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HomeMy WebLinkAbout19470707_ADJOURNED7/7/47 Discussion was had on need for tree trimming and a general park program. Pre,sident Chrsitopher wqs commissioned to secure Park Board's plan and budget, by motion Utley, seconded by Hawthorne and carried.. President Christopher recommended Mr. L, A. Dyregrove 4630 France Avenue for membership in the recnetly appointed Special Parks and Playgrounds Committee. Motion by Willson that Mr. Christopherts recommendation be accepted was seconded by Hawthorne and unanimously carried, Mr. Utley reported that E4r. Leonard Ode11 wishes to circulate petition for lateral sewer extensions in the Browndale Park District. Motion by Utley that Attorney Windhorst draft required petition, containing provisions that Council give consideration to the practicability of sewer connection with St, Louis Park trunk sewer, was seconded by Hawthorne and carried, Office was requested to Teyiew minutes with regard %o contracts made with City of Minneapolis with regard to payments for Joint Sewer District No, 1. Report of Mr. George Willson, *delegate to the Minnesota Municipalities Conven- tion held on June I3 to 13, 1947, was read, accepted and filed with Clerk. Fire Chief Philip Bailey reported that he expected delivery of the new Fire Truck about September 1, and asked for fire hose to equip truck. Rotion by Hawthorne that Clerk be authorized to advertise for bids for 1000 feet 242" and 600 feet 1-1/21t hose, was seconded by Utley and cal?ried. ; Motion by \?illson thgt meeting be adjourned to July 10, 1947, ms seconded by Utley and carried, MINUTES OF THE ADJOURNED PORTIGN OF THE JULY 7, 1947, ADJOURNED PORTION 9;F THE JUNE 23, 1947, IlEGULaR NEETING OF THE EDINA VILLAGE COUNCIL, AS HELD JULY 10, 1947, AT 8:OO P.X., AT THE) EDINA VILLAGE HALL Members present were Willson, Utley, Hawthorne, arid Christopher, Utley offered :he following Resolution and moved its adoption: A RESOLUTICN PROVIDING FOR TKE ISSUANCE OF 1JATER.WORKS IBVENUE BONDS FOR TKE PURPOSE OF PROVIDING &IONEX FOR THE PURCHASE AND DPROVEEENT OF TKE WATm WORKS PUNT kJD SYSTE31 WHEREAS, the Village of Mina is organized under the General Laws of the State and has a population of more than 5000 inhabitants and an assessed valu- ation of all taxable property of less then ~6,000,000.00 and WHEREAS, there is a public water supply system owned by Gountry Glub Dis- trict Service Company which upon acquisition will be part of the public water supply system of the village, and WHERFAS,. The Village has entered into a contract with the said Country Club District Service Company for the purchase of wells, pumps, and equipment for the operttion thereof, storage tanks,water mains, hydrants, and lands and buildings for housing the same and incidental or necesssary equipment in con- nection therewith, and of Chepter 94, Laws of Minnesota l9&l, to issue revenue borids to finance mch purchase and the construction of additional facilities, IEIER.EAS, The Village is 'authorized under and pursuant to the provisions NOW, THBREFORE, BE IT RE30LVED by the Village Council of the Village of Edina, Itinnesota, as follows: I 204 7/7/47 ? 1. It is hereby determined that it is necessary to proceed with the purchase and improvement of the watezkorks plant and system from Country Club Distkict Semce Company at an estimated cost of $150,000 to be provided by the issuance of waterworks revenue bonds in said amount. 2. For the purpose of providing money for purchasing and improvbg said qterworks plahtsnd system, the Village shall.issue, negotiate f and sell its waterworks revenue bonds in the total principal amount of $l!jO,OOO, consisting of 150 bonds nunbered 1 to 150 inclusive, in the de- nomination of $1,000 each, to be dated July l, 1947, to bear interest at the rate &o be hereafter determined, payable Ehrch 1, 19.4€$ and semi-annually thereafter on the 1st days of March and September in each'year and to mature serially on September 1st in the years and amounts as foUows: each of the years 1949 to 1952 inclusive, #7,OOO in each of the years 1953 to 1956, inclusive, $8,OOO in each of the years 1957 to 1960, inclsuive, and $10,000 in'each of the years 1961 to 1967, inclusive, all of said bonds maturing after September 1, 1957, being subject to redemption and prior pay- ment at par and accrded interest at the option of the village on said date and any interest payment date thereafter. @,OOO in 3. The said bonds and the interest coupons to be thereto attached shall be substantially the following form: