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Home My WebLink AboutCC 12-16-1971 ., ~ I I '>7~ ,Vt/ , ~inutes of Special Council Poctlno VI Ila'!B of prdcn Hi 115 Thursday. December- 16. 1971 Vllla!'B Hall f~.!L!2_9r1~ The meeting w~s called to order af 8:00 p.m. by ~ayor Crepeau. RoLl Call Present: ~ayor Crepe~u, Councilmen Olmen, Hcllenhorst, Henderson and Herrick Absent: None Also Present: CeGr~ Administrator Lorraine Stromoulst, Treesure~ Rlcha~d O'Kelly and FiscalConsultBnt Peter PopovIch ~d Sale tR~, 'it.<> .1/- ~'l.. ~iayor Crepeau expl~ined that the specf~~ meet!n~ was celled for the purposes of opBnin~ and considering bids tor $1,220,000 Improvement Bonds, Series B, end ether ~lscalleneous matters. ActIon on the bond sale and award as ~tt.ched. Grant Apnilc~tion_~i-B~~9!~tlon MotlDn was made by Ho'~enhorst, seconded by Olmen, that Pesolutlon No. 1.1-1..3 re HOI"tilt/est Pams,,",' County In-Serv{c€ PolIce Trainln!! Pr()gram be approved; mo'tlon ce1'ded unanimously. Excav~!lon Ordlnanc~ The ordinance W3S read in Its enti,.ty. Motion was made by Hollenhorst. seconded by HerrIck th~t Ordin~Ace No. 150 - AN ORDINANCE F0P THE PURPOSE OF PROMOTING PUBLIC HEALTH, SAFETY, ORDER CONVENIENCE AND GENERAL WELFARE BY REGULATING THE REMOVAL, DISPOSITION AND PROCESSING OF SAND. GRAVEL, ROCK, SOil AND OT~ER NATURAL EARTH ~~TERIALS IN TPE V1LLAGE OF ARDEN H~lLS be consIdered a final readlno and that It be adonted as read; motion carried unanimously. ' f'.!!JlJ J:U~P..f.!5_11_ g .!!'~J.9 yg~ Councilman Dimeo reported the need for an employee to head the Public ~orks Maintenance Depart~ent. The Council appointed CouncIl- men Dimen cnd Councilman Herrick to act as a committee to pursue -(be matter. ~ill!,29 _f ~.r:_!lJ.E..2. The Council agreed that the Pollee Depa~tment purchase a new squad car In accordance with the low Informal hid of Ron Saxon Ford Co. in the amount of $3,897.02. .ii.,lj2~[n!"~!'..! The meetfn~ was ad,lourned at A:55 p.m. L ~' --'-'~--'--'-r--'-'-' -,--,-, Lorraine Stromquist Clerk Administrator .. ,..-" L'--~..4 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 lIJ'8CliAl meeting, December 16, 1971, at R:oo o'clock P.M., at the Village Hall r.lembers absent: Mayor crepe.u and Councilmen BDl1el\hoz8t,OlJa.an, R8nderBoa a1\4 Berriek 'i .oDe Members present: Documents attached: 'I Minutes of said meeting (pages): 1 through'lO ~()~ --vu 1/-(01..- RESOtUTION AU~RIZING, SELLING AND ESTABLISHING THE TERMS OF $1,220;000 IMPROVEMENT BONDS, SERIES 2, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THEIR PAnlENT . I, the undersigned, being the duly qualified a:'ld acting record- illg officer of the public corporation issuing the'bol1ds 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 h~ve been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of saic 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 2nd ":': c. attended throughout by the members indiC'::ted above, pursuant ' to cc j and ruJtice Df such meetin~ given as required by law. 15th 1..:IT':t.'SS my hand officially as such recording officer this d!-cy u; ,)c,:ember, 1971. J~ct~. .. :;;r:;~ ,. . Signature : (S2AL) Nai:-,e Panci. Cle~'l,: Ad~li_n.i.~f--x~i;......~ , , . ... , .0- _ _ _~ _ ...... _ llt...l..C . , " ," , Affidavits shbwing publication in the official newspaper and in the Commercial'. West of 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 flor 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: . -1- . 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 Nat1'. Bank, Mpls. Paine. Webber, Ja~kson & Curtis Robert s. C. peterson, Inc. Piper, Jaffrey & Hopwood, Inc. " Allison-Williams Co. Dain, ~alman & Quail, Inc. " Juran & Moody, Inc. E. J. Prescott & Co; Caldwell-Phillips! Inc. Woodard-Elwood & Company . - 1 . - 4.6~/o 1973 - 1978 4.70% 1979 4.8~/o 1980 4.90% 1981 5.00% 1982 5.10% 1983 5.20% 1984 5.215% 1985 S.30% 1986 - 1987 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 5.4~/o 1987 - 1988 5.50% 1989 - 1992 $1,212,802 Price $695,408~00 Interest cost 5.~16% Net Interest 4.60% 1973 - 1976 4.7!:j% 1977 4.80% 1978 5.00% 1979 - 1980 5.Hl% 1981 5.20% 1982 5.3~/o 1983 5.4~/o 1984 - 1986 5.5~/o 1987 - 1989 5.60% 1990 - 1992 $1,200,004.20 Price $714,760.80 Interest Cost 5.5109 Net Interest Member 01meo 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. ~uthorization and Sale. . 