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HomeMy WebLinkAbout05-10-62 • • • Sneci~l "leetin~ of the Vill~~e Council oi' the Vill~.,~;e of L~dreville ~;Ts:s held in the Vl~ In e H~.1_l ^~t P. . . -'eT^bers present ?•rere 'a4ror Leo Aronson, Charles Z~:aebe~°, Arthur ?eirz 4`~~e?.i~ Sausor. eetin~ c~?led to order by ?'a;~or Leo i~sronson ~.nd the bids."or the bonds on the Se~~ra~e Disposal i l~x:t z-rere opened by ~'r. 5nrin`7sted, i~vnici~~a1 Consultoant. rl emotion Artnur TIeinz second~~~ Charles Zti-reber to acceyat 'old o~ ,Turs~ I_'oody Inc. attached hereto. '_"_otion carried. A r-lotion Ire Charles Zz~reber to tr^ns~er `"10,000.00 iro_TM Liauor Store ~'iu~.d to General :.Fund seconded by :'~rthur ~Ieinz. `"one;;r to be used to buy Treasure Bonds. ''otion carried. A ~ZOtion by Art~.ur Heinz seconded by Charles Zweber to hire Dona?d Lane as ~Ji11a~e Superintendent i'or the sur. of `~3~'0.00 per month, based on 45 hr. 1•ree'.. A~otion carried. A motion 'oy Charley Z~-reber to adjourn secondedd by ,Ax~tl~ur ?ieinz. ''otion caxried:. r`J .t' • f ~f - Z..K ~ ~G~ ~ z r CL.~~ ~ ' '`°`PYOR ~ EXTRACT OF_MINUTES OF A MEETING OF THE VILLAGE COUNCIL OF THE VILLAGE ©F LAKEVILLE MINNESOTA I-~L~ IV~AY ~0 19 62 Pursuant to due call and notice thereof a Specia l meeting of the Village Council of the Village of Lakeville, Minnesota, .was duly head at the Council Chambers in the Village Hall in said. Vihage on Thursday _ May ,10 1962, at $ o'clock p.M. for the ..purpose of opening and con- sidering bids-for., and awarding the sale of 175.,000 Sewerage Treatment Bonds of,1962 of the Village. The following members were present:. Leo Aronson Amelia Sauser Arthur Heinz Charles Zweber and the following were absent: ~.eitoy Kehrer The Council proceeded to receive. and open bids for. the sale of said bonds. The following bids were received: Terms of Bid Name of Bidder Interest Premium Net Interest Cost fSee next page Net ' Bidd I est Rate Premium rest Colt JQRAN ~ MOODY, INC, 2.750 1964-69 -0- $111,275.00. St. Paul, Minnesota 3.200 1970-73 (3.7490) Kalman ~ Co., Inca 3.600 1974-79 E. J. Prescott ~ Co. 3.750 1980-85 Both of Minneapolis, Minn. 3.900 1986-90 Plus 2.000 on all bonds from 11-22-62 to 6-1-63 ALLISON-WILLIAMS COMPANY 3.000 1964-73 -0- $111,450.00 J. M. Dain ~ Company 3.40% 1974-78 (3.755$) Piper, Jaffray ~ Hopwood 3.800 1979-87 All of Minneapolis, Minn.. 3.900 1988-90 Plus 1.80$ on all bonds from 8-21-62 to 6-1-63 . y • The Council then proceeded to consider such bids.. After the bids had been considered and discussed, member liein2 introduced the following resolution and move d. its adoption: A RESOLUTION AWARDING SALE OF BONDS, DIRECTING THEIR ISSUANCE AND LEVYING TAXES FOR THE `PAYMII~TT THEREOF BE IT RESOLVED, by the Council of the Village of Lakeville, Minnesota, as follows: 1. That the bid of JtJi2AN & M40DY INC. of St_ Paul. Minnesota, ~issoci.ates, to purchase 175,000 Sewerage Treatment Bonds of 192 in accordance with the notice of bond sale ofthe Villa e to be dated June 1, 1962 and to pay therefor the .:sum of 175, 000 .00 ~c~cXX~XB€ffiXarD~x]~cXXX XXXXXX 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 bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest payable June 1, 1963 and semi-annually thereafter on December 1 and June l of each year at the respective interest rates per annum set oppo-site said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1964 - 1969 1 - 30 2,75 1970 - .1973 31 - 55 3,20 _1974 - 1979 S6 - 90 3.60 1980 - 1985 91 - 130 3.75 1986 - 1990 131 - 175 3.90 Plus additional interest at the rate of Two per cent E2~~ per annum on all bonds from NoYe~beT 22, 1963 to June 1 table June 1 1 -2- . ~ • • • 3. laid bonds shall be payable at The First National Bank of Saint Paul, in St. Paul, inneso a The Village shall forthwith issue-its negotiable coupon general obligation sewage Treatment Boma of 19b2 in the aggregate principal amount of175,000, to be 175 in number, numbered from l to 175,. both inclusive, in the denomination of1,000 each, dated June 1, 1962 and maturing serially on December l in the years and amounts as follows: 5, 000.00 in each of the years 196+ .through 1968,. both inclusive, 1971 through 1978 both inclusive,_1980,.1882,. 1883, 1985.. and 1987, and ~10, 000,..00 in each of the' years 1970, 1979, 1981, 1g8~-, 1886, 1888 through.T99o, both inclusive. All bonds maturing in the year `1990 are subject to redemption .and prepayment at-the option of the Village on June 1,.1963 and on any interest payment date thereafter, in inverse order of serial numbers, at a price of par and accrued in- fe~est, plus a premium of20.00 if called before December 1, 1977 and plus.'