UNITED STAT3 OF AHEXECA STEI'E OF HLNNESOTA COUNTY OF €EWEPIN VILLAGE OF EXENA NO KNOW ALL BEN BY WE PRESENTS, That the Village of Edina, in the County of Hennepinaand State of IEnnesota, certifies that it will pay to bearer hereof but only out of the nett revenues in the Sinking and Interest Account of the Ifatemorks Fund, the sum of ONE THOUSAND DOLLARS on the 1st day of Septernber, l9-, and will pay interest thereon from said account from the date hereof until said principal. sum is paid at the rate of Harch 1, 1948, and semi-annually thereafter on Ifarch 1 and September 1 in each year in accordance with and upon presentation and surrender of the interest coupon0 @emto attached as they severally become due. cipal And interest are payable at in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts, I percent ( $) per annum, interest to maturity payable Both prin- This bond is one of an issue in the aggregate principal amount of $l!jO,OOO, all of like date and tenor except as to maturity and redemptLon privileges, all issued for the purpose of providing money for the purchase and improvement of the waterworks plant and system of this Village and is issued pursuant to and in full conformity with the Constitution and Laws of the State of Ilimesota, including Chapter 94, Session Laws of 1941, and reao3utions duly adopted by the Village Council of said Village and is payable solely from rewnmsaafter deducting the cost of operation, which are to be deposited in the Sinking and Interest Account of the Waterworks Fund of the village and the village shall be relieved from any duty to levy, collect, use, or apply any moneys received, or to be received, from taxation for the payment of either principal or interest except for the payment of charges for services rendered to or received by the village, ( To be inserted on bonds N0.s 1 to 56, incl,) This bond is payable at its stated maturity date without option of prior payment, ( To be inserted in bonds NOS. 57 to 150, incl.) option of the village on September 1, 1957, and on any interest payment date thereafter at par and accrued interest, rpvodied thrity days prior notice of call has been mailed to the bank at whi@ this bond is payable and to the holder, if known, at his last known address, Holders desiring to receive such notice must register their names and addresses tLth the Village Clerk. .. This bond is subject toredemption and prior payment at the . IT IS HEBEBY CERTIFIED AND RECITED, That in and by said authoriz- ing resolution the village has covenanted and agreed that it to own and operate the waterworks plant and system of the village free from competition by other like utilities and free from all liens thereon; that continue 7/7/47 i 205 ’ 8. .* adequate insurance on said waterworks plant and system and suitable fidelity bonds on its employees ~dll be carried; that proper and adequate books of account will be kept showing all receipts and disbursements relating to the waterworks plant and system; that it will maintain a Waterworks Fund and a Sinking and Interest Account thereunder into which it will pay monthly out of the net revenue of the wateworks plant and system a sum sufficient to pay principal and interest on the bonds payable from said account as the same fall due and will impose and collect rates and charges-for services furnished by the said system adequate for theabove payments; that no additional or other obligations mill be incurred or permitted to be incurred payable from thesaid net revenues except as specified in the authorizing resolution; that the holders of twenty percent or more in principal amount of the revenue bonds of this issue at any time outstanding may enforce the rights of the holders of all of such outgtanding bonds, all as more fully set forth in the said authorizing resolu- tion. ’ IT IS FURTI-ER CERTIFIED AND RECITED that all acts, conditions, and things required by the Constituion and Laws of the State of lbnesota, to be done, to happen, and to be performed in order to make this bond a valid and binding special obligation of the village, according to its tern, have been done, have happened, and hzve been performed as so required and that the .issuance of this bond didnot cause the indebtedness, general or special of the village to exceed any crmiititutional or statutory limitation. IN WITNESS WHEREOF, The Village of 2dina, Ninnesota, by its Village Council has caused this bond to be executed in its behalf by the signature of the President of the VillAge Council and attested by the Village Clerk and sealed with the