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HomeMy WebLinkAbout07-20-1971 SMMINUTES OF MAPLEWOOD VILLAGE COUNCIL 4:00 P.M., TUESDAY, JULY 20, 1971 COUNCIL CHAMBERS, MUNICIPAL BUILDING MEETING NO. 71 -28 A. CALL TO ORDER A special meeting of the Village Council of Maplewood, Minnesota was held in the Council Chambers, Municipal Building and was called to order at 4:06 P.M. B. ROLL CALL Lester G. Axdahl, Mayor Present John C. Greavu, Councilman 1976 Present Harald L. Haugan, Councilman Present Patricia L. Olson, Councilwoman Absent Donald J. Wiegert, Councilman Present C. PUBLIC HEARINGS - BID AWARDS 1. Bid Opening - General Obligation Bonds of 1971 ($1,740,000.00) a. Mayor Axdahl convened the meeting for the purpose of receiving bids for the Sale of the General Obligation Bonds of 1971. ($1,740,000.00) The Clerk presented affidavits showing publication of notice of call for bids on $1,740,000 General Obligation Improvement Bonds of 1971 of the Village, for which bids were to be received at this meeting, in accordance with the resolution adopted by the Village Council on June 17, 1971. Said affidavits were examined, found to comply with the provisions of Minnesota Statues, Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: BIDDER INTEREST RATE PIPER, JAFFRAY & HOPWOOD, INC. AMERICAN NATIONAL BANK & TRUST CO. 4.20% - 1974 Allison - Williams Company 4.40% - 1975 Dain, Kalman & Quail 4.60% - 1976 John Nuveen & Company 4.75% - 1977 Paine, Webber, Jackson & Curtis 4.90% - 1978 Shearson, Hammill & Company 5.00% - 1979 Caldwell Phillips Company 5.15% - 1980 E. J. Prescott & Company 5.30% - 1981 Woodard Elwood & Company 5.40% - 1982 5.50% - 1983 5.60% - 1984 - I - 7/20 INTEREST COST FIRST NATIONAL BANK OF ST. PAUL First National Bank of Minneapolis Merrill, Lynch, Pierce, Fenner $ Smith Reynolds and Company Northiaestern National Bank of Minn e ap (i l i s THE NOP `1E'RN TRUST COMP. Ny White, gold $'C:ompany Hornb lo, ":or, Weeks, Hemphill $ Noyes Hutchinson, Shockey, Erley $ Co Kenower, MacArthur (Division of American Securities) VanKampen, Wauterlek $ Brown, Inc. Channer Newman Securities Co. Robert S. C. Peterson, Inc. 5.70% 5.80a 5.90% 6.00% PURCU - 1985 - 1986 1987 1988 -1991 ASE PRICE - $1,709,000 $1,092,317.50 k5.7099%) 4.20% - 1974 4.40% - 197S 4.60% - 1976 4.80% - 1977 5.00% - 1978 5.10% - 1979 5.20% - 1980 5.30% - 1981 5.40% - 1982 5.500 - 1983 5.60% - 1984 5.70% - 198S . 5. 80 % - 1986 5.90% - 1987 6.00% - 1988 -1991 PURCHASE: PRICE - $1,709,550 5.00% - 1974 -1978 5.20% - 1979 5.40% - 1980 5.50% - 1981 5.70% - 1982 5.80% - 1983 5.90% - 1984 -1985 6.00% - 1986 -1.987 6.10% - 1988 -1989 6.20% - 1990 -1991 PURCHASE PRICE - $1,719,242 $1,094,5S0.00 (5.72160 $1,123,183.00 (5.8713 %) 2. Bid Opening - General Obligation State -Aid Street Bonds of 1971 ($540,000.00) a. Mayor Axdahl convened the meeting.' for the purpose of receiving bids for the sale of General Obligation State Aid Street Bonds of 1971 ($540,000.00). The Clerk presented affidavits showing publication of notice of call for bids on $540,000 General Obligation State -Aid Street Bonds of 1971 of the Village, for which bids were to be received at this meeting, in accordance with the resolution adopted by the Village Council on June 17, 1971. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. _. 2 - 7/20 The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: Bidder 'e Interest Rate Net Interest Cost -FIRST NATIONAL B.VNK OF ST. PAUL 4.0000- - 1973 First National Bank of :Minneapolis 4.20% - 1974 Merrill, Lynch; Pierce, Fenner $ 4.40% - 1975 Smith 4.600 - 1976 Reynolds $ Company 4.80% - 1977 Northwestern National Bank of 5.00% - 1978 Minneapolis 5.10% - 1979 5.200 - 1980 5.30% - 1981 5.40% - 1982 5.50% - 1983 5.60% - 1984 5.70% - 198S 5.80% - 1986 5.900 - 1987 6.00% - 1983 -1991 PURCHASE PRICE - $530,550.00 $407,470.00" (S. 8466'x) PTI ER, JAFFRAY & HOPiSOOD, INC. AMERICA\ NATIONAL B!.NK a TRUST CO.. 4.00% - 1973 Allison- Ssilliar,s Company 4.20% - 1974 f' }:air. .:. - : Dain, ; ` 4.4.9% - 1975 John pi nv 4.504 - 19 "i6 Paine, ..ebb., 7 ;:ksoa $ Curtis 4, 7 5, °' - 1977 Shearson, 3 C.:?rpany 4..90 - i978 Caldweli Phillips uC; 3.P,y 0% - 