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HomeMy WebLinkAbout19390908_REGULAR201 Ninutes of the recessed portion of t’ne regular August 29, 1939, meeting of the Council of the Village of Bdina, held in Grange Hall at 8.00 o’clock P. M. on September 8, -1939. The meeting was called to order by President Sharpe, the roll callwd and all members of the Council were present. The President announced that this was the time and place for the receipt of bids for the purchase of Sewer Warrants of said Village on account of Joint Sewer District No. 1, The Village Clerk . presented an affidavit showing publication of a notice of sale for two weeks in the official newspaper a8 dimcted by the resol- . ut3on adopted Auguat 22, 1939 , which was ordered placed on file. The Clerk announced that no sealed bids had been received. Oral bids mere recsiMd and found to be as follows: I Interest Rate Amount a Bid 7- Name of Bidder. -- Charles I, cE”uller Co, Mafrs-Shaughnessy eC Co. 3& $625.00 &% 775000 Thrall West Corapany 3% 680.00 J, E. Dah & Ce 3% 250 00 Wlls-Dickey Company 3% 601.00 Pirst National Bank & Trust Co. 3% 600 00 I After due conaideration of all of said bids by the Council, Recorder Moore introduced the following resolution and moved its adopt ion: 333 IT ‘RXSOLVJ3D by the Vi91age Council of the Village of Edine, Hennepin County, Hinnesota, that the bid of First National Bank eC Trust Company and VBlla-Dickey Company and associatea, for the purchase of $65.000 Sewer Varrante of Joint Sewer District No. 1 dated September I, 1939, which bid is to purchase said \Tarrants bearing interest at 3 percent pes annum, payable semi- annually, at a price of par and accrued interest, and $GOI.QO premium, id hereby faund, determined and declared to be the bid deemed most favorable and is hereby accept€& t I, I The motion for the adoption of the foregoing resolution was duly seconded by Truetee Yi.llson, and upon vote being taken thereon the following Trustees voted in favor thereof: Holten, TNillson, Irgena, ldoore and Sharpe and the following voted against the same: =None, whereupon Fjaid resolution was declared duly passed and adop te d . I Trustee Holten *hen introducted the following r&eolution and moved its adoption: BX ITJRBSOLVZD by the Village Council of the Village’of Ydina, Hennepin County , Minnesota , as follows: .I 1. The Village shall issue fts negotiable cupon sewer warrants in the amount of $65.000, said warrants to .be 65 in number and numbered from 1 to 65, both inclusive; all of said warrants being in the denomination of $1,000, bearing interest at the rate of 3 percent per annum, pwabfe semiannually on the first dw of January and the first day of July in each year in accordance with appropriate interest coupons to be kliBreSs”attached, and to mature seffally on January 1 in the years and amouqts as follows: $6,000 in each odd nmnbered year from 1941 to 1949, both inclusive, and $7,000 in each emn numbered year from 1942 to 1958, both inclusive. The‘warrants of this issue maturing in 1950 are sub- ject to redemption and prior payment on any interest payment date ’ on payment of a premium equal to one year’s interest in advanae upon thirty days! prior notice to the bank where said warrants are payable. 22 Both principal and interest of said warrants shall be pag- able at First National Bank & Trust Company of Ninneapolis, Einn- esota, and said warrants and the coupons attached thereto shall bz in substantially the following form: (Form of Varrant) United States of America State of Ninnesota County of Hennepin Village of Ydina .. Joint Semr District No. 1 Varrant .. Z?wnbsr I $a.oos* The? Treasurer of the Village of Edina, Hennepin County, Einnesota, mill pay to the bearer hereof from Joint Serrzr District Mo. 1 Bund of said Village the sum of ONE THOUSAND DOLLARS in any coin or currency which on the date of payment is legal tender for public and private debts on the first day of January,-.19-, with interest thereon at the rate of 3 per cent per annum, payable semi- annually. on the first day of January (July) in each year in accord- ance with and upon presentation and surrender of the attached int- -ere&% coupons as they severally become due, both prhcipal and interest bsing payable at the main office of First Na%ional'Bank and Trust Company of Mnneapolis, Ninneapolia, Xinnesota, . . . This