HomeMy WebLinkAbout19550509_ADJOURNED5/9/55 197. Xrs. Alden asked that 231, Fublic Hearings on Special Assessments scheduled for
liay 23 be postponed to June 13, in order that proper legal publication may be
made. Bredesen so moved. Notion seconded by Fronk and carried.
The matter of shortening Council agenda came before the group, and it was noted
that many Village ordinances vest the power of granting licenses md permits to
the Council only.
draft an amendment to lfcensing ordinaixes, granting said power to the Village
Nanager, was seconded by Fronk and unanimously carried.
Bredesen noved for approxd' of Tillage Payroll, mount
Nay 1 to 3ky 1.5, and for payment of the following claims:
Bredesen's' motion, tht- Village Attorney be instructed to
* 13,831. 56, for period
General Fund - $22;721,49 Gonstruction Fund - $120.00
Garbage Fund - 1,975.20 Sewer ' Rencal Fed . * 17.25
Poor Fund - 169.07 - Improvements Fund 66,806.79
Motion was seconded by Danens and carried.
The evening's agenda's having been completed, Danens moved-for adjournment.
Notion seconded by Bredesen and carried.
Liquor Fund - 26; 750.81 Vat erworks Pund 39137.52
Neetigg adjourned at 9:30 P.11,
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Ikmbers answering rollcall were Bredesen, Danens and Tupa.
The Clerk presented affidavits of publication of notice of szle of 6200,000 PJater-
works Ftevenue Bonds of 1955 of the Village, bids for which were to be opened this
date, in accordance with the resolution adopted April 25, 1955, and said affidavits
were examined, approved Zyld dzrectea to be placed on file. The Clerk reported that
four sealed bids had been received pursuant to said published notice of sale, which
bids were thereupon opened ad publicly read and considered, and the highest and
best' bid of each bidder was found to be as follows:
Bredesen presided. -
Name and Lddress of Bidder
&Imager of Bidding Account Ziterest Rate or Bates Premium
or
Lg56-1963, Inc,-2.25$
1964-lq7O,InC,-2.75$ None
Plus separate and addtl.
coupons on all bonds at 1%
from 9/1/55 to ' 9/1/56 (Av. ht .Rat e-2.766g)
E.J. PRZSCOTT E: CO. 1
UlI&UJ AND CO;F&VY, BJC, )
JIl" Gr. EJIOODY 1 PAI~\JE,IGBBER, mxsoig 6t CURTIS)
I
I
None
Trustee Tupa then introduced the following resolution and moved its adoptibn:
. RESOLUTiOX &*J&WING SAL43 OF " .
XAWJJOEKS REma. BONDS.. OF 1955
EiE IT €iXSOLm by the Council of the Village of Edina, IEnnesota, that
pursuant to advertisement for bids heretofore duly published for the purchase of .
$200,000 tWerworks Revenue Bonds of 1955 of the Village to be dated June I, 1955,
this Council has considered &I. bids received and does hereby find and determine thai; the highest ad best of such bids is that of l-iAI3!mIIm-EGm, INC., CALDIGLL
PHZULPS CO., NTD TiOODARD-WjJUOD & GO, of St. Pz;ul,-E.nnesota Lo purchase saLd
bonds at a price 05 par and accrued interest plus a premium of $125.00, those bonds
maturing in the years specified below to bear interest at the respective rates per
annum set opposite such maturity years:
i#R Ilaturity Years
1956-1957, Inc. 1958-1966, I~c.
i967-1970, m.
5/23/55
Interest Rates
2.60%
~&502':
-2.30%
Additionzl Coupon
on all bonds, of $7. 50
BE IT FmTW. Tm0Lm tinat the Uayor 'aid Village l&inager are hereby
authorized and directed to enter into a contract with said bidder on the partt of
the Village for the sale of said bonds upon the terns specified in said bid; that
the good r"aitn check furnished by saZd bidder shall be retained pending delivery
of the bonds and p~m6nt df the purchase price, and that the checks of other
bidders shall be forthvi:h returned to them,
Uotion for the adoption of the foregoing resolution vas. dulp seconded by Danens,
anti on roIlc-ZLl,' there were t'hree ayes and no nays, as follovrs: Danens, aye;
=pa, aye; and Bredesen, aye; and the Resokution was declared duly passed and
adopted.
I .
