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HomeMy WebLinkAbout09-13-61 • A motion by Roy Kuehn, seconded by LeRoy Kehrer adjourn. Tdotion carried. f L CLERK ~•'lAYOR Sept. 13, 1961. Special meeting of the. Village Council of the Village of Lakeville was held in the Village Ha.~l at 3 P. ~1. All :embers present also ~-s. Sy~rin sted 2~~xunicipal Consultant, is. W~ichselbat~m Architect, Village Attorney A. Leonard Bentson. Meeting called to order by i~~ayor Leo "Aronson. Arthur Heinz moved to accept bid of Piper, 'Jaffray ~ Hopwood for X135,000 ~~.inicipal Liquor Revenue Bonds interest rate 4.7257, seconded by LeRoy Kehrer. ??otion unanimously carried. A ~~otion by Roy Kuehn, seconded by Leo Aronson-approving form of bonds as presented. Motion unanimously carried. ' Roy Kuehn moved to adjourn, seconded by Axe 'a auser. ?•lotion carried. ~ CL P~IAYQR Sept. 1L,., 1961. Special meetin7 of the Villa e Counci 1 of the Village of Lakeville was held in the Villa,~;e Hall at 7 P. All members present also 2•s. Ruby, Architect Joe Weishselbaum, Village Attorney A. Leonard Bentson. T~~eeting called to order by ~~~ayor Leo Aronson. The Council viewed Architects drawings. A motion by LeRoy Kehrer to adjourn, seconded/J/~'~~.~]T Roy Kuehn. T~~otion Carried. S f~~ ~ CL.: MAYOR << • • EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COUNCIL OF THE VILLAGE OF LAKEVILLE, MINNESOTA, HELD SEPTEMBER 13, 1961 Pursuant to due call and notice thereof, a special meeting of the Village Council of the Village of Lakeville, Minnesota was duly held at the Council Chambers in said Village on September 13, 1961 at 8 o'clock p.m. The following members were present: Leo .Aronson, Amelia Sauser, Arthur Heinz, LeRoy Kehrer and Roy guehn .and the following were absent: None. The Council proceeded to open and consider bids for the sale of ~135,00o Municipal Liquor Revenue Bonds of 1861. The following bids were received: Name of Bidder Terms of Bid Net Interest Interest Premium Cost ..PIPER, JAFFRAY & 4,30 1963/71 -0- ~ 67,105.00 HOPWQOD 4.60 1972/78 C4.7257~) Minneapolis,Minn, Plus 1,20 per annum on all bonds from 11, 1,61 to 10,1.63 MANNHEIMER-EGAN,INC 4.00 1963/68 -0- $ 67,235,00 Harold E,?~ood ~ Co. 4,40 1969/72 C4.7348~) St, Paul Minn. 4.60 1973/75 Paine, Web~ier, 4.70 1976/78 .Jackson & Curtis Plus 1,20 per Minneapolis,Minn. annum on all bonds frog 3,.1. 62 to 3,1,64 y ~ . • • • After the ~b_i.~s had been considered and discussed, member Heinz introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF MUNICIPAL .LIQUOR REVENUE BONDS OF 1961 AND FIXING INTEREST RATE BE IT RESOLVED, by the Village Council of the Village of Lakeville, Minnesota, as follows: 1. .That the bid of pIpER JA~FRAY & HOI~VOOD of Minnea olis Minnesota to purchase 135,000 Municipal Liquor Revenue Bonds of 19 1 0 .the Village to be dated October 1, 1961 is hereby found, determined and declared to be the most favorable bid received and is hereby accepted and said bonds are hereby awarded to said bidder. 2. The rate of interest said bonds shall bear is hereby fixed at: 4.30 1963/71 4.60q 1972/78 plus 1.2 O~ per annum on all bands from November 1, 1961 to October 1, 1963 3. Said bonds shall be payable at the main office Of the Northwestern Na i onal Bank of Mi nnea on 1 is, i n Mi nneat~pl i a,A'Iinn. Member Lehrer seconded the motion for the adoption of said resolution and upon vote being taken thereon the following voted in favor thereof: Aronson Kehrer Saucer Keehn Heinz and the following voted against the same: Ndne Whereupon said resolution was declared duly passed and adopted. Member Kuehn then introduced the following. resolution and moved its adoption: RESOLUTION DETERMINING THE FORM AND DETAILS of $135,000 MUNICIPAL LIQUOR REVENUE, BONDS OF 1961 BE IT RESOLVED, by the Village Council of the Village of Lakeville, Minnesota, as follows: -2- ~ • . 1. ..Said bonds and the interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF A1'~RI C A STATE OF MINNESOTA COUNTY OF DAKOTA VILLAGE OF LAKEVILLE MUNICIPAL LIQUOR REVENUE BOND OF 1961 No . 1, 000.00 KNOW ALL MEN BY THESE PRESENTS that the Village of Zakeville, Dakota County, Minnesota, will pay to bearer hereof, but only out of the Sinking end Interest Account of the Liquor Dispensary. Municipal Building Fund, the sum of ONE THOUSAND DOLLARS on the first day of October, 19 or, if this bond is prepayable as stated below,,, on a date prior thereto on which it shall have been duly called for redemption and prepayment, and will pay .interest thereon at the rate of per cent per annum from the date herer~ until said prin- cipal sum is paid, plus additional interest, evidenced by a separate set of interest coupons at the rate of One and twenty hundredths per cent ( 120 0) per annum from ~t~.mhet 1961 to October 1, 196 xx~xxi~~xi 1~x7~~~c~X~:~~~.~X~~~~I6X1~7~~~X~~cX Al 1 such i nt e re s t i s payable October 1, 1962 and semi-annually thereafter on the First day of April and the f~.rst day of October of each year, in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto, which are in two sets, one representing interest at the rate of per cent per annum. rom the date hereo to maturity and the other representing additional interest at the rate of One and twenty hundredths per cent (1.20 per annum from November 1 1961 to October 1 1963 ~xacX7c t~X~~~X~x c~kX~XixOr,X7tn~t~8~ ~X1gk ~X Both principal and interest are payable at the main office of the North- ?estern National. Bank of Minnea olis in Minaea olis Minnesota in any coin or currency of the United States of merica which on the respective dates of payment is legal tender for public and private debts. This bond is one of an issue in the aggregate principal amount of135,000, all of like date and tenor except as to maturity, interest rate and redemption privilege, issued for.