HomeMy WebLinkAbout19530302_SPECIALC
Kembers answering
- -, - XDINA VILLAGE
-_. __
xbllcall were Bredesen, Child, Bank and Xrickson,
Affidavits were presented showing publication in the Edina-Norningside Courier,
the official newspaper, and in the Commercial Vest, at Rimeapolis, Rinnesota,
of notice of sale of $850,000 Joint Sewer Improvement Bonds of the Village,
bids for which were to be received at €his meeting,
examined, found satisfaqtory and directed to be ,placed on-file in the office
of the Clerk.
Sealed bids received pursuant to said notice were then presented, which bids
were thereupon opened and publicly read and considered, and the highest and
best bid of each bidder was found to be as follows:
or . Interest Rate
Said affidavits were
-/
Name and Address of Bidder
Nanager of Bidding Account - or Rates Premium
FIEST NATIONAL 'BANK OF ~~~OLzS, 3-1/4$ 1956-1969, I~c. $1836.00
MmmA, ASSOCUT= 3,10$. 1970-1975, I#c~ .e
(Average Int. 3,16464$) .
PAINE,UEBE%E,JACKSO€J & CURTIS OF 3.0% 1956-1965, Inc,.' 8 u.00
~~APOLIS, UIKQGSOTA, AND 3.20% 1966-3.975, Tnco
. &SOCUT@ Plus Adill., coupons on all
bonds at 1-1/4$ from
7/1/53 to 7/1/54
(Average Into 3.236279
Childts motion that thqvillage Council 02 Bichfield be contacted for the
results of its bond sale before action is taken by this Council was seconded
by Bredesen and unanimously carried.
Report was made by the Office on requests for &ployeesr Volunteer Savings
Plan, Bredesen's motion, that Council approve plan, authorize bookkeephg
.time pecessaxyto operate it, and designate Farmers and Eechanics Bank as
depository for 3mployees' Volunteer Savings Plan deposits, was seconded by
Bank and carried,
Ivhnager FfitcheU asked Council's advice as to the plowing of the alley between
59th and 60th, Beard and Abbott; stating that some irate complaints have been
registered because it is necessary to push snow onto private property,
was inf,ormally directed to continue to plow this alley inasmuch as it has been
platted for many years and is now improved, and property owners should have
ham what to expect when they built. .
At this time report was received from the Village of Richfield that Council.
had awarded contract on bonds, at average interest of 3.8888, and had taken
action to make unconditional award on construction projects Nos, 174 and 1'75,
the Joint Richf ield-Edina Sanitary Sewer.
c
He
I*
Child's motion, that bid for $850,000 Joint Sewer Improvement Bonds of the
Village be awarded to First National Bank of PJlXnneapolis, and Associates.
Notion seconded by Bredesen and carried,
Child's motion, that Council renove its "provisional award11 for construction
contracts 174 and 175 to Orfei and Nariani of St.Paul-and Phelps-Drake Go. I
of Bkeapolis, respectively, as made February 9,1953, and act. to .make said
1 awards final, authorizing Nayor and Clerk to enter into said contracts in
the name of the Village of Edina, was seconded by Bank and unanimously carried.
Bank then moved that Special Neeting of the Council be recessed in favor of
meetiqg of Public Safety Committee,
At 9:15 P.N., Special Heeting of the Couqcil was reconvened at call of the
Nayor, with Child, Bredesen, Bank and Erickson present,
-
2
I,
Motion seconded by Bredesen and carried.
