HomeMy WebLinkAboutCC 08-04-1960•
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:�SIN-(TTiS UF SPEC�L NIE�TIT�G
COU1dCIL.OF. Tii� VILI�GE Gt� A�DEP� �IL�
Thursday, pugust 4, 1960
^1he meeting was called to order b�> Acting .�;ayor L'repeau at 8:12 P.Y.
Roll Call; Present - Crepeau, Kennedy, Stromqnist
Absent - Asnbach, Jones
Also presont - �;Ir. Peter Popovich, Fiscal Abenb; Pdr. V�lm.
Devitt, at,torney; i�`_r. V"lorth Read, Treasurer.
Six bids v�ere received i'or Sanitar� Sewer Improvement Bonds, Series B.
They were opened by Clerk Stromquist and read by Yr. Popovich, as attacned.
iv7r. i{ennedy rnoved t_ne adoption of the resolu�ion awarding the sale of
�400,000 Sanitary Sewer I:nprover.ient Bor.ds, Series B to Juran ar.d Iuioody.
Seconded by Stromquist. Carried.
BZr. �ennedy moved the adoption of t'r�e resolution auLi�.orizing the issuance
of Bonds to b,inanca Sanitary Sewer Improvement 3do. 2 and establishing the
form and terms of �p400,000 Sanitary Se�^rer Tmprovement Bonds, Series B.
Seconded 'c� Stromq�wist. Carried.
i�feeting adjourned at 9:20 P.iaS.
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cl-U`v�..9_.c-,.�v �i'� �GL^`.r>_Z, r-.yi..�L
LGRFtAIIdE B. STROP��QJIS'�, C erk
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! v' A?it�.C.FSi�.I/�
HOBEHT G. ASHE�9CH, iv'iayo'r
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Extract of Minutes oP Meeting
of Villsge Council
Village oP Arden Hills, Rsmsey Cotwty, Minnesota
August k� 1960
Pursuant to du� ca73 and notice thereof, e S�Ci21
meeting of the Council of the Village of Arden Hills� Minnesota, was held at
the Council Chambers in ihe Village Hell� 1u50 West Highway 96�.St. Pau1,
Minnesota, in said Village, on the 4th day of August, 1960, at 8:00 o'clock
P.M.� Centrtil Da,ylight Sevirtg Time.
The Yollowing Trustees were present: StrONtqlal9ks CYeAlBU. Kenll�dyo
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and the followin� vere stsent: Aal�i�ach �nd Jones
�t,r * -� �t � � �r *
The Clerk presented affidavits showing publ3cation of the notice of
sa2e of the Sanitary Sewer Improvement Bonds, Series B, in the amount oP
$�+OO�OOO in aceprdance with the resolution adopted .$Uly lI ___ � i96c.
Said affidttvits were examined, Yound sat3sfactory and ordered placed on file.
The Clerk reported that °�` sealed bids had been received
pursuant to said published notice of ca7.e, which bi&s were tiiereupon opened
anfl publicly read and considered, and the highest }j.nd best bid of each b,idde�•
was found to be as fo3lous:
�TFime of Bidder or
D9anager of Bidding Account
Jusan 8 l�body, inc.
Ka2man 6 Co.
.. J. Prescott 6� Co.
3a�n t�luv4sn �i Co , ,
���eaicsn Nrat2. 8ank
t�ans�heimer-Egan R �ca.
A
Interest Rate
or Rates
3. �0'1b 2�52 - 14�+7
3.9G'k� 1968 - 1971
4.00� 1q72 �:.1981
to�2/�fB � j�/:114�
H+at inttre$t 4.098�,
4.1� 'i96"2 • 19b9
4 . QC�d 197� - 1476
3aF��4 3.977 « .i981
�lu�{ 1.5G�S 1t3/3/6� to
��.1 �f
�iS4 1Ri6iWE'C 4. Z��
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Premiimm
None
$1G. i;U
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Name of Bidder or Znterest Rate
lAanaQor of Biddina rioco�nt or RaCos Premium
Piper. Jaffray 8 Hopwood 3.7Da 1962 -.1968 None
Al2ison-''i3lLiams Co. 4.00� 1969 - 1972
J. lt.. Dain E Go.. Snc.. 4.10g'� 1473 - 1981
Sampaiz 8 Egan. Tnc. Plus 1.8C$S 3/1/61
Caldw+tl2, Phillips Ca. to 2!1/62 '
Net interest 4:1643478�5
8arctts� Kindrod 8 Co.` 4.G4jY, 1962 - 1971 None
Channer Newman Securfties Co.. 4.10� 1972 - 1976
G .209d 1977 - 1981
Plus 1.$8� t4/�/6D to
8/1/drl
Nat intexest A:24347�
Pohl �. Company� Inc. 4.25� 1962 - 1981' None
Fax� Rausch & Cc�. Plus 1:75� 8,/1/60 ta
Robt. L. Conners 8, Co. 8/2/!zl
:�lalter, t�loady 8 Hgimerding�r Net 3nterest 4.+423913�
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Trustse Kennedy
and noved its adoption:
iutro�'uced the Pollowing resolution
�ESOLUT30N �1WARt�ING SALE OF `�400, 000
SAIVITr RY SEFlER L+IPROVI�T.Eh*i' BONDS,
SERI�S H
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BE IT R�OLVED by the Couneil of the Village of A.rden H312s, A9inne-
sota� that advertisement foz• bids for tne purchase oP w400}000 Ssnitsry Sewer
ImF�rcvPment Aonds, Series 3� has been d�aly publS.ehed and all bids received
pursuant thereto he.ve been,, op ene ar}d cp�.sidered, and the r<i�hest and best of
such k�ids �s h8t ,�p JUPar, �. Anpoc7� �
of -�L` au�, Fri.�i " a and sssociatec� to p rch�se the bon3s
at a nri�e c£ par and accraed interest plus a premium o' �: �``�" , the
bonds natw•3ng in the year.s set iorth beloF� to bear interest at the respec-
tive rates �:er snnwn set opposite sach maturity years� f.ro:n date of issue
until paid:
2�lttturity Yeare
1y52 - ? 9#i7
1955 - 1971
19a2 - 19�7.
