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Home My WebLink AboutResolutions 23-25i' RESOLUTION # 23 C r RESOLUTION AUTHORIZING -THE ISSUANCE,SAVE AND DELIVERY OF $7509000 SEWER IMPROVEMENT BONDS, _ PAYA.BLE. FROM THE IMPROVEMENT BOND REDEMPTION FUND, AND APPROPRIATING SPECIAL ASSESSMENTS AND TAXES TO THAT FUND FOR THE PAYMENT OF SUCH BONDS a BE ' IT-- RESOLVED by the Council of the Village of * Orono, Minn_es0ta as follows -, IL -,`For, the purpose of defraying expenses incurred and- to. -be, incurred in the construction of 1963 Sanitary Sewer Improve =..r ment`the.Village shall forthwith issue,sell and deliver to Barcus.:Kindred and Company of Chicago,Illinoi.s.its negotiable coupon -general obligation Sewer Improvement=Bonds.;`to be dated } as of :October.1,19639in the aggregate principal amount of = ' .$750,000which bonds shall be.payable from the Improvement Bond Redemption Fund of the Village of Orono in accordance with the, pr.ovi'sions "of .Ordinance, No.56 9 adopted September ,,4,1,963, and shall be .secured'{ by all the covenants and governed by all"'the terms and -provisions set forth in that ordinance., It, i:s herebyRfound� A, anddetermined that said improvement has 'been duly. nsti-tuted in ac.cordaxic:e with the provisions of Minnesota Statutes.' Chapter 429 as*amendedupon hearings as required•by law,that contracts have ` beent duly- .awarded upon advertisement forbids. for the .work" and materials : required for said improvement, in acoordance .:with ap— p roved p-proved plans and spe.cifications,that the total cost of the im provement •'is`' estimated to be not less than the amount of the bonds herein;authorized,and that the termw and provisions of. said_ ;bonds , as herein set forth are as provided in the proposal of said. purchaser received this date,which•proposal is the high est and 'best bid submitted ,pursuant to advertisement •heretofore - ' made .under the direction of the -Council. The Mayor and Clerk are hereby authorized and directed to enter into a contract for.the sale -of the bonds on the part of the Village in4cc:ordance with said proposal. The -Treasurer shall retain the good faith check furnished by the purchaser until delivery of the bonds and pay— : meVt of ' the . purchase price, and shall return the , .checks of all other bidders forthwith. 2 Sald bonds shall be numbered serially from l.to 1501 inclusive, each in the denomination of $5000:,shall bear interest - at the-respective.amnual nterest-at,the-respective.amnual rates stated opposite their maturity date's below,from date of issue until paid or duly -called for redemption,and shall mature serially on.October 1 in'the respec tive years -and amounts -as follows: YEAR ,AMOUNT RATE YEAR. AMOUNT RATE 1965 `$4:0,000 2.80% 1973 $509000 2.80% 19.66 40900.0 2.80% 1974 55;000., 3400%. 1967 409000 2.80% 1975 55,000 3.00% 45, 000: : 2.80.% ' 1976. 5-59000 3.00% 1969- 45,000' 2..80% 1977 60,000 3.00% 1970 459000. 2..80% 1978 609000 3.20% ,197-1."`.50;:0.0.0 2;;80% ... 197.9 60,9000 3.20% 1972 .50:9000 77 2 a.. Interest shall be payable each April 1 and October lcommencing _on April 1,1964. Interest at the basic rate applicable to each bond,from date of issue to maturity,shall be represented by ap- pro :priate interest coupons appurtenant-to•such-bond,and-.each and all of the bonds shall bear additional interest.,represented by separate-coupons"designated as "B" coupons,at the-rate of i,.50% per annum for the limited period from December 16,1963 to Octo- ber 1,1964. The bonds maturing-in the years 196.5`through:1971 shall not be subject to redemption azxxgmxxt before maturity;, but those maturing in'the years•1972 through 1979-shall be each subject to redemption and prepayment at the option,•--of . the Visage on October 1 1971, and any interest payment date•:thereafter., at a .w price `of 101j and accrued interest. Not aessi'than thirty ,days* be- fore the date specified - for _prepayment and redempti:ons of any::of ; said bonds, the Village Treasurer shall mail notice of the`call ` thereof to the holder,if .known,and to the bank at which'.principal, and interest are then•payable,and the'Treasurer.is directed to j' maintain a record of the names and addresses-of holders of pre j payable bonds for 'the purpose ' of mailing-'such notices,,aso', f 6rcll as such information is made available to him. ;The prncipal;;of`.and ; -interest on said bonds shall be• payable at the main .office of 'The; American: National-_Bank' of .Saint Paul• in. St Paul:,Minnesota', and the ` Village hereby agrees to"pay the reasonable and customary charges' • of., succi:_ paying agent for the receipt. and disbursement thereof.. <. 3. The bonds shall •be, prepared for execution .forthwith., executed and' delivered to said purchasers in t`he manner, and sub m; s't6alally in the form set forth in said Ordinance"N:o..56; upon , °payment by' the purchaser of par,plus accrued interest plus premium of $ -0-, as ,provided in the contract ,,of 'sale.: above .;•.des cribed, and the proceeds thereof shall be' cr.e`dited by;y the* Tress f : urer to the Fund of 1963 Sanitary `Sewer. 