*
P
I t
3/2/53 Trustee Child offered the following Be.solution and moved its adoption:
-EESOLUTIOIJ~ J&XRDa$G SAG3 OF
2850 9 OOQ JOrCsT SEVi3R ItPBOVBEJT BOIWS BB I" ~OL~ by the CouncirZ of the Village of Edina, Xinnesota,
that the highest and best bid received for the purchase of $&jO,OOO Joint
law and the notice of sale heretofore duly published, is the bid of FIPLST NATIO€$AL
3AEC OF IJ32GUGOLIS, Lcbi3T1 XSSOCUTES named therein, to purchase the same at a-price
of par and accrued interest to date of delivery, plus a premium of $1,836,00, the
bonds maturing in the respective years set forth below to bear interest at the
respective rates per annu set opposite such maturity Tears:
I.laturits Years IntePest Rates
19?O-1975, bc* 3.10$ and said bid shall be and is hereby accepted. The Hayor and the Village Clerk are hereby authorized and directedto make and execute a contract for the sale
of said bonds on the park of the Village in accordance 15th the terms of said
bid. The Village Clerk shall whain the good faith check heretofore furnished
by said purchaser, pending delivery of the bonds and payment of the purchase
price, and shall forthwith return the checks of other bidders.
The mokion for the adoption of the Eesolution vas duly seconded by Trustee
Bredesen, and on RcXlcall there were four ayes and*no nays,' as follows:
declared duly passed and adopted,
" Sewer Improvement Bonds of the Village to be dated January 1, 1953, pursuant to
19564969, Inc. 372/49
,
Bredesen, aye; Child, aye;- Bank, aye;
Uayor
$illage Clerk .
Clerk Bank then offered the following Resolution and moved its adoption:
BEiOLUTION CREATING FUi?D OF .
P2OVIDIIIG FOR AND AI?Fi3OPRIATII;IG
SJdrnBY SEZm TLPRom'xa 350. 53, 1
SPZCUL iIsSEsSI-mS &I VALOREX T&Z3
FOR THE: SUPPORT .Gim l-IAm4ANCB THEREOF,
AND DIRECTING rSSU&JCE OF
JOIW SEtBR ~@ROVB*;\sr BONDS c
BE: IT RESOLVED by the Council of the Village of Edina, It;innesota, as
1,
f ollows :
dated December 15, 1952, and upon previous notice and hearing as provided by law,
ordered the construction of Sanitary Sewer hprovhent No. 53, consisting of the
construction of two interceptor sewers within the Village of Richfield and the
City of 1-bneapolis, upon and along the course described in said resolution, in
order to provide adequate outlets for the sewage of the Village of %dina, which
hprovement has been directed to be constructed under cooperative agreements
with the Village of Richfield and the City .of I.Iinneapolis, under which agree-
ments the construction work in the Village of Richfield is to be perfomed
under contract heretofore duly awarded by the Village Councils of Richfield and
Edina, and the constructdon work rvithin the City of 1l;inneapolis is to be per-
formed by the Engineering Department of said City as authori'aed by the pro-
visions of the I+iinneapolis City Chastep, and forty-four per cent (4.4%) of
the total cost of said sewers (exclusive of work done solely for the Village
of Bchfield) is to be paid by the Village of $dina, and the remainder the'reof
is to be paid by the Village of Richfield; that the total estimated cost for
wh5ch the Village of Edina
is approximately H5850,OoO; that it is necessary and e,qedient that the improve-
aent bon'ds of the Village herein authorized be issued for the pagment of sbch
cost, which bonds have been duLy advertised and sold subject. to the terms and
conditions herein set forth, and that the Village of Richfield has &so
authorized and contracted for the sale of its bonds in amount estimated to be
sufficient for the payment of its portion of the cost of said projed; where-
fore, the Village of Edina shall forthwith proceed to issue and deliver to the
purchaser thereof its negotiable coupon general obligation bonds to be desig-
na-ised as UJoint Sewer Improvement Bonds," in-the principal amount of $850,000
in accordance with this resolution and with the provisions of Hinnesota Statubs
It is hereby found and determined that the Village has by resolution
become =able under the terms of said agreements
Sections 412.401 to 4.l2.481, inclusive. -1
2, There is hereby created a-special fund to be designated as the
%anitary Sewer Improvement No. 53 Fund," which shall be minted by the Village
Treasurer on the books of the Village separate and apart from dl. other mds,
until all of the improvement bonds herein authorized and interest thereon shall
have been fully paid.
