HomeMy WebLinkAboutResolution 348.(Resolution #348., continued)
the Village shall forthwith issue, sell and deliver.to the First
National Bank of Minneapolis, of Minneapolis, Minnesota, and associates,
its negotiable coupon general obligation Improvement Bonds 1970, Series A,
in the principal amount of $355,000, and its Improvement Bonds of 1970,
Series B. in the principal amount of $945,000, to be dated as of
August 1, 1970, which bonds shall be payable from the Improvement Bond.
Redemption Fuad of the Village of Orono in accordance with the provisions
of Ordinance No. 56, adopted on September 4, 1963, and shall be secured
by all the covenants and governed by all the, terms and provisions set
forth in that ordinance. It is hereby found and determined that said
improvements have been duly -instituted in accordance with the provisions
of Minnesota Statutes, Chapter 429, as�amended, upon hearings as required
by law, that contracts have been duly awarded upon advertisement for
bids for the work and materials required for said improv�me,,ts, in
accordance with approved plans and specifications, that the total cost
of the improvements is estimated to be not less than the amoun'ts.of
said bond issues, "and that the terms and provisions of said bonds as
herein set forth are as.provided in the proposals of said purchasers
received this.date, which proposals are the highest and best bids
submitted pursuant to advertisement heretofore made under the direction
of the Council. The Mayor and Clerk are hereby authorized and directed
to enter into contraca_s for the sale of the bonds on the part of the
Village in accordance with said proposals: The Treasurer shall retain
the good faith checks furnished by the purchasers until delivery of the
bonds and payment of the purchase.price, and shall return the checks
of all other bidders forthwith.
Interest shall be payable on each February 1 and August 1, commencing
on August 1, 1971. The interest from date of issue to maturity shall
be represented by appropriate interest coupons appurtenant to each bond.
2. The
Series'A bonds
shall be numbered serially
from 1 to 71,
inclusive,
and the
Series B bonds
shall be
numbered serially
from l to 189,
inclusive,
each in
the denomination
-of $53,0001
and shall mature
serially
on February
1 in the
years and amounts
set
forth below, the
bonds of
each.annual
maturity
to'bear interest
until
paid or duly called
for
redemption
at the
rate shown below opposite
the year -of such
maturity,
as follows:
Series
A
Series B
Interest
Interest
Year
Amount
Rate
Year
Amount
Rate
1972
$15,000
6.00%
1973
$60,000
5.60%
1973
252000
6.00%
19.74
65,000
5.60%
1974
25,000
6.00%
1975
602000
5.60%
1975
25,.0`0,0
6.00%
1976
65,000
6.00%
1976
25-,,,000
6.001
1.9.7.7
65,000
6.00%
1977
2'5:; Q(y0
1978
60.0000
6.00%
1978
25,00:0
-6.000
1979
65,000
6.25%
1979
25,000
6.25%
1980
60,000
6.25%
1980•
25,000
6.25%
1981
.65,000
6.50%
.1981
25,00-0
_6. 50%,
1982
65,000
6.50 %
1982
25,000
6.5066
1983
6031000
6.60%
1983
25,000
6.75%
1984
65,000
6.75%
1984
25,000
6.75%
1985
60,000
6.90%
1985
20,000
6.90%
1986
651000
6.90%
1 1986
20,000
6.90%
1987
652000
6.90%
Interest shall be payable on each February 1 and August 1, commencing
on August 1, 1971. The interest from date of issue to maturity shall
be represented by appropriate interest coupons appurtenant to each bond.
(Resolution #348, continued)
The bonds maturing in the years 1972 through 1978 shall not be subject
to redemption before maturity, but those maturing in the years'1979
through 1987 shall be each subject to redemption and prepaymentin_
inverse order of serial numbers at the option of the Village on _
February 1, 1978, and any interest'payment date thereafter, at a
price of 101=1/2 and.accrued interest. Not less.than thirty days before
the date specified for prepayment and. redemption of any of said bonds,.