Tupa then introduced the following resolution and
PtESOLUTIOit PROVIDD4G
moved its adoption:
FOR THE ISm$JJCE
OF lJ.~,WIzs FmIu% EOIKS OF 1955
it is hereby found and determined that the Village has heretofore
acquired pursuank to law and now oims and operates a municipal. .r.ratem;orks plant .
and systen as a public utilityunder the jurisdiction and control of this Council,
and Lt is necessary that said utility be &proved at this time by the acquisition
of an eletited water tank and ~~11 and the construction of other capital improve-
ments to the system at a cost e-s%imated to be appro,ximately $200,000 in excess of
rev3nues of saidrtility now on hand and available for the financing of said inprove-
lnent; that it is necessary ad eqedient thzt said sum be borrowed by the issuance
of the yevenue bonds hereinafter described, payable from the net revenues to be
derived'from the future operation of said utility and any additions and bettements
thereto; that there are now outstanding and payable from said net revenues $r16,ooo .J
I.Jatem.rorks Re+enue Bonds of 1947 dated July I, 1947, authorized by the resolution
adopted July LO, 19&7, entitled *3k"PLesolution Providing for the Issuance of Yater-
iiorks Revenue Bonds for the Purpose of Providing Honey for the Purchase and linprove-
Eent 02 the Xatemorlcs Plant and System," and $70,000 Wbenrorlrs Revenue Bonds of
1953, dated X-Iarch I, 1953, authorized by the resolution adl3pted February 23, 1953, -.
entitlea. ltEesolution Providing for the Issuance of llatemorks Revenue Bonds of 1953,11
which resolutions are by reference hcorporated herein and made a part hereof; that
t'ne net revenues of said utUity for the tvrelve months hediately preceding the
dzte of is-suance of the additional bonds herein- autkiorizied are estimated to be
SubstantiaLly more than one and one-quarter times the average of the annual
principal ad interest requirements,. for the remainder of the .tern of said bonds
dated July 1, 1947 and E-iarch 1, 1953, upon all of said bonds plus those herein
authorbed, wherefor the Village is authorized to make the bonds herein authorized
pawble, from said net revenues on *a paritiy with said bonds dated July 1, 194'7 and
Karch 1, 1953, under the proviszons of sa5d authorizing resolutions; that the bonds
herein authorized have been duly advertised and*sold at public sale upon the term
and condi'cions herein set forth, and that all acts, conditions and things required
by €he Constitution and lam of the State of Ennesota to be done, to exist, to
happen and to be performed precedent to the issuance and delivery of said bonds have
been done, do exist, have happened m*d have been performed in regular and due forn,
time and manner as so required.
Bevenue Bonds of 1955" and shall be each in the denomination of $1,000 znd in the .
aggregate principal amount of <jX)O,OOO, numbered serially from 1 to 200, inclusive,
and dated as of June 1, 1955. Said bonds shall mzture serigly on Xiarch 1 jn'the , .
Fears ad mounts as follows: $10,000 in each of the years 1956 t'nrou& 1967,
$30,000 in each of the years 1968 and 1969 and $20,000 in 1970.
'clmough shdl be pqmhle at their at their respective stated maturity dates
without option of prior paynent,'but- those nunbered 81 through 200 (maturing in .
the yeas 1964 through 1970) shall be each subject to redaption and prepapnent at .
the option of the Village on I-Iarch 1, 1963 ad any interest payment date thereafter,
ai; a price or" pas plus interest accrued to the dake of'redempkion, md in inverse
order of their serial numbers. 120% less than 30 days prior to the date specified
for redaption of any of said bonds the Viaage Treasurer shall mail notice of
the call thereof to the holder, if known, and to the bank at which principal md
j..nterest are then payzble, and said Treasurer shall maintain a record of the names
and aiidresses of holders of prepsyable bonds of said issue, so far as such infor-
mtign is nade available to him, for the purpose 02 mailing said notices.
bonds of said issue maturing in the yearg axid bearing tihe serial numbers listed
belov shall bear ia-E;erest at, the respective rates per annum set opposite such
serial nuulbers and mturity. years:
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2, The bonds so to be issued ;hall be. designated as the Waterworks
I Bonds numbered 1
The
5/23/55 199 Uaturitg Years Serial limbers Interest Rates
19 56 1-10 2.60;;
1958 21-30 2 30s
1959 31-40 2 . 30%
1960 41- 50 2 e 30s
1962 61-70 2 . 30%
1964 81-90 2 30% 1965 9-100 2 30%
1966 101-110 2 . 30%
- 1967 111-120 2,50$
~ 1968 -- 122-150 - -2- 50$- - - -
3.959 i5i-ira 2.50;; lC/W la-200 2 50;a
19 57 11-20 2.60s
1961 fl-60 2,30$
1963 71-80 2.30%
-- . I Juch intereit on each md-all of said bonus shall be payable Septanber 1, 1955
ad scmiamunlly thereafter on Xarch 1 and September 1 of each year; ad ea&.