Account and a Construction Account.
bonds herein authorized, except the premium to be paid by the Purchaser, PIUS
one and one-quarter years' interest on said bonds to be deducted fromthe pas
value thereof, sha be credited to the Construction Accoullt, and from said
In said fund there shall be maintained a Sinking Fund
The proceeds of sale of the improvemenk
3/2/53 71
account shall be paid all sums for which the Village shall become liable under the terms of said cooperative agreement with the Village of Richfield, ' .
as evidenced by claims duly allowed by this Council. The moneys in sdd account shall be used for no other purpose, except that if upon completion
of said Sanitary Sewer Improvement Ho. 53 there shall remain any unexpended
balance in the Construction Bccount, the same shall be transferred to the
sinking Fund f%CCOunt. The premium paid by the purchaser of said bonds, to plus a sum equal to one.and one-quarter years' interest upon said bonds, to
be deducted from the par value thereof, shall be paid into the Sinking Fund
Account, together with all collections hereafter made of the ad valorem
taxes herein levied and the special assessments herein agreed to be levied
for payment of the cost of said improvement; provided that any special
assessments prepaid may be usedto restore to the Construction Account a
sum not to exceed said one and one-quarter years' interest on the bonds,
The moneys in the Sinking Fund Account shall be used only for the payment
of the principal of and interest on said bonds as such payments become due,
or to prepay and redeem said bonds when and as they become prepayable;
provided that in the event that it shall be detemiined by the Council to be
necessary to borrow additional moneys for the papnent of the costs of said
improvement over and above the amount hereinabove estimated and if the
Village shall undertake and agree to levy special assessments and/or special
taxes in excess.of the amount of taxes and assessments herein speci€ied,
the Village shall have the right and power to issue additional improve-
ment bonds payable from said Sink;ing-Fund Account on a aparity with the
bonds of the issue herein authorized, but the amount of all bonds issued'
in respect of said improvement shall not exceed the total cost thereof
payable by the Village of Edina or the total. amount of the assessments and
taxes levied therefor.
3. improvement payable by the Village of Edina shall be paid by the levy of
special assessments upon all assessable lots and tracts of land lying
within the assessable areas heretofore specified in the resolution order-
ing said improvement, based upon the special benefits received by each
such lot and tract. The Village.hereby covenants and agrees that it ~JiJll
do and perform, as soon as may be, all acts.and things necessary for the
final and valid levy of said special assessments and all collections of
said assessments'are hereby irrevocably appropriated to said Sanitary
Sewer Improvement No. 53 Fund.
at anytime held invalid with respect to any lot or tract of land, due to
any error, defect or irregularity in any action or proceeding taken or to
be taken by the Village or by this Council or by any of the Villagets
officers or employees, either in the making of-such assessment or in the
performance of any condition precedent thereto, the Village hereby
covenants and agrees that it will forthwith do all such further acts and
take all such further proceedings as shall be required by law to make
such assessments a valid and binding lien upon said property.
ments shall be payable in twenty equal, consecutive, annual installments,
the first of which shall be certified to the County Auditor for collection
with general taxes. for the year 1953 if possible, or, if not, for the yew 1954, and the remaining instdlments for collection with the general. taxes
for each subsequent consecutive year until the assessments are fully paid.
ment payable by the Village of Edina, exclusive of that portion to be paid
by special assessments actually levied in respect of said improvement, shall
be paid by the levy of ad valorem taxes upon all taxable property vfithin the
corporate limits of .ishe Village,
pledged forthe prompt and full payment of the principal of and interest on said bonds. For the'purpose of paying that portion of the cost of said improve-
ment trhich is not paid by special assessments, and for the purpose of providing,
together with the estimated collections of special assessments, sums not less
than 5% in excess of the amounts needed to pay said principal and interest
trhen due, there is hereby levied upon all taxable propertyI.Tithin the Village
a direct annual ad valorem tax for the years and in the amounts set forth
beloru, vThich shall be collected with and as a part of other Village taxes
in the respective succeeding years:
.
