HomeMy WebLinkAboutResolution 56RESOLUTION # 56
RESOLUTION ESTABLISHING THE FORM AND
TERMS AND DIRECTING THE.EXECUTION AND DELIVERY OF
$200,000 TEMPORARY SANITARY SEWER IMPROVEMENT
BONDS AND CREATING THE TEMPORARY IMPROVEMENT
BOND FUND
BE IT RESOLVED by the Council of the Village.of Orono,
Minnesota, as follows:
' 1. 'The Temporary Sanitary Sewer Improvement Bonds sold
4 this date shall be -issued under and pursuant t6 the provisions of
'Minnesota Statutes 19619 Chapter 429, and in accordance with the
M provisions of Section 429.0919 Subdivision 3, in the aggregate
principal amount of $2009000, dated as of August 1, 1964, shall be
40 1n ,number and numbered .from .l.to 40, inclusive, each in the
` denomination of $5,000, shall`"bear interest atthe rate of 2.90%
per annum, payable on February 1, 1965, and semiannually thereafter
on August "1 -:and -'February. 1 in each. year, and shall mature on
'. August 1, 19.661subject to the right which is hereby reserved by
the Village to prepay and redeem ell. of the bonds -on any interest
payment:.,date,'at par plus accrued interest, provided that not less
than 30 days.prior to said date the Village Treasurer shall mail
notice'" of the call of any bonds for redemption on said date to `the
holders thereof, if known, and to the bank at thich principal and
interest on' -the bonds are,then payable. The Treasurer,shall main-
tain a;`.record`of the names and addresses of the holders of any of
y the bonds who' shall communicate this information for the purpose
`.:.of_receiving such notice. The principal of and interest on the
bonds shall be payable at the main office of the First National
Bank of,Xinneapolis, in Minneapolis, Minnesota and the Village
`.agrees to pay the reasonable '.and customary charges of the paying
agent for the receipt and disbursement thereof.
f 2., The bonds.shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
' VILLAGE OF ORONO
TEMPORARY SANITARY SEWER IMPROVEMENT BOND
No. $5,000
gNOW.ALL MEN BY .THESE PRESENTS that the Village of Orono,
a duly.organized and.existing municipal corporation of the County
of Hennepin, State.of,Minnesota, acknowledges itself to be indebted
and for value.received promises to pay to bearer the sum of FIVE
THOUSAND DOLLARS on the l.st day of,August,,1966," or on any date
prior thereto -;on which this bond has been called for redemption as
stated below andto pay interest.thereon at the rate of two and
ninety hundredths per cent ''(2.90%) per ,annum from the date hereof
until- aid principal•sum.is..paid or until this bond'has.been duly
called for redemption, payable February 1, 1965, and semiannually
5.0
(RESOLUTION 56., Continued)
thereafter on August 1 and February 1 in each year, such interest
to maturity being represented by and payable in accordance,with
and upon presentation and surrender of the interest coupons
appurtenant hereto. Both principal and interest are payable at
the main office of the First National Bank of Minneapolis, in
to
Minneapolis, Minnesota,•in any coin or currency of the United States
;
of America which on the respective dates of payment is legal tender
y
for public and private debts. For the prompt and full payment of
such principal and interest as the same respectively become due
the full faith, credit and taxing powers of'the Village are hereby
irrevocably pledged.
s
This bond is one of an issue in the aggregate principal
amount of $200,000, all of like date and tenor except as to*serial
number (and denomination) , all issued for the purpose of defraying
expenses incurred and to be incurred in constructing a ne-ces'saryl
local sanitary sewer improvement heretofore duly ordered to be'
made in accordance with the provisions of Minnesota Statutes`,' _
Chapter •429, in full conformity with the Constitution and laws of,_�
•s
the State of Minnesota thereunto,,'enabling, and pursuant to
;
resolutions duly adopted by the Village,Council. This bond is
payable primarily from the Temporary Improvement Bond Fund of said'
Village, to which fund .there.,'have been appropriated"the special
assessments and taxes to be levied with, respect to' the improvement`
financed' by this issue of bonds.,. after payment of all expenses` of
said improvement,' and into which fund there are to. 'be ;pard the.,,,
-proceeds of -definitive improvement bonds which the Village is re-'
quired by-law to issue -at or prior to the maturity -of ,this bond
for the purpose of refundingthe same so far as special assessments
and taxes theretofore collected are not sufficient for the payment
thereof.
a
The bonds of this issue are „all sub,je.ct to redemption and
4j
prepayment at the option of the Village on any -interest payment date„
at par and accrued interest. Not less .than thirty days prior to
said 'date the Village will mail notice of the call .of any of,.said
bonds for redemption to the holders, if known, and to,the bankat.
which principal and interest are then payable. Bondholders desiring
f
to receive such notice may register their names and addresses`"and ',
the serial numbers of their bonds with the"Village Treasurer,.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED•AND AGREED,
that all acts, conditi.onsrand things required by the.Constitut`ion
and laws of the State of Mnnes6ta to be done, to exizt, to happen..
a
and to be performed preliminary to and in the issuanee".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 perfforme;dde:a:sl..sor,r.e.qu� r.e-d; and that the
issuance of this bond did nQti;cause the indebtedness of said Village
to exceed any constitutional,or statutory limitation.