Village seal and the attached interest coupons to be executed and aukhenticated by the facsimile signatures of said officers, all as of this 1st day of July 1947. : ATTEST: ,~~ President of Village Council village Clerk (Seal) (Form of Coupon) No On the 1st day of brch (September ), 19 , the Village of Edina, Ninnesota, will pay to bearer out of the Sinking and Interest Account of its Naterworks Fund the sum of $ its Waterworks Revenue Bond dated July 1, 19&7, No, at DOLLARS for interest then due on President of VUge Council 4. The bonds @all be prepared under the direction of the Village Clerk and shall be executed on behalf of the village by the slgnatupe of the President of the Village Council and attested by the Village Clerk and the interest coupons shall be executed and authenticated by the printed, engraved, or lithographed facsimile signature of said officers and the seal of the Village shall be affixed to each of said bonds. .. -- 5, The bonds herein authorized shall be sold in such manner as the Council shall hereafter direct and the purchase price thereof shall be paid over to the Village Treasurer and used for the purchase of said waterworks plant and system and for improvements thereof. Said money shall be deposited in a‘special account within the Waterworks Funds and used solely for such purpose but the purchaser shall not be obligated to see to the proper application of said purchase price. 6. bonds issued hereunder. and receipts of the village fromthe operation of the waterworks plant and system except the proceeds of special assessments for extensions of water IIEL~~LS may be paid into a special fund to finance such extensions as hereinaftw ‘pro.xi&& There is hereby created a special fund to be called the Water- works Fund which shall be continued until the payment of all There shall be ppid into said fund all of the income 206 , There shall be set up under said Waterworks Fund the following separate accounts: (a) A Capital Ekpenditure Account into which shall be paid all moneys received fron the sale of bonds (excepting premium, if any, and accrued interest shall be @id into the Sinking and Interest Account) and from the sale of any property acquired for of such account shall be paid’the following estimated expenditures in connection with the acquisition and improvement of the waterworks plant and system: . or used in connection with such utility and no longer necessaryfor such purpose. Gut I Purchase of property from Country Club District Service Company $133, 50OeO0 Reconditioning of hydrants and valves 1,500oOO Reconditioning of 50th Street main 5OOoOO Constfuction of pump house and landscaping Safety ladder on tank and miscellaneous expense 5s 000 .oo . 1,000.00 Appraisal and acquisition expense I 3,500.00 Working capital Total 5.000.00 $150,000.00 The mount herein above set aside for working capital and any other :&- pended balance shall be credited to the Unappropriated Earnings Account. (b) An Unappropriated Earnings Account to tfiiich shall be credited all income and revenue from the operations of the waterworks system. shall be paid all but ofiy such items as by accepted accounting practices cons%itute normal, reasonable and current costs of operation, including necessary r epairs and replacements. ftillage and amount eqavalent tothe local taxes for village and school purposes on the property of the system tobe used to offset such loss in taxation by the village and school district respectively. Such payments shall be made only when and if there are sufficient funds in such account for such purpose over and above the amount required to be paid into the Sinking and Interest Account under the pT6vksions of subsection (c) hereof, but such payments shall be a charge upon said accouht to the extent that there are funds available to make such payments in anyyear and to the extent said charge is unpaid in upon the books of the village to be paid then there are sufficient funds in the account for such purpose. Out of said account From said account there shall be paid into the general fund of the L I year it shall remain (c) A Sinking and Interest Account to which shall be credited quarterly on or before the first days of Hwch, June, September and December in each year from the net reveneue at least onequarter-of the amount required to pay princi- pal and interest on the bonds issued hegeunder and any other obligations trjnich shall be made payable out of said account as hereinafter provided during the en- suing twelve months. except to pay such principal and interest as the same shall become due provided that the balance therein my be used to pepay and retire such bonds in accord- ance with the proTiisions thereof, provided that all bonds are then due and have been properlycalled for payment and funds are available for the,prepayment of all such bonds. No money shall be paid out of the Sinking and Interest Account e (a) A Reserve Account to mhich shall be oredited quarterly on the first days of March, Jum, September, and December in each year all earnings in the Operation Account in excess of the amount required for current Operations and for the payments herein required to the Sinking and Interest Accoun-b until there shall have been credited to said Reserve Account an amount equal to the full principal and interest requirements of all bonds payable hereunder during the ensuing tnelve months. Said account shall be used to replace any deficiency in the Sinking and Interest Account and shall be maintained as a reserve in the amount herein abo7e set forth until all the bonds issued hereunder shall have been paid or properly called for prepayment as herein provided and in event that the said reserve shall be depleted, it shall be restored out of the ensuing net revenue of the natemorlcs system provided that nothing herein 3hlall prevent the use of any emss moneys in said Reserve Amount to prepsg bonds on their callable date . . I . (e) A Surplus Account to nhich shall be oredited all the net revenue of the rratemorks system in excess of the amounts required to b3 paid into the Sinking and Interest Account and the Reserve Account. Thc i2u6ds in said account may be used to pay for extensions, iaprovements, and additions to the natemorks plant and systsrs or ~ay be used to prepay bonds, No distribution shall be made 7/10/47 [ 207 from said account to the general fund of the village until bonds issued hereunder shall have been paid out of moneys provided in the Sinking and Interest Account and Reserve Account for such purpose, The Moneys in the Tatemorks Fund may be deposited in one or more bank accounts which need not be separate from other bank accounts of the Village, provided that the balance in the Batenorks Fund shall oppear as a separate account on the books of the village, and any funds therein may be invested under direction of the Village Council in United States Government Bonds, general obligations of the Village of Edina, or bonds of this issue . 7. The bonds issued hereunder maturing after September 1, 1957, shall be subject $0 redemption and prepayment at the o$tion of the village on said date and any interest payment date thereafter, provided that thirty days prior notice of such redemption shall be given to the bank at which the bonds are payable and to the last known holder. Holders desiring to receive such notice must register their names and addresses nith the Village Clerk. and Interest Account or nut of any other funds of the village provided that no such bonds shall be preapid out of the Sinking and Interest Account unless there shall be sufficient therei'n to pay principal and intorest payable therer"rom during tho anrjlizng twelve months Said bonds may be prepaged out of the Sinking 8, Until payment of the bonds herein authorized no additimal bonds or other obligaticns payable from the revenijes of the vatemorks plant and system shall be issued except as provided in this paragraph. The village may at any time issue ad- ditional revenue bonds or other obligations payable as to principal and interest from the Sinking and Interest Account and on a parity with but not superior to the lien and charge in favor of the o tstanding revenue, bonds of this issue provided, first, such additional obligations are to pay for necessary iniprovements to or extensions of the natervorks plank and system and, second, that the net revenue as herein defined for the period of tnelve months next preceding the issuance of such additional obligations shall have been in an amount srE least one and one-quarter times the average of the annual principal and interest requirements for the remainder of tho term of the revenue bonds issued hereunder upon all such obligations then outstanding plus those so to be issued and thereafter to be payable from the said net revenue. abo~e granted, the village may at any titlre issue additional obligations. payable from said net revenue provlded said additional obligations are expressly made a junior or inferior charge against said net revenue or provided said obligations are used solely to refund and extend the maturity date of the maturing bonds of this issue. In addition to the powers. 