HomeMy WebLinkAbout1962 04-30 CCM Special Session 187
Minutes of the Proceedings of the
Village Council of the Village of
Brooklyn Center in the County of
Hennepin and State of Mi.rxcsota.
April 30, 1962
The Village Council met in special session and was called to order
by Mayor Gordon Erickson at 7 :40 P.M.
ROLL CALL: Mayor Gordon Erickson, Carl Carlson, Henry Dorff, Howard
Heck, and John Leary were present.
Motion by John Leary and seconded by Howard Heck to approve the
minutes of the meeting of April 23, 1962, as recorded. Motion carried..
Motion by Howard Heck and seconded by Carl Carlson to remove the
load restrictions on the Village streets effective May 1, 1962. Motion carried.
Motion by Carl Carlson and seconded by Howard Heck to accept the
resignation of Janet Fournier as Account Clerk in the liquor store. Motion
carried.
Motion by Howard Heck and seconded by John Leary to accept the
recommendation of Chief of Police O'Hehir and employ Robert M. Long as a
patrolman beginning May 14, 1962 at a salary of $447.00 per month. Motion
carried.
Motion by Carl Carlson and seconded by Henry Dorff to employ Leonard
Larson as temporary Street Laborer beginning May 7, 1962, at a wage of $2.17
per hour. Motion carried.
Motion by Howard Heck and seconded by Henry Dorff to employ Betty
Mohs as liquor store Account Clerk effective May 7, 1962, at a salary of
$268.00 per month. Motion carried.
The Mayor announced that this was the time and place for receipt
of bids for the purchase of $595,000.00 improvement bonds in accordance with
the resolution adopted April 2, 1962.
The Clerk presented an affidavit showing the publication of Notice
of Sale in Commercial West, a financial paper published in Minneapolis, Minne-
sota, which affidavit was examined and found satisfactory and ordered placed
on file, together with the satisfactory affidavit of publication in the
Brooklyn Center Press, the official Village newspaper.
The Clerk then presented the sealed bids which had been received,
which were opened and examined and found to be as follows:
Name of Bidder Interest Rate Amount of Bid
1. Kalman & Company, Inc. 3.00% on all bonds maturing 1/1/64 $595,000
(Manager) to 1/1/69, inclusive;
E. J. Prescott & Company 3.40% on all bonds maturing 1/1/70
J. M. Dain & Company to 1/1/73;
Allison - Williams Co. 3.70% on all bonds maturing 1/1/74
Piper, Jaffray & Hopwood to 1/1/77, inclusive;
Juran & Moody, Inc. 3.75% on all bonds maturing 1/1/78
to 1/1/82, inclusive;
Plus 1.500 per annum on all bonds
for the period 7/1/62 to 7/l/63 to
be evidenced by separate sets of
coupons.
-1-
189
2. John Nuveen & Co., Inc. 3.50% on all bonds maturing 1/1/64 $595,000
to 1/1/72;
3.75% on all bonds maturing 1/1/73
to 1/1/76, inclusive;
3.80% on all bonds maturing 1/1/77
to 1/1/82, inclusive;
plus 1.50% per annum on all bonds
for the Pe riod 7/1/62 to 7/1/63 to
be evidenced by separate sets of
coupons.
3. B. J. Van Ingen & Co., Inc. 3.00% for all bonds due 1/1/64 $595,t30A
Barcus, Kindred & Company to 1/1/68, inclusive;
3.50% on all bonds maturing 1f I69
to 1/1/73, inclusive;
3.80, on all bonds maturing 1/1/74
to 1/1/82, inclusive;
plus 1.44 per annum on all bonds
for the period 6(7.5162 to 7/1/63 to
be evidenced by separate sets of
coupons.
After due consideration of the bids for $595,000 Improvement Bonds, member
Henry Dorff introduced the following resolution and moved its adoption:
BE IT RESOLVED by the Village Council of the Village of Brooklyn.
Center, Minnesota, that the bid of Kalman & Company, Inc. and
Associates to purchase $595,000 Improvement Bonds bearing interest
rate of 3.00% on all bonds maturing on January 1, 1964 to January
1, 1969, inclusive; 3.40% on all bonds maturing January 1, 1970 to
January 1, 1973, inclusive; 3.700 on all bonds maturing January 1,
1974 to January 1, 1977, inclusive; 3.75, on all bonds maturing
January 1,.1978 to January 1, 1982, inclusive; plus additional
interest at the rate of 1.500 for the period from July 1,1962 to
July 1,. 1963, inclusive, to be represented by a separate coupon,
and to pay therefor the sum of $595,000.1s hereby found, determined
and declared to be the most favorable bid and is hereby accepted.
The Clerk is directed to retain the check of said purchaser.
The motion for the adoption of the foregoing resolution was duly
seconded by member Carl Carlson and upon vote being taken thereon, the following
voted in favor thereof: Mayor Erickson, Henry Dorff, Howard Heck, Carl Carlson
and John Leary; and the following voted against the same: None; whereupon said
resolution was declared duly passed and adopted.