1979 E. J. Prescott Co -.pane S. 156.1 - 1980 Woodard Elwood v L'or..pany 5.30% - 1981 5.406 - 1982 5.500: - 1983 5.60% - 1984 5.70% - 1985 5.80% - 1986 5.90% - 1987 6.00% - 1988 -1991 PURCHASE PRICE - $530,000.00 $407,`0'.50 (5:8465 %) THE NORTHER\ TRUST CO; )ANY 5.00% - 197.5 -1978 White, Weld F Company 5.20% - .1979 Hornblov;br, Weeks, Hemphill & 5.40% - 1980 Noyes 5.50% - 1981 Hutchinson,, S /Eockey, Frley G Co.. 5,70.1 - 1982 Kenower, MacArthur (Division of 5.80% - 1983 American Securities) 5.90% - 1984 -1985 VanKampan, Wauterlek G Brown, 6.00% - 1986 -1987 Inc. 6:10% - 1988 -1589 Channer .Newman Securites Co. 6.20% - 1990 -1991 Robert S. C. Peterson, Inc. PURi-1IASE PRICE - $532,980.00 $418,490.00 (6.0041 %) Further consideration of the bids for the sale of bonds was suspended to allow Village Bond Consultants to reveiw the bids for accuracy. - 3 - 7/20 D. PRESENTATIONS 1. Agreement - Highway 36 - Water a. Manager Miller explained the agreement the State Highway Department had submitted. The agreement deals with street widening and repair and the installation of water mains, at Highway 36 and Atlantic Street. The cost of the water portion is $15,186.35. The cost of the street is $10, 605.18. Village Engineer Collier has reviewed the agreement and the costs with Consulting Engineer Kuusisto and feel they are in line. One big factor is that the Highway Department is asking the Village to main- tain the service road (southeast and northeast frontage road at Highway 36 and 61) such as snow plowing, patching, etc.; the Highway Department will do heavy maintenance. b. Councilman Wiegert moved to authorize the Mayor and the Clerk to sign the Agreement with the condition that the State Hi£hwav Denartme vide a hold harmless agreement for the Village and introduced the fn11n%a- its 71- 7 -141 BE IT RESOLVED that the Village enter into an agreement with the State of Minnesota, Department of Highways for the following purposes, to -wit: to provide for payment by the Village to the State of the full cost of the revision construction to be performed by the State's contractor along a portion of the Northeast Frontage Road of the Trunk Highways No. 36 and No. 61 traffic interchange from 950 feet west of Atlantic Street to Gervais Avenue. In addition the agreement provides for the Commissioner to act as agent for the Village and cause to be constructed by the State's contractor Village water main facilities along Atlantic Street from Cope Avenue and extending northerly across Trunk Highway No. 36 to said Northeast Frontage Road and along said frontage road from 100 feet east of Atlantic Street to Gervais Avenue; and payment by the Village to the State of the full cost of said Village water main facilities construction. BE IT FURTHER RESOLVED that the Mayor and Clerk be and they hereby are authorized to execute such agreement. Seconded by Councilman Greavu. 2. Tax Assessing Practices Ayes - all. a. Manager Miller stated Maplewood was supposed to have been re- elvaluated last year and now we are being told it will be this year. There have been a number of stories but not any real answers. The Manager intends to in- vite Ramsey County Assessor William Carlson and one of his top aides to attend a meeting to explain the general policy of assessing. b. Following further discussion, Tuesday, August 3, 1971, 7:30 P.M. is the date for the meeting with Mr. Carlson. 3. Bid Opening - 4 - 7/20 a. Village Engineer Collier reported bids had been received on Monday afternoon on several projects; Ide Street, - 69 -2; Lark Utilities, 69 -19; Eldridge Avenue, 68- PAV -1; Keller Golf Course - Water, 68- WTR -1. b. Consulting Engineer Kuusisto stated two bids had been received, Maple- wood Sewer and Water - $178,787.35, Bury and Carlson, Inc. - $175,504.39. Of the two bids received, Inc lowest bidder, Bury and Carlson, Inc., staff investigated the sub #rbs where they have worked and had excellent reports. c. Following further discussion, Councilman Greavu moved to table dis- cussion on the bids for the four projects until the August 5, 1971 meeting, Seconded by Councilman Haugan. Ayes - all. C. BID OPENING - Bonds of 1971 (continued) a. Mr. James Olson, Juran and Moody, reported back to the Council and stated that the bids as received were calculated and determined to be correct. b. Councilman Greavu introduced the following resolution and moved its aAopVLon:($540,000.0O General Obligation State Aid Street Bonds of 1971) 71 - 7 - 142 RESOLUTION ACC -?TING hID ON SALE OF 15110,000 G�_ RA , LIG " O ii �� L "...LI A1�i. ]Y STATE-AID STREET BOU S OF 1971 PROVIDING FOR THEIR ISSUANCE WHEREAS, the Village Council of the Village of Maplewood has heretofore determined.that it is necessary and expedient to issue its general obligation bonds pur- suant to M.S.A. 162.18 and M.S.A. 475; NOW THEREFORE, BE IT- RESOLVIED by the Council of the Village of ,-aplewood, _Minnesota, as follows: 1. That the bid of the First National Brix: of St Fain_ to purchase $540,000 General Obligation State -lid Street Bonds of 1971 of the Village, in accordance with the notice of bond sale, at the rates of interest hereinafter set for:'_., and to pay therefor the sum of 407,470_.00 $ (plus a merit: -.. Of none__) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and say: bonds are hereby awarded to said bidder. The Village Cler:: is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsucc,e sful bidders. Said bonds Shall be payable as to principal and interest at the First National Bank of St. Paul, in St. Paul, Minnesota 5 - 7/20 2. The $540,000 negotiable coupon general obliga- tion bonds of the Village shall be dated August 1, 1971 and shall be issued forthwith. Said bonds shall be 108 in number and numbered from 1 to 108, both inclusive, in the denomination of $ 5.000 each. Said bonds shall mature serially, lowest numbers first, on August 7. in the years and amounts as follows; $10,000 in the year 1973, $15,000 in each of the years 1974 and 1975, $20,000 in each of the years 1976 to 1978, both inclusive; $25,000 in each of the years 1979 to 1981, both inclusive; _ $30,000 in each of the years 1982 to 19843 both inclusive; $35,000 in each of the years 1985 to 1987, both inclusive; $40,00; in each of the years 1988 and 1989, $45,000 in each of the years 1990 and 1991. 3. Said bonds shall provide funds for the construction and imp,pvOuent of municipal state-aid streets in the Villa e. T,., total cc:-,t of said improvements, including the ccst of construction ,older the terms of the lowest bid received for each please thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of state -aid funds, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1972 and semiannually thereafter on February 1 and august 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1973 1 -2 4.00 1974 3 °5 4.20% 1975 6 -8 4.40 1976 9 -12 4.60% 1977 13 -16 4.80% 1978 17 -20 5.00% 1979 21 -25 5.10% 1980 26 -30 5.200 1981 31 -35 5.30% 6 7/20 1982 36 -41 5.40% 1983 42 -47 5.50% 1984 48 -53 5.60% 1985 54 -60 5.70% 1986 61 -67 5.80% 1987 68 -74 5.90% 1988-1991 75-108 6.00% 5. All bonds of this issue maturing in the years 1982 to 1991, both inclusive (bonds numbered 36 to 108 , both inclusive), shall be subject to redemption and prepayment at the option of the Village in inverse order of serial numbers, on August 1, 1981 and on any interest payment date thereafter at par and accrued interest plus a premium of $ 50.00 At least thirty days prior mailed notice of redemption shall in each case be given to the bank where said bonds are payable and to the last known holder and thirty days prior pub- lished notice of redemption shall be given in accordance with lax. Holders desiring to receive mailed notice r..ust register their names, addresses and bond numbers with the Village Clerk, but published notice shall be effective without mailed notice. 