'Impr.ov'ement, and used solely to pay the costs of said 'improvement • and for ". the ;:other purposesspecified in said ordinance., pro7. ided .that 3' 41:;.805 ' ,;`� 1 said proceeds will be needed for the paymen`t..of intertest to, "accrue •on the bonds during ,the construction of the improvement and sha17.' be held therein and used -only. for such .pur.pose,... -_ .. .. �.� 4. In accordance with.`said ordinance, `it is hereby; esti 1 .mated that approximately. $ 429'9223 :principal .amount of the spye"cial assessments to be levied upon properties `.within Ythe area assess able for said improvement., .:.as; heretofore. established.:by the tresolu tions .ordering ,the._same;wll beavailable• for credit ,' .o ,. Improvement Bond 'Redemption."Fund after the cost 'of ,'the improvement` r . is paid in full; ,which assessments will`-`be payable- in 15 ;:;equal laannual ., .. installments, to -be spread upon` the' tag -rolls ofthe Village in consecutive" years commencing in.1964-wa.th- interest at tY e` rate of,, < 6.% per annumall . To the first instment shall"'be added interest o _ " the_.;•entire assessment .on ,each property, _.from thea`date..; of, adopt.ona; thereof until December 31 of the year in which the first install ment is payable 'and to each subsequent installment shall be. addgd , 's es en smtr. interest for one year on the then unpaid balance of the as There .is _also hereby levied upon all of the taxable property in the Villag6 ,a direct annual ad'-valorem tax Which shall -be "_spread .,uponl 'tha tax rolls' for_=the years and in the •amounts -as follows,,an.d-shall µ be "collected with and as ,a part, of: other general taxes within. the • 'Village `in the respective ensuing ,y ars : r F _ . YEAR AMOUNT YEAR AMOUNT 1963 -0- 1.971 23.9500 1964 109100 1972 23,800 1965 10,700 1973. 299100, 1966 11,200 1974 29100 1.967 16,,`900 1975 29,100 1,968 17,`300 1976 349300 1969 17,700 1977 349000 1970 2.3,300.. 1978 33,700 =} 1979 -0 It is:,:estmated -that the. collections of said. special assess- ments and taxes,,and the other moneys appropriatedto 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 here- in authorized, and on all other bonds of the Vmllage payable from the .Improvement Bond Redemption Fund.. All moneys collected therefrom shall be and are hereby appropriated to the fund of sai-d'mprovement and to the Improvement Bond Redemption .Fun:d,, and °shall be, accounted for and expended in the..manner :provided,.. n..Ordinance"No.56..'The full faith and credit of the „Village is also pledged` for the payment of said bonds and interest yas pro- v vided .in °said ordiriari�ce�,.�/' t/3 = - `1 H. R. Ross,Mayor 'Attest.. o_ea - D. J. -Boll,, Clerk _ RESOLUTION #2¢ A RESOLUTION RELATING TO PARTICIPATION IN THE RURAL HENNEPIN COUNTY NURSING DISTRICT WHEREAS,pursuant to Minnesota Statutes,,Sec.145.08_and 1_45,.12. provision has, been made for �a =public -health nursing district in that portion of Hennepin County` outside the ,City _of Minneapolis , and -WEEREAS,it is deemed necessary to continue the 'operation :o .su:ch �nurs.i ng " district and to provide it with adequate funds - f:oFdis -pro-per : opetati on. NOVP:;[THEREFORE:,AE ,IT ,RESOLVED BY THEG;OVERNIrNG BODY OF THE 3 VILLAGE OF, ORONO :Thar this political subdivision continue to be'included in the ,public health nursing district of rural' Hennepin-County_,organized on.January 4,1952; that `it partici' • �- page ;in.the .benefits thereof; and .that it agrees to support on an :apportionment basis its pro rata' share of the cost of the administration of such°district provided,however,that for the „. .per1od ;Of January 1,196¢ through December 31,1964, this cost aha11 not exceed 26,.5¢ per capita on the basis of the official 1.9.6.0 Federal Census:, i 2-2 BE IT FURTHER RESOLVED that this resolution be `deemed an agreement to continue to participate in such nursing district i on the,basis LB.reinbefore specified with all other-, political subdivisions adoptin.g.similar resolutions.- Adopted Sept.23,1963 1 ® H. R._RosspMayor rAttes•4oAnald.B 1�C�lerJ� RESOLUTION # 25 A RESOLUTION APPROVING AND ORDERING A TAX LEVY, COLLECTIBLE IN 1964 BE IT RESOLVED by the Village Council of the Village of r Orono that the following sums of money be levied for the cur- rent ear collectible in 1964, upon the taxable propert in said Village of' -Orono, for the following purposes: General Fund $1129987.26 Poor Fund ..................... 81100.00 Public Employees Retirement Fund (Contributory share)...... 79500.00 Hennepin County Park Reserve... 11015.74 The Clerk is hereby instructed to transmit a certified copy of this resolution to the County Auditor of Hennepin County. Adopted by the Village Council October 7,1963 'a H. R. Ross, Mayor Attest: k Donald J. oll,Clerk