HomeMy WebLinkAbout71-062
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CERTIFICATION OF MINUTES RELATING TO
$1,220,000 Improvement Bonds
Series 2
Issuer:
Village of Arden Hills, Ramsey County, Minnesota
Governing body: Village Council
Kind, date, time and place of meet~ng: a epeata1 meeting, December
16, 1971, at 8:00 o'clock P.M., at the Village Hall
1.lembers absent:
Mayor Crep"ll end COlInoUJIlllha IIolleAho.rn. OlMn.
JIInadersoa .nd Rerdek
BoDe
lfJembers present:
Documents attached:
Minutes of said meeting (pages): 1 through. 10
r1<1>.....-J~ ~ '1'-("...
RESO:rUTioN-AUTHORIZING, SELLING AND
ESTABLISHING THE TERMS OF $1,220,000
IMPROVEMENT BONDS, SERIES 2, AND
APPROPRIATING SPECIAL ASSESSMENTS
FOR THEIR PAYMENT
I, the undersigned, being the duly qualified and acting record~
ing officer of the public corporation issuingthe.bonds referred to in
the title of this certificate, certify that the documents attached
hereto, as described above, have been carefully compared with the ori-
ginal records of said corporation in my legal custody, from which they
have been transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of said
corporation, and correct and complete copies of all resolutions and
other actions taken and of all documents approved by the governing
body at said meeting, so far as they relate to said bonds; and that
said meeting was duly held by the governing body at the time and place
and was attended throughout by the members indic~ted above, pursuant
to c~~l and notice of such meetin3 given as required by law.
16th WITNESS my hand officially as such recording officer this
day of December, 1971.
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J~ ~ ~_.J--
Signature
(SEAL)
___H."___ _~led:: Admin:i.strt.:c'"
Name and iitle - -
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Affidavits showing publication in the official newspaper
and in the Commercial West Df notice of sale of $1,220,000 Im-
provement Bonds, Series 2, bids for which were to be considered
at this meeting as provided by resolution adopted November 29,
1971, were examined and approved and ordered placed on file.
Sealed bids for the purchase of the bonds were received
from the following institutions at or before the time stated in
the notice, and the bids were then opened and publicly read and
considered, and were all found to conform to the notice of sale
and to be accompanied by the required security, and the purchase
price, coupon rates and net interest cost under the terms of
each bid were found to be as follows:
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American Natl.Bank & Trust Co.
John Nuveen & Co.
Co-Managers
Merrill Lynch, Pierce, Fenner
and Smith
Reynolds & Company
First National Bank of St.Paul
Northuestern Natl. Bank, Mpls.
Paine, Webber, Jackson & Curtis
Robert S. C. Peterson, Inc.
Piper, Jaffray & Hopwood, Inc.
Allison-Williams Co.
Dain, Kalman & Quail, Inc.
Juran & Moody, Inc.
E. J. Prescott & Co~
Caldwell-phillips, Inc.
Woodard-Elwood & Company
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4.60% 1973 - 1978
4.70% 1979
4.80% 1980
4.90"~ 1981
5.00% 1982
5.10% 1983
5.20% 1984-
5.25% 1985
.,5.30% 1986 - 19$7
5.35% 1988 1989
5.40% 1990 1992
$1,201,008 Price
$691,009.50 Interest Cost
5;3277% Net Interest
5.00% 1973 - 1981
5.10% 1982
5.20% 1983 - 1984
5.30% 1985 1986
5.40% 1987 1988
5.50% 1989 - 1992
$1,212,802 Price
$695,4()8~OO Interest cost
5.3U16% Net Interest
4.60% 1973 - 1976
4.75% 1977
4.80%.1978
5.00% 1979 - 1980
5.10",6 1981
5.20% 1982
5.30% 1983
5.40% 1984 1986
5.5~,6 1987.- 1989
5.60% 1990 - 1992
$1,200,004.20 Price
$714,760.80 Interest Cost
5.5109 Net Interest
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Member
01_0
then introduced the following
resolution and moved its adoption:
RESOLUTION AUTHORIZING, SELLING AND
ESTABLISHING THE TERMS OF $1,220,000
IMPROVEMENT BONDS, SERIES 2, AND
APPROPRIATING SPECIAL ASSESSMENTS
FOR THEIR PAYMENT
BE IT RESOLVED by the Village Council of the Village of
Arden Hills, Minnesota, as follows:
Section 1. Authorization and Sale.
