HomeMy WebLinkAbout1968-029 CCR1
Member Howard Heck introduced the following resolution and
moved its adoption:
RESOLUTION NO. 68 -29
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF IMPROVEMENT BONDS
BE IT RESOLVED BY the Council of the City of Brooklyn Center,
Minnesota, as follows:
1. The City has heretofore entered into contracts for improvements
pursuant to Chapter 429, Minnesota Statutes, and the total estimated
cost is as follows:
Total Amount to
Project Cost Be financed
1964 Street Surfacing Project No. 1964 -56 2,110.11 975.50
1965 Street Surfacing Projects No. 1965 -1, -5,
-21, -22, -23, -24, -25, -26, -27, -30, -31,
32, -33, -44, -48 and -58 308,519.55 98,754.86
1965 Storm Sewer Project No. 1965 -46 20, 778.00 19, 375.60
1965 Curb Gutter Projects Nos. 1965 -2 1965 -6 33,864.81 17,036.56
1965 Water Main Projects Nos. 1965- 13,- 16, -18 -47 32,381.42 23,796.72
1965 Sanitary Sewer Projects Nos. 1965 -43, -45
56 and -59 37,073.78 30,469.43
1966 Street Surfacing Projects Nos. 1966 -1, -5,
7, -10, -17, -19, -21, -27, -29, -46 and -47 244,596.95 134,064.41
1966 Curb Gutter Projects Nos. 1966 -2, -18,
-44 and -45 46,419.62 17,983.54
1966 Storm Sewer Projects Nos. 1966 -3, -3A and -22 78,285.36 51,610.55
1966 Water Main Projects Nos. 1966 -4, -6, -9, -16,
20, -24, -26, -28 and -43 209,588.61 150,088.61
1966 Sanitary Sewer Projects Nos. 1966 -11, -15,
25, -33, -41 and -42 22,059.60 19,751.17
1967 Water Main Projects Nos. 1967 -1, -3, -9,
22, -23, -24, -26, -32 and -34 155,241.09 133,828.37
1967 Street Surfacing Project No. 1967 -2 27, 926.44 27, 926.44
1967 Sanitary Sewer Projects Nos. 1967 -7, -8,
21, -31 and -35 30,458.53 24,338.24
Total $1,249,303.87 $750,000.00
2. It is hereby determined that more than 20% of the cost of said
improvements will be assessed against benefitted property and the City
is authorized to provide funds to pay for said improvements by the
issuance of Improvement Bonds in the amount of $750,000.00, pursuant
to Minnesota Statutes, Chapter 429.
Resolution No. 68 -29
3. There is hereby created a special fund to be designated 1968
Improvement Fund, out of which the City will pay the principal of
and interest on bonds authorized hereunder and into which fund shall
be paid all proceeds of special assessments to be levied for said
improvements and the ad valorem taxes required to pay the general
City cost of said improvements.
4. The Council deems it necessary and expedient to issue the
negotiable coupon General Obligation Improvement Bonds of the
City in the amount of $750,000.00, dated April 1, 1968, bearing
interest at the rate or rates designated by the successful bidder,
payable January 1, 1969, and semiannually thereafter on January 1
and July 1 in each year, which bonds are to mature serially on
January 1 in the years and amounts as follows: $75,000 in each of
the years 1969, 1970 and 1971; $55,000 in each of the years 1972,
1973 and 1974; $45,000 in 1975; $25,000 in each of the years 1976,
1977 and 1978; $30,000 in each of the years 1979 to 1983, both
inclusive; $20,000 in each of the years 1984 to 1987, both inclusive;
and $10,000 in 1988, all bonds maturing after January 1, 1980, being
subject to redemption on said date and any interest payment date
thereafter, in inverse numerical order, at par and accrued interest
and a premium of 1% if redeemed on or prior to July 1, 1982, and
without premium if redeemed January 1, 1983, or thereafter.
5. The Council shall meet at the Council Chambers in the City Hall
on Monday, the 4th day of March, 1968, at 8 :30 o'clock P.M., Central
Standard Time, for the purpose of receiving and considering sealed
bids for the purchase of said bonds and the Clerk shall cause notice
of sale to be given by publication at least ten days in advance of the
date of sale in the official newspaper of the City and in Commercial
West, a financial paper published in Minneapolis, Minnesota. Said
notice shall recite that the City will furnish printed bonds and approving
legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and
Pearson, Minneapolis, Minnesota, both without expense to the purchaser,
shall require sealed bids accompanied by a good faith check in the
amount of at least $15,000; shall state that all bids shall state one or
more rates of interest (not to exceed five) in multiples of 5 /100ths of
one per cent and additional coupons are allowed in the amount of not
to exceed $9,000; shall state that the bonds will be payable at any
suitable bank designated by the purchaser; that delivery will be made
within forty days after the date of sale and that the purchaser may
designate bond denomination and paying agent within 48 hours after
sale.
February 5. 1968
Date Mayor
ATTEST:
Crerk
1
Resolution No. 68 -29
The motion for the adoption of the foregoing resolution was duly seconded by
member John Leary and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, John Leary, Earl Rydberg, Howard Heck
and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.