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HomeMy WebLinkAbout19550822_ADJOURNED8/31/55 . MINUTES OF THE dDJOURNED PORTION OF' THE IWEGUJAR AUGUST 22, ,1955 .MB&ZN(; OF :THE. EDINA- ULLAR. COJNCIL, HELD. tKEDI\sESDAY, AUGUGT -31, ,1955, AT. ?:30-P.M,, .AT T@ . n. EDINA VqGE Hlw, , . .. .--* -.. Members answering RoXLcall were- Bredesen, &pa and Erickson, The Village Clerk presented affidavits of publication of notice of sale of $750,000 Improvement Bonds proposed to be iss=d for the financing of various sanitary sewer, wter main, stom sewer and b1acM;opping improve- ments as directed by the resolution adopted August 22, 1955. Said affi- davits were examined and found satisfactory and directed to be .placed on file in the office of the Clerk. The Village Clerk reported that two sealed bids had been received in her office prior to the tim of this meeting, which bids were thereupon operied and publicly read and considered, and the highest and best bid of each bidder was found to be as follows: -7 Name of Bidder gterest Rate or Rates Premium First National Bank of 2.80% for all bonds from . None Minneapolis, Minnesota and associates date .to maturity, plus 1.20% from March 1, 1956 to September 1, 1956 Kahn & Company, Emeapolis, 3.10% fm all bands from None . Minnesota, and associates date .to maturity, plus m4 of 1% from IJlarch 1, 1956 to September 1, 1956 Manager Hyde recommended award to Fbst National Bank, on basis of best bid, and Tupa. so moved. Kotion secmded by Bredesen and carried. Bredesen introduced the following resolution and moved its adoption: _I , , W-ROKEBENT BNDS . FtESOLUTICB AWARDING SAIB OF $750,000 BE IT RESOLeD by the Village Council of the Village of Edina, Minnesota that. in accordance with instructions of this Council notice has been published of the sale of $'750,000 negotiable coupon general obligation ImprcNeEnt Bonds to be,dated as of September 1, 1955, and all bids received pursuant to said notiee of sale have been duly opened and considered and the highest and best of such bids is hereby found and de- %ermined to be that of First National Bank of MZrmeapolis of Kinneapolis, Minnesota, and associates named therin, to purchase said bonds at a price of par and accrued interest, plus a premium of $ None, the bonds maturing in the years set forth below to bear interest at the respective rates per annum set forth opposite said mturity years: together rdth additional interest on all bonds at the rate of 1.20% per amm from &rch 1, 1956 to September 1, 1956, to be represented by a separate IIBl; coupon, payable-Sept enber 1, 1956. The Nayor and the Village Clerk are hereby authorized and directed to endorse the acceptance of the Village upon duplicate copies of said proposal and to return a copy thereof to said bidder and to file the original 5.n the office of said Clerk, 'bidder shall be-retained by the Village Treasurer pending delivery of the bonds and payment of the purchase price, and the checks of other bidders shall be returned to them forthwith, Maturity Years Interest Rates + 19.58 through 1967 2.80% per annum ..e The good faith check. furnished by said successful The motion for the adoption of the foregoing Resolution was duly seconded by %pa, and on Rollcall tkre were three Ayes and no N aye; Tupa, aye; and Erickson, aye; vhereupon duly passed and adopted. ATTEST- follows: Bredesen, was declared ~/4!2zz.pL/ Village Clerk I I 8/31/55 Arthur thitxley, representing Village Attorney I.Tindhorst, explained the ) pre~ses of .the new State Statute permitting an Qnprovement Bond Redemption Fund". \ on *q*Y by the Council Eh Whitney stated such.a fund is practical and r.rin shpzfy Village records keepwg; that this Fund, if established, wiU allow receipts from the 1955 ?Xmt Serieg Smprovement Bonds.and from all future issues of kprovement Bonds tobe kept in a.comon redemption fund.' Bredesen, Bredesen introduced proposed Ordinance No, 13, irhichms thereupon fully and distinctly read as $allows: ORDINhCE NO, 13 AN ORDINANCE ESTABLISHING THE l3~PRO.~~T, BOND. REDD~ION FUND - THE VII;L;$GE COUNCIL OF THE VIIJLPGE .OF .EDINA, l*mSOTA ORDAJXS: - Section-lr There-is hereby sskablished,a separate and special.fund of the Village to be designated as the't%nprovement Bond Redemption Fundff, which fund shall be maintained by the Treasurer on the books of the Village so-long as any bonds payable therefrom shall be outstan-. said fUnd shall be designated by resolutions of the.Village Council, but shall include only general obligation bonds hf the Village which are payable primarjly, in whole or in part, from special assessments, .including bonds issued pursuant to and in accordmce with the provisions of Chapter 4.29, &Tinnesota Statutes and any future acts amendatory thereof and supplemental thereto. undertake and agree that upon completion of each improvement financed by such bonds and after payment in full of the cost of such improvement, all moneys remaining in such improvement fund and all suhsecpent collections of special assessments levied in respect of such improvement shall be irrevocably approp- riated to and paid into said Improvement Bond Redemgkion Fund; and said Council shall levy a tax for the years and in the amoynts.required, together with anticipated collections ,of special assessments in respect of the improvemmts financed by each issue of such bonds, to produce sums not less than 5% in excess of each principal and interest payment on such bonds, as such payments shall respectively becoEe due, provided that if the assessments to be levied for bprovanents financed by any issue, together with interest on such assessments at the rate fixed by the Council plus any amount appropriated-from the bond proceeds for the making of initial interest payments, shall be sufficient to produce sums 5% in excess of the principal and interest requirements, no such tax levy shall be re@red. to said.fund shall be irrevocable, provided that in the event that the Village Council shall in any year appropriate moneys from other sources to said fund, the taxes levied for said fund which are,payable in the succeeding year may be reduced by Yne amount of such appropriation, at the time and in the manner provided by 3hesota Statutes, Section 475.61. The moneys-in said fund shall be used solely for the payment of the principal and interest when due on the bonds designated by said resolutions, and for the prepayment and redemption of said bonds when and if the same become prepayable according to their terns, provided that such moneys may be invested as auvnorized by l-tinnesota Statutes, Section 475 66. The full faith and credit of the Village shall be and is hereby irrevocably pledged for the prompt and full payment of the principal and interest on all bonds made pyable from the Improvement Bond Redemption Fund. If at any time the moneys in said fund should be insufficient to pay all such principal and interest due the Council shall provide sufficient moneys for such payment from any other funds of $he Village, and such ibnds by be reimbursed fma the pmceeds of special assessments and taxes appropriatedto the Improve- ment Bond Redemgkion Fund; and the Village shall have ~e pmrer and authority, and it shall be the duty of the Council, to levy additional ad valorem taxes upon all of the taxable property within its corporate limits to the exbent required to restore any deficiency in said fund for the papent of said bonds and interest, which levy may be made without limitation as to rate it~g or amount. Said ordinance was thereupon declared d& passed upon its first reading. Bredesen then offered the following Resolution and moved its adoption: I The bonds to be payable from Section 2. Prior to the issuance of any such bonds the Council shall Section 3. The special. assessments and taxes levied and appropriated Section 4* Section 5. . EESOLUTION AT THE DEATH OF JOHN J. DUGGAN lIKLf&E .TREIISm. T.MEW, John J. Duggan-qselfishly served thi citizens of the.Village of Edina in the camcity of Village Treasurer, continuously from Ekrch 1, 19a to the date of his death, August Z!g9 1955, during which period the duties and'responsi- bilities of the Treasurer Ekterially increased; and Dugganls integrity has been evidenced my times by his return to office without opposition, and has been justified by Hr. Duggan's faithful, honest and efficient performance of his public duty: NOy, TLIEREFORE, BE IT RESOLVkD by the Village Council of the Village of Ea, T.Tinnesota, -that this. Co~cil_convey to -&e family of John J. DUB= its deep sppthy at this time of bereavement, and its expression of sorrow.at the loss of a loved and respected friend and neighbor and public spkrited citizen of this Village. PmW, the faith of a growing electorate of this Village in MI-. ~ ZYL .m 8/31/55 Motion for adoption of the Resolution was seconded by Tupa, and on Rollcall there were three ayes and no nays, as follows: and Erickson, aye; and the Resolution was ado c I Village Clerk There being no further business to come before this meeting Bredesen moved for adjournment. Motion seconded by Tupa and carried. Neeting adjourned at 7:50 P.N.