Interesi: iiates
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'� . �G3�
3.Ru�
a. ot�
plus additional interest at the rate of �°�`� ° aer a�nu�n ori each bond Prom
[i��LT�JOP 1 ' 19 ��-'to F�bruar� 19 �<, 'Lo be rapreser.ted by
sepsz•a�e And detachable-''B° coupons. 3aid �id sha12 Ue �:3 is hereL-y accepted,
arid the idayor and V111a�e ^lerli are hereby authorized fortYnrzth to end.oz�e such
acceptance on s copy of said bid and retizrn the same to �4ifl bidd�r. Tt�e good
faith checl: furnished by the nur.etLaser 3ha7.J. be retni^ed penr�.ing d.elive.r.y of
the bonds and Fayment of the full purchase price thereoP� ex:d tne Clerlc shall
fo*thtaith return the c?�ecks oP other hidders.
The motion for the adoption of tYae Yore�oinb resolution was duly
seconded b,i ��Eak SfiTo��yti�.sC ��d upon vote bein�x tal:en thereon, the
£ollowing voted in favor thereo£: R1�
and the following zroted against the xame: iap(1�
whereupon said resolution �as declared duly passed an: ar3opted.
TYustee KetiPa�d�/ then introduced. the following resolution
and moved i�s edoption:
R�OLUTION Aifl'HORIZIPIG TfiE ISSUANCE QF EONP3S
TO FIIaAAICE 6ANITAP,Y SES�TE,H It�{PROVEMfui3T RTO. II
AND ESTABLIS„?TSNG Tf� FOFM AND TERN;6 OI' �4OO�OpO
SANTTARY 3Ek7r.R ��f'ROVEh1EP7T BOP731S� SE'tt IE� B
R� IT RESOLVED by tl�e Council of the Villege of Arden Hills� Minne-
80t&J 86 �'01�.Ov76: -
l. The 9illage has by resolution adogted b;� this Cnuncil on February
2tF, 1960, after notice and hearing as prescribed by law, ordered the construc-
tion of a 7oca1 improt�ement pursuant to and. in accordance with the provisions
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oi tti.nnesota Statutes, Cl'�p+�r !.2g, designeted as "Sanitary Se�rer Improvement
No. II", consisting oP the Iaying oi a sanitary sewer systen composed oP trunks
and 1e,terals, lii'1: stetio:is and Yorce mains, with connections to the sanitary
sewer system oF the Village of Itoseville, serving the aren proposed to be
assessed tkiereYor as described In said resolution. Cantracts have been duly
au�rded to �he lor�eat responci�le bi�zders, after advertiaement £or competitive
oids i:� the manner presexibed by lac�, for the construetion of said impr6vement,
and �n c+greement h�s been made end executed by Lhe Village oP Arden Hi11s with
the Vill�e o� Rose*rille, for the pc�,yment oP the cost of tY:e connection oP said
�y�tem �ritP� that of the Village of Roaeville, iahich agreev�ent ie, he:el�y ratiPied
3r.d ^onPirr.red. 7`t:e totel co3t oP the iraprovement is preeently estimated. at
�40U,UCo, ix,cliuiin contractc £or const:cuction at unit prices a�regating
�318,477, and ,��4s��� due and ga;,�sble ta the Villa�e o� Rcseville, computed
at ?�23; per. acre oY the`areu �erved by the ic�rove�eut and to be connected
thereby �-rith the Rosevi:Lle sewer syst¢m, and. including all other expeases
necessariiy incurre3 and to he inciirred frow the inception to the comcletion
of the improvement. I'b is r.ecessa�^y et this tise Yor the Viwlace to borrocr
tne sr�m of �400,000 to F.ay sueh coste, by the issuance of 3eneral obligr�,tion
improvement bonds pursuant to said Chaoter 42g. 3oncls in thi.s amount heve
been advertised snd eol3 at public sale, and it is nece;;sa��r to esta9lish a,
�and ior tae construction oY said inmrovement and to provide for the payment
of said bonds, snd oP any ad3it1onal oond.s nece3sa-y to he lssued. to Pinsnce
the completion of th.e improvement, out of the Sar_ita_+^�,/ Sewer Improaement Eond
$inicin� 'r'ur.d heretofore creabed, and to preseribe the to:Ma and teiRn3 �P the
bond.s, ¢11 in aecordsnce with said Chapter 429 snd rrith Minnesote Statutes,
5ection �75.61� and. the cont:rart entered. into with the bond purchaser.