Member Henry Dorff introduced the following resolution and moved
its adoption:
BE IT RESOLVED by the Village Council of the Village of Brooklyn
Center, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable improve -
ment bonds in the principal amount of $595,000, dated April 1, 1962,
being 595 in number and numbered 1 to 595, both inclusive, in the
denomination of $1,000 each, bearing interest at the rate of 3.00
on all bonds maturing on January 1, 1964 to January 1, 1969, inclu-
sive; 3.40;b on all bonds maturing January 1, 1970 to January 1, 1973,
inclusive; 3.70% on all bonds maturing January 1, 1974 to January 1,
1977, inclusive; 3.75% on all bonds maturing January 1, 1978 to
January 1, 1982, inclusive; plus additional interest at the rate of
1.50 per cent for the period from July 1, 1962 to July 1, 1963,
inclusive, to be represented by a separate coupon, said bonds
maturing serially in the years and amounts as follows:
$35,000 on January 1 each year 1964 to 1968, inclusive;
$30,000 on January 1 each year 1969 to 1982, inclusive;
with a prepayment option as follows:
All bonds maturing on January 1, 1978 and thereafter are
subject to redemption on January 1, 1977, or any interest
payment date thereafter at par plus accrued interest.
-2-
2. Both principal and interst shall be payable at the main
office of The American National Bank of Saint Paul, Saint Paul.,
Minnesota, and the Village shall pay the reasonable charges of
said bank for its services as paying agent.
3. The bonds and interest coupons to be thereto attached
shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HCOWIN
VILLAGE OF BROOKLYN
NO. $1,000
IMPROVEMENT BOND OF 1962
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 Improvement No. 1961 A & B Fund the sum of ONE THOUSAND
DOLLARS on the lot day of January, 19 , and to pay interest
thereon at the rate of per cent ( %) per
annum, together with additional interest at the rate of one and
fifty hundredths per cent (1.50%) per annum for the period from
July 1, 1962 to July 1, 1963, or to prior maturity represented
by separate coupons, all interest payable January 1, 1963 and
semiannually thereafter on the lst day of January and the lst
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 pay -
able at the mein office of The American National Bank of Saint
Paul, Saint Paul, Minnesota, in any coin or currency of the United
States of America which at the date of payment is legal tender
for public and private debts.
All bonds of this issue maturing on January 1, 1978, and
thereafter, upon thirty (30) days prior notice by ma31 to the
bank where the bonds are payable and to the last known holder
are subject to redemption on January 1, 1977, or any interest
Payment date thereafter, upon payment at par plus accrued interest.
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 of bonds in the total principal
amount of $595,000, all of like date and tenor except as to
interest rates, maturity and redemption privilege, all issued
Pursuant to and in full conformity with the Constitution and
Laws of the State of Minnesota, including Minnesota Statutes,
Chapter 429, as amended, for the purpose of defraying the
expenses incurred and to be incurred in special improvements
of the Village, and is payable primarily from special assessments
to be levied against property specially benefited thereby 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 will levy
ad valorem taxes if required for such purpose without limitation
as to rate or amount.
IT IS HEMY 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.
_3_
193
IN WITNESS WHEREOP, The Village of Brooklyn Center, Hennepin
County, Minnesota, by its Village Council, has caused this bond
to be signed by the Mayor and 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 signa-
tures of said officers, all as of April. 1, ' 1962.
Mayor
Village lark
(SFAL)
(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 Improvement No. 1961 A & B Fund at the main office of
The American National Bank of Saint Paul, Saint Paul, Minnesota,
the sum of DOLLARS, being the
installment of interest then due on its Improvement Bond dated
April 1, 1962, No.
Mayor
Village Clei
4. The Village has agreed to furnish the approving legal
opinion of Messrs. Howard, Peterson, LeFevere, Lefler and
Haertzen to the purchasers and such opinion is hereby requested.
The clerk is authorized and directed to cause a copy of such
opinion to be printed on each of such bonds and to certify on
each bond to the fact that such opinion is on file in his office
prior to the delivery of such bonds.
5. The Clerk is directed to cause said bonds to be prepared
and the Clerk and Mayor are authorized and directed to execute
the same and affix the Village seal thereto and to cause the
interest coupons to be executed and authenticated by the printed
facsimile signatures of said officers.
6. The bonds issued hereunder shall be payable from :Improve-
ment No. 1961 A & B Fund. If any payment of principal 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 improvement when collected.
-4-
195
7. The estimated collection of special assessments for the
payment of said bonds will produce at least five per cent in
excess of the amount needed to meet, when due, the principal and
interest payments on the bonds. The Clerk shall deliver a certi-
fied copy of this resolution to the County Auditor of Hennepin
County and obtain his certificate as required by Section 475.63,
Minnesota Statutes.
8. The said bonds, when fully executed, shall be delivered
by the Treasurer to the purchaser thereof upon receipt of the
purchase price, and the said purchaser shall not be obligated to
see to the proper application thereof.
9. 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 certi-
fied copies and certificates shall be deemed the representations
of the Village as to all matters stated therein.
The motion for the adoption of the foregoing resolution was duly seconded by
member Carl Carlson, and upon vote being taken thereon, the following voted
in favor thereof; Mayor Erickson, Henry Dorff, Howard Heck, Carl Carlson,
and John Leary; and the following voted against the same: None; whereupon
said resolution was declared duly passed and adopted.
Motion by John Leary and seconded by Howard Heck to adjourn.
i
Motion carried. This meeting was adjourned at 9;40 p.m.
ZL IZ
Mayo
Clerk
-5-