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1.01 Pursuant to the provisions of Minnesota Statutes, Sec-
tion 429.091 the Council has by resolution issued and sold
$1,735,000 Temporary Improvement Bonds, Series 3, dated as of
January 1, 1970, maturing January 1, 1973, and subject to prepay-
ment and redemption at the option of the Village on January 1,
1972; all for the purpose of financing costs incurred in the
making of improvements. of special benefit to properties within
the Village as stated in the resolution authorizing the bonds,
dated December 18, 1969. The proceeds of the sale of the bonds
were credited to the Village's Series 3 Temporary Improvement
Bond Fund, together with all funds heretofore received as pay-
ments and prepayments of special assessments and taxes levied
to finance the cost of the improvements, and all income from the
investment of the fund. All of the improvements have been sub-
stantially completed, and all expenses thereof, including but
not limited to interest on the Temporary Improvement Bonds, have
been paid or provided for by the establishment of sufficient re-
serves, and the balance in the fund is now sufficient and is
appropriated for payment of the principal amount of $535,000 of
the Temporary Improvement Bonds. All other moneys, if any, re-
maining in the fund fn excess of said reserves; interest and
principal, and all future collections of special assessments and
taxes levied for the improvements, shall be credited and paid
into the Improvement Bond Sinking Fund referred to below.
1.02 It is hereby found, determined and declared necessary
and expedient for the Village of Arden Hills to issue and sell
its general obligation improvement bonds in the amount of
$1,200,000 to provide funds for the purpose of paying the re-
maining cost of said local improvements including the redemption
and prepayment of all of the Temporary Improvement Bonds, Series
3 on January 1, 1972, pursuant to Minnesota Statutes, Section
429.091, and in the additional amount of $20,000, representing
a part of the interest cost of the issue, pursuant to Minnesota
Statutes, Section 475.56.
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1.03 Notice of the redemption of the temporary bonds and
of the sale of the definitive bonds has been duly given, and the
Village has publicly received, opened and considered all sealed
bids presented for the purchase of the definitive bonds in con-
formity with the notice. The most favorable of such bids is
ascertained to be that of AaeJ::Lc:an ..t:Lona1 BlInk &, 'l'rUllt Co. of S~..a1ll
and John .weell &, Co. , of ChiGll90 , Ill:Lnoia, and associates,
to purchase the bonds at a price of $ 1,201,008 plus accrued
interest, and upon the further terms and conditions set forth
in this resolution.
1.04 The Mayor is directed to execute in duplicate a con-
tract on the part of the Village for the sale of the bonds in
accordance with the proposal described in Section 1.02, and to
deliver a duplicate to the purchasers. The Treasurer is directed
to retain the purchasers' check securing the contract of sale
until the bonds are delivered and the purchase price is paid,
and to return the checks securing other bids to the respective
bidders.
Section 2. Form of Bonds and Coupons.
2,01 The bonds issued hereunder shall be printed in substan-
tially the following form:
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UNITED STATES OF. AMERICA
STATE OF MINNESOTA
COU}jTY OF RAMSEY
VILLAGE OF ARDEN HILLS
IMPROVEMENT BOND, SERIES 2
No.
$5,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Arden
Hills, Ramsey County, Minnesota, acknowledges itself to be in-
debted and for value received promises to pay to bearer the sum
of FIVE THOUSAND DOLLARS on the 1st day of January, 19 ,or, if
this bond is prepayable 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 the princi-
pal sum is paid, or, if this bond is prepayable, until it has been
duly called for redemption, payable on July 1, 1972, and semiannu-
ally thereafter on January 1 and July 1 of each year, interest to
maturity being represented by and payable in accordance with and
upon presentation and surrender of the interest coupons appurte-
nant hereto. Both principal and interest are payable at the
"-rican Rational ..ok .. 'l'rUIIt.~"IP""ny , in
St.. paul , Minnesota, or at the office of such successor paying
agent as may be designated by the Village Council under the provi-
sions of the resolution authorizing the issuance hereof, in any
coin or currency of the United States of America which on the re-
spective dates of payment is legal tender for public and private
debts. For the prompt and full payment of said principal and in-
terest as the same respectively become due, the full faith, credit
and unlimited taxing powers of said Village have been and are hereby
irrevocably pledged.