2. There 4s her'eby created, and tbe Villa�e Tz•eAsurer sha11 here-
sfter maintain on the books �nd recorda of the Village, a seps�rate as:d ape-
eial f':tno, desi�nated as the"Sanitary Sewe� Inpr.wement Pic, II Ftznd"� to srhich
Pund t?:ere sha7.l be cred.ited tY:e enti:e t.roreeP.s af the c�ale of the improve-
ment bonds herein autl�orized� and from which there she,ll be paid r11 expenses
incurred a,nd to be incurre@ ir. the m.ekin� of Sariitazy Fevter I�:�provement No. II,
fr. o:n th� ir_ception to' the cocrsrletion tt-,ereaf, as sueh expe.-,ces are ir_curred
and ^llowed. Said �und. sha.71 ecntinue to �e *nainte�ined and shall be credited
with �he proc2eds of any �onds subsequently iesued For tile iinancing of said
improver:ent *_nt11 the cost thereof is paic� in fu]1, ircluding a11 interest
to accx•ue and all principal� if any, whic�; shall become due on sur.h bonds
prior to the completion and acceptance oPssaid improvement. Said fund sha11
also be credited with all collections o= the special assess��ents to be levied
as tierein provi3ed� rrior to the campletion oP saifl improvement and the pay-
ment of the cost thereof. Thereafter, said improvement Yund shall be dis-
contiaued. TY!e right is resex�.�ed, if s� balanee oY the proceeds of said
bonds should then remain therein, to tran$fsr tne same to �he Fur_d of ar;y
other sanitary sewer improvement subseqvently instituted p+.irsua.nt to said
Ci�e�tex� 42y; but a11 moneys not so transPerred, a.nd all subsec�uent collec-
tions of sxid easessments� shall be paid Ns received into the Sinking Fund
described below.
3. The Village has by reaolutien adopted iYovem�er 3, 195p� created
and a�reed tv c.air,te3n ac a ceparate Yud upon its books and records a Seni-
�Ce3.r�� Se-a=^ �rovement Bond. Sinking Eund, to be used solely for the pr�ymsnt
of 'the principal end interest on bonds issued. to.finance canitary sewer im-
provemenis under tY:e provisiors of sai3 Chapter ��2?. The bonds herein author-
ized are hereby ordered and directed to be paid out oP ss3d iund on a pc�rity
as te both p;incipgl and int�rest with tnose heretePore iss�:efl and made pay-
able Yrom �aid fune�, and each snd all oP the prwisions oY said. resolution of
November 3, lg5y, with refererce to trx administr.at3cn oi said iund and the
lesrr of texe:, an3 speoial assessments anc� tre•pied�e ef net sewer revenues
Yor it� support are hereby co.niirmed and deelared to be cover.anta and agree-
ments of the Villa�,oe �f Ar.�en E311s for the security oP tne bo�ds hezein
authori r.ed .
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4. It is conterr�lated that t;�e sprcial asseesment� to be levied
upon the aress assessaule witn res�:ect to 5anita?^y Sewer Smprovement iQo. II
will he 3n th� priae3pal a.^�our_t oP approximstely $.iv'J,DuC , and said
assess:nents shall be levied upon such properties in arr.ounts prop�rtionate
to aad not exceeding the speeial benefits to be derived by the reapective
properties �'rom seic i:cproveser�t. The E�illage hereby covenants a.nd e�rees
that upon or prior to tbe completion oP �aid impravemer.t, it will do snd
per£o�n a11 acts and things .neeessary Por the final �n3 velid levy oi said
specia.l assessmznts; that iP a�y aGsessmettt shall be at any time held in-
vali3� due to er�,y error, aefect or ir.re�ular.•ity in any action or proeeeding
taken or to be tssce±� b,y the Village or by this Council or b,y any of the Vil-
la�z`� ox'Ficers or explo,yees� either ira the ual=ing o? �uc'r� assessm2nts or in
the gerfor:naace oP any condition precedent thereto, the Villa�e a�n3 this
Cou.cii wil7. Yo^thzrSth de aL'. sucU further acta ay.& take :;.11 such further
proccedings as ray Ue reKuired by law to ma1�e said assessMents a valifl and
bindin� :�ieit upon �a3id pa•oper-ty; that said aes�3sments cYiaJ.l ba payablc in
twenty (20) equal., coY:secixt:i.ve, annual inatallmer.ta� the ii.rst oY aaid in-
stailmentc to 7�e blac�d on the tax rolls of tY:e y+ear 1?bl, collectiole in
the succced:in� year� and that deferred installments of said asseasments
s'k2:Ll'ucar interest rst the rate of Pive Fer cent (5;�} 1�r snni�rs. To the
first insi:�llr�ent sha11 be adde3 interest on the entire assesament �rom
the d,&te oi the resolution l�ti fing tfle sam� to i�ecer.iber 31 0£ i;he yea.r in
which the first installment is payable. To each sub3equent instal7ment
� w'r.en d.ue si�ail be ad.ded ir.terest Pcr cne ye�.r oa all unFaid inetallr,ients.