It is presently contemplated that 75% of the cost of said
'
In the event that any such assessment be
Said assess-
4, It is hereby determined that the entire cost of said improve.
5. The full faith and credit of the Village shd1 be and is hereby
Year €ET- 1954 1955 1956 1957 1958 1959
1962
1960 1961
Amount
$-
26,000
24 , 000
24,000
24,000
24,000
24,000
24,000
24,000
249 000
Year - 1963
1964 1965 1966
1967 1968
1969 1970 1971 1972 1973
Amount
$2hyOOO 18,000
18,000 18,000
18,000
18,000 18,000
18,000 18,000
18,000
18,000
72 3/2/53
Said Tevies shall be irrepealable except to the extent and in the manner pro-
) vided by lEnnesota Statutes, Section 475.61. \ Sinking Fund Account of the Sanitary Sewer Improvement 110. 53 Fund shall be insufficient to pay all principal and intergst when due on the bonds herein
authorized, the Council shall provide sufficient moneys for such payment from
any other funds available therefor, and such funds may be rebbursed from the
proceeds of said taxes and spe&alL assessments when collected, and the Village
shdl have the power and authority to levy any additional taxes required for
the payment of said bonds and interest, which levies shall be without limi-
tation as to rate or mount.
6. For the purpose of paying the cost of said improvement and in
anticipation of the collecbion of said specid. assessments and taxes, the Village
shall fozthwith issue and deliver to the purchaser thereof its negotiable coupon
general obligation Joint Sewer Improvement Bonds payable primwily from said
Sanitary Sewer hprovemmt Bo. 53 Fund.
January 1, 3.953, shall be 850 in number and nuuibered from 1 to 850, *inclusive,
each in the denomination of $1,000, and the bonds of said issue maturing in the
’ respective years and bearing the serial numbers stated below shall bear interest
at the rates per annum set forth opposite such maturity years and serial numbers:
If at any time the moneys in the
Said bonds shall be dated as of
I 1ia;turity Years . Serial Ibmbers Interest Rate
1956 to 1769, Inc. 1-610, I~C. . 3-1/&$ 197a to 1975, Inc. 6U-850, Inc. 3 .lo$
Interest on said bonds shall be payable July L, 1953 and semiannually thereafter
on January 1 and July 1 of each year. Said bonds shall mature seridly in order of serial numbers, lowest numbers first, in the amount of &5,000, on January 1,
in each of the years 1956 through 1965 and $40,000 on January 1, in each of the
years 1966 through 1975.
45 (maturing in the year 1956) shall be payable at-their re5pective stated
maturity dates without option of prior payment, Bonds of said issue bearing
serial numbeh 46 through 650 (maturing in the years 1957 through 1970) shall be
each subject to redemption and prepagment at the option of the Village, at par,
two years prior to their respectiye stated maturity dates, ‘and on any interest
payment date thereafter, and the bonds of said issue bearing serial numbers 651
through 850 (maturing in the years 1971 through 1975) shall be each subject to
redemption and preppent at the option of the Village, at par, on January 1,
1968 and any interest pagment date thereafter; provided that the balance on hand
in said Sinking Fund Account shall not be reduced by the redemption of any bond
to a sum less than the total of. the interest and principal payments to become due
on all outstanding bonds within tvEilve months from and after the date specified
for such redemption. Not less than thirty days prior to the date specified for
redexilltion of any of said bonds, the Village CZerk shall mail notice of the call
thereof for redaption to the holder, if known, and to the bank at &xich principa
and inberest are then payable, and the Village Clerk sha maintain a register
showing the names and addresses of the bondholders and the seria3- numbers of their
bonds, so far as such informtion is made available to kh, for the purpose of
ma,iling such notices.
