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I!.ZITJUTES OF SPECIAL ImING OF TJ33 VIUE
COUNCIL OF THE VILLAGE OF EDINA, IfENNEPIN
COUNTY, "EXOTA, HELD THURSDAY, NOVE34EER 6, 1947, ZZT 8:OO P. &I. IN THE EDINA *
VILLAGE HAIL
Pursuant to due call and notice thereof, a Special meeting of the Village Council of
the Village of Edba, Minnesota, was duly held at the Council Room in the Village
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.
The f ollov~g members were present: I Child, lKl.lson, Utley, Hawthohe, and Christopher.
Trustee Utley introduced the following resolution and moved its adoption: i
ments for
benefited
A FiESOLUTION CREATING A P-NT INPROVEXEBT
CCUPON BONDS TO CREATE AND MAINTAIN SAID'FUNDL
IEEFEAS, the Village of Edina has heretofore undertaken numerous improve-
which special assessments have been or will be hereafter levied against -
property in the amount required to pay for the same, and
WHEBIUS, 'the Village has insd'ficient funds to pay %he amount due on con-
REVOLKING FUND PROVIDING FOR THE ISSUANCE OF NEGoT&I;E
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tracts for the construction of said improvements pending the collection of the
specihl assessments, and
FlHEZBAS, the Village Council is of the opinion that the interests of the
Village and the property owners therein trill be best served by the creation of a
permanent improvement revolving fFd to provide moneps for financing all such local
improvements,
Na?, T€IE€EFORE, BE IT RESOLVED by the Village Council of the Village of
It is hereby determined that'it is necessary and expedienk to create a
perkment improvement revolving fund for the purpose of financing all
local hprovemenb for which assessments are to be l&vied. Said fund shall be a
permanent fun3 of the village and the moneys therein shall be provided by the
issuance of general obligation bonds of the village and shall be used solely to
finance local bprovements for which assessments are to be levied.
be a revolving f&d to be used from time to'time eo furnish moneys to local im-
provement funds as the samie'may be required to pay for local improvements and all
such moneys so furnished shall be restored when and as assessments are collected for
such improvements. In order to preserve the solvencypf said permanent improvement
revolving fund it'is hereby determined that the money so furnished to local improve-
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
furnished,
.
Edina, EEnnesota, as follows:
1,
Said fund shall
2, Said Fund shall be kept by the Village Treasurer as a special fund separate
and apart from all other funds or accounts of the Village and the moneys *,
therein shall be used for no other purpose except as herein stated, provided that
when and as there shall be moneys therein not needed for local improvements, the
Village Clerk is authorized to invest such moneys in bonds of the United States of
America, the State of Minnesota, or is general obligation bonds or securities pledg-
ingthe full faith and credit of the Village.
** E
3. It is necessary and expedient to borrow money for the purpose of creating
and maintaining said permanent improvement revolving fund by the issuance -
ofthe negotiable coupon Permanent Improvement Revolving Fund Bonds of the Village
in the aggregate principal amount of $180,000, dated December I, 1947, said bonds
being 180 in number and numbered from 1 to 180 both inclusive and in the denomination
of $13000 each, bearing interest at the rate of two percent per annum, payable October
1, 194.8, and semi-annually thereafter on the 1st day of Apriland the 1st day.of
October in each year and to mature serially as follows:
and on April 1, 1950, $10,*000 on October 1, 1950,. and on April 1st and October 1st in
each of the years 1951to 1958, both inclusive, all bonds maturing in 195s being
subject to redemption on October 1, 1952, and any interest payment date thereafter
at par and accrued interest.
office of the First National Bank of Minneapolis and the Village shall pay the reasonable
charges of s'aid paying agent out of its general funds.
I $5,000. on Octiober 1, 1949,
Both principal and interest shall be payable a% the main
4. The said bonds shall be general obligations of the Village payable from ad
valorem taxes levied upon all the taxable property in the Village for the
payment of principal and interest thereon and the proceeds from the sale of said bonds
11/6/47
shall be deposited in the Permanent Improvement Revolving hd.
I.
5. The said bonds and the interest coupons to be attached thereto sql
be in substantially the following form:
UNITED STATES OB AMERIDA
STATE OF MIXNESOICA
COUNTY 03' -PIN
VILLAGX 'e EDIWA
PEBMANENI! IMPROVXMENT REVOLTING FUi?D BOM)
NO $1,000
, Series December, 1947
EXOW ALL MEIN BY TmSE PBESENTS %hat the Village of Edina, a micipdl
corporation of Hennepin County, State of Minnesota, hereby acknowledges itself
to be indebted and for value received promises to pay to bearer the principal
sua of ON8 TJXRJSAIID DOLLkRS on the 1st aaJr of (April) October 19,, arsd to pay
Pnterest on said principal sum at the rate of two percent (2$j per annum,
interest to maturity payable October 1, l9M, and semi-annually thereafter 6n
the Pst day of April and the 1st day of October in each year in accordance with
and upon presentation and surrender of the interest coupons hereto attached as
they severally become due, Both principal and interest are payable at the main
office of the First National Bank of Minneapolis, in the City of Minneapolis,
Minnesota, in wy coin or currency of the United States of America which at
the time of payment is legal tender for public and private debts, and for the
prompt payment of said principal and interest as they respectively become due
the full faith, credit and taxing powers of said Village are hereby irrevocably
pledged.
