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HomeMy WebLinkAboutCC 07-20-1961 ........- ~ .' , , . Extract of Minutes of Meeting of ViJ.J.age Council Village of Arden Hills, Ramsey County, Minnesota: July 20, 1961 Pursuant to due call and notice thereof, a spec:ial meeting of the Council of the Village of Arden Hills, Minnesota, was held at the Council ~ bers in the Village Hall, 1450 West Highwa;y 96, in the Village, on the 20th da;y of July, 1961, at 7:30 o'clock P.M. The following Trustees were present: Kennedy and 01men Stromquist. Crepeau, and the following were absent: Mayor Ashbach * * * * * * * * * The Clerk presented affidavits showing publication of the notice of sale . of the Street Improvement Bonds, Series B, in the amount of $420,000 in accordance with the resolution adopted June 26, 1961. Said affidavits were examined, found satisfactory and ordered placed on file. The Clerk reported that four sealed bids had been received pursuant to said published notice of sale, which bids were thereupon opened and publicly read and considered, and the highest and best bid of each bidder was found to be as fol- lows: Name of Bidder or Manager of Bidding Account Interest Rate or Rates Premium Juran & Moody, Inc. Kalman & Co., Inc. E.J. Prescott Co. 3. 00"~ 1963 3.25% 1964 3.50% 1965 3.80% 1966..1967 3.90% 1968 4.00% 1969 .. 1972 Plus 2% 9/1/61 to 8/1/62 4.14321% Net interest 3.40% 1963 . 1964 3.80% 1965 .. 1966 4.00% 1967 - 1972 Plus 2% 9/16/61 to 8/1/62 4.19255% Net interest Par ~ Piper, Jaffray & HopwoOd Allison.Williams Co. J.M. Dain & Co., Inc. Caldwell..Phillips, Inc. Sampair & Egan, Inc. Par -1- . . . Name of Bidder or ManaQer of Biddino Account John Nuveen & Co. American National Bank Mannheimer Egan, Inc. H. E. Wood, !neo ' Interest Rate or Rates Prel!lium 3.50% 1963 . 1964 Par ~ 3.90%)965 .1,968 4.00% 1969 . 1910 4.10% 1971 . 1972 Plus 1.40% 10/16/61 to 2/1/63 4.:M02% Net Interest 4.20% 1963., 1972 Par P1usl.80%. 9/l/6-1to 8/1/62 4 . 44!l74% N~"tI'nterut Barcus, Kindred & Company Channel' Newman Securities Co. . . . ~ Member 01men introduced the following resolution and moved i tll adop- tion: RESOLUTION AWARDING SALE OF $420,000 STREElr IMPROVEMEl'll:! BONDS, SERIES B BE IT RESOLVED by the. Council of the Village of Arden Hills, Minnesota, that advertisement for bids for the purchase of $420,000 Street Improvement Bonds, Series B, has been duly published and all bids received pursuant thereto have been publicly opened and considered, and the highest and best of such bids is that of Juran & Moody ,of St. Pau I, Minn. ,and associates, to purchase the bonds at a price of par and accrued interest plus a premiUlll of ~. 00 ,the bonds maturing in the years set forth below to bear interest at the respective rates per 81lllUlll set opposite such maturity years, from date of issue until paid: Maturity Years Interest Rates 1963 3.00% 1964 3.25% 1965 3.5~b 1966 . 1967 3.80% 1968 3.90% 1969 . 1972 4.00% and all of the bonds to bear additional interest at the rate 01'2.00')1; per annUlll from Septeml;ler ,11961 toAugust 1 ,1$62, to be represented by separate and detachable "B" coupons. Said bid shaJ.l be and is hereby accepted, and the Mayor and Village Clerk are hereby authorized forthwith to endorse such acceptance on a copy of the bid and return the same to said bidder. The good faith check furnished by the purchaser shall be retained pending delivery of the bonds and payment of the full purchase :price thereof, and the Clerk shaJ.l return the checks of other bidders. The motion for the adoption of the foregoing resolution was duly seconded by Member Kennedy, and upon vote being taken thereon, the following voted in favor thereof: All and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. Member Kennedy then introduced the following resolution and moved its adoption: RESOLUTION AUl'HORIZIllG THE ISSUANCE OF $420,000 STREET IMPROVEMENT BONDS, SERIES B, AND ESTABLISHING THE FORM AND TERMS THEREOF BE IT RESOLVED by the Council of the Village of Arden Hills, Minnesota, as follows: 1. By resolution adopted June 20, 1961, the Council has ordered the con- struction of Street Improvements numbered 3, 4 and 5, and has contracted for the con- struction thereof, pursuant to hearings duly held upon published notice and advertise- ment for bids duly published in accordance with the prOvisions of Minnesota Statutes, Chapter 429; said improvements consisting of the grading and surfacing of village streets and construction of stann sewers necessary and incidental thereto, as de- scribed in the notice of the hearings held on the improvements, published in the Rose -2- . Tribune on May 25 and June 1, 1961, and in the plans and specifications approved for the improvements which are now on file in the oITice of the Village Clerk. There is hereby created a special fund. of the Village to be designated as the 1961 street Im- provement Fund, and to be maintained by the Treasurer separate from all other Village funds. The proceeds