payable at F~T NATIQIAL WJK in TiIILnPOLIS, IZIJXBOTA, and the VUage hereby
agrees to pay the reasonable and customary charges of said pamg agent for the
*receipt and disbursement thereof *. Said improvement bonds and the coupons appurtenant thereto shall
Bonds of this issue bearing serial numbers 1 through
The principal of and int6rest on said bonds shall be
7.
be in substantially the Zollowbg form: UNITED STAEES OF &*ilBICA
STmE OF I*ll”WOTA corny OF HmmPIN
NO $1000
2/2/53 73
IS" A3LL IEX BY THE33 l?EU3SmlTS that the Village of Edina, Hemepin County,
I.linnesota, acknowledges itself to be indebted and for vdue received
promises to pay to bearer the sum of ONE THOUSAND DO- on the-1st day
of January, 19-9 or, if this bond is prepayab1e.as stated below, on a date prior thereto on which it shall have been duly called for redmption,
and to pay interest thereon from the datg hereQf until said prbcipal swn
be paid, or until this bond, if prepayable, shall have been duly called
for redemption, at the rate of per cent ( %) Per annum, payable July 1, 1953 and semiannually thereafter
on the 1st day of January and the 1st day of July of each year, interest to
maturity being represented by and payable in accordance with and upon pre
sentation and surrender of the interest coupons appurtenant hereto.
principal and interest are payable at
in any coin or currency of the United States of America which on the re
spective dates of payment is legal tender for public and private debts.
For the prompt and full. payment of su,ch principd. and interest as the
same become due the full faith, cred5.t and taxing powers of the Tillage
are hereby irrevocably pledged.
of $8To,OOO, d.1. of like date and tenor except as to serial number,
(interest rate), redemption privilege and-maturZty, all issued for the
purpose of providjng for the payment of Edinats share of the cost of
the construction of tim interceptor sewers under cooperative agree-
ments with the Village of Richfield and the City of Einneapol-is, to
provide adequate outlets for the sewage of the Village of Edina, which
improvement* has heretofore been designated as sanitary Sewer Enprove
ment No. 53," and is issued pursuant to and in-fill conformity with the
Constitution and laws of the State of: I.rinnesota thereunto enabling,
and pursuant to resolutions adopted by the Village Council, including
a resolution adopted &larch 2, 1953, entitled Vesolution Creating Fund
of Sanitary Sewer Improvement No. 53, "providing for and Appropriating
Special Assessments and Ad TTalorem Taxes for the Support and IMntenance
%hereof, and Directing Issuance of Joint Sewer Improvement Bonds," to
which reference is hereby made for the covenants and recitals of the
Village relating to said bonds. This bond "is payable primarily from
the Sanitary Sewer Improvement No. 53 Fund of the Village, to which
fund there have been pledged and appropriated all special assessments
and ad valorem taxes to be levied for the pqment of the cost of said
impiovement, but the Village Council is required to pay the same out,
of any funds in the treasury in the event that moneys on hand in said
fund ape at anytime insufficient to meet the payment of maturing
principal and interest.
payable a$ their respective stated maturity dates without option of
prior payment. 650 are each subject to redaption and prepayment, at the option of
the Village, at par, two Tears prior to their respective stated ma-
turiky dates, and on any interest payment date thereafter, and the.
bonds of this issue bearing serial numbers 651 through 850 are ea$
subject to redmption and prepayment at the ogtion of the Village,
at par, on January 1, 1968 and any interest payment date thereafter.
Both
,in J
- This bond is one of an issue in the aggregate principal amount
-
'
Bonds of this issue bearing serial numbers 1 through 45 are
Bonds of this issue bearing serial numbers 46 through
The Village will mail notice of call of any bonds thirty days prior to the date specified for redaption thereof to the bank at which .
principal and interest are then payab$e and to the holder, if known.
