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HomeMy WebLinkAbout1961 06-15 CCM Special Session 47 Minutes of the Proceedings of the Village Council of the Village of Brooklyn Center in the County of Hennepin and State of Minnesota June 15, 1961 The Village Council met in special session and was called to order by Mayor William Super at 9 :00 P.M. Roll Call: William Super, Clifford Wellman and Howard Heck were present. Clerk Henry Dorff and member Carl Carlson were absent. In the absence of the Clerk, member Howard Heck recorded the minutes. Member Clifford Wellman introduced the following resolution and moved its adoption: RESOLUTION DETERMINING TOTAL C0ST OF CERTAIN IKPROVBKWS AND AU2'HORIZING THE ISSUANCE A SAL A ND E OF $$85,000 IWROVMW +r��r�rrrr+ r r rw�r+.rr.r`ri i it BONDS r rr ■ ir. i rr �.�.rr WHEREAS, the Village Council has entered into contracts for the construction of certain improvements hereinafter enumerated pursuant to the provisions of Minnesota Statutes Chapter 429, as amended, and WHEREAS, it is proposed to issue bonds to finance the cost of said improvements, NOW, SORE, BE IT RESOLVED by the Village Council of the Village of Brooklyn Center, Minnesota, as follows: 1. It is hereby determined that the sums set forth after each of the improvements herein listed represent the total cost of each of said improvements: Sanitary Sewer Improvement No. 1959-53 $ 15,500. Water Improvement No. 1968 -1 -B (being a part of Water Improvement No. 1960 -1) 8+,300. I � Water Improvement No. 1960 -i -C (being a part of Water Improvement No. 1960 -1) 112,100. Storm Sewer Improvement No, 1960 -7 223,900. Sanitary Sewer Improvement No. 1960 -8 13,100, " -9 5,700. " -10 10,400. " -11 40,200. to -12 12,200• " -14 11,000. & Lift Station -15 & 39 83,500• Sanitary Sewer Improvement No. 1960 -16 7,300. " •17 10,300. �t -18 l4,000. " -19 5,000. L Sanitary Sewer Improvement No. 1960 -20 $ 24,000. " -21 12, 5W. " -22 11 2 1001 is —23 13,900. ' -24 13 '► - 7:500- " -27 17,400. -28 5,300• Water Improvement No. -29 7,800. Sanitary Sewer Improvement No. -30 11,3000 to -32 11,400. Water Improvement No. -33 6 1 400. Sanitary Sewer Improvement No. -35 11,700. Water Improvement No. -37 8 Sanitary Sewer Improvement No. -38 14,400. it -41 14,700. It 1 -42 6,loo. " —44 _5 -45 18,800. " —46 22,700. Water Improvement No. -47 17,500. Sanitary Sewer Improvement No. -51 11,200. Storm Sewer Improvement No. -55 112,600. Sanitary Sewer Improvement No. -57 9,500• Water Improvement No. -59 6,700. $1,050,300. It is hereby determined that of the total cost of each of the foregoing improvements, more than 20% of the cost of each improvement will be paid from assessments levied against property benefitted by the construction thereof, 2. It is anticipated that from assessments heretofore certified to the County Auditor for collection in 1961 attributable to the foregoing improvements, the village will receive the sum of $28,473.01. In addition there has been prepaid prior to certification of the assessment rolls in payment toward the cost of said improvements the sum of $91,735.14, Of the costs set forth in paragraph 1 above the sum of $45..074.48 has been determined by the Village Council to represent that part of the cost of -2- 263 construction of sanitary sewer lines considered as interceptors and assessed as a part of the interceptor system and for which bonds have heretofore been sold. 3. It is hereby determined to finance the remaining cost of said improvements by the issuance of improvement bonds in the amount of $$85,000. 4. The foregoing improvements have been financed from Improvement No. 1960 -A & B Fund through loans made to such fund by the Investment Trust Fund of the village. All of the proceeds from the sale of the bonds authorized by this resolution shall be paid into such fund for the purpose of reimbursing the Investment Trust Fund and out of such fund shall be paid the principal and interest on the improvement bonds authorized hereunder and into which shall be paid all of the proceeds of the special assessments levied for said improvements. 5« The improvement bonds shall bear date July 1, 1961 and shall bear interest payable July 1, 1962 and semiannually thereafter on January 1 and July 1 in each year. Said bonds shall mature serially on January 1 in the years and amounts as follows: $50,000 January 1, 1963 $50,000 January 1, 1964 1 50,000 January 1, 1965 50j,000 January 1, 1966 $50,000 January 1, 1967 $50.,000 January 1.. 1968 $45,000 January 1 1969 $45,000 January 1, 1970 $45,000 January 1 1971 $45,040 January 1, 1972 $45,000 January 1 1973 $45.,000 January 1, 1974 $45,000 January 1 1975 $45,000 January 1 a 1976 $45,000 January 1, 1977 $45,000 January 1, 1978 $45,000 January 1 1979 $45,000 January 1, 1980 $45,000 January 1, 1981 The bonds shall be in the denomination of $1,000; provided, however, that the successful bidder may at any time within seven (7) days following the award direct that an amount of the bonds be issued in the denomination of $5,000, in which case he will notify the Village Clerk of the denominations desired and the amount of the bonds of each such denomination of each maturity, All bonds maturing on January 1, 1973 and thereafter are subject to redemption in inverse numerical order on January 1, 1967, or any interest payment date thereafter upon payment as follows: (1) If redeemed prior to January 1, 1972 at par plus accrued interest, plus a premium of 3% for each bond redeemed. (2) If redeemed on January 1, 1972, or thereafter, at par plus accrued interest, plus a premium of 1% for each bond redeemed. The full faith and credit of the Village will be pledged to payment of the bonds. 6. The Village Council shall meet at the V21age Hall in the Village on Monday, the 10th day of July, 1961, at eight o'clock P.M., for the purpose of receiving sealed bids for the purchase of said Improvement Bonds and the Village Clerk is authorized and directed to cause notice of the sale of said bonds to be given by publication ten (10) days in Commercial West, a financial paper published in Minneapolis, Minnesota. Said notice shall recite that the Village will furnish printed bonds and approving legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler & Haertzen Minneapolis, Minnesota., both without expense to the purchaser, shall require -3- � 265 that all bids be unconditional and accompanied by a good faith check in the amount of at least $17,000 and shall specify one or more interest rates in multiples of one -tenth or one- quarter of one percent. Said notice shall further provide that delivery of the bonds will be made by the Village within forty days after the date of sale at the office of the Village Clerk or, at the option of the purchaser, at Minneapolis or Saint Paul, without expense to the purchaser. The motion for the adoption of the foregoing resolution was duly seconded by member Howard Heck, and upon vote being taken thereon, the following voted in favor thereof: William Super, Clifford Wellman and Howard Heck, and the following voted against the same: None; whereupon said resolution was declared duly passed and adopted. Motion by Clifford Wellman dnd seconded by Howard Heck to adjourn. Motion carried, The meeting ad journed at 9:05 P,M, )& Mayor Clerk -4-