It i� estimoted that said instalLnents of. principal and interest will be
receiced ;n tt!e yea.rs 6,nd ir. ar�ounts ��:fficient to prodvice sums s�bstan-
tially more tnan five per cent (556) in excess of the 8nnual principel and
interest t,uytae.nts due o�� the honde heretcPo�e scld isr.d pre,sently tc� i�e
issued. 7^x:e ri�Zht is reserve3� nowever, to provide for the payreent oP a
uor�ion o� �h� cost oP said i;tmrovemen�t hy the levy oP ad va7_orem taxes
upon al]. taxab.le property within ths �lillage, in lieu of the levy of spe-
cial assess;r�nt�; and in such event the Village covenants and agrees theat
the spe.cie�l assessments will in a�y case be le*�ied in r�o�int suffi�i�nt
to �ay not less than twenty pe: cent (2l'iy;) oi tiie cost oz" ti�e improvement�
ar.d that the taxzs will qe levied for the years and in ar,�ounts such as to
pcoduc�, tc�ether �aith t:te �o1l.ectiona oP the special ��sessMents, and of
the net se:�er rev�nue aproropriated to the 3inking Fund by eaid r.esolution
of Nove�ber 3a �959, swcs suSficient to pay the princip:�.7. a:nd intereat when
due on all bon3s iesued with respect to the improvement, and to provide the
fi��e per cent (j�) excess.r.equired by M3nr.esota Statutesa Section �+75•61.
Ho,sever, tl:e full Paith and credit of the Village shall be an�i are hereby
irrevo�ably pled�ed Por t!1e prompt and fu31 :p&ytnent of the principal oP
and inter.est on all Uonds issued with respect to Sanitary Sewer Improve-
ment No. II� :nd fo: the ].evy c.nx collection oP ar.y additio::al ta�ces re-
quired for such purpose, i� acco.rdance with the provisions of said reso-
lution oP tdovemher 3, 1.95y:
� 5• �o.r the purpose oY paying the_cost of said ir�provement� an3
3n anticirat�on of the collection of said speciel assessments, te.xee an8
net sewer revenues, tite Villuge shall ioxthwith isau� its i.egotiable general
obli.�;ation bonds to he desi�neted as Sanitar.7 Sewer Improveznent 3onds,
Seri..^.s Il� in the aggre�ate g:incipal amount oP .�ry400�000, dated es of August
1, ].�0. S�id bonds shall we 40p 3n munbe: and nvmbPred from 1 to 400� in-
clusire� eact4 in the deroninatic,:, of �1,�CO3 and s�iall ;,ia$ure serially in
the a�ount oP $20,�00 on Au�;ust 1 in each of the years 19C2 through 1981.
Epnds n•ar.�bered 1 throea�� 2C?0 s'inll be pgyable at `.he3r resnecti�re stated
� matur.3ty dates w3t2out option of prior payment, b�at thosa numbered 201
throu�;i� 4Gp st.r�,ll `�e eaet. suoject to rede;m�t3o,i 2-ui pre_�a.yn?ent at tne
option of the Vil].age on P.ugust 1, 1965, and any inter.est �a,vment date
there�ter, et a price of par and sccrued interest plus a premitun oY �20
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Poz• eac}t band pre�id Gn ar b�Pore Februnry 1, 1g70� ertd Ni�baut premitia 3P
pre�3d aa or aPCar Au�ust 1, 1g70F providc� that oP �he pt•Qpqyeb3.e bonda
at arry tiisc outc�'Canfling, thqs�C bearin� t�c hi�tieDt aoupon ra7x3 shal]. 'be px^e-
pai& Ylrst, 3n fnversa order of their aeri[i1 ne�mbero. FT.a-L leas than thir�y
d�y� prior to the dste,�peciFieB for reflC-`�ption oS ax�.y OP wai@ bonfto �he
VA71.,.�e 7.'resmurer sksail sasil no2ice of the call �her�nf to tha bank et whieh
priZcigal and iatereot `are ttien payra�2e and to the halderJ i.f k-ciar�n� or cncs
bon3 to be grepaid, ¢n� s�id Trena�urer st�7.l main�ain a record oY the na�ea
and ndc3raoaea of tche ho�derc o� �re�v;�ablo honds of �aid iBuue ep iar as
said infonr,rstion is rca,tle ovaiZable to him, for the purpoae oY �ailing said
r.oticeM. T'ne 6onda of ��ic� "scsue Uearing the rospecti�re neriol nt:.�noers
4nd �^.turin� in the reopective yeara set forth below' oha11 boar intere�t
at tne cnnual r4te� eeb fortH agposite said �turity years dr,ii serial pun-
bers:
��.turxty Yea,rs
I��" � ir'a7
? ;"Gs a ?.;�71
tq�� ., ;,o�v_
Ser. iel P:umbera
lvl.�+�
? `?i = ?CCJ
?.:.° � v�L�
Interest Rate�,
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eLt���
P�ca,et� af said bonds aAa11 b�ex interest at tk.e adfllLi.d7r�.1. r�te of lo`.���: fl
per �nnum rrom U:`.u:x1� Z , 19;��i to L=eh�°�r,::1 � ,
1?i� , to be evidenced �y e separete se� oi in4;erest coupana desi�st�d
na�" coupo��s. Interea8 on stt93 bonds sha.11 be ppysbie Au�ur.t 1, 3.951.,
enQ ser�ionnually thereaC'ter on February 1 arrl Au,r,ust 1 of eucr year. Both ,
nrwtr.c3rq,a�q]yn-ici i1nterest sP�all Ue ru:ytahle at 'ii:� r:; ��,��C.L�.�iYI iti�t'��et0��i�a:{a}�� ���s,�
�J ,-�4:J.OL�V Ltf��11 ' i� ri O 0�49�Li.�p C �� �� L. 1,�� ly�i ~��
anu tlie V�17c�o hereby s;mee� �o pE,y the rersorahle end custem�*R,� eLar�e*�
oP ca2r� p;..�-ing a�ent far tYre rece�gt t��tcl 9i�bursener;t t':creo�'.
�. Snid ir�prdva:^ent kranc�s an� the coupons eppczt¢inin� thersto
Gh��7. t}o �ri sUbS'�AntiQl7y `G?'te tallrnrinr form:.
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vrn�� sxa� o� �.�icA
STA2'L OP ;1IPR4f.+ki0?'A
CQLTDPPY OF RAt"6T��.i`
Vd..�ut"�+ �l1 (Ii��AT :1J.J+iN
sAtvz�:� �r s?;�,� ir���ev�t�r� ac�in
S�RIE`i kS
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t^o1, Q00
h?iC?7 A_LI, t[EN t3Y ��SL PrES�3Tu t�at ihe Vi13¢�e �.^. Arden t�ills, a
duly or�ized municipml. corporation of E�mse-,� Crn;nLyl A?innesota, acknowl-
edgee it�oli' to be indebted :nd for value rec�i.-ed �r�nis6� to ;��y to
bear�� t*,� �um oP OI� THOC6SI�.I�7) �G�LLAP3 on th3 lst da,y o� P,��:st, 19 , or�
iF this oond ia prepsynble as atated he1oN, on a 8ate prior tYiere�o o!s whicla
it csi.all L,�ve '.^�en duZy ca13.�d Por reclaaptiar.� 8nd to pay interest thereon
st the =.utr. of gar cerat (�__�,) per ann�
fra�n c�ae clr.cte hereof urtil paid or until this bond� iP pi•epz9;�ai>le� i�as beEn
duly ctsl?...�+d for redempt3on, p�uc additiorml inter2st on ca.id principai cuce
at the ��ate of per cent { ;�,) Per
annvra� fraa �, lq to , 1.g
Sai3 intere3t ie payable Au�ust 1, 1�, an3 se�ianually therea�'ter ori thc
l�t day oP February tuici the lstr �ay oP August, interattt �a ma�urity bain6
payeble in accordn.nce witiz an3 upon presentstion sn:4 surre%�'er oP the inte*-
est con,on, a�purtenant n�xei:or'con�iating of one set of co-smons represent-
ir.g ir,tcres� fra� date oP 3eat;s ta wFsturity �.� the be�ie r¢ss^e atate3 above,
r3nd a�ep�.rate set designated ao "Ii" coupona, representin� :interr.st a4 th�
additior:t�.t re�te and for tY.e licited pe�iocl stmted nbove. P�tY� rrl:nc3pal
en� i-.-cer¢�t arc payable at
._.�� in .�._..__ __ _..,; t� ��
coin cr cv:-renef �f the ih;i. ��d �ta�es of r�?'ET'�C8 tT�31Cti1 0:�� t:n re^; e�tiwe
dates oi i.ayr�ent is legal tendar Por Zr1*rate and �uhlic debt^. rar t?ie
pro�t 2tv-� Pu11 p�yr.ent of aLch prine2Fa1 anct intere9i n3 t.�e sace �eca:^e
due t.ie ;.u11 faith, cre8it a;,3 texi:n� nowere aF the Vil1a� ere iiereb,y
irra•rocably ple���ed.
i'r.is bond. is one oP a serias in �he ¢�,,re�ate pz'i.ncipal aMount
oP ��:OO,CO�, e11 oY li?ce date and tehor exee�t as to serie2 m�nber� inter-
est �at�, :r,�turity and r.ade�t5on rorivilege, isc�u2d Por the �ur�:ose oP de-
Prayin� exnensea Sncurred and to be 3neurreci in r_or�atruatior_ 04 an lmprove-
¢ent deo3�-�ated as "Sanitai^y uewer 7xa�rovc:�ent i�o. II" oi �he 9i11aGe of
Arden IIllla, anfl is isaued pursueant to and 3n iull can�'or!ni.ty wYth re�oiu-
�ione duly a�3opted by the V31�a�e Co�cil ai"ter Leerin�; as requi+^ed hy leer
nod pw^suont to [znd in fu1:L conformity.uith the Constitutiar� and 1¢we oP
tLe a�ste oi T?inne9otu thereunto enahll�a�, inclvdin� i�91;1nesota Rtatiates,
Ch�.�ter 429. Th1s band 1s p�y&ble prtsrui.*ily Prom the 5ani$a*y Sec�rer im-
prnv�ent Pand Sinhing Fund oi the Villqge, but tho +:ovncil is reouired
to pqy the principel and intereat tl�ereoi out oP any 4wx3s in the treas�ry
in the event tt�at tha :apnt�ys on han.9 �n said ?und ere at �.�y time ineuFfi-
cie:lt �to caeet the pe,yment o.0 msaturi:�„ princapal and interest.
Bonds oP thi� �eries hea:in� �e�ial nut�be:�s 1 through 200 (�vatur-
in,s in -c:ze years 1962 tf++^ov;n 1ry71) a^e nGyaUle at tneir ��esFective sEated.
r.uii1:urity dutes wiLhout ontion o� prior pnyh�nE, but thoso bearing 9�rie,].
mvm3�e;:c 2i;1 ttirou�h 1tQ0 (�.:.�.4uri.7n in �ChQ yrn^� 1972 th•-ou�-t+. 1;�33 ) are each
aub,yeet �to redemption and pre�nrs�nt at tha option oP t?te Villa�e on .�u�ez3t
1, 1�'65� a-!d any int�rest ��r,�en� 3ate thn_�^ea4ter, at a�,^�ce oP ;s- ttn�
ace_^uefl in�e�est plue e premiun o£ �20 Por each �ond prepaid on ar `�efore
Februa:^y 1, 1)'70, an3 withoui p:aNium iP prn,aid or U'_ &�f.cir. August lr 1970;
provicled that oY the p±�e�myable bonda at atty ti�ce ou�stn�td{n�, those 5ea�t_n�,
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the iii�i�e�t caugos3 �ste tri11 be �r��aid fir�t, in inve.r�e order o� tkaeir
�e;ie.1 nu.n•.c»ra, `1`bg Vi110�e erlll mail nfltiCe 6P the ce11 Of &tZy Of a&1d
bondfl fa:- redem�tion, notI�� lesc ttiaa thi�y days prYor to the �te specifiec?
Por :>e�e!�L•�qn, to tY.s ha�.der, if knawns ab$ to the traiiic a,t wZiich xrin�3pa].
an3 in�erast are then �ay�L�e. Ho19.ers oP gra�ayable lionda �e�irin� to rz-
ce3re sucn r,otice mey re,r*,�.s�2>_� their numos a:,d aHdr.:ssss �r.�, ti:e sex°i�l
n•,xm��ars af their bonds witis ti�e VAllage Treasurer.
Ii T� �� Y C�° � r,13� RECI`1'E11� C�VETiA�U 1�ii�7 1iG£�L''�3 tlu�t all
aeLr, r.onaitione ar.cl thin,,;, re��xirec�. by the Con3titLiti6n ..i:d ].arrs aP tk�e
State ci t�J3,nnesota to be �nne, �o e:.lo�� to hspven s�zd to bc perPoz�e� preW
liznine_N;s tR anr� ir. tf;e is��:enr.e oi' thi.s Dond i� or�er to r.�s:e it e va3.id
an�i b:ta��:�n� �enez�ai oblifr$tian of seid ViZl�e mccordira;; ta its tcrms �Qve
been dat.e, cio ex3et, ne�re±l aa�,�er.ed a.nd h.ave �vs=n ,�,�z•Po�3 as sa re�•�i:e�;
tt:ai; the V�,1la�re hus du3y dete?.�»ined the neceseity en'1 co�tracte3 fnr the
corc,t.:cuct.c,.�: of cai�i imnt�-retaen€; t�:at tY= S�.^it�ry ;e:.scA- Ic.�.;-�t•ove:�eni ae:3
5in7;ir+; E'ti::3, h�zu been duly created a�d provision macie for ti�e 3umport tr.�:a-
oP i�y cFeci�I 4s,^e�sc,ents�'� to �:4 l�vie3 *�rith res�ceat to #.'-� i.n!.7�re•rEment
Yina::eed by ��sid bards, an3 by the pled�e to aaid i'ui�M�of r+�t x�venaes tQ
be derivec2 fr.azi tt+.e oper�,tion qf thE r�imicipal ea�rer cyGtes�, to Le coliected.
anr? credit�ct tp said f�an�' �.i the times requix e�, ai3d in "a�re�ate e�:�ourts nai
lesa t;�,an fiva �x�r ceni (��) in exce�a of sums suffici¢nt i:� r�.y tiie intvrest
herAozz .^n1 the prineipal '�>ea•eof sa t?Fey respec�Livel� �eco�� dne, and ad valore:.2
taxo3, iT nee�d Por saic� pv;^pose, mey be and sre ^equ3^ed by law to �e lev�ecl
u�;on a:_1 ia.�-able �raroert;�i iY� the Vi11a{;e, *�3tlaout li�itacio�. �s �io :-�.te or
ta�iot�*.t; tY�t saYd �le3�e ,�f net revenues o� the :�ewe�^ sfcte^ co:�stit:�tes a
first I3eir an� enar�e tYi�ean� i�� favor of the holders oi the uonds of this
iss�e ar�d oi' a]1 outstanclan� and future icsues of �;�ne:e7 o'sli�:t+on :irxprav�••
men� �onw� pEyable and tq' Le _�aQe �ayable �ro.n said 3iri'�:La�; i'�u:d upon the
co* �itwone �nd uua,;ect ta tt e ii��'itaE3ons set �'az�r� �n �hr r^�nl � ti�-± cres.t3.n�
sQirl Si�l,�:n� Fun3� datad �3o»e���ei• 3, 3;5?; and ti:at t;�� i� sercc bf tai� aan�.
did *<at eQuc� tsie ia�erte�.�:_s:a or sai� Villa�re ca ex:e�d ar�;- :onat:t�aU:.orutl
or strzt�x�o';�+J limita�ion, P'
i1 WI^iv'&'�3.. t?Iii;��'iCG� t�s Villa�e eaP l�rden H32..7.b� �ur:�sey Cau,�i.y,
Nii:u;e^,oi:�, by ita `�fillagfl' Cou�:c'il� i�ae cs��acsd ��:ia uon� to "c�y c: :cu�:ed in
its bet�ul�' k�y the s:i,�siatii.�e o' its I�or, co�xnter�i�r,�.�?l b;r it� �lille.�;�
G'IC'I'i'� FITI� EC'.13.6Ca. ?i�C+�: j.v6 di�iiCfBi 9E'.2` i� &fl(� 't�12 11 L@I'8uL ('O:l�"iUTl6 9.7j'pUr'"..L'�-
na:rt he+�eto �o be execu`�1 m±zd �=ithenticated "oy zhe Facsi*:i,i.�� cibnat:z�*-ea o£
r +y �•�l � r a, ,'_ �, � � �,
seicl O_"z1c4.G� an�3 .a� atsc.i. �t;•is bonl to :�e <lai.v_ ..:sue" ..L;,as�.._� i)J�...
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i.`OtL*31i2?'£�.(s:it'd2 . � �'.�'.Y'OI' ,
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Yi],].A�a Clerk I � ��
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i�3..1.3.ST �'iE111E� {.'Utlri�.:`y'� ,'1�.'IpCE£:O'�ft� Y.ji]. pAy' tA i�E&Y'�Y' 8'�".
T---- IS � . . J I77 � � . �
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J'�8't;Cw 01".r_^,1CTj.^.$'�O: :�.Tk'I;C'-!:;.,i:'�:L':i]. l.•Jn �1'. 7.�C ��E.iej.'L$Tj {e� .�_)•}.''T_'QS'£:.iGiA't�
Bon:::, L�er3.e� B, cltsted. l,u.�lz:�t i, 1�60� P;o.