6. The bends and interest coupons to be issued hereunder shall be in substantially the following form: is 0 UNITED STATES OF A1"i ,RICA STATE OF MINNESOTA RAMSEY COUN=Y VILLAGE OF MAPLE'tiCOD GENERAL OBLIGATION STATE -AID STREET BOND OF 1971 KNOW ALL MEN BY THESE PRESENTS that the Village of Maplewood, Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of THOUSAND DOLLARS on the first day of August, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( %) per annum, payable on the first day of August, 1972-and semiannually thereafter on the first day of February and the first day of August in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at in any coin or currency e the United States of America -vihich at the time of payment is legal tender for public and private debts. - 7 - 7/20 All bonds of this issue maturing in the years 1982 to 1991, both inclusive (bonds numbered to both inclusive), are subject to redemption and pre - payment at the option of the Village in inverse order of serial numbers, on August .1, 1981 and on any interest payment date thereafter at par and accrued interest plus a premium of $ At least thirty days prior mailed notice of redemption shall in each case be given to the bank :here said bonds are payable and to the last known holder, anal published notice of redemption shall be given in accordance with lava. Holders desiring to receive mailed notice must register their names, addresses and bond numbers T:ith the Village Clerk, but published notice shall be effective without mailed notice. This bond is one of an issue in the total orincipal amount of $540,,000, all of like date and tenor; excert as to maturity, interest rate and redemption privilege, ;v _cli bond has been issued pursuant to.and in full conformity %ith the Constitution and laws of the State of Minnesota for the nur- pose of providing money for the construction and isprovement of municipal state -aid streets in the Village, and is payable out of the General Obligation State -Aid Street Bonds of 1971 Fund of the Village. This bond constitutes a general obliga- tion of the Village, and to provide moneys for the prompt and full payment of said principal and.interest When the same become due, the full faith and credit of said Villa.ge have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECI7=7 that all. acts, conditions and things required by the Constitution and laws of the State of Minnesota to be cone, to happen avid to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been perforred, in regular and due .form, time and manner as required by lm.i, and this bond, together with all other debts of the Village outstanding on the date hereof and the date of its actual issuance and delivery does not.exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the Village of Maplewood, Ramsey County, Minnesota, by its Village Council has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the Village- Clerk, and the corporate seal of said Village to be affixed hereto, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of August 1, 1971. Village Clerk Mayor No. (Form of Coupon) 7/10 EI On the first day.of August (February), 19_, unless the bond described below is called for earlier rederation, the Village of Maplewood, Ramsey - County, - Minnesota, will pay to bearer at the sum shown hereon for interest then due on its General Obligation State -Aid Street Bond of 1971, lio.' dated August 1, 1971• /s/ Facsimile /s/ Facsimile Village Clerk Mayor 7. The Village Clerk is directed to cause said bonds to be prepared and the Mayor and Clerk are authorized and directed to execute t_e same by the facsimile signature of the Mayor and the manual signature of tee. VillageJClerk, and to cause said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. 8. The said bonds when -so prepared and executed shall be delivered by the Treasurer to the purchase^ thereof upon receipt of the purc�_ase price, and r:e said r -� chaser shall not be obliged to see to the proper application thereof. 9. There is hereby created a sTecial fund to be designated "General Obligation State -Aid Street Bonds of 1971 Fund" to be held and administered by.the Village Trea- surer separate and apart f -om all other funds of the Village. Said fund shall be mainta_:ed in the manner herein scecified until all of the bonds herein authorized ai ?d uhe ii _est thereon have beer. fully _ -id. =n said _ nd there sh_li be maintained trac sepa.rat-- a' -aunts to be designated .__ -he "Construction Account" and the "Sinking _`and Accoun , respectively. The proceeds of the sale of the bonds herein authorized less accrued interest received