bond shall also bear additional interest on said principal sum at the rate of
1:; per annum from June 1, 1955 to Xarch 1, 1956, which interest shdl be re-
presented by a separate set of coupons designated as Wt coupons, payable
September 1, 1955 znd Ifarch 1, 1956.
at The Firican National Bank of Saint Paul, in St. Paul, Einnesota, and the .
Village hereby agrees -Lo pay the reasonzble zzld customary charges of said pay-
ing agent l'or the receipt wd disbursement thereof, and to zccoun-ii for the same
as an eqense of tke operation of said utility,
V.ad Donas act tne m%eres% coupons zppu%tiena-i-L thereto chdl-bc
in substarb5ally the foll~~~i~~~o~m:
Both principal and interest are payable
~g - -
33 m
ce3
3.
UNITED STATES OF &JZ~ZC~L ~ _- -- ~
8-
.STATE OF NI"A
C0U"i'TY OF HZZ$G3I?IPJ
.- ..
NO e TJATEFLFJmKS R3XEXUE BOND OF 1955 $1,000
I~KN &T.I IZJT BY THESE PFmBTS that the Village of Xdina, a duly
organized municipal corgoration of Hennepin County; Einnesots,.; hereby acknowledges
itself to be specially indebted and promises to bay to bearer, but solely out of
the Sinking and Interest Account of its Vaterworks Fund, the sum of OiXE THOUSAND
DOLLARS on the 1st day of Ifarch, 19 or, if this bond is prepayable as stated
below, pn a date prior thereto on which it shall have been duly called for
redemption, and to pay interest on said principal sum out of said fund and
account fromthe date hereof until said principal sm be paid or, until this
bond, if prepayable, shall have been duly called for rdanption, at the rate of
per annum, pyable September 1, 1955 and semiannually thereafter on the 1st
dsy of iirarch and the 1st day of September of each year, and to pay additional
interest,on said principal sum at the rate of three quarters of one per cent :
(0.75$) per annum from Harch I, 1955 to ?larch 1, 1956, payable on N&rch 1, 1956,
interest to maturity being payzble in accordance vith and upon presentation and
surrender of the interest coupons appurtenant heretoo.
are payable at American National Bank
in St. Paul, Zinnesota . , in any coin OF currency of tne United States
of America which on the respective dates of payment is legal tender for public
and primte debts.
per cent ( 5)
Both principal and interest
This bond is one of an issue in the total principal atnouat of :.)200,000,
all of like date and tenor except as to serial nunher, mzturity date, interest
rate and rederfiption privLlege, is;ued for the purpose of providing moneys for a
necessaq- capital bpovement to the vmtemorlrs plant ad system owned. ad
operzbed by said Village as 'a public utility, and is issued pursuant to and in
full confomity with the Constitution sad law of the State of Xinnesota and the
ordinances of said Village thereunto enabling, and pursuanb to resolutions
heretofore duly adopted by the Village Council, including a resoluxion dated
Xay 23, 1955, entLtled YResolution Providing for the Issuance of "iatemrorks
Revenue Bonds of 1955.21
,
*.
, Bonds of this issue bearing serial numbers 1 through CiD are peyable at
their I respective stated maturity dates without option of prior payment
of 't,his issue bearring serial numbers 81 through 200 (rmturing in the years 196&
through 1970) are each subject to redemption ani3 prepayment, in inverse ofder of
serial numbers, on IISarch 1, 1963 and on any kterest payment date thereafter, a%
a price of par and accrued interes%.
bonds thirty days prior to'the date specified for rederfiption thereof to the bank
at which principal and interest are then payable and to the holder, if known.
Holders of prepayable bonds desiring to receive such notice msy register their
113918s and addresses and the serial numbers of Yneir bonds T.Ji'ch the Vinad&e
Treasurer .