.a.premium of15.00 if called on or after December 1, 197.7.. A11 bonds maturing in the years 1978 to 1989, both inclusive,. are subject to redemption and prepayment at the option of the Village on December 1, 1977 and on any inter- est payment date thereafter it inverse order of serial numbers at a price of par and accrued interest plus a premium of .15.00. Thirty days prior notice of such redemption shall in each case be given by mail to the bank where said bonds. are payable and to the last known holder.. Holders desiring to receive such notice must register their names, addresses, and bond numbers with the Village Clerk. 5. The bonds and interest coupons to be issued here- under shall be in substantially the following form: _3_ . . . • ,UNITED STATES. OF AMERICA STATE OF MINNESOTA .COUNTY OF DAKOTA VILLAGE OF LAKEVILLE SEWAGE TREATMENT BOND OF 1962 No.1,000.00. K[~TTOW ALL MEN BY THESE PRESENTS. that the Village of` Lakeville, Dakota..County,.Minnesota,°certifie~ that it `is indebted and for value received promises to pay to bearer, the sum of ONE THOUSAND DOLLARS on the first day .of December, 19_, and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ~,_.._~j per annum. payable on the first day of June, 1963 and semi-annually thereafter on the first day of Docember and the first day of June in each year, plus additional interest at .the rate of two per cent ~ _2 o per annum from' November 22 1962 to ICE Jun-e 963 , payable Ju~~ 1, 1_96. In accordancewithand upon presentation and surrender of the interest coupons hereto attached which are in two secs, one representing interest at the rate of per cent ~~j per annum from the date hereof 'to maturity, and the other representing additional ingest at the rate of two per cent ~ 2 of per annum for the period Ncwe!~her 2?~, 1962 to June 1, 1963 ...Both principal and interest are payable at 'The First National Bank of Saint Paul,, in St, Paul Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for public andprivate debts. A11_bonds of this issue maturing in the year 1990 , (bonds numbered 166 to 175, both inclusivej, are subject to redemption and prior payment at the option of the Village on June 1, 1963 and any interest payment date thereafter, in inverse order of their serial numbers, at par and accrued inter est, plus a premium of20.00 if called before December 1, 1977 and plus a premium of15.00 if called on or after December 1, 1977. A11 bonds maturing in the years 1978 to 1989, both'inclu- sive'~bonds numbered to 165 both inclusive are subject to redemption and prepayment at the option of the Village on December 1, 1977, and on any interest payment date thereafter in inverse .order of their serial numbers at par and accrued - • . • , interest plus a premium of15.00. Thirty days .prior notice of such redemption shall in each case be given by mail to the'bank where said bonds are payable, and to the last know. holder. Holders desiring to receive such notice must register their names, addresses, and bond numbers with the Village Clerk. This bond is one of an issue in the total principal amount. of ~175,p00 all of like date and tenor, except as to maturity, interest rates and `redemption privilege, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose. of providing money for the-acquisition and betterment of sewerage.:treatment facilities for the Village, and is payable out of the Sewage .Treatment Plant of 1962 Fund of the. Village. Said facilities constitute a public con- venience from which a revenue may be derived. fihis bond constitutes a general obligation of the Village and to provide moneys for the prompt and full payment of said principal and interest when the same become due the full faith and credit of the Village have been and are hereby irrevocably pledged,. IT IS HEREBY CERTIFIEII AND `RECITED that all acts,. conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen,.. and to be per- formed precedent to and in the issuance of this bond have been .done, have happened and have been performed,-in regular and due form, time and manner as required by law, and this bond. together with all other debts of the Village outstanding on the date hereof and the date of its actual issuance and delivery, does not exceed any constitutional or statutory limitation of indebt- edness. IN TniITNESS WHEREOF, the .Village of Lakeville, Dakota County, Minnesota, by its Village Council has caused this bond to be executed in_its behalf by the signatures of the Mayor and the. Village Clerk, and the corporate seal of the Village to be hereunto affixed, and has caused the interest coupons to be executed and authenticated by the fac~im~~le signatures of said officers, .all as of June 1, 1962. -f _ r.r ~r~ l Village Clerk - °Mayor {Form of Coupon} No. On the first day of June (December), 19~,' the. Village .5_ • . of Lakeville, Dakota County, Minnesota, will pay to bearer at c The First National Bank of Saint Faul, in St. Fanl, Minnesota, the sum of for interest then du.e on its Sewage Treatment fond of 1~2, No. dated June 1, 1962. iFacsi~ile Signa-tore) tFacsi~ile Signature) Village Clerk Mayor 6. Said bonds shall be prepared under the direction of the. Clerk and when so:"prepared shall be executed in behalf of the Village by the signature of the Mayor and the Clerk, anal .the corporate seal of the Village steal be affixed thereto. The appurtenant interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said Mayor and Clerk. When said bonds have been so executed and authenticated, they shall be delivered by the Treasurer to the purchaser on receip 'the purchase price heretofore agreed upon, and said purchaser-shall not be required to see to the application thereof. 