{t'r�eslmi]e si��tu±,e} � . (Facsi.mi�c ci;:�ati,:x•e}
V121a�e Cl�rii �';�yrn�
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(Goupons nwnt+cred 10 arn3 upwarct�, �ttachecl tp bor_�s nw�3rered
�1 ane2 upwtsr�l3, �lutli a3so 3nclusie th� phra�e: "IInlese the
bcmcl descri3ed';2seLour fs ec�l].ed �'c�r esr}�ier re3er;nti�n". }
;:'o_n o� C�apon)
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- 7. Sa+id honds sha11 'he prepared under the d.3rection oP ti�e Vil].a;ge
Cl�: X a�d uha1,1 bw execnte�3 an k�ehel�' of the �illc�e by the sig�atizre �f t!�
Mnyor,: co•an�ereigned`by the Village CAerk, o;nd the eorpor�te seal of the Vi1-
lage shal.i be aPi'ixed thereto, and the apgurtenant int�erest.eou�s shall he
executecl av�rd aiatFienticatad 1i;,u thv �irinted; engravee}; or iitY�o���ta�d Ya�simile
sip,aa�iu.ee .oP said Meyo� arxi Clerk. When t�aici bct;�de hrave b�en �o e�ecu�Ged
an� ybiit�nticeted tlley s3rrm11 be delivrred b� t�e 'is+eassu:��r tc� �Ek.e p�trEkxas�r '
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t1ie��enL', u�,on pnyitient of tY.e �siirci?ase pr3ce laer¢to�'ore a�reel upon rixid �gld '
�iurc:za+�ex �':�.11 not be obli�� to s�e �4o the ag��lieataort thsraoP.
8. Tk:e ;�ill�ge C1�iK 13 Ydere3;� authorl2ed asasi uireetec�, to file a
certi#'�ed co�y oP th3s resa�ution r�3th t�e County Audit.or uY :�a�ne¢� ��nty;
to�e.3her �r'tR sur•h ott�e�• -infor*�2tion es he �:�t�11 requ3re, azid to obtain from
sa3d Cc;antJ Au33t�r a c��`Li�3cate bk:a*� eeid *b�d� hava� l�aer.,.ntex^�c3 `�s° his
bon¢i �^e�isu�r. _
q. ?'i,e offiEerr� o� the Viila�e an�: 'Che Got;saty Ai.�itor. �' �ams�y
CotuA�:�* gr n�•r•n��y e�thorisect �:nd siret'ted to gre�sre a�d, fus•�ish to t�e _
��urr�E��er of scei3 bexids &nc�.-to tine ettorneye apxz•av3n� ine I�ga'lity of the
ie�u�c�e triez�of certi3P,ied copies of a13 Frocee�iit�gs and r�c�rds re"l�in�
to �ic? .boi�;ls an3 �o '��ie xiz�,nc3a1. afPairs OP sa3fl V'illa�;e, and ��tci>; ot13e�
af�'S.�avl�a� certificates aFui infosroation as may be xesnsire�, to sY� �iae
PB.ete x•�l�ting to the 3sgality �ncl �!�rke�SebilYt� o� said borcls a� the sam.e
apueni� .�ro�a the taoo3�s end F ee��cte uride�' the3r c�stal3r" anet eor.�trol o� ss
o�5herwi� k�rn.�n to ther.�, aud s��ch ::Er.ti:i#c�:tes, ce;-ti.PS.e� capf�b ar,d eirf3-
da;r;i'�,rwa, an�lu�tn�'xr�.:-.�x�etoiore f'��riai.^,hed, shalZ �e °3es�ed represen",�n.'�ion� ,
of i�Y�e Vi?1a�e aa t� $he eor€ect:,es9 af ail ati�em� $s cot4f�ined tl�erein.
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Attest: `� c�=
�� ,C?.er�s
ri'he �uio� for the adoni;ion of the Scregoin� re�o:�ition "Aa�: iiuiy
sercaar3�a :.�y� �:x�l�k ���4;ax;li:.5t , and u�on vui4 bei� �Ls1;� ta�.�reoti; tYie
. �QI.�S7k":L?1g v3'�Ct�.�. 7.:i �(SVi3i tY;E'.3'P.Ci': � �S.I..J. . . : . � . . .
cu�fl cY:� f�:=1�wrYaig ��o'terl agsi^.c;� the sa.*ae�: AiG3t�
u�here:�;on s�i,: rf�o3ii�:i�n «o.s declare3 eluly passed nn� ac�opted
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STATE OF MIICN�SOTp)
) cc
COIJIv�TY OF RAP�iSEY )
I, the undersi�r:ed, being the duly qualified and acting C.lerk oY
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Augu:,�, 19EU.
.�i q��'"�
'�22 A.-C�.'U: '_JLfO'J'�'.Li"-t.t�.c.��,
Villa�e Clerk /;
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(SEALj
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the Villa;;e oi Arden Hil�s� ?�:msey Colmty, iFinnescta, hereb� certiPy that T
have compared the attached as�d foresoing zaith the ori�inal tnereof on file
ar.3 of �cord. ir, m3 oP�'ice a:� find the care� to be a fulli true a.nd correct
tranac.•ii�t oP the minutes e£ a��eting o_' the ViJ.lage Cou;.cil of saicl Vi]_-
lage di�ly called and held on th� date therein indicated, ;o far as sucn
mYnutes reiate to $400�000 Sanitary Sewer Improvenen� i3ond.s, Se-ries S, oi
sa,id Vil].wge, rand that each o�' the resolutions co»tained �herein is a full�
true and coxrect copy of tLe original thereof.
�dITI�iE"uS my nand and 'r,he aeal o£ said Vi17.aGe this �i day of