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HomeMy WebLinkAboutCC 11-06-1968 - .. -. -". , . \ Enmct of~uws of~t~g of Village Council Village of Arden Hills, RallIsey County, ~nesota November 6, 1968 . Pursuant to due call and notice thereof, a special meeting of the COlBlcil of the Village of Arden Hills, Minnesota, was held in the Vill.age Hall on November 6, 1968, at 8:00 o'clock P.M. . The foll.OIIing members were present: Mayor BJorncSahl anel Council... Crepeau, 01.Jaen, Bollenhorsi: and Henderson and the following were absent: lione. * * * * * * * * * The Clerk presenwd affidavits showing publication, as directed by the resolution dated lept:. 30 1968, of noti ce of sale of $575,000 Temporary Improve- ment Bonds, Series 2, which were examined and found satisfactory and directed to be placed on file. The Clerk also presented all sealed bids received at her office pursuant to notice of sale, prior to 8:00 o'clock P.M. this date, which bids were then opened and publicly read and considered, and the highest and best bid of each bidder was ascertained to be as follows: - .. . -1- - .. " " First National Bank of Saint Paul 4.40% Interest $115,00 Premium $56.810 Interest Cost 4.391111% Net Interest . Northwestern Nat1. Bank of Mp1s. 4.40% Interest $10.00 Premium $56,915 Interest Cost . 4.399227% Net Enterest Piper, Jaffray & Hopwood 4.75% Interest Allison-Wlll1ams Company $172.50 Premium Dain, Kalman & Quail, Inc. $61,280.62 Interest Coa: 4.7366% Net Interest American Nat1. Bank & Trust Co., St. Paul 4.90% Interest $97.75 Premium $63,296 Interest Cost 4.89244% Net Interest . . . 2 . . . Councilman Ben4eraoithen introduced the following resolution and moved its adoption: Rl!SOLUTION AWARDING SALE OF $575,000 TEMPORARY IMPROVEMENT . BONDS, SERIES 2 BE IT RESOLVED by the Council of the Village of Arden Hills, Minnesota, that the bid of The Firat National Bank of Saint Paul , Of4.1: ..~' ~ag.ta ' r1>l' n-nill1B1 .---i ;and.., to purchase $575,000 . Te orary ovemen on , Series 2 of the Village of Arden Hills to be dated October 1, 1968, in 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 $11,500 the bonds to bear interest at the rate of'4 .40 % per annum. 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 COUDcilJlan Olmen ' and upon vote being taken thereoo, the following voted in favor thereof: All and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. COUDci1Dlan 1IendeT.on then introduced the following resolution and moved its adoption: RESOLUTION l!STABLISHING THE FORM AND TEms OF $575,000 TEMPORARY Il>lpllOvm-lENT BONDS, SERIES 2 BE IT RESOLVED by the Village Council of the Village of Arden Hills, Minne- sota, as follows: 1. - In accordance with the provisions of Minnesota Statutes, Chapter 429 the Village has by resolution adopted by the requisite majority of the members of this Council, pursuant to hearings duly held, ordered the construction of Water Im- provement No. 68-1, and has awarded a contract to the lowest responsible bidder for the furnishing of part or all of the work and materials required for the improvement, . pursuant to advertisement for bids theretofore published in accordance with law. The presently estimated expense incurred and to be incurred in the making of said im- provement, in excess of other funds on hand and appropriated therefor, is $575,000. It is necessary at this time to borrow the sum of $575,000 by the issuance of tem- porary improvement bonds pursuant to the provisions of Minnesota Statutes, Section . 429.091, Subdivision 3, for the purpose of pa;ying expenses incurred and estimated to be incurred in making the improvement. Bonds in this amount have been duly adver- tised and sold at pUblic sale and shall now be issued in accllrdance with the provi- sions of this resolution. 2. The bonds so to be issued shall be designated Temporary Improvement Bonds, Series 2, and shall be in substantially the following form: -3- . UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY VILLAGE OF ARDEN HILLS . TEMPORARY IMPROVEMENT BOlID SERIES 2 No. $5,000 . KNOW ALL MEN BY THESE PRESENTS that the Vil.lage of Arden HUls, a duly organized and existing municipal corporation of the County of Ramsey, State of Minne- sota., acknowledges itself to be indebted and for value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the first day of January, 1971, or on an earHer date an which this bond shall have been duly called for redemption as stated below, and to pay interest thereon at the rate of Four and l'o:r1:y amdr.d~ per cent". 