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HomeMy WebLinkAbout1965-244 CCR After due consideration of the bids for $345, 000 Improvement Bonds, Member Howard Heck introduced the following resolution and moved its adoption: RESOLUTION NO. 65 -244 RESOLUTION AWARDING THE SALE OF $345,000 IMPROVEMENT BONDS, FIXING THE FORM AND SPECIFICATIONS THEREOF, DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the Village Council of the Village of Brooklyn Center, Minnesota, as follows: 1. The bid of Kalman Company, Inc. of Minneapolis, Minnesota and Associates to purchase $345,000 Improvement Bonds of the Village described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, said bid being to purchase bonds bearing interest as follows: Bonds maturing in 1967 to 1976, inclusive, 3.70% per annum; Bonds maturing in 1977 to 1986, inclusive, 3.80% per annum, Plus additional interest of 1.20% per annum from 3 -1 -66 to 1 -1 -67 at a price of $345, 000. 00. The village treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds, and the village clerk is directed to return the checks of the unsuccessful bidders forthwith. 2. The village shall forthwith issue its negotiable coupon Improvement Bonds in the principal amount of $345,000, dated January 1, 1966, being 69 in number and numbered 1 to 69, both inclusive, in the denomination of $5, 000 each, bearing interest as above set forth payable January 1, 1967, and semiannually thereafter on January 1 and July 1 in each year, and which bonds mature serially on January 1 in the years and amounts as follows: $30,000 in each of the years 1967 to 1971, both inclusive; $20,000 in each of the years 1972 and 1973; $15,000 in each of the years 1974 to 1978, both inclusive, and $10,000 in each of the years 1979 to 1986, both inclusive, all bonds maturing after January 1, 1979, being subject to redemption on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest. 3. In accordance with the request of the purchaser, both principal and interest shall be payable at the Fidelity Bank and Trust Company, in Minneapolis, Minnesota, and the village shall pay the reasonable charges of said bank for its services as paying agent. Resolution No. 65 -244. 4. The bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. ,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF BROOKLYN CENTER IMPROVEMENT BOND OF 1966 KNOW ALL MEN BY THESE PRESENTS That the Village of Brooklyn Center, Hennepin County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer, out of its Improvement Bonds of 1966 Fund, the sum of THOUSAND DOLLARS on the 1st day of January, 19 and to pay interest thereon at the rate of all interest payable January 1, 1967, and semiannually thereafter on the 1st day of January and the 1st day of July in each year, in accordance with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal of and interest on this bond are payable at in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. All bonds of this issue maturing after January 1, 1979, are subject to redemption, at the option of the village, on said date and any interest payment date thereafter, in inverse numerical order, at par and accrued interest, upon thirty days prior notice by mail to the bank where the bonds are payable and to the last known holder. Holders of redeemable bonds who desire to receive such notice must register their names, addresses and bond numbers with the village clerk. All others will be deemed to have waived mailed notice. This bond is one of an issue of bonds in the total principal amount of $345, 000, all of like date and tenor except as to interest rate, maturity and redemption privilege, all issued by the village pursuant to and in full con- formity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, for the purpose of defraying the expenses incurred and to be incurred in connection with special improvements in the village and is payable primarily from special assessments to be hereafter levied against property specially benefited thereby and ad valorem levies heretofore made for the general village share of the cost, but constitutes a general obligation of the village and, to provide moneys for the prompt and full payment of said principal and interest as the same become due, the full faith and credit of the village is hereby irrevocably pledged, and the Village Council will levy additional ad valorem taxes, if required for such purpose, Resolution No. 65 -244. which taxes may be levied on all of the taxable property in the village without limitation as to rate or amount. i IT IS HEREBY CERTIFIED 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 performed 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 that this bond, together with all other indebtedness 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 thereon. IN WITNESS WHEREOF, the Village of Brooklyn Center, Hennepin County, Minnesota, by its Village Council, has caused this bond to be executed by the facsimile signature of its Mayor and the manual signature of its Clerk and sealed with the corporate seal, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of January 1, 1966. (facsimile signature) Mayor I Village Clerk (SEAL) (Form of Coupon) No. On the lst day of January (July), 19, the Village of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer, out of its Improvement Bonds of 1966 Fund, at the amount set forth hereon for interest then due on its Improvement Bond of 1966, dated January 1, 1966, No. (facsimile signature) Mayor (facsimile signature) Village Clerk 5. The village clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler and Hamilton, Minneapolis, Minnesota, which shall be complete except as to dating thereof, and shall cause said opinion to be printed on each bond, together with a certificate to be signed by the facsimile signature of the clerk in substantially the following form: Resolution No. 65 -244. I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) Village Clerk Village of Brooklyn Center, Minnesota The clerk shall obtain a copy of the opinion at the time of bond delivery and execute a separate certificate as to such opinion upon receipt of such opinion and shall file the opinion in his office. 6. The Administrative Officer is directed to cause said bonds to be prepared for execution by the village clerk and affix the village seal thereto and to cause the interest coupons to be executed and authenticated by the printed facsimile signatures of the said officers. The said bonds, when so executed, shall be delivered by the treasurer to the purchaser thereof upon receipt of the purchase price and the purchaser shall not be obligated to see to the proper application thereof. 7. The bonds issued hereunder shall be payable from the Improve- ment Bonds of 1966 Fund hereby created. All special assess- ments collected on account of the improvements listed in the resolution adopted by the council on November 22, 1965 entitled: "A Resolution Pro- viding for the Issuance and Sale of $190,000 Library Bonds and $345,000 Improvement Bonds "are hereby pledged to said fund. If any payment of principal of or interest on said bonds shall become due when there is not sufficient money in said fund to pay the same, the treasurer shall pay such principal or interest from the general fund of the village and such fund shall be reimbursed for such advances out of proceeds of assessments for said improvements when collected. 8. It is hereby determined that the entire cost of said improvements shall be assessed against property specially benefited by the improvements. There is hereby appropriated to the special fund hereby created all such special assessments, to provide a sum at least five percent in excess of the amounts needed to meet, when due, the principal and interest payments on the bonds. No ad valorem tax levy is required to be made at this time. 9. The clerk is hereby authorized and directed to deliver a certified copy of this resolution to the county auditor of Hennepin County, together with such other information as the county auditor may require and to obtain his certificate that the issue has been entered upon his register. and that a tax has been levied as required by law. Resolution No. 65 -244. 10. It is hereby determined that the improvements to be financed by the issuance of bonds hereunder will benefit the entire village and the village hereby covenants with the holders from time to time of said bonds as follows: (a) The village will cause the assessments for said improve- ment to be promptly levied so that the first installment will be collectible during 1967 and will take all steps necessary to assure prompt collection. (b) The village will keep complete and accurate books and records showing all receipts and disbursements in connection with each improvement, the assessments levied therefor and other funds appropriated for their payment and all collections thereof and dis- bursements therefrom, moneys on hand and balance of unpaid assessments. (c) The village will cause its said books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. 11. The officers of the village are hereby authorized and directed to prepare and furnish to the purchaser of the bonds and to the attorneys approving the same, 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 certificates, affidavits and transcripts as may be required to show the facts within their knowledge, or as shown by the books and records in their custody and under their control relating to the validity and marketability of said bonds, and such instruments, including any heretofore furnished, shall be deemed representations of the village as to the facts stated therein. December 13, 1965 Date Mayor 2 ATTEST: C' -X Clerk 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: Gordon Erickson, Earl Simons, John Leary, Howard Heck and Phil Cohen, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.