Holders of prepayable bonds desiring to receive such notice may
register their names and addresses and the serial numbers of their
bonds with the Village Clerk. IT IS HEREBY CERTIFZD, REWTED, COVl?JSAWBD AHD Am tha J
all acts, conditions and things required by the Constitution and laws
of theestate of Rinnesota to be done, to exist, $0 happen and to be
performed preliminary to and in the issuance of this. bond in order to
make it a valid and binding general obligation of said Village according
to its terms have been done, do exist, have happened and have been per-
formed as so required; that the estimated coklections of specid assess-
ments to be livied and ad valorem taxes heretofore 2evied for the pay-
ment of the cost of said kprovement and heretofore appropriated for
the payment of sa&d bonds and interest tJill be in the years and in
amounts required to produce sums not less than five per cent (5%) in
excess of the amounts required for such principal and interest payments;
that additional ad valoremtaxes, if needed for the payment of such '
principal and interest, may be levied upon all taxable property in'.
the Village without limitation as to rate or amomt; ad that the
issuance of this bond did not cause the indebtedness of said.Village
to exceed any constitutional .or statutory lMtation.
2/53
33 'GIIZJBS :,-OF the Village of Edina, Hennepin County, IEnnesota,
by it& Village Council, haa caused this bond to be executed in its behalf by the
signature of its IJayor, attested by its Village Clerk, and sealed with its j official seal, and the interest coupons hereto\ appurtenant%o be executed and
bond $0 be dated as of January 1, 1953e
I
authenticated by the facsimile signatures and has caused this
I-hyor
(SEAL) (Form of Coupon)
NO *
I On the 1st day of, July (January), 19-, the Village of Edina,
in
Hennepin Cotkty, IXinnesota, will pay to bearer at
the sum of DOLLARS
lawful money of the United States of America for interest then due on its
Joint-Sewer Tmprovement Bond, No. , e
(Facsimile signature) Ihyor
- (Facsimile signature)
Village Clerk
8, Said bonds shall be prepared under the direction of the Village
Clerk and sMl be executed on behalf of the Village by the signature of the
I-iayor, attested by the Village Clerk, and the corporate seal shan be affixed
thereto, and the interest coupons shall be executedaand authenticated by the
printed, engraved or lithographed facsinile signatures of said IIayor and Village
Clerk. then said bonds have been so executed and authenticated, they shall be
delivered by the Treasurer to the purchaser thereof upon payment of the purchase
price heretofore agreed upon, and said purchaser shall not be obliged to see to
the application of the purchase price,
The Village Clerk is hereby autharilied and directed to transmit
a certified copy of this resolution to the County Aditor of Hennepin County
for certification that the bonds herein authorized have been duly registered.
The officers of the Village and the County Auditor of Hemepin
County are hereby authorized and directed to prepare and furnish to the
purchaser of said bonds and to the attorneys approving the legality of the
issuance thereof certified copies of all proceedings relating to said bonds
and to the financial affarirs of the Village, and such other affidavits,
certificates and information as may be required to show the facts relating to
the legality and mrketability of said bonds as the same appear from the books
and records under their custody and control or as otherwise known to thag and
all such certified copies, cerbificates and affidavits, including any hereto-
fore furnished, shall be deaed representations of the Village as to the facts
recited therein,
The motion for the adoption of the forego5hg resolution was duly seconded by
3redesen, and on rollcdll there were four ayes and no nays, as follows:
9.
10,
Bredesen, aye; Child, aye; Bank, aye;
lution was declared duly passed and
+'Village Clerk
Child then moved for adjournment.
Eeeting adjourned at 10:50 P.1-1,
Uotion seconded by Bredesen and carried.
*
/ & Village 6./4 Clerk -. 9