40 %) per annum from the date hereof until said principal sum is paid or until this bond has been duly called for redemption, payable an July I, 1969, and semiannually thereafter on Janu- ary 1 and July 1 in each year, such interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest cou- pons appurtenant hereto. Both principal and interest are payable at The 1'1r.1: ..1:10na1 Bank of Saint Paul , in 11:, Paul, JUnn..ot.a , in any coin or currency of the Uhited States of America which on the payment date is legal tender for pubHc and private debts. For the prompt and full payment of such principal and interest when due, the full faith, credit and taxing powers of the Village are hereby irrevocably pledged. This bond is one of a series in the aggregate principal amount of $575,000, all of like date and tenor except as to serial number and denomination, all issued for the purpose of defraying expenses incurred and to be incurred in constructing a necessary local improvement heretofore duly ordered to be made in accordance with the provisions of Minnesota Statutes, Chapter 429 in full conform! ty with the Con- stitution and laws of the State of Minnesota thereunto enabling, and pursuant to resolutions duly adopted by the Village Council. This bond is payable primarily from the Series 2 Temporary Improvement Bond Fund of said Village, to which fund there have been appropriated the special assessments and ta.xes to be levied with re- spect to the improvement financed by this series of bonds, after payment of all ex- penses of said improvement, and into which tund there are to be paid the proceeds of definitive improvement bonds which the Village is required by law to issue at or prior to the maturity of this bond for the purpose of providing funds to pay the principal hereof and interest hereon to the extent that the special assessments and taxes theretofore collected are not sufficient for the payment thereof. . This bond is subject to redemption and prepa.yment at the option of the Village on January 1, 1970, and on any interest pa.yment date thereafter, at par plus accrued interest. Not less than thirty days before the date specified for such re- demption the Village will cause notice of the call of this bond for redemption to be pubHshed 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, but pub1ished notice shall be effective without mai1ing. Any holder desiring to receive such notice may record his name and address and the serial number of this bond with the Village Treasurer, at the Vil.1age Hall, 1450 West Highway No. 96, Arden Hills, Minnesota -4- ._. . . : IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, con- ditions 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 and in the issu- ance of this bond in order to make ita valid and binding general obligation of said Village according to its terms have been dooe, do exist, have happened and have been performed as so required; and that the issuance of this bond did not cause the in- . debtedness of said Village to exceed any constitutiooal 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 signature of its Mayor, countersigned by its Village Clerk, and sealed with its . official seal, and has caused the appurtenant interest coupons and the certificate appearing on the reverse side hereof to be executed and authenticated by the fac- simile signatures of said officers, and has caused this bond to be dated as of October I, 1968. Mayor Countersigned: Village Clerk (SEAL) " (Form of Coupon) No. $ On the 1st dalf of July (January), 19 , the Village of Arden Hills, Ramsey County, Minnesota, will pa;y to bearer at 'J."he Pir.1: 1lfat:1onal Bank ~ '1: ~aul , in '1: Ptu1 "iJ:l~.o~a' e illlI s own hereon in lawful money of the United States 0 1mer ca tor :Ln eres then due on its Temporary Improvement Bond, Series 2, dated October 1, 1968, No. . (Facsimile signature) (Facsimile signature) Village Clerk Mayor (Coupons nunibered 3 and upwards shall also include the phrase: "Unless the bond described below is called for earlier redemp- tion".) (Form of certificate to be printed on the reverse side of each bond, following 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 Arden Hills, Minnesota, which includes the within band, dated as of the date of delivery of and pa;yment for the bonds. . (Facsimile signature) (Facsimile signature) Village Clerk Ma;yor -5- 3. The Temporary Improvement Bonds, Series 2, in the aggregate principal amount of $575,000, shall be dated October 1, 1968, shall be numbered serially from 1 to 115, inclusive, and issued in the denomination of $5,000 each, shall bear in- terest at the rate of 4.40% per annum, plWable July I, 1969, and semiannually there- after on January I and July 1 in each year, and shall mature on JanuarJ 1, 1971, but shall be each subject to redemption and prepayment at the option of the Village on . January 1, 19.70, and 011 any interest payment date thereafter, at par plus accrued interest to the redemption date. Not less than. thirty dlWS before the date speci- fied for the redemption of any bonds, the Village Treasurer shall cause notice of the call thereof for redemption to be published in a financial newspaper published in a Minnesota city of the first class or its metropolitan area, and shall cause . such notice to be mailed to the holders of the bonds to be redeemed, if known to him, but published notice of redemption shall be effective without mailing. The Treasurer shall maintfdn a record of the names and addresses of bondholders so far as such information is made available to him by them. The principal of and interest on the bonds shall be payable at The First National Bank of Saint Paul ~ in St. Paul, Minnesota , and the Village shall PlW the reasonable and customary charges of the PlWing agent. 