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318 i <br />I!.ZITJUTES OF SPECIAL ImING OF TJ33 VIUE <br />COUNCIL OF THE VILLAGE OF EDINA, IfENNEPIN <br />COUNTY, "EXOTA, HELD THURSDAY, NOVE34EER 6, 1947, ZZT 8:OO P. &I. IN THE EDINA * <br />VILLAGE HAIL <br />Pursuant to due call and notice thereof, a Special meeting of the Village Council of <br />the Village of Edba, Minnesota, was duly held at the Council Room in the Village <br />Hall in gaid Village on the 6th day of November, 1947, at eight otclock P, EL Nrm Mndhorstts October 28,1947 legal opinion was read and cbnsidered. <br />The f ollov~g members were present: I Child, lKl.lson, Utley, Hawthohe, and Christopher. <br />Trustee Utley introduced the following resolution and moved its adoption: i <br />ments for <br />benefited <br />A FiESOLUTION CREATING A P-NT INPROVEXEBT <br />CCUPON BONDS TO CREATE AND MAINTAIN SAID'FUNDL <br />IEEFEAS, the Village of Edina has heretofore undertaken numerous improve- <br />which special assessments have been or will be hereafter levied against - <br />property in the amount required to pay for the same, and <br />WHEBIUS, 'the Village has insd'ficient funds to pay %he amount due on con- <br />REVOLKING FUND PROVIDING FOR THE ISSUANCE OF NEGoT&I;E <br />I <br />tracts for the construction of said improvements pending the collection of the <br />specihl assessments, and <br />FlHEZBAS, the Village Council is of the opinion that the interests of the <br />Village and the property owners therein trill be best served by the creation of a <br />permanent improvement revolving fFd to provide moneps for financing all such local <br />improvements, <br />Na?, T€IE€EFORE, BE IT RESOLVED by the Village Council of the Village of <br />It is hereby determined that'it is necessary and expedienk to create a <br />perkment improvement revolving fund for the purpose of financing all <br />local hprovemenb for which assessments are to be l&vied. Said fund shall be a <br />permanent fun3 of the village and the moneys therein shall be provided by the <br />issuance of general obligation bonds of the village and shall be used solely to <br />finance local bprovements for which assessments are to be levied. <br />be a revolving f&d to be used from time to'time eo furnish moneys to local im- <br />provement funds as the samie'may be required to pay for local improvements and all <br />such moneys so furnished shall be restored when and as assessments are collected for <br />such improvements. In order to preserve the solvencypf said permanent improvement <br />revolving fund it'is hereby determined that the money so furnished to local improve- <br />ment funds shall be repaid to the said fund together with interest at the rate of not less than four percent during the time for which su6fi funds have been so <br />furnished, <br />. <br />Edina, EEnnesota, as follows: <br />1, <br />Said fund shall <br />2, Said Fund shall be kept by the Village Treasurer as a special fund separate <br />and apart from all other funds or accounts of the Village and the moneys *, <br />therein shall be used for no other purpose except as herein stated, provided that <br />when and as there shall be moneys therein not needed for local improvements, the <br />Village Clerk is authorized to invest such moneys in bonds of the United States of <br />America, the State of Minnesota, or is general obligation bonds or securities pledg- <br />ingthe full faith and credit of the Village. <br />** E <br />3. It is necessary and expedient to borrow money for the purpose of creating <br />and maintaining said permanent improvement revolving fund by the issuance - <br />ofthe negotiable coupon Permanent Improvement Revolving Fund Bonds of the Village <br />in the aggregate principal amount of $180,000, dated December I, 1947, said bonds <br />being 180 in number and numbered from 1 to 180 both inclusive and in the denomination <br />of $13000 each, bearing interest at the rate of two percent per annum, payable October <br />1, 194.8, and semi-annually thereafter on the 1st day of Apriland the 1st day.of <br />October in each year and to mature serially as follows: <br />and on April 1, 1950, $10,*000 on October 1, 1950,. and on April 1st and October 1st in <br />each of the years 1951to 1958, both inclusive, all bonds maturing in 195s being <br />subject to redemption on October 1, 1952, and any interest payment date thereafter <br />at par and accrued interest. <br />office of the First National Bank of Minneapolis and the Village shall pay the reasonable <br />charges of s'aid paying agent out of its general funds. <br />I $5,000. on Octiober 1, 1949, <br />Both principal and interest shall be payable a% the main <br />4. The said bonds shall be general obligations of the Village payable from ad <br />valorem taxes levied upon all the taxable property in the Village for the <br />payment of principal and interest thereon and the proceeds from the sale of said bonds