of the sale of the bonds herein authorized and all special assessments and taxes to be levied for the improvements as herein provided shall be paid into this fund, and it shall be used solely to defray expenses of the improve- ments and to pay the principal and interest due on such bonds until the improve- ments have been completed and all costs thereof have been paid. Thereupon this fund shall be discontinued, and any balance of the proceeds of' the bonds remaining there- in may be transferred by the Council to the fund of any other improvement instituted pursuant to said Chapter 429. All moneys not so transf'erred and all subsequent col- lections of speciaJ. assessments and taxes levied f'or these improvements shall be credited and paid into the street Improvement Bond Sinking Fund created by ,resolution adopted March 22, 1961, entitled "RESOLUTION CREATING STREEl' IMPROVEt4ENT BOND SINJaNG FUND, AUTHORIZING THE ISSUANCE OF STREElr IMPROVEMENT BOJ'.'DS, AND ESTABLISHING THE FORM AI'ID TERMS OF SERIES A OF SUCH BONffi IN THE AMOUNT OF $37,000", which resolution is by reference incorporated herein and made a part hereof, and the bonds herein authorized, and interest thereon, shaJ.l be paid from and. secured by that Sinking Fund and by aJ.l the covenants contained in said resolution, on a parity in all respects with the bonds authorized by that resolution. ' f 2. It is contemplated that special assessments will be levied for the pay- . ment of the cost of Street Improvements numbered 3, 4 and 5, upon properties assess- , able therefora~s_~described~_in_j;he resol'\It;ion ordering the improvements, in the aggre- 'l,o ....---gateprmc:Lpal amount of appro)(";';;;;'tel~~i5,OOQ} P,!lYable in ten (10) annual install- t . ments to be spread on the tax rolls of t e years 1961 through 1970 if' possible, or 31\ otherwise on the tax rolls of the years 1962 through 1971, with interest on instaJ.1- ments from time to time unpaid at the rate of 5% per annum, calculated as provided in Minnesota Statutes 1957, Section 429.061. For the purpose of' producing, together with the collections of' such special assessments, sums not less than 5% in excess of' the principal and interest annually becoming due on the bonds herein authorized, there is hereby levied upon all taxable property within the corporate limits of' the Village of' Arden Hills, and appropriated to the Sinking Fund above described, a dir- ect, annual, ad vaJ.orem tax to be spread upon the tax rolls of the Village in the years and in the amounts stated below, f'or collection by the County Treasurer in the respective ensuing years: Year Amount Year Amount . 1961 $25,000 1967 $14,000 1962 13,500 1968 14,000 1963 14,000 1969 13,500 1964 14,000 1970 13,500 1965 14,000 1971 34,500 1966 14,000 :!,~f....J 1'6'1 ~. oll These levies shaJ.1 be irrepealable as long as any of' the bonds payab1e'from the Sink- ing Fund are outstanding and unpaid, except as the same may be reduced from year to year in the manner and subject to the conditions stated in Minnesota Statutes 1957, Section 475.61. In the event that the speciaJ. assessments actually levied with re- spect to the improvements should be in an aggregate principal amount less than that herein estimated, it is covenanted and agreed that an additional tax will be levied f'or the years and in amounts sufficient f'or compliance with Section 1.75.61.; 3. For the purpose of paying the cost of the improvements described above, and in anticipation of' the collection of' the special assessments and taxes described above, the Village shall forthwith issue its negotiable general obligation bonds to be designated as Street Improvement Bonds, Series B, in the aggregate principaJ. emount of' $420,000, dated as of August 1, 1961. Said bonds shall be 420 in number and numbered from 1 to 420, inclusive, each in the denomination of' $1,000, and shall mature serially on August 1 in the amount of $40,000 in each of the years 1963 to -3- . . . . 1971, inclusive, and $60,000 in 1972. The bands numbered 1 through 240 sha.ll be pa;y- able at their respective stated maturity dates without option of prior pa;yment, but those numbered 241 through 420 sha.ll be each subject to redemption and prepe;YlIllmt at the option of the Village on August 1, 1966,and any interest :pa;yment date thereafter, at pax and accrued interest; provided that of the prepa;yable bonds at any time out- stanning, those beaxing the highest coupon rate 1;lhalJ. be prepaid first, in inverse order of their serial numbers. Not less than thirty ~s prior to the date specified for redemption of any of the bonds the Village Treasurer sha.ll mail notice of the call thereof to the bank at which principal and interest axe then pa;yable and to the holders, if known, of each bond to be prepaid, and the Treasurer shaJ.1 maintain a record of the names and addresses of the holders of preI>8;Yable bonds of the issue sO fax as such information is made aVailable to him, for the J?1ll'l?ose of mailing such notices. The bonds beaxing the respective serial numbers and maturing in the respec- tive Yeaxs .set forth below, shall beax interest at the annual rates set forth oppo- site their maturity yeaxs and serial numbers: Maturity Yeaxs 1963 1964 1965 1966 - 1967 1968 1969 .. 