8 9. For tho protection of the security of the bonds herein authorized the Village Council covenants and agrees to and with the holders thereof from time to time as folloms: (a) It will cause the purchase and improvement to the watemorks plant and system to be completed in accordance nith plans and specifications hereto- fore approved and mill use the proceeds of these bonds to pay for said purchase and im- pr ovement . (b) It t7ill cmtinue to operate the waterworks plant and system of the Village as a revenue pr7ducing utility and mill cause the same to be maintained in good and efficient operating condition and will not sell or othervise dispose of any part thereof unless the same be replaced with some other part of equal utility. (c) Until the plnincipal of and interest on the bonds of this issue have boon paid, the Village shall maintain rates and charges for water service sufi'icient in amount to pay such principal and interest and will give no free service and in event the charges for service to other users shall be insuffiaLent to pay principal and in- terest on all outstanding bonds, the village agrees to pay not less than the sum of it300 per year for a11 services furnished to the village. (d) It will cause all income and revenues from the operation of the vrater works plant and system of the village to be credited to the Vatemorks Fund and vi11 permit no payments to be made therefrom except as herein proaidedi I (c) It will cause proper books of record and account to be kept in vhich true and correot entries wiil be made of all vater charges imposed or required &Q be imposed nnd-d' all collections and receipts therefrom and shoc7ing the application there- of and all expenditures from the Watemorks Fund. Such books shall be audited annually by the public examiner of othere competent public accountant. Said bo&s of account shall be 0-en to inspectian and copying by any bondholder, his agent, or kttorney and the Village Clerk shall upon request furnish certified copies of any portion thereof upon payment of a reasonahle fee therefor. ?/10/47 208 I (f) It mill procure and keep in force insurance upon the rratsrrrorks plant and the .machinery and equipment therein against loss or damrtge by fire, tornado, mind- storm, or other causes customarily insured against, with an insurer or insurers in good standing in such amounts as the Village Cmncil shall determine will be req- uiadd adequately to protect the village and the holders of the bonds fron loss due to any such casualty and that ti will keep in full force and effect findelity bonds on its employees in charge of the waterworks plant and system, the proceeds from such insurance or bonds shall be used to make good such loss or to repair or restore the plant. In event of any loss, t 10. The Clerk and Treasurer are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and the attorneys approving the same, certified copies of all ordinances and resolutions of the village re- lating to the matemorks plant and system and tho issgance of the bonds and all other proceedings or records shoving the right, pover, and authority of the village to issue the same, and to provide funds for the payment thereof and such certified conies and certificates shall be deemed representations of the village as to all facts stated therein. 11. Additions and extensions ofrrater mains may be installed by the Village and the cost thereof may be provided att of the unappropriated earnings account or said extensions may be made by appropriate special improvement proceedings and the cost assessed against the property benefited thereby. proceeds of all such special assessments mag he used to pay for such iqproyement or to retire certifiaates or Karrants issued for such purpose. In such case the 12. Each and all of the terms and provisions of this resolution shall be and constitute a covenant on the port of the village to and mith each and every holder fro3 time to time of the bonds issued hereunder. Eotion to adopt the Resolution mas seconded by Iia~thorne, and on Rollcall there vere four ayes, and no nays, as fOllOt7S: Villson, aye; Utley, aye; Hawthorne, aye; and Christopher, aye; and the Resolution vas adopted. President of the Village Council Trustee Utley introduced the folloving resolution and moved its adoption: RESOLUTICiJ APPROVrilG ADTJERTISE1,mTT QF BOTICE OF SAG OF $150,000 '3ATERVORKS Warn BONES TTREBEAS, the Clerk has at the direction of the council mailed to various investment houses 8 notice of sale calling for sealed bids on $150,000 Tater- works Revenue 3onds of the Village to be sold this day, together nith a copy of the proposed resolution providing for the issuance of such bonds, vhich resolu- tion has been adopted by the council. Now, Tfl%R2F'ORE? 3E IT RESOLVXE!, By the Village Council of %he Village of Edina, IEnnesota, that the acltion of said Clerk in so advertising the sale of said bonds, be and it is hereby approved, ratified and confirmed and the council shall now proceed to the consideration of the sealed bids for the purchase ?