Bonds of this issue maturing in the years 1973 through 1980
are payable on their respective maturity dates without option of
prior payment. Bonds'having stated maturity dates in the years
1981 through 1992 are each subject to redemption and prepayment at
the option of the Village in inverse order of serial numbers on
January 1, 1980, and any interest payment date thereafter, at par
plus accrued interest to the redemption date. Not less than thirty
days before the date specified for such redemption the Village will
cause notice of the call of any bond to be published in a financial
newspaper published in a Minnesota city of the first class or its
metropolitan area, and to be mailed to the holder of this bond, if
known to the Village Treasurer, and to the bank at which principal
and interest are then payable, but published notice shall be effec-
tive without mailing. Any holder desiring to receive such notice
may record his name and address and the serial number of his bond
... with the Village Treasurer at the Village Hall.
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This bond is one of an issue in the aggregate principal
amount of $1,220,000, all of like date and tenor except as to
serial number, interest rate, maturity date and redemption privi-
lege, issued for the purpose of paying the cost of necessary pub-
lic improvements of special benefit to properties within the Vil-
lage, including the retirement of temporary improvement bonds
issued to finance such cost, and is issued pursuant to and in
full conformity with the Constitution and laws of the State of
Minnesota thereunto enabling, including Minnesota Statutes, Chap-
ters 429 and 475. This bond is payable primarily from the Improve-
ment Bond Sinking Fund of the Village, but the Council is required
by law to pay maturing principal thereof and interest thereon out
of any funds in the treasury if moneys on hand in said special
fund are insufficient therefor.
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 obligation of said
Village according to its terms have been done, do exist, have hap-
pened and have been performed as so required; that prior to the
issuance hereof the Village has duly levied special assessments
upon all benefited property within the corporate limits and a
direct, annual, irrepealable tax upon all taxable property therein,
which special assessments and taxes are collectible in the years
and in aggregate amounts not less than 5% in excess of the amounts
required to pay the principal of and interest on the bonds of this
issue as such principal and interest respectively become due, and
has appropriated the same to said fund, and additional ad valorem
taxes may be levied upon all taxable property within the Village,
if needed for such purpose, 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 Arden Hills, Ramsey
County, Minnesota, by its Village Council, has caused this bond
to be executed in its behalf by the manual signature of its Mayor,
attested by the facsimile signature of the Village Treasurer and
a facsimile of the official corporate seal to be printed hereon,
and has caused the interest coupons appurtenant hereto and the
certificate as to opinion of bond counsel on the reverse side of
this bond to be executed and authenticated by the facsimile sig-
natures of said officers, and has dated this bond as of January
1, 1972.
(Facsimile signature)
Village Treasurer
~ (Facsimile seal)
Mayor
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2.02 A copy of the text of the ~egal opinion of bond counsel
shall be printed on the reverse side of each bond and identified
by a certificate in the following form:
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 Arden Hills which includes the within bond. dated
as of the date of delivery of and payment for the bonds.
(Facsimile signature)
Village Treasurer
(Facsimile signature)
Mayor
2.03 Interest on each bond to
by a consecutively numbered set of
substantially the following form:
No.
maturity shall be represented
interest coupons. printed in
$
On the 1st day of July (January). 19 . unless the bond
described below is subject to and has been called for earlier re-
demption. the Village of Arden Hills. Ramsey County. Minnesota.
will pay to bearer at
, in ,
shown hereon in lawful money of the United
interest then due on its Improvement Bond.
ary 1. 1972. No.
. the amount
States of America for
Series 2, dated Janu-
(Facsimile signature)
Village Treasurer
(Facsimile signature)
Mayor
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Section 3. Bond Terms, Execution and Delivery.