4. The bonds shall be prepared for execution under the direction of the Village Clerk and executed on behalf of the Village by the signature of the Mayor and countersigned by the Village Clerk, and the corporate seal of the Village shall be affixed to each bond, and the appurtenant interest coupons and the certificate to be printed on the reverse side of each bond, following the text of the legal opinion rendered thereon, shall be executed and authenticated by the printed, lithographed or engraved facsimile signatures of the Mayor and Clerk. When the bonds have been so executed and authenticated they shall be delivered by the Village Treasurer to the purchaser, upon receipt of the agreed purchase price, and the Treasurer shall deposit the proceeds of the bonds in a separate and special Series 2 Temporary Im- provement Bond Fund, which is created and shall be maintained by the Treasurer there- after as a separate bookkeeping account on the Village I s official records, until all bonds issued hereunder have been fully pfdd and redeemed. 5. A fund has heretofore been created as a separate bookkeeping account on the Village 's official records, for the improvement designated in Section 1 of this resolution. The Treasurer shall transfer from the Series 2 Temporary Improve- ment Bond Fund to the Improvement Fund money in the amount required, with any bal- ance in such fund, to pay all claims heretofore allowed by the Council against the fund; and hereafter the Treasurer shall transfer from said Bond Fund to the Improve- ment Fund such additional amounts as may be necessary to PlW further claims duly allowed against the fund, for expenses necessarily incurred in the making of the improvement, in the order in which said claims are allowed. 6. The Council has levied a tax in the amount of $28,500, for collection in 1969, to pay part of the cost of the improvement. Upon completion of the im- provement, or prior thereto, the Council shall do and perform all acts and things necessary for the final and valid levy of special assessments upon properties with- in the respective areas designated to be assessed therefor, in an aggregate amount . equal to the total cost of the improvement as finally ascertfdned, less such por- tion as the Council shall direct to be pfdd by the levy of ad valorem taxes or the appropriation of utility revenues or other funds, including in such cost, but with- out limitation, interest accrued on the temporary improvement bond proceeds used to finance the improvement, from the date of such bonds to the date of levy of special . assessments. In the event that any such assessment shall be at an;y time held in- valid with respect to any lot or tract of land, due to any error, defect or irregu- lari ty in any action or proceeding taken or to be taken by the Village or the Coun- cil or any of the Village I s officers or employees, in the making of the assessment or the performance of any condition precedent thereto, the Village shall do all such further acts and things and shall take all such further proceedings as shall be required by law to make such assessments a valid and binding lien upon said property. All collections of special assessments and taxes levied and revenues ap- propriated for the improvement prior to the retirement of said Temporary Improvement Bonds shall be paid into the fund of the improvement and shall be used, with money -6- recei ved from said Bood Fund and from any other source appropriated for the purpose, solely to defr~ expenses of the improvement until the same is completed and all costs thereof have been paid, whereupon such fund ~ be discontinued, and any mOlley remaining therein, and all subsequent collections of special assessments and taxes levied and reveIlUes appropriated for the improvement, shall be credited and paid in- to the Series 2 Temporar-,f Improvement Bond Fund. . 