warrant is one of a series of warrants in the aggre- gate principal amount of $6s0000 issued by said Village pursuant to and in full conformity with the cmstitution and lai?S of the State of Xinnesota thereunto enabling, including Chapter 35, Laws of Xinn- esota for 1915 and acts amendatory thereof and supplemental thereto for the purpose of defraying the expenses incurred and to be incurred in laying severs in said District and in anticipation of the collect- ion of special assssaments heretofore duly levied against the benefited property in said District for the cond$ruction of $errera and is pw- a'ble out of a fund designated as Fund of Joint %wr District No:I., into whicb fund all proceeds of siad assessments are required to bs paid, and the full faith and credit of the Villa+ge has been pledged for the payment of the principal or interest of such warrants.when the moneys on hand in the appropriate sewr district fund are insufficient for such purpose It iR hereby certified and recited that all acts, conditions and things required by the constitution and laws of the State of Xinn- esota, to be done, to happen, and to be performed precedent to and in the issuance of this narrant, have been done, have happened and have been perfomed in regular and due form, time and manner a8 requirad by lav and that this warrant, togather with all other indebtedness of said Village outstanding on the date named herein and on the date of actuaX issuance and delivery hereof, does not exceed any-statutory or constitutional limitation of indebte dne s 8. Xinnesota, by its Village Council has caused this warrant to be signed by the President of the Village Council and countersigned by the Village Recorder and sealed with the seal of said Village, and the interest coupons hereto attached to W executed and authenticated by the facsimile signatures of said officers, and has caused this, warrant to be dated as of SeptemBr 1, 1939. I 33 TKTNBSS VHl3REOF the Village of Pdina, Hennepfn County, I \Jr ', #. 1 a. --- President of Village Council Countersigned . '/- "t. , Village Clerk 2.03 (Form of Coupon) number On -the first day of January (July) 19 , The Village of Bdina, Hennepin County, Minnesotm, will pay to the bearer at the inetallment of interest then due on its Sewer Tarrant dated 1939, Ntmb?r . the t3u.m of Dollars (# 1, being Coun te rs igne d president of Village Council I Villake Clerk. 3. Said warrants shall be printed under the direction of the Villag e Clerk and the Preaident of the Village Council and the Village Clerk are hereby authorized and directed to execute said warrants and to affix the Village seal, and the interest coupons to be attached thered to shall be executed and authenticated by the printed, engraved, or lithoeraphed facsimile signatures of said officers. 4. laLen said warrants have been fully executed as required by lam and by this resolution they shall be delivered to the purchaser there- of upomreceipt of the purchase price and said purchaser shall not be obliged to see to the application of said purchase price. 5. There is hereby created a special fund to be known a8 Joint Semrer District No. 3. Fund, into which shall be paid all moneys recd eived from the sale of warrants as herein provided and from the pro- ceeds of the special assessments for said improvement, and out of which fund shall be paid the cost of said improvement including all expenses incidental thereto and to the principal of and interest on said warran- ts when and as the same become dyer. 6. from special assessments, but the full faith and credit of the Village is hereby pledged to the payment of said yarranta and interest thereon as and when the same become due, and the Clerk and Treasurer are aut- horized and directed to cause said warrants and the interest therefor in event there is moneys frorn other funds shall be restored when the special assessments are collected. Said warrants shall be $&dbfe primarily from money collected insufficient money in the special fund, but such The motion:for the adoption of the foregoing resolution was duly seconded by Trustee Irgena, and upon the vote being taken thereon the following voted in favor thereof, Holten, Tillson, Irgens, Noore and Sharp and the following voted against the same: None; whereupon said resolution vas declared duly passed and adopted.