3.01 The bonds issued Qereunder shall be designated Improve-
ment Bonds, Series 2, dated January 1, 1972, shall be issued in
the denomination of $5,000 each, numbered serially from 1 to 244,
inclusive, shall mature serially on January 1 in the respective
years and amounts stated below, and shall bear interest from date
of issue until paid or duly called for redemption at the respec-
tive annual rates stated opposite their maturity years:
Interest Interest
Year Amount Rate Year Amount Rate
1973 $60,000 4.&~ 1983 $60,000 5.1~
1974 60,000 4.60 1984 60,000 5.20
1975 60,000 4.60 1985 60,000 5.25
1976 60,000 4.&0 1986 60,000 5.30
1977 60,000 4.&0 1987 60,000 5.30
1978 60,000 4.60 1988 60,000 5.35
1979 60,000 4.70 1989 65,000 5.35
1980 60,000 4.80 1990 65,000 5.40
1981 60,000 4.90 1991 65,000 5.40
1982 60,000 5.00 1992 65,000 5.40
3.02 The interest on the bonds shall be payable July 1, 1972,
and semiannually thereafter on January 1 and July 1 in each year.
The princiRaliof and interest on the bonds shall be payable at~be
AmelUcan Rat 0IUI1. Bank & TrUItt COIIIPlU1Y
in S~. Paul , Minn..o~, which is designated as paying agent, 0;
in the event of its resignation, removal or incapability of acting
as paying agent, at the office of such successor paying agent as
may be appointed by the Village, and the Village agrees to pay the
reasonable and customary charges of the paying agent for this ser-
vice.
3.03 The bonds maturing in the years 1973 to 1980, inclusive,
shall not be subject to redemption before maturity, but those ma-
turing in the years 1981 to 1992, inclusive, shall each be subject
to redemption and prepayment at the option of the Village on Janu-
ary 1, 1980, and on any interest payment date thereafter, in in-
verse order of their serial numbers, at a price of par plus accrued
interest to the redemption date. Not less than thirty days before
the date specified for redemption of any of the bonds, notice stat-
ing the amount and serial designation and numbers of the bonds to
be redeemed shall be published in a daily or weekly periodical
published in a Minnesota city of the first class or its metropoli-
tan area, which circulates throughout the State and furnishes
financial news as a part of its service, and shall be mailed to
the holders, if known, and to the bank at which principal and in-
terest are then payable, but published notice shall be effective
.
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without mailing. Holders of prepayable bonds may request such
notice by advising the Village Treasurer of their names and ad-
dresses and the serial numb~rs of the bonds held by them.
3.04 The bonds and the interest coupons and the certificate
on the reverse side of each bond shall be executed and authenti-
cated in behalf of the Village by the signature of the Mayor,
attested by the Village Treasurer, and the corporate seal of the
Village shall be affixed to each bond. All signatures and the
seal shall be printed, engraved or lithographed facsimiles except
for the manual signature of the Mayor on the face of each bond.
The bonds shall then be delivered by the Treasurer to the pur-
chasers on receipt of the cash purchase price stated in Section
1.03, and the purchasers shall not be required to see to the
application of the proceeds.
Section 4. Sinkin~ Fund,Special Assessments and Tax
Levies.
4.01 There is hereby created, and there shall be maintained
by the Village Treasurer on the official books and records of the
Village, so long as any of the bonds herein authorized or other
improvement bonds shall be outstanding, a separate and special
debt redemption fund to be designated as the "Improvement Bond
Sinking Fund". The moneys in said fund shall be held and used
only for the payment of the principal and interest on the bonds
herein authorized and on any bonds issued and to be issued for
improvements instituted pursuant to Minnesota Statutes, Chapter
429, and acts amendatory thereof and supplemental thereto which
are directed to be paid from such fund, as such payments become
due, or to prepay and redeem such bonds when and as they become
prepayable according to their terms. Interest and principal, if
any, becoming due on any bonds prior to the completion and pay-
ment of the cost of the improvement for which they are issued
shall be paid by the transfer of moneys from the fund of such
improvement to said Sinking Fund. After payment of the cost of
any such improvement, the fund thereof shall be discontinued and
all subsequent collections of taxes and assessments levied in
respect thereof shall be paid as received into said sinking fund.