.
The bonds of this issue maturing in 1958 are subject to redeenption
prior to maturity at the option of the Village on October 1, 1952, and any
interest payment date thereafter, at par and accrued interest. Thirty days
prior notice of such redemption will be given by nail to the bank where the
bonds are payable and to the holder, if known, HciELers desiring to recelve .
such notice musfj register their names and addresses with the Villzge Clerk.
$180,000, all of like datp and tenor except as to maturities and redemption
privileges, all of which are issued for creating and maintaining a Permanent
Improvement Revolving Fund of the Village pursuant to and iqfull conformity
with the Constitution and Laws of the State of Minnesota.
Thls bond is one of an issue of bonds in the total principal amount of
I
IT IS HEREBY CERTIFIED AND RECIZED 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 legal and due form,
time and manner, and that this bond together with all other indebtedness of said
Village outstanding on the date of its issuance, does not exceed any constitutional
OF .- statutory limitation of indebtedness,
IX WITNESS WHIBEOF, the Village of Edina, Hennepin County, Hinnesota,
has caused this bond to be signed in its behalf by its President of the Village
and Village Clerk and to be countersigned by its Village Treasurer and its
corporate seal to be hereunto affixed apd the attached interest coupons to be
executed by the facsimile signatures of said officers, all as of this 1st day
of December, 1947.
Countersigned:
Preside& of Village Council
Village Clerk
Village Treasurer
(seal)
@om of Coupon)
No. L-
On the 1st day of April (October), 19
Eennepin County, Minnesota, will pay to bearer the sum of
, the Biflage of Edina,
DOLLARS
lawful money of the United States of America at the main office of,the
First National BE& of Minneapolis, in the City of Minneapolis, Minnesota,
for interest then due on its Permanent hprovement Revolving Fund Bond
Dated December I, 1947, No.
I
0
President of Village Council
Village Clerk
11/6/47
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6. The Village Clerk shall cause said bonds to be prepared for execution
at the cost of the Village, and said bonds shall be executed in behalf
of the Vil12ge by the President of the Village Council and Village Clerk and
countersighed by the Village Treasurer, and sealed with the official sed of
said Village, and said coupons shall be executed and authenticated by the printed,
engraved or lithographed facsimile signatures of sdd hesident and Clerk.
saZd bonds have been so executed they shall be delivered to the Village Treasurer,
who sM1 deliver then to the purchasers thereof, and the purchasers shall not be
obligzeed to see to the proper amlication of such purchase price beyond its
papent to the Village Treasurer.
Vhen
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I 7. The full faith, credit and taxing powers of the Village are hereby
irrevocably pledged for the prompt and full payment of the principal of
and interest on said bonds as such principal and interest fall due.
provide moneys for the payment of the principal and interest on said bonds, there
shall be and is hereby levied upon all the taxable property in said Village a
direct, annual ad valorem tax to be spread upon the tax rolls and collected with
and as apart of other general village taxes in the years and amounts as follotrsr
In order to
Y esr
194.8
1949
1950 1951
1952
Amount
$ 12, 810
19, 425
24, 160
23, 940
23, 520
Year
1953 1954 1955 1956 1957
Amount
$ 23, ~00
22, 630
22, 210
21, 84+0
21, 420
Said levy shall be irrepealzhle, provided that when and if other moneys are avail
able in the special sinking fund to pay said principal and interest, the VillIige
Clerk shall certify such mount to the County Auditor on or before October 15th
of any year and direct him to reduce or cancol said levy.
8.
*
There is hereby created a separate sinking fund for the payment of 'the
principal and interest on said bonds, known as the ItPormanent Improve-
ment Bevolving Fund Bond Sinking Mdu, into trbfch shall be paid the proceeds of
the foregoing levies and such other sup as may be directed to be used for the
pagment of said bonds and out of which fund there shall be paid the interest on
and principal of said bonds as such principd and interest fa11 due, and said
fund shall be used for no other purpose until all of said bonds have been paid.
The offer of A.llison-I'lilliams Company and &sold 1. Wood 8 Company to
purchase $180,000 Permanent Improvement Revolving 3und Bonds, bearing
9.
interest at the rate of two percent per annum, to be issued in accordance with
this resolution,'which offer is to purchase said bonds at a purchase price of
par and accrued interest to date of delivery, the Villege to pag all costs of
legal services and legal opinion, it is hereby determined to be a favorable offer
and said offer is hereby accepted, the Council being of the opinion that it is
e. necessary thzt the bonds be issued and sold at once and without further delay.
, *
Attest: President of Village Council .
%e motion for the adoption of the foregoing resolution was duly seconded by
Trustee Willson, and upon vote being taken thereon the followingvoted in favor
thereof; Child, Willson, Utley, Havrthorne and Christopher; ad the following voted
against the same:
passed and adopted.
Xo Nay Votes; whereupon said resolution vas declared duly
There being no further business to come before the Council, tlillson8s motion for
adjournment 17as seconded by Child and carried,
Village Clerk '
Village of Edina, Minnesota- / i