IN WLTNESS WHEREOF the Village''of Orono, Hennepin County..,
Minnesota, by its Village,.Council, has caused this bond.to be ex-,---,,
e'cuted :-, -_its behalf by the facsimile signature of its Mayor,
,
countersigned by the manual signature of'its Village'C1erk, and
R^
sealed with its off,icial,seal,,and has caused the interest coupons
• _
A
51
(RESOLUTION #56,, Continued)
appurtenant hereto and7the certificate appearing on the reverse side `
AD hereof . to. be executed and authenticated by the facsimile signatures.
of said officers, and has caused this bond to be dated as of
August 1; 1964•
Mayor
Counte gned:.
r Village gerk
(SEAL),
�.• Interest to the maturity of .each bond shall be represented by.interest
coupons in 'substantial7,y the .follow.ing form:
. No •
On the-lst day of February (August), 19 , unless the bond
described below is calledfor earlier redemption, the Village of
Orono, Hennepin_•County,.Minnesota, will pay to bearer at the main
office of the First National Bank of Minneapolis, in Minneapolis,
Minne'sota,` the sum shown hereon in lawful money of the: .United States
of America for interest then due on its Temporary Sanitary Sewer.
Improvement Bond, dated August 1, 1964, No.
(Facsimile signature) (Facsimile signature)
Village.Clerk Mayor,
(Form of certificate to be printed on the reverse
side of each bond, following a full copy, of the
legal opinion on the issue)
+� We certify that the above is a full, true and correct copy
of the legal opinion rendered by bond counsel on the issue of bonds
R of the Village 'of Orono which includes the within bond, dated as of the\data
of delivery of and, payment for the bonds .
- '.'(Facsimile signature) (Facsimile signature)
Village Clerk Mayor
3. The bonds shall.bp,prepared for execution under the
direction of the Village`Clerk and executed on behalf of the Village
by the signature of the Mayor and countersigned by the Village Clerk,
and the._ corporate, seal 'of the Village shall be affixed to each bond,,
and•.the appurtenant interest coupons shall be executed and, authen-
ticated by the,„printed, engraved or lithographed facsimile signatures
of. the Mayor and'-Glerk. 'When the bonds have been so executed' and
authenticated; they shall be delivered by the Village Treasurer to the
5Z
(RESOZUTI'ON #'56°9' Continued)
purchasers upon payment of the purchase price specified.inthe corn-
tract . of sale, and the purchasers shall not be obligated to .see . to
the application of the proceeds of the bonds; but -the bond proceeds,.,,,
except accrued interest, shall be applied,:solely`tc the• -payment of
ii
costs incurred and to be incurred in the completion of Sanitary
'x
Sewer_Improvement 64 -LS -1, and shall be credited to -a fund which 4
is hereby created for the said improvement, to be known and,de
nated as the "Sanitary"Sewer Improvement 64 -LS -1 Fund."
4. Upon completion of said improvement or prior thereto:;"
theffouncil shall do and perform all acts and things necessary for.
the final and valid levy of special assessments upon properties
within the area designated to be --assessed therefor; in.an aggregate
amount equal to the total cost of said improvement as finally
ascertained, less such portion, if any, as the Council shall direct
to be paid by the levy of ad valorem taxes, including, but with out,
limitation, interest accrued on the temporary improvement bond
'
ceeds used to finance the improvement, r from the date of such .b.onds"
to the date of levy of special assessments. In the event that any
such assessment shall be at any time held invalid with respect to.
any lot or tract of land, due to any error, defect or irregularity
in any action or procee,ding.taken.or to be taken by the Village or
the Council or, any of the Village's officers or employees, in the'i'
making of•'the asa-essment or the performance of any condition
precedent thereto,'the Village shall do all"such further acts and,
things and shall take all such further.proceedings as shall be re-
-quired:by law to make such assessments a valid and binding lien.":
upon said property.