1.01 Pursuant ~o the provisions of Minnesota Statutes, Sec- tion 429.091 the Council has by resolution issued and sold $1,735,000 Tempo~ary 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 Vi11age on January 1, 1972; all for the ~urpose of financing costs incurred in the making of improvements' of special benefit ~o properties within the Village as stated in the resolution authorizing the bonds, dated December 18, 1969. The proceeds of ~he 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, arid 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 ba~ance 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- main1ng in the fund in excess 6f said reserves,' interest and principal, and aID future collections of special assessments and taxes levied for the improvements, shall be credited and paid into the Improvement Bond Sinking Fund ref~rred to below. 1. 02 It is he'reby found, determined ahd declared necessary and expedient for ~he 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 Minnesot,a Statutes, Section 429.091, and in the additional amount of $20,000, representing a part of the int~rest cost of the issue, pursuant to Minnesota Statutes, Section475.56~ -2- . . 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~rican SBt10nal Bank & Tru.t Co. of St.Paul and John .UV..1l & Co. , of Chlc:a90 , 1111001., and associates, to purchase the bonds at a price of $1,201,008 plus accrued interest, and upon tpe further terms and conditions set forth in this resolution. 1.Oq The Mayor is directed to execute in duplicate a con- tract on the part or 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. ~orm of Bonds and Coupons. 2.01 The bonds issued hereunder shall b~ printed in substan- tially the following form: -3- UNITED STATES OF AMERICA STATE OF MINNESOTA COUl'lTY 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 hawe been duly called for redemption, and to pay interest thereon at the rate of . per cent ( %) peJ 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}" 1972, and semiannu- ally thereafter on Jlanuary 1 and July 1 of each year, interest to maturity being repr~sented 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 American .atlor.-l Bli!nk . Trust Co-\pAny , in st. Paul ,Minnes~ta, 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 fqr 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:l " 'I Bonds of th~s issue maturing in the years 1973 through 1980 are payable Oil their respective maturity dates without option of prior payment. Bon~s having stated maturity dates in the years 1981 through 1992 aiPe each subject to redemption and prepayment at the option of the Viillage in inverse order of serial numbers on January 1, 1980, and any interest payment date thereafter, at par plus accrued'intere,st 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 publishe~ in a Minnesota city of the first class or its metropolitan area, :and to be mailed to the ~older 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. -IJ- . . This bond is'one of an issue in the aggregate principal amount of $1,220,DOO, all of like date and tenor except as to serial number, inter~st 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 Fuhd of the Village, but the Council is required by law to pay maturipg principal thereof and interest thereon out of any funds in the treasury if moneys on hand in said special fund are insufficient therefor. " ,I IT IS HEREBY, CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution II . . and laws of the StatF of Mlnnesota to be done, to eXlst, 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 t~ 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 asses~:ments and taxes are collFctible 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 princ~pal and interest respectively become due, and has appropriated th~ same to said fund, and additional ad valorem taxes may be levied upon all taxable property within the Village, if needed for such Rurpose, 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 ionstitutional or statutory limitation. . , 'I 'I IN WITNESS WHEREOF, the Village of Arden Hills, Ramsey County, Minnesota, 9Y its Village Council, has caused this bond to be executed in its behalf by the manual signature of its Mayor, attested by the fac~imile 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 exe9uted and authenticated by the facsimile sig- natures of said officers, and has dated thi9 bond as of January 1, 1972. . " , (Facsimile signature) Village Treasurer Mayor (Facsimile seal) -5- " . . 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 dat~ of delivery of and payment for'the bonds. (Facsimile signature) Village 'l'reasurer (Facsimile signature) Mayor 2.03 Interest on each bond to maturity shall be represented by a consecutively numbered set of interest coupons, printed in substantially the following form: , No. $ 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 , , the amount shown hereon in lawf~l money of the United states of America for interest then due on its Improvement Bond, Series 2, dated Janu- ary 1, 1972, No. (Facsimile signa~ure) Village Treasurer (Facsimile signature) Mayor -6- . 