HomeMy WebLinkAbout1965-245 CCR After due consideration of the bids for $190,000 Library Bonds,
Member Phil Cohen introduced the following resolution and moved its
adoption:
RESOLUTION NO. 65 -245
RESOLUTION AWARDING THE SALE OF $190,000
LIBRARY BONDS, FIXING THE FORM AND SPE-
CIFICATIONS 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 $190, 000 Library 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 1985, 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 $190,000. 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 Library
Bonds in the principal amount of $190,000, dated January 1, 1966,
being 38 in number and numbered 1 to 38, 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 amount of $10,000 in each of the years 1967
to 1985, 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.
4. The bonds and interest coupons to be thereto attached shall be
in substantially the following form:
Resolution No. 65 -245.
No. ,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF BROOKLYN CENTER
LIBRARY 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 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, and for the prompt
and full payment of such principal and interest as the same become due,
the full faith, credit and taxing powers of the village have been and are
hereby irrevocably pledged.
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 $190,000, all of like date and tenor except as to interest rate, maturity
and redemption privilege, all issued by the village for the purpose of
providing money to construct and equip a library and is issued pursuant to
authority conferred by more than the requisite majority vote of the qualified
electors of the village voting on the question of the issue at an election
duly and regularly called and held and pursuant to and in full conformity
with the Constitution and laws of the State of Minnesota thereunto enabling.
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
'a Resolution No. 65 -245.
regular and due form, time and manner as required by law; that prior to the
issuance hereof a direct annual irrepealable ad valorem tax has been duly
levied upon all of the taxable property in the village in the years and
amounts as required by law and additional taxes may be levied upon all
of said property, if required to pay principal or interest, without limitation
as to rate or amount; 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
signed by the facsimile signature of the Mayor and the manual signature of
the Village Clerk, and sealed with the corporate seal of the village, 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
Village Clerk
(SEAL)
(Form of Coupon)
No.
On the 1st day of January (July) 19 the Village of Brooklyn
Center, Hennepin County, Minnesota, will pay to bearer, at
the amount set forth hereon, being the installment of interest then due on
its Library Bond of 1966 dated January 1, 1966, No.
(facsimile signature)
Mayor
(facsimile signature)
Village Clerk
5. The village clerk shall obtain a co of the proposed approving
g copy P p pp g
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 -245.
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 to 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. For the purpose of paying the principal of and interest on said
bonds, there is hereby levied upon all of the taxable property
in the village a direct annual ad valorem tax which shall be spread upon the
tax rolls and collected with and as part of other general taxes of the village,
and be paid into the Bond Redemption Fund, which tax is to be levied in the
years stated (collected in the following year) and in amounts as follows:
YEAR LEVY YEAR LEVY YEAR LEVY
1966 $17,600 1972 $15,300 1978 $12,900
1967 17,200 1973 14,900 1979 12,500
1968 16,900 1974 14,500 1980 12,100
1969 16,500 1975 14,100 1981 11,700
1970 16,100 1976 13,700 1982 11,300
1971 15,700 1977 13,300 1983 10,900
There is also appropriated, out of general funds of the village, the sum of
$20,000 which shall be used to pay interest and principal falling due January 1,
1967.
8. 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.
r
Resolution No. 65 -245.
9. The tax levy herein provided shall be irrepealable until all of
said bonds are paid, provided that the clerk shall annually,
prior to October 10th, certify to said county auditor any amount appropriated
to the said Park Bond Redemption Fund to pay principal and interest due
during the ensuing year, and the county auditor shall thereupon reduce the
levy collectible during such year by the amount so certified,
10. The clerk and treasurer are authorized and directed to prepare
and furnish to the purchaser and to the attorneys approving said
issue, certified copies of all proceedings and records relating to the issuance
of said bonds and to the right, power and authority of the village and its
officers to issue the same and said certified copies and certificates shall
be deemed the representations of the village as to all matters stated therein.
December 13, 1965
Date
Mayor
ATTEST: CAJ
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.