The funds of said improvements designated in Section 1.01, supra,
are hereby discontinued, and all remaining special assessments
collectible for said improvements are hereby appropriated to said
Sinking Fund.
4.02 Pursuant to the provlslons of Minnesota Statutes, Chap-
ter 429, the Village has specially assessed owners of property
specially benefited by the improvements in amounts not exceeding
such special benefits, and the prinCipal amounts of such special
assessments remaining unpaid, the years in which the installments
thereof are collectible, and the interest rate on deferred in-
stallments are as follows:
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Assessment
Years
Collectible
Interest
Rate
Sanitary Sewer Improvement 9 . 916.61 1972-1989 .07
Sanitary Sewer Improvement 10 30.00 1972-1989 .06
Consolidated Sanitary Sewer
Improvements 12 and 13 16,110.12 1972-1990 .07
Gray Fox Road Improvement 2,382.04 1972-1980 .07
Red Fox Road Improvement 4,290,01 1972-1980 .07
Cons. W.~.r Improvement.. 6a-:.z "68-3 15,832.92 1972-1990 .07
In the event any such assessment is at any time held invalid with
respect to any lot or tract of land, due to any error, defect or
irregularity in any action or proceeding taken or to be taken by
the Village or by this Councilor by any of the Village's officers
or employees, either in the making of such assessment or in the
performance of any condition precedent thereto, the Village hereby
covenants and agrees that it will forthwith do all such further
acts and take all such further proceedings as shall be required
by law to make such assessment a valid and binding lien upon said
property.
4.03 For the purpose of providing, together with estimated
collections of said special assessments, amount not less than 5%
in excess of the amounts needed to meet when due the principal
and interest payments on each and all of the bonds herein author-
ized, there shall be and is hereby levied a direct, annual, ad
valorem tax on all property within the Village for the years and
in the amounts as follows:
Levy Collection Levy Collection
Year Year Amount Year Year Amount
1971 1972 $39,800 1961 1982 $44,100
1972 1973 39.700 1982 1983 43,200
1973 1174 39,500 1983 1984 42.200
1974 1975 39,400 1984 1985 41,200
1975 1176 39,100 1985 1986 40,100
1976 1977 ]9,100 1986 1987 39,100
1977 1978 38,900 1987 1988 43,300
1978 1979 J8.800 1988 1989 41,900
1979 1980 38,600 1989 1990 41,500
1980 1961 44,900 1990 1991 72,000
Said levies shall be irrepealable except to the extent and in the
manner provided by Minnesota Statutes, Section 475.61, as amended,
and all collections thereof shall be credited to the Improvement
Bond Sinking Fund as provided in Section 4.01 hereof, It is ex-
pressly recognized that the obligation of the Village is not
limited to the assessments heretofore levied and taxes herein
. levied and the full faith, credit and taxing powers of the Vil-
lage are hereby pledged to the payment of said bonds.
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Section 5. Certifications of Proceedings.
5.01 A certified copy pf this resolution shall be filed with
the County Auditor of Ramsey County, together with such other in-
formation as the County Auditor may require, and the Auditor shall
be requested to give a certificate stating that the tax required
by law for the payment of the bonds issued hereunder has been duly
levied and that the bonds have been entered upon his bond register.
5.02 The officers of the Village and the County Auditor are
authorized and directed to prepare and furnish to the purchasers
of the bonds, and to bond counsel, certified copies of all pro-
ceedings and records relating to the authorization and issuance
of the bonds and such other affidavits and certificates as may
reasonably be required to show the facts relating to the legality
and marketability of the bonds as such facts appear from the offi-
cers' books and records or are otherwise known to them. All such
certified copies, certificates and affidavits, including any here-
tofore furnished, constitute representations of the Village as to
the correctness of the facts recited therein and the actions stated
therein to have been taken.
The motion for the adoption of the foregoing resolution was
duly seconded by Member
Banderaon
, and upon vote being taken
thereon, the following voted in favor thereof: All
and the following voted against the same: &one
whereupon the resolution was declared duly passed and adopted.
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