Eonds
The TTiLlage v&ll mail notice of call of any
5/23/55
IT I3 HERSBY CERTIFIXD, PGCm, COVS3iiIm LZD AGBZD that all acts,
conditions and things rewired by the Constitution m-d laws of the State of
mesota to be done, -Lo e,xist, to happen and to be performed precednt to and
in the issuance of this bond, in order to &e it a valid and binding specizl
obligation of--t'rre VTTillzge according to its terms, have been done, do exist, have
happened and have been perforned in due time, form and manner as so required;
that the Tillzge has pledged and appropriated to the Sinking and Interest
Account and Beseme Account heretofore crezted within its 'ITatenrorIts Fund, out
of the net revenues to be derived from the operation of s&d utility, including
all future additions thereto and bettements.thereof, periodic pzyments to be
made st tines ad in mounts required to pay, when due, the principal of znd
interest on this bond, and dl other obligations payable from said accounts, and
to. *mintqj.n a .xeseme securing said p+ucints; that it will at d1 times mintain
rates-and charges Tor eU services, faciZi%ies,. productis ma by-products. of szid
utility sufficient -to produce gross revenues adequete to pay all curpent,
reasonable and'necessary costs ol" operation arid maintenance of said utilitiy, and
to produce excess 02 net revenues in aniounXs and at times sufficient to meet the
recpirements of szid Sinking and Interest znd Reserve Accounts; that in and by'
said authorizing resolution the Village has made and entered into further
covenanXs for the security of the holders from time to time of the bonds of this
i'ssue, each and all of which VU be fully and promptly performed by the Village'
and its offi-cers and agents; and-that the issuance of this bond did not cause the
inciebtedness, general or special, of the Village to exceed any constitutional or
st zitutory limit at ion.
.
*
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,.. If9 SKIXESS 'I.TBPlE30F the Village of Edina, Nennepin County, iZi..nnesota, by
its ?Tilllag& Council, has caused this bond' to be" execu-bed on its behalf by the
facsimile signakura of its I.hyor ad the manual countersignature of its Village
E&nager, ad the corporate seal of the VilIage to be affixed hereto, and the
interest coupons appurtenant hereto to be executed and authenticated by the
Tacsimile signatures of said Zayor and Village Eanager, and has caused this bond
to be dated as of June 1, 1955.
Countersigned:
.
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Village &nager -- k
(Coupon Form)
(S ea11
. On the
lieumepin County,
and fund defined
1st day of Xach..(September), 19-, the Village of Edina;
K5nnesota, wztll- pay to bearer, out of the specizl account,
in the bond to which this coupon appertains, the sun of
- DOL&kRS lawf& money of the
UnLted States of herica at
for interest then due on its TTatemorks Revenue Bond of 19
110.
(Facsimile sC$pature)
Village lcranager
-- ,in ,
(Coupons numbered 17 and upwards s
the clause: Wnless the bond described below is
caled for earlier redmpt ion". ) ___
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4. Said bonds shall be forthtrith prepared for execution under the arection
of the Tillage i-Ianager and shaJJ- be executed on behaLf of the Village by the facs-*le
sign&ure of the IQyor, and countersigned mahually by the Village Xmager, and the
corporate seal of the Tiillage shall be affixed thereto, and the appurbenznt ihterest
coupons shall be executed and authenticated by the-prsted, erigrzved or lithogrzphed
facsin5J.e signatures of said offikers.
shd1 be delivered by the TTiLlage Treasurer to the purchaser thereof, upon payment
ofthe purchzse price heretofore agreed upon, and the purchaser shall not be
obligated to see to the application thereof.
the holders fromtine to time of each and all of the bonds herein authorized that
=til the full pqment of such bonds and the interest thereon iti vfll continue to
maitain its 3atemorks Fund and the sepkmte accounts therein established by s&d
resolut5ons- of July 10, 19k7 and February 23, 1953, including the Sjnkjng and
Interest Account and the .Reserve Account established for the payment of the City* s
TJatenmrks Bevenue Bonds and interest %hereon as such payments becone due and fort
the accumulation and naintenanee 02 a reserve securing such payments at 311 times
at leas€ ecual to the sum of said payments due to be made from the Sinking and
Interest Bccount during each successive period of tvelve months. Each and all of
the covenants and agreenents contained in paragraph. 5 of. .said resolution 02 February
to the bonds herein authorized and determina-bive of the rights of the holders of such bonds from time to tjme.