-s
5. A separate and special.fund of the Village is hereby
>created and designated as the Temporary Improvement Bond Fund,,.' -to
which shall be credited the accrued interest paid by. 'the purchasers.
of said bonds, and all special assessments, and taxes, if any,`
,levied and collected with respect to Sanitary Sewer Improvem6nt
-64-LS-1 after the payment of all costs of said improvement and'
before the refunding of said bonds as herein provided. At"or be-
,.-.fore the maturity of the Temporary Sanitary Sewer Improvement
Bonds, the Council shall provide by resolution for the issuance,.""
"purpose
'
sale and 'delivery of.,definitive improvement bonds for the
of providing money to pay and redeem said. Temporary Sanitary 'Sewer
}
Improvement Bonds ,• so far as the same cannot be --;paid. out 'of , money
AF
then -on hand in the Temporary Improvement Bond Fund,. Before'`the :"
issuance of such definitive bonds, the Council shall by resolution
determine the cost 'of -said improvement which'has been paid"from the
fund thereof, the amount of moneys remaining on hand in said im- .
provement'fund and available for transfer to the Temporary Impr:ove-
ment Bond Fund -for the zpayinent of said bonds , "and the .amount of
definitive improvement 'bonds necessary to be issued to, refund -.said
Temperary *Bonds. In the event tha` 'such issuance occurs before the
levy.of all special assessments for said improvement, the•Council
nd-"
may estimate the 'amount of the cost thereof to be assessed, and---
the amount of definitive bonds necessary to be issued. The Council,
the
shall also estimate the principal amount remaining -unpaid of the.
special assessments levied or to be levied for.said improvement;
=.
and the interest payable"thereon, and shall levy upon all taxable .
. (RESOIjUTION •# 569Continued)
property.in,the Village'a direct, annual, irrepealable tax for the
years and in the amounts, if.any, which will be -required, together
,..with'the colledtions of such remaining special assessments and
interest thereon, to produce sums not less than -5% in excess of the
pr.incipaland interest payments when due upon the definitive imp
provement bonds, and -shall appropriate all such remaining special
assessments : and taxes to the, Improvement Bond Redemption ,Fund
established by Ordinance No.56, adopted on September 4,'1963, or
to'another de>bt redemption ,fund, for the payment of such definitive
improvement.bonds and interest thereon. The proceeds of the
definitive improvement bohds shall .simultaneously be credited to
the,'Temporary-Improvement Bond Fund, and the bonds herein authorized
shall 'be paid from-s_6J d fund and redeemed and canceled.
E
�.
No- tax is presently levied for the payment of 'the
a
bonds herein authorized, it being estimated that the proceeds of
the definitive improvement bonds herein covenanted and agreed to be
..issued, together with special assessments levied for said improve-
` meet,'' will provide funds adequate for the. payment of. said' bonds and
interest in full in accordance with Minnesota.Statutes 19619 Section
4.75..61. However.., .the full faith and credit of the Village is hereby
� pl'edged for the payment of the bonds herein authorized, and ad& valorem
taxes ,siial•1 be levied on all taxable property within the Village,
without 'limitation as to rate or amount, to the extent required for
the. payment of said temporary bonds and interest.' --
7. The right is reserved to issue additional Temporary
Improvement Bonds payable from the fund herein created, to pay any
additional costs of Sanitary Sewer Improvement 64 -ZS -1, or of other
municipal improvements validly instituted in accordance with Minne-
sofa Statutes, Chapter 429, provided that the special assessments
and taxes to be levied with'respect to any such improvements shall
4 - be appropriated to the'Temporary Improvement'Bond Fund and accounted.
_ for •aa •proided in. this resolution. .
` 8. The Village Clerk is dired.ted to file a certified
COPYof this resolution with the County Auditor of -Hennepin County,`
and to 'obtain from the County Auditor before the delivery of. the ,
bonds herein authorized a certificatethat said bonds have been
duly entered. upon the County Auditor's register.
9. The officers of the'Village and the County Auditor of
Hennepin "County are authorized and directed to prepare and furnish
'to the purchasers'of ;the bonds issued hereunder, and to the attorneys,
approving -the legality. of the issuance thereof, a certified copy . of
this resolution and of all other proceedings relating to said bonds,
together with'such affidavits, certificates and information as may,
be reasonably required to show the legality and marketability..of
said -bonds, as such information .appears from the books and records
in'tYeir custody and control or as otherwise known to them, and all
such certified copies, certificates and affidavits shall.be deemed
representations'.of the Village as to the correctness of all state-
ments contained therein.
Adopted by the VillageCouncil of,the Village of Orono, Minnesota
+� .at a special meeting held June 29, 1964.
. R. Ross, Mayor
Attest:;
Do ald J. B 11., Clerk