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 l,in the respective years and amounts stated below, and shall bear interest from date of issue until paid o'~ duly called for redemption at the respec- tive annual rates sta',ted opposite their matur~ty years: Interest Interest Year Amount Rate Year Amount Rate 1973 $60,000 4.;60'l' 1983 $60,000 S.l~ 1974 60,000 4~oO 1984 60,000 5.20 1975 60,000 4.60 1985 60,000 5.25 1976 60,000 4.60 1986 60,000 5.30 1977 60,000 4.60 1987 60,000 5.30 1978 60,000 4.(,0 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 intere~t on the bonds shall be.payable July 1, 1972, and semiannually thereafter on January 1 and'July 1 in each year. The pJ;'incioal, of and' interest on the bonds shall be payable at the Amel:.lcan Nat.lonaJ.. Bani\. So TrUllt Company in st. Paul , Minnesota, which is designated as paying agent, o~ in the event of its resignation, removal or ~ncapability 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 red~mptiondate. Not less than thirty days before the date specified for redemption of any ofithe 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 cinculates 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 pa~able, but published notice shall be effective -7- . . 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 tonds 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 sha L 1 bE' aff:i"xed 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 :;hall not be required to see to the application of the p~oceeds. I Section 4. Sinking 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 amenda,tory 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 acc~rding 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 imprivement, 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 i~provements 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 provisions 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 ~ollows: -8- Assessment Years Interest Collectible Rate Sanitary Sewer Improvement 9 $ Sanitary Sewer Improvement 10 Consolidated Sanitary Sewer Improvements 12 and 13 16.110.12 " Gray Fox Road Improvement 2.382.04 Red Pox Road Improve6ent 4.290,01 W.~.r I.prQvementa bb~2 & &8-3 15.u32.~2 " 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 ~ction or proceeding taken or to be taken by the Village or by th:~s Cooncil or by any of the Village 1 s officers or employees, eitherl in the making of such assessment or in the performance of any c'Ondition precedent thereto, the Village hereby covenants and agreeJ that it will forthwith do all such further acts and take all sJth further proceedings as shall be required by law to make such hssessment a valid and binding lien upon said property. 916.61 30.00 . Cone. 1972-1989 1972-1~9 1972-1990 197 2-l~0 1972-1 SliO 1912-]990 .07 .06 .07 .07 .07 .07 4.03 For the p~rpose of providing, together with estimated collections of said iispecial assessments, amount not less than 5% in excess of the amounts needed to meet when due the principal and interest paymen~s 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 Rroperty within the Village for the years and I ' in the amounts as follows: Levy Year Collection Year Levy Year Amount 1971 1'j72 1973 1974 1975 1976 1977 197e 1979 1980 1972 1913 1974 1975 1976 1977 1978 1979 1980 1961 $39.800 39.700 )9.500 39.400 39.100 39.100 38.900 38.eOO 30.f>OO 44.900 1961 1982 1ge3 1984 1985 1986 1907 n8B 19C9 1990 Collection Year 1982 1983 1984 1965 1986 1987 1988 1989 1990 1991 Amount $44.100 43.200 42.200 41.200 40, 100 39.100 43.300 41.900 41.500 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'l1 thereof shall be credited to the Improvement Bond Sinking Fund as provided in Section 4.01 hereof. It is ex- pressly recognized~hat the obligation of the Villag~ is not limited to the asse:'ssments heretofore levied and taxes herein levied and the ful~ faith, credit and taxing powers of the Vil- lage are hereby pledged to the payment of said bonds. . -9- . . Section 5. Certifications of Proceedings. 5.01 A certified copy ~f this resolution shall be filed with the County Auditor of Ramsey County, together ~ith 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 direct~d to prepare and furnish to the purchasers of the bonds, and to bond counsel, certified copies of all pro- ceedings and records rielating to the authorization and issuance of the bonds and such ,othep 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 Hender.on , and upon vote being taken I thereon, the followin~ voted in favor thereof: All and the following voted against the same: Hone I whereupon the resolut1:on was declared duly passed and adopted. -10-