1972 Interest Rates 3.UU{6 3.25% 3.50% 3.80% 3.90"t6 4.00% Serial Numbers 1 .. 4U 41 - 80 81 .. 120 121 .. 200 201 .. 240 241 .. 400 Each of the bonds shall beax interest at the additional rate of 2. 00% per annum from September l 1961 toAugust 1 ,1962, 1;0 be evidenced by a sepaxate set of interest coupons designated as "B" coupons. Interest on the bonds shall be ~ble August 1, 1962, and semiannually thereafter on February 1 and August 1 of each yeax. Both principaJ. and interest shall be I>8;Yable at Fidelity Bank and Trust Co. , in Minneapolis, Minn. ,and the Village hereby agrees to pa;y the reasonable and customary charges of the pa;ying agent for the re- ceipt and disbursement thereof. 4. The bonds and the coupons appertaining thereto shaJ.1 be in substantial- ly the following form: tJL4.. ~. -4- . . . 5. '!'he bonds shall be prepared for execu:tion under the direction of the Village Clerk and shall be executed on behalf of the Village by the signature of the ~or, coUIrtersigned by the Village Clerk, and the corporate seal of the Village shall be affixed thereto, and the appurtenant interest coupons shaJ.l be executed and authen- ticated by the printed, engraved or lithographed facsimile signatures of said Mayor and Clerk. When the bonds have been so executed and authenticated, they shall be de- livered by the Treasurer to the purchaser thereof, upon p~t of the purchase price heretofore agreed upon, and the purchaser shall not be obliged to see to the applica- tion thereof. 6. The Village Clerk is hereby au:thorized and directed to file a certified copy of this resoJ.u:tion with the County Auditor of Ramsey County, together with such other information as he shall require, and to obtain from said County Auditor a cer- tificate that the bonds have been entered on his bond register. . 7. The officers of the Village and the CoUIrty Auditor of Ramsey County are hereby authorized and directed to prepare and furnish to the purchaser of the bonds herein authorized and to the attorneys approving the legality of the issuance thereof certified copies of all proceedings and records relating to the bonds and to the financial at:f'airs of' the Village, and such other at:f'idavits, certificates and informa- tion as ~ be required, to show the facts relating to the legality. and marketability of the bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and such certificates, certified copies and at:f'idavits, including any heretofore furnished, shall be deemed representations of the Village as to the correctness of' all statements contained therein. The motion f'or the adoption of the foregoing resolution was duly seconded by Stromquist thereof: All , and upon vote being taken thereon, the following voted in favor and the following voted against the same: None whereupon said resolu:tion was declared duly passed and adopted. STME OF MINNESOTA) ) ss. COUNl'Y OF RAMSEY ) . I, the undersigned, being the duly qualified and acting Clerk of the Vil- lage of Arden Hills, Ramsey County, Ninnesota, hereby certi:f'y that I have compared the attached and foregoing with the original thereof on file and of record in my office and find the same to be a f'ul1, true and correct transcript of' the minutes of a meeting of the Village Council of that Village duly caJ.led and held on the date therein indicated, so far as such minutes relate to $420,000 street Inrprovement Bond, Series B, of the Village, and that each of the resolutions contained therein is a f'ul1, true and correct copy of the original thereof. WlTllESS my hand and the seal of' said Village this 20th ~ of' July, 1961. ~ i~ 1:- Village Clerk ~ .:(~) , ~ '".Co-" -7- . . . . UNITED STATES OF AMERICA STME OF MINNFSOTA COUNl'Y OF RAM3EY VILLAGE OF ARDEN HILIS STREEn' D<lPROVEMENT BOND SERIES B No. ! $1,000 KNOW ALL MEN BY THESE PRlllENTS 'tha't 'the Village of Arden Hills, a duly organized lllWlicipal corporation of Ramsey County, Minnesota, acknowledges i'tself to be indeb'ted and for vaJ.ue received promises to ~ 'to bearer 'the sum of ONE THOUSAND DOLLARS on 'the ls't <iEv of August, 19---, or, it 'this bond is pre~le as s'ta:ted be- low, on a date prior 'there'to on which i't shaJ.1 have been duly called for redemption, and to pay interest thereon at 'the rtri;e of per cent ( i) per annum from the date hereof until paid or until 'this bond, if pre~ble, has been duly called for redemption, plus addi'tionaJ. interes't on said principal sum tri; the rtri;e of per cent ( %) per annum from ,19 to ,19 ; interest being ~able August 1, 1962, and semiannually therea.:t'ter on the ls't da;y of February and the 1st <iEv of August in each year, and interest to maturity being ~ble in accordance vi'th and upon presentation and surrender