7. There is hereby created a special fund to be designated as "Sewage Treatment Plant of 1962 Fund", to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund shall be maintained in the manner herein specified until all of the bonds herein-authorized and interest thereon shall have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale; of the bonds herein authorized, less accrued interest received thereon, shall be credited to the Construction Account,°from which there shall be paid all costs and expenses of making said improvements including the costs of construction contracts here- tofore let and all other costs incurred and to be incurred and the moneys in said account shall be used.for no other purpose, provided that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, such balance shall be .transferred to the Sinking Fund Account. There. shall be credited to the Sinking Fund Account all cd lections of the general taxes herein levied, all revenues pledged to the pay- ment of said bonds, and all accrued interest= received upon 'delivery of said bonds, and all funds remaining in said Construe- tion Account after completion of the improvem~.nts and payment of -6- • • the costs thereof. The Sinking Fund Account shall be used. solely to pay. principal and interest on the bonds ssued_ hereunder.. 8. For-the prompt and full payment of the-' principal of and interest on said bonds as the same respectively become due., the full faith, credit and taxing powers of the Vllage`sha11 be and are hereby irrevocably pledged. 9. To provide moneys for the payment- of sad- prnc_ipal and interest there is hereby levied upon all of the taxable property in the Village, a direct general annual ad valorem tax, which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said Village for the years and in the amounts as follows: Year Amount Year Amount 1g 62 $11,599.87 1976 $ 9,423,75 1g 63 11,697,00 1977. 9,234,75 1g6~- 11, 552.63 1978 14, 295.75 lg&5 11,408.25 1979 .8,667.75 1966 11,263.87 1980 13,720.87 ~g67 11,119.50 1981 8,077,13 1g 68 10, 975.13 1882 7, 880.25 .1969 1.6,.080.75 19g3 12,933.37 1970 10,4.94.75 1g8~- 7,289.63 1971 10,326,75 1885- 12,342,75 1972 10,158,75 1886 6,683.25 1973 9,990,.75 1887 11,728.50 197. 9,801,75 1888 11,319.00 .1975 9,612,75 lg8g 10,949,50 Said tax shall be irrepealable as .long as any of said bonds are outstanding and unpaid, provided that the Village reserves the right and power to reduce the levies in the manner and to the extent permitted by Sec. X75.61 (3, M.S.A. 7C). The Clerk is hereby authorized and directed to file with the County. Auditor of Dakota County a certified copy • of this resolution, together with such other information as said _7_ ~ ~ • Auditor may require, and to obtain from him a certificate that said bonds have been entered upon his bond register. 11.. The officers of the Village .are hereby authorized and directed to prepare anal furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the Village relating to said bonds and to the financial condition and affairs of the Village, and such other affidavits, certifi- ca~es and information as are. required to show the facts relating. to the legality and marketability. of said bonds. as the same appear from the books and records under their custody and con- trol or as otherwise known to them, and all such certified copies certificates and .affidavits, including any heretofore furnished, shall be deemed .representations of the Village as to the facts recite d. therein. The motion for the .adoption of the foregoing resolution .was duly seconded by member Zweber and upon a vote being taken thereon, the fo lowing voted in favor thereof: Aronson, Saucer, Heinz and Z~eber and the following voted against the same: None .Whereupon said resolution was declared duly passed and adopted. STATE... OF MINNESOTA COUNTY OF DAKOTA ss VILLAGE OFIAKEVILLE L, the undersigned, being the duly qualified and acting Clerk of the Village of Lakeville, Minnesota, D0 HEE.EBY CERTIFY .that I have carefully compared the 'attached and foie- going extract of minutes of a meeting of the Village Council of the said Village held on X ~Iay 14 1962, with the original the reo~f on file in my .office, and the same is a full, true .and complete transcript therefrom in so far as the same relates to accepting bids on sale of bonds and issuance of $175,000 Sewage Treatment Bonds of 1962. WITNESS my .hand as such Clerk and the corporate seal of .the Village .this day' of _ May , 1962. Village Cl~~ ESeal) -8 -