by Minnesota Statutes, Section 475.61. (9) The Clerk is hereby authorized and directed to file with -the Coi_in-'L-.v Auditor of ',�Jfashington County a certified copy of this reso- lution, -together with such other information as -the County 2-,uditor may re- quire, and to obtain from said County Audit -or a certificate that the tax re- quired by law for the payment of said bonds has been levied and that said bonds have been entered upon his bond register. (10) The officers of the Village and said County Auditor 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 of the Village re- lating to said bonds and to the financial condition and affairs of -the Village, and such ojCher affidavits, certificates and information as may be required -Co show the facts relating to the legality and marketability of said bonds as -they appear from -the books and records under -their custody and control or otherwise known 'Co them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representa- tions of -the Village as to the facts recited therein. ZVM The motion for the adoption of the foregoing resolution was duly seconded by member Letourneau . and upon a vote being taken thereon, the following voted in favor thereof: Mayor briaslowski, Burkard, Le-'C.ourneau and Marier and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF WASHINGTON) ss. VILLAGE OF HUGO I, the undersigned, the duly qualified and acting Clerk of the Village of Hugo, Minnesota, do hereby certify that I have carefully com- pared the attached and foregoing extract of minutes of a meeting of the Village Council of said Village held on the date therein indicated with the original of said minutes on file in my office and that said extract is a full, true and correct transcript therefrom insofar as said minutes relate to -the sale and issuance of �160,000 Waterworks Improvement Bonds of 1961. WITNESS My hand officially and the official seal of the Village this 21st day of March 1961. 7r VILLAGE, CLERK (SEAL)