7. At or before the maturity of the Temporary Ill[lrovement Bonds, Series 2, the Council shall provide by resolution for the issuance, sale and delivery of definitive ill[lrovement bonds for the purpose of providing money to p~ the principal . of and interest 00 said Temporary Improvement Bonds, so far as the same cannot be paid out of money then on hand in the Series 2 Temporary Ill[lrovement Bond Fund. Be- fore the issuance of such defini ti ve bonds, the Council shall by resolution deter- mine the cost of the improvement which has been paid from the fund thereof, the SllIOunt of money remaining on hand in the Improvement Fund and available for transfer to the Series 2 Fund for the p~nt of said bonds, and the wnount of definitive improvement bonds necessary to be issued to retire said Temporary Bonds. In the event that such issuance occurs before the levy of all special assessments for the improvement, the Council may estimate the amount of the cost thereof to be assessed, and the amount of definitive bonds necessary to be issued. The Council shall also estimate the principal amount remaining u."'lpaid of the special assessments levied or to be levied for the improvement, and the interest payable thereon, and the annual amounts of the collections of any utility revenues which m~ be pledged and appro- priated for the p~ment of defini ti ve bonds, and shall levy upon all taxable prop- erty in the Village a direct, annual, irrepealable tax for the years and in the amounts, if any, which will be required, together with the collections of such re- maining special assessments and interest thereon, and of any revenues so appropri- ated, to produce sums not less than 5% in excess of the principal and interest p~- ments when due upon the definitive improvement bonds, and shall appropriate all such remaining special assessments and taxes to the fund to be desigpated for the p~nt of such definitive improvement bonds and interest thereon. The proceeds of the de- fini tive improvement bonds shall be simultaneously credited to the Series 2 Tempo- rary Improvement Bond Fund, to the wnount required so that the bonds herein author- ized ~ be paid from said fund and redeemed and canceled. 8. No tax is presently levied, except as recited in paragraph 6, for the p~ment of the bonds herein authorized, it being estimated that the proceeds of the definitive improvement bonds herein covenanted and agreed to be issued, together with special assessments to be levied for the improvement, will provide funds ade- quate for the p~ment of said bonds and interest in full in accordance with Minne- sota Statutes, Section 475.61. However, the full faith and credit of the Village is hereby pledged for the payment of the bonds herein authorized, and ad valorem taxes shall be levied on all taxable property within the Village, without limita- tion as to rate or amount, to the extent required for the p~nt of said Temporary Improvement Bonds and interest. 9. The right is reserved to issue add! tional series of Temporary Improve- ment Bonds p~able from the fund herein created, to pay any additional costs of the - improvement financed by the bonds herein authorized or of other municipal improve- - ments validly instituted in accordance with Minnesota Statutes, Chapter 429, pro- vided that the special assessments and taxes to be levied with respect to the im- provement shall be appropriated to the Series 2 Temporary Improvement Bond Fund and . accounted for as provided in this resolution. 10. The Village Clerk is directed to file a certified copy of this reso- lution with the County Auditor of Ramsey County, and to obtain from the County Audi- tor before the delivery of tile bonds herein authorized a certificate that said bonds have been duly entered upon the County Auditor's register. 11. The officers of the Village and the County Auditor of Ramsey County are authorized and directed to prepare and furnish to the purchasers of the bonds issued hereunder, and to the attorneys approving the legality of the issuance there- of, a certified copy of this resolution and of all other proceedings relating to -7- - . .,.' . . , said bonds, together with such affidavits, certificates and information as may be reasonabJ;y required to show the legality and marketability of said bonds, as such information appears from the books and records in their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits shall be deemed representations of the Village as to the correctness of all state- ments contained therein. . The motion for the adoption of the foregoing resolution was duly seconded by Councilman Olmen , and upon vote being tsken thereon, the following voted . in favor thereof: All and the following voted against the same: Bone whereupcn the resolution was declared duly passed and adopted. STATE OF MUlNESOTA} ) ss. COUNTY OF RAMSEY ) I, the undersigned, being the duly qualified and acting Clerk of the Vil- lage of Arden Hills, Ramsey County, Minnesota, hereby certify that I have compared the attached and foregoing with the original thereof on file and of record in IllY office and find the same to be a :t'u1.l, true and correct transcript of the minutes of a meeting of the Village Council of said Village duly called and held cn the date therein indicated, so far as such minutes relate to $575,000 Temporary Improvement Bonds, Series 2, of said Village, and that the resolutions included therein are :t'u1.I, true and correct copies of the originals thereof. WIDlESS IllY hand and the seal of said Village this 6th da;y of November, 1968. - L---- :SC~ - Village C erk (SEAL) . 8-