of the interes't coupons appurtenant hereto, consisting of one set of coupons representing interest from date of issue to maturi'ty at 'the basic ra'te appli- cable to 'this bond, and a separate set designated as "B" coupons, represen'ting inter- es't at 'the additional rate and for 'the limited period s'ttri;ed above. Both principal and interest are payable at , in , in any coin or currency of the United States of America which on 'the respective dates of pa;yment is legaJ. tender for private and public deb'ts. For the prompt and :f'u1l pa;yment of such principaJ. and interest as the same become due, the :f'u1l faith, credit and. taxing powers of 'the Village are hereby irrevocably pledged. This bond is one of a series in the aggregate principaJ. amount of $420,000, all of like date and tenor except as to serial mnnhers, interes't rate, maturity and. redemption privilege, issued for the purpose of defraying expenses incurred in the construction of improvements designated as S'treet Improvements No.3, No. 4 and No. 5 of the Village of Arden Hills, and is issued pursuant to and in full conformi'ty with resolutions duly adopted by the Village Council a.:t'ter hearing as required by 18.\1 and pursuant to and in :f'u1l conformity wi'th 'the Consti'tution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 429. This bond is payable pr:imarily from the Street Improvement Bond Sinking Fund of the Village, but the Council is required to ~ the principaJ. and interes't thereof out of any funds in the 'treasury in the event the moneys on hand in said fund are tri; any time insufi'i- cient to meet the ~nt of maturing principaJ. and. interest. Bonds of this series bearing serial numbers 1 through 240 (maturing in the years 1963 through 1968) are pa:yable at their respec'tive stated maturi'ty dates with- out option of prior ~nt, but those bearing seriaJ. numbers 241 through 420 (matur- ing in the years 1969 through 1972) are each subject to redemption and prepa;yment a't the option of the Village on August 1, 1966, and any interest pa;yment date 'therea.:t'ter, at par and accrued interest; provided tha't of the pre~able bonds at any time out- standing, those bearing the highest coupon rate will be prepaid first, in inverse order of their seriaJ. numbers. The Village will mail notice of the call of any of said bonds for redemption, not less than 'thirty <iEvs prior to the da'te specified for redemption, to the holder, if known, and to the bank at which principaJ. and in'terest are 'then ~able. Holders of preI>S<rable bonds desiring 'to receive such notice may register their names and addresses and the serial numbers of 'their bonds with 'the Village Treasurer. -5- . . .. . " , . IT IS HEREBY CERTIFIED, RECITED, COVENAIilTED 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 it a valid and binding general obligation of said Village according to its terms have been done, do exist, have happened and have been performed as SO required; that the Village has duly determined the necessity and con~ tracted for the construction of said improvements; that the Street Improvement Bond Sinking F\md has been duly created and provision made for the support thereof by taxes levied and special assessments to be levied with respect to the improvements financed by said bonds, such assessments and taxes being collectible at the t:i:mes required and in aggregate amounts not less than five per cent (5%) in excess of sums sufficient to PB\Y the interest hereon and the principal hereof as they respectively became due, and additional ad valorem taxes, if needed for said purpose, "f!Jq be and are required by law to be levied upon all taxable property in the Village, without limitation as to rate or amount; and that the issuance of this bond did not cause the indebtedness of said Village to exceed any constitutional or statutory limita- tion. 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 Ma;vor, countersigned by its Village Clerk, and sealed with its offi- cial seal, and the interest c01lJlons appurtenant hereto to be executed and authenti- cated by the facsimile signatures of said officers, and has caused a true and correct copy of the opinion rendered by bond counsel as to the validity of the issue includ- ing this bond, rendered at the time of delivery hereof, to be printed on the reverse side of this bond, and has caused this bond to be dated as of August 1, 1961. Countersigned: ~~or Village Clerk (SEAL) (Form of Coupon) No. $ On the 1st day of August (February), 19 ,the Village of Arden Hills, Ramsey County, Minnesota, will PB\Y to bearer at - ,in ,thesumof_ DOLLARS law.t'ul money of the United States of America for interest then due on its Street Improvement Bond, Series B, dated August 1, 1961, No. " (Facsimile signature) Village Clerk (Facsimile signature) I~or (Coupons numbered 10 and upwards, attached to bonds numbered 241 and upwards, shall also include the phrase: "Unless the bond de- scribed below is called for earlier redemption".) -6-