&emof* The motion for the adoption of the foregoing resolution mas duly seconded by Clerk Havthorne, and upon vote being taken thereon the foilorring voted in favor thereof: Xllson, Utley, Havthorne, and Christopher, and the follorring voted against the same: ZJo i?ay votes, whereupon said resolution mas declared duly passed and adopted, Village Clerk President of the Village Council The Clerk then presented to the council the sealed bids which had been rec- eived, vhich were thereupon opened, read and considered and the highest and best bid of each bidder mas found to be as folloms: IJXS OF BIDDER 356,000.0C Vaternorlcs Bonds, dated July 1, 1947, maturing years 1949 to 1957 inclusive-Par Valug; interest (?2&?. All bqnds to be payable at. First iSational Bank tiinn nn i *Y VI 7/10/47 ,20 9 $94,000.00 Vatemorks Bonds, datel July I, 1947, maturing years 1958 to 1967 inclusive-Par Value. Interest 8 2-3/4%. Trustee Utley then introduced the following resolution and moved its adoption: RESOLUTI3N A'URDING: SALE OF $150,000 TATERYiORKS REVEHJUE BC%DS OF 1937. rjE IT SESnLVET), By the Village Council of the Village of Edina, Yinnesota, that the bid of Allison-Tilliams Company and Associates, of b-linneapolis, Tilinnesota, to purchnse 8150,000 Tatemorks Revenue 3onds of 1947 of the Village to be dated July 1, 1947, at a price of ?150,000.00 bonds numbered 1 through 56 to bear inter- est at the rate of 23' er annum and bonds numbered 57 through 150 to bear inter- sst at the rate of 2-3 "7 4%per annum, principal and interest to be payable at the main office of the First Wational Bank of Lfinneapolis, fdinneapolis, Xinnesota, is found and determined to be the most favorable bid for the purchase of said bonds and to be in accordance with the notice of sale heretofore duly given, and said bid is hereby accepted, and the Village agrees to pay the reasonablo and custommy charges of said paying agent for t e receipt and disbursement of such principal and interest, The motion for the adoption of the foregoing resolution vas dn1.g secmded by Clerk Hawthorne, and upon vote being taken thereon favor thereof: -I'Tillson, Utley, Hawthorne, and Christopher, and the following voted against the same: Bo nay votes, whereupon said resolution was declared duly passed and adopted. the following voted in President of Tillage Council There bb6ng no further business to come before the meeting, Hawthorn's motion YIITUTZX3 OF THE REGULAR ZJFETIWG OF THE EDIlA VILLAGE 'COUILTCIL; HELD MOITDAY JULY 14, 1947, AT 8:OO O'CLOCK P.X.; IX THE EDZNA VILLAGE HALL Ifembers present were Child, !?illson, Utley and Christopher. Gretchen Schussler acted as clerk. Deputy Clerk Dr . Love11 14. Campbell, Village Health Officer, appeared before the Council to advocate the following: 1. The the Village clean up the dump on the premises leased by Edina Cab Company at 62nd and Wooddale, assessing the cost of such cleaning against the property ormer, in accordance rrith Chnpter 145.22, Rinnesota Statutes; and that the Village clean up the debris dumped by them at the roadside, south of --Valley Tlem Road on Fooddale Avenue. 2. That notice be served on Eyerett Garrision to cease transporting and dumping garbage from other Villages in the Village of Edina. Dr. Campbell reported that Mr. Garrison's pig farm on Tialley Road is in a bad sanitary condition. 3. That notice be served on owner and occupant of the property at 300 ylashington Avenue, giving them forty-eight hours in which to remove debris and put into clean and sanitary condition thnt portion of the premises occupied by one Tanner. Qampbell and Officer Clayton Erickson presented pictures shoving the filth found at this residence; also stating that the State Fire Xarshall had served a clean-up notice lnst year, and that there vraR danger-of persons being trapped in this building in case of fire, because of their being only one exit from the upstairs apartments. Village Attorney requested statements of fact regarding conversion of this building from harness factory to fourplex. Dr.