-
-the Village Treasurer shall publish notice of the call thereof in a
daily or weekly periodical.published in a Minnesota city of the first
class or its metropolitan area, which circulates throughout the state
and furnishes financial news as a part of its service. The Treasurer
shall also mail such notice to the bank at which the.bonds are then
payable, but published notice shall be effective without mailing.
The principal - of and interest on said bonds shall be payable at the
main office of the First National Bank of Minneapolis, in Minneapolis,
Minnesota, and the Village hereby agrees to pay the reasonable and
customary charges.of such paying agent for the receipt and disburse-'
ment thereof.
3. The bonds shall be prepared for execution forthwith,
executed and delivered to said purchasers in the manner and substanti-
ally in the form set forth in said Ordinance No. 56, upon payment
by the purchasers of $1;275.,443 plus accrued interest, as provided
in the contracts of sale above described, and the'proceeds thereof
shall be credited by the Treasurer to the funds of the.various
improvements mentioned in paragraph 1 of this resolution, and used
solely to pay the costs of said improvements and for the other purposes
specified in said ordinance,.provided that all proceeds of the Series A
bonds received in excess of $340,124 and all proceeds of the Series B
bonds received in excess of $844,229 will be needed for the payment
of interest to accrue on the bonds during the construction of the
improvements and shall be held therein and used only for such purpose.
4. In accordance with said ordinance, it is hereby estimated
that special assessments have been or will be levied..so as to be
available for credit to the Improvement Bond Redemption Fund in the
amounts payable in the years set forth below, as follows:'
Amount of Years in which
Name of Improv1Eiln:ent Assessments Collectible
1967LS-1 & 1967LW-1 $ 85,000 1969 through 1984
1969LS-2 & 1969LW-2 190,000 1971 through 1986
1969LS-1 750000 1971 through 1986
1970LS-1. - 9451000 1972'through 1987
Said assessments will be collectible with interest at the rate of
8% per annum. To the first installment shall be added interest on
the entire assessment on each property from the date of adoption thereof
until December 31 of the year in which the first installment is
payable, and to each subsequent installment shall be.added interest
for one year on the then unpaid balance of the assessment.
5. It is estimated that the collections of said special
assessments and the other moneys appropriated to the Improvement Bond
Redemption Fund, will produce at least five per cent in excess of the
amounts needed each year to meet when due the principal and interest
payments on the bonds herein authorized, and on all other bonds of the
Village payable from the Improvement Bond Redemption Fund. All moneys
(Resolution #348, continued)
collected therefrom shall be and are hereby appropriated to the
Improvement Bond Redemption Fund, and shall be accounted for and
expended in the manner provided in Ordinance No. 5.6. The full faith
and credit of the Village is also pledge•d:•for the payment of said
bonds and interest as provided in, said ordinance.
Adopted by the .Village Council of the Village of Orono, Minnesota at
a -special meeting held July 8, 1970.
Louis B. 0 er auser, Mayo,Z
Attest: a c
R;ilph X. Martin, Clerk -Administrator
RESOLUTION #349
A RESOLUTION ACCEPTING PRELIMINARY AND FINAL PLANS
AND ORDER.Ift THE IMPROVEMENT 1970SL-1
WHEREAS a public hearing on the matter of providing residential street
lighting in Casco Point has been held, and
WHEREAS the Village of Orono has a contract with Northern States Power
Company for the provision of such service,
NOW, THEREFORE, BE IT HEREBY'RESOLVED by the Village Council of the
Village of Orono, Minnesota, that the Preliminary and Final plans
authorizing an eleven -unit installation are hereby approved, and -
That the Improvement 1970SL-1 is hereby ordered and the Clerk -Administrator
of the Village is authorized and directed to proceed with the Improvement.
Adopted by the Village Council of the Village of Orono, Minnesota, at a
regular meeting held July 13, 1970.
Louis B. 0 er auser, Mayor
Attest:
R—alph H. Xartin, Clerk -Administrator