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HomeMy WebLinkAbout1957 09-16 CCM Special Session Minutes of the proceeding of the Village Council of the Village of Brooklyn Center in the County of Hennepin and State of Minnesota September 16, 1957 The Village Council met in special session and was called to order by William N. Super, Mayor, at 8005 P.M. The following members were present: William N. Super, Wayne Gageby, Carl Carlson, Clifford Wellman and Russ Jones. Motion by Wayne Gageby and seconded by Russ Jones that the Village Council deny the special permit of Raymond Fagre to use a boxcar for storage at the property located at 3615 - 50th Avenue North, legally describe)fi ens Lot 2, Block 5, Brooklyn Manor Addition. The boxcar is to be removed within 30 days and failure to do so will be subject to penalty provided by the village ordinance. Motion carried. The Mayor announced that this was the time and place for receipt of bids for the purchase of $350;000. Sewer and Water Improvement Bonds in accor- dance with the resolution adopted August 27, 1957- The Clerk presented an affidavit showing publication of Notice of Sale in Commercial West, a financial paper published in Minneapolis, Minnesota, which affidavit was examined and found satisfactory and ordered placed on file, together with a satisfactory affidavit of publication in the forth Hennepin Post and the Bond Buyer, a financial paper published in New York. 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., on all bonds maturing 1/1/59 4350, 000.00 Juran & Moody, Inc., to 1/1/69 inclusive; 4.759 on Allison- Williams Co., those maturing 1/1/70 to 1/1/78 J. M. Dain &`Coo, inclusive, with additional Piper, Jaffray & Hopwood interest of 1.00% on all bonds from Oct. 1, 1957 to July 1,1959 2. John Nuveen'& Company, 40 on bonds maturing 1/1/59 to $350,142.75 Inc.,St. Paul, Minn. 1/1/67 inclusive] Mannheimer -Egan, Inc. 4.75% for bonds maturing St. Paul, Minnesota 1/1/68 to 1/1/71 inclusive; Allan Blair & Company 5% for bonds maturing 1/1/72 to Chicago, Illinois 7/1/78 Harold E Wood & Co., plus 1% for the period 12/1/57 St. Paul, Minnesota to 7/1/59 After due consideration of all of said bids, member Russ Jones 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 $350,000 Sewer and Water Improvement Bonds bearing interest at the rate of 4.50% per annum on all bonds maturing January 1, 1959 to January 1, 1969 inclusive; 4.75'$ on.bonds maturing January 1, 1970 to January 1, 1978 inclusive together with an additional coupon of 1% on all bonds for the period from October 1, 1957 to July 1; 1959, and to pay therefor the sum of $350,000.00 is hereby found, determined and declared J to be the most favorable bid and is hereby accepted. The clerk is directed to retain the check of said purchaser and return all other checks to the unsuccessful bidders forthwith. The motion for the adoption of the foregoing resolution was duly seconded by member Wayne Gageby, and upon vote being taken thereon the following voted in favor thereof: William N. Super, Russ Jones, Wayne Gageby, Clifford Wellman and Carl Carlson, and the following voted against the same: None; whereupon said resolution was declared duly passed and adopted. Member Russ Jones 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 Improvement Bonds in the principal amount of $350,000 dated October 1, 1957 being 350 in number and numbered 1 to 350, both inclusive, in the denomination of $1000 each bearing interest at the rate of 4.50% per annum for those bonds maturing January 1, 1959 to January 1, 1969 inclusive, 4.75% for bonds maturing January 1, 1970 to January 1, 1978 inclusive, plus additional interest at the rate of 1.00% for the period of October 1, 1957 to July 1, 1959 to be represented by a separate coupon, said bonds maturing serially in the years and amounts as follows: $25,000 on January 1 each year 1959 to 1963 inclusive, $15,000 on January 1 each year 1964 to 1978 inclusive, with a prepayment option as follows: All bonds maturing on January 1, 1969 and thereafter subject to redemption in inverse numerical order on January 1, 1963, or any interest payment date thereafter upon payment as follows: (1) if redeemed prior to January 1, 1968, at par plus accrued interest plus a premium of $30.00 for each bond redeemed (2) if redeemed on January 1, 1968 or thereafter, at par plus accrued interest plus a premium of $10.00 for each bond redeemed. 2. Both rinci al and interest shall be payable at the main p p P Ya office of the Northwestern National Bank of Minneapolis, Minneapolis, 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 forms UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF BROOKLYN CENTER No. . $1000 IMPROVEHENT BOND OF 1957 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 -2- J No. 1957 -B Fund the sum of ONE THOUSAND DOLLARS on the 1st day of January, 19 , and to pay interest thereon at the rate of percent ( %) per annum from date to July 1, 1959 or prior maturity represented by separate sets of interest coupons at the coupon rate of percent ( ) and one percent (1.00 %) respectively, and percent ( %) per annum after July 1, 1959, payable July 1, 1958 and semiannually thereafter on the lst 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 the main office of Northwestern rational Bank of Minneapolis, Minneapolis, 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, 1969 and thereafter upon thirty (30) days prior notice by mail to the bank where the bonds are payable and to the last known holder are subject to redemption in inverse numerical order on January 1, 1963 or any interest payment date thereafter upon payment at par plus accrued interest plus a premium of $30 for each bond redeemed if redeemed prior to January 1, 1968, and if redeemed on January 1, 1968 or thereafter, at par plus accrued interest plus a premium of $10. for each bond redeemed. 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 $350,000, 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 Chapter 398, Laws of Minnesota 1953, as amended, for the purpose of defraying the expenses incurred and to be incurred in special improvements of the village, and is payable primarily tom special assessments to be levied against property specially benefitted 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 that the village will levy ad valorem taxes if required for such purpose without limitation as to rate or amount. 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 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 signatures of said officers, all as of October 1, 1957. Mayor Village Clerk (Seal) -3- d (Form of Coupon) Roo $ On the lst day of January (July), 19 , the Village of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer out,of Improvement No. 1957 -B Fund at the main office of Northwestern Rational Bank of Minneapolis, Minneapolis, Minnesota, the sum of DOLLARS, being the installment of interest then due on its Improvement Bond dated October 1, 1957, No. Mayor Village Clerk 4. 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 facsizLe signatures of said officers. 5. The bonds issued hereunder shall be payable from Improvement No. 1957 -B Fund heretofore created, provided that if any payment of principal or interest 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. All proceeds of said bonds and assessments shall be credited to said Improvement No. 1957 -B Fund. 6. The estimated collection of special assessments and other revenues pledged for the payment of said bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the bonds and no ad valorem tax levy shall be made. The Clerk shall deliver a certified copy_of this resolution to the County Auditor of Hennepin County and obtain his certificate as required by Section 475.63, Minnesota Statutes. 7. 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. 8. 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. The motion for the adoption of the foregoing resolution was duly seconded by member Wayne Gageby and upon vote being taken thereon the following voted in favor thereof: William N. Super, Clifford Wellman, Wayne Gageby, Carl Carlson, and H. R. Jones; and the following voted against the same: None; whereupon said resolution was declared duly passed and adopted. Motion made by Russ Jones and seconded by Carl. a is to ad Motion carried* Paydd rk -4-