When so executed and zuthenticated, the bonds
I .-
5. The Village hereby covenants and agrees with and for the security of
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23, 1953 are hereby specifically appoved, ratified, confirmed and made applicable -I
Each and all of the bonds herein authorized shall be
20 I 5/23/53 payable from said Sinkg and Lterest Account and Beserve .kccount on a parity .
as to both principal and interest with said bonus dated Jrily 1, 1947 and I-wch 1, 1953, Wit'nout preference or priority of one bond over any other except as
specifically stated in said resolutions of July LO, 19h7 and February 23, 1953.
The holders of twenty per cent or more in aggregate6 principal amount of revenue bonds of the issue herein au%horized iihich ape at apls Lime outstanding may, .
either at law or in equity, la& by suit, action, mandamus or other proceedings,
protect and enforce the righzs-of all holders of such bonds and enforce ad
compel the performance of my and all of the covencints and duties herein
specifiedto be performed by the VilIage and its officers and agents, including
the fixing and maintaining of rates ad charges sufficient to meet dl current
requirements of said Sinking and Interest Accomt and Reserve Account, and the
collection and. proper segregation of'the revenues derived therefrom and the
application and use of such revenues. -.
.
certified copy of this resolution with the County Audi-Lor of Hemepin County,
l.iinnesota, Ad to obtain from said Auditor a certiTicate that the bonds herein
authorized have been duly entered upon his bond register.
prepare and furnish to the purchaser of the bonds herein authorized and to the
attorneys approving the legality thereof, certified copies of all resolutions,
ordinances and other acts and proceedings of the Tillage reIa%ing 50 the issuance
of said bonds and the provision of 'funds for the payment thereof, and all such
other cei-kificates and affidavits as to facts shown by the records of the
Village or facts otherwise known -to them as may be reasonably required to
evidence the validity or marketability of the bonds hereiin. authorized; and
all such certified copies, certificates and affidavils shall be deemed the
representztions of the Village of 9dina as to the correctness of all state-
ments therein contained.
The motion for the adoption: 'of :said resolution was duXy secona'ed by Danens, and
on Rollcdl there-were thee a,yes and no nays, as follows:
aye; and Bredesen, aye; and the Resolution was declared duly,passed and
adopted.
ATT'ST:
6. The Village IIanager is hereby authorized and directed to file a
7. The officers of the Village are hereby auxhorized and directed to
Li
36
693
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Danens, aye; Tupa,
Danens then moved
adjourned at 7:25 I for. adjournment. Xotion seconded by Tupa ad carried. Nceting
P .x.
Village Clerk
EI"TB OF THE REGTIGAB fGETl[f\TG OF THE
ITAY 23, .1955, AT 7:30 P..t-L, AT THE
EDJ3A'VI-m COUIVCIL, €BIB. IiOIUY,
. mDIA VImGE HAz;L
Neeting was opened by bvocixkbii given by Fr,.IiToss of Our Lady of Grace Church.
Ihiigers * anbrering Rollcall were Bredesen, Danens; Fronk and Tupa.
presided until the arrival of Mayor Erickson, as recorded below.
IEnutes of the Council Xeetings of April 25, April 29 ad Hay 9, 1955, were
approved'as subatted, by motion Fro&, seconded by Tupa and carried.
Clerk submitted Affidavit of Publica-Eion of Advertisement for Bids, Police .
Squad Cars, published in Xdina-Morningside Courier Xay 12 and 19, which were
approved as to form and ordered placed on file.
of-four sealed bids, and Fronk moved for referral of bids to Village Engineer's
office for public opening and tabulation. 1-iotion seconded by Danens and carried.
Eayor Pro Tem Bredesen.then called Public Hearing on Proposed Sidewalk, Curb and
!'Notice of Heuingtt published in EdFna-Jrorningside CourLer Nay 12 and 19.
Affidavit ol" Publication TJ~S submit%ed by Clerk, approved as to fom and ordered
placed on file. Engineer's Estimate of Cost was [;5SO,lgO.
at the Hearing, and no written objections had been riled prior thereto.
reported that the iimerican Legion Housing Foundation, owner of the properby
benefi-bed, is desirous of the improvement and wishes it expedited,
offered the followhg Resolution &d moved its adoption:
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-. . __ -. __
Bredesen
_.
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I4mager Hyde repo-rted receipt
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Gutter for Barking Lo% at 4900 Eden Avenue (America Legion Hall), pursuant to l/
There were no objectors
It zas
Fronk