-the purpose of providing a municipal building and equipment and furniture therefor suitable for the operation of the liquor dis- pensary of the Village and is issued pursuant to and in full conformity with the Constitu'~ion and laws of the State of Minnesota and ordinances and resolutions duly adopted by the Council of said Village, including an authorizing resolution adopted August 23, 1961, to which resolution reference is made as fully as though the same were incorporated herein. _3_ : : • • Bonds of said issue bearing serial numbers l through 65, both inclusive, are each payable at their respective stated maturity dates without-option of prior payment. Bonds of said issue bearing serial numbers 66 through 135, both inclusive., being bonds maturing in the years 1972 through 1978, both inclusive, are each subject to redemption and prepayment. at the option of the Village at par and accrued interest, p1t1S c1 pre~1U1~ O $25, in inverse order of serial numbers, on October 1, 1971 and on any interest payment date thereafter, upon notice of call for redemption mailed at least thirty days prior to the date specified for redemption to the bank at which principal and interest are then payable and to the holder, if known, of each bond so to be redeemed, Holders of redeemable bonds desiring to receive such notice. must-register their names. and addresses and the serial numbers of their bonds with the Village Clerk. The Village hereby certifies and represents to, and covenants and agrees with, the purchaser and holders from time to time of .this bond, that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen, to exist or to be performed in order to make this bond a valid and binding special obligation of the Village according to .its .terms, have been done, do exist, have happened and have been .performed as so required; that the issuance of this bond did not cause the indebtedness of the Village to exceed any constitutional or statutory limitation of indebted- ness; that the. Village has established and will maintain _a rrSinking and Interest Account;", and has irrevocably appropriated and pledged thereto, .out. of the net revenues-to be received from its ownership and operation of said dispensary, periodic pay- ments to be made at times and in amounts sufficient to pay the principal and interest on the bonds authorized in said reso- lution and will use the moneys in said funds solely for the purpose of paying principal and interest on bonds here~Zfore .issued payable out of said fund and the bonds of this issue; that the Village and its officers and employees will establish and maintain operating policies covering purchase and sale of merchandise and will do all other things necessary and feasible to assure that the gross receipts of said dispensary will at all times be adequate to pay all costs of operation and. maintenance thereof and to produce excess or net income and revenues in.the amounts. so appropriated and pledged;. and that in and by said authorizing resolution other covenants, agreements and stipula- tions are prescribed for the security-and enforcement of the bonds of this issue, each and all of .which will be faithfully and. promptly performed by the Village and its officers. and. agents, The bonds of this .issue constitute a first and prior charge and lien upon the net revenues of the liquor dispensary, provided however, that the Village may issue additional bonds ~ ~ • • on a parity of lien with the bonds of this issue if, but only if, the net revenues of said dispensary for each of the. two calendar years immediately preceding the date of such issue shall have been at least one and one-half times the average annual principal and interest requirements of the bonds of this issue and such .additional issue, during the then remaining life of the bonds of this issue. IN WITNESS WHEREOF, .the Village of Lakeville, Dakota Oounty, Minnesota, by its Village Council has caused this bond to be signed in its behalf by the Mayor and the Village Clerk,. and its corporate seal to be hereto affixed, and the appurtenant interest coupons to be executed and ~.uthenticatecl by the fac- simile signatures of said Mayor and Clerk,,.-aid has caused this y bond to be dated as of October 1, 1961. , 1 Villa Clerk Mayor cS EAL) (Form of Coupon) No. On the first day of October (April,), 19 the Village of Lakeville, Dakota County, Minnesota wi11 pay to bearer at the amain office of the Aiorth~?estern National Bank of Minneapolis, in Minneapolis, Minn- ~S®ta, out of the special fund defined in the bond to which this coupon .appertains, the sum of Dollars or interest then due on its Municipal Liquor.Revenue Bond of 1961, dated October 1, 1961, No. (Facsimile Signature) (Facsimile Signature) Village Clerk Mayor 2. ..Said revenue bonds shall be forthwith prepared for execution on behalf of the Village by the signatures of the Mayor and Village Clerk, and sealed with the corporate seal, and the interest coupons appurtenant to each and all of said bonds shall be executed and authenticated by the printed, engraved. or litho- . graphed facsimile signatures-of' the Mayor and Clerk.. .Said bonds shall then be delivered. by the Treasurer to said purchaser, upon payment of the. purchase price heretofore agreed upon. Said purchaser shall not be obligated to see to the application of the purchase price beyond its payment to the Treasurer, but such purchase price shall. be paid into the "Building Construction ..Account" of the Liquor Dispensary. Municipal_Building Fund and expended and accounted for in the manner heretofore provided by _5_ r resolution of the Council dated August 23, 1961. 3• The Village Clerk is hereby authorized and .directed to file a copy of this resolution with the County Auditor of Dakota County and to obtain the certificate of said County Auditor that the bonds herein have been duly registered by him. Member AranSOn seconded the motion for the adoption of said resolution and upon vote being taken thereon the following voted in favor thereof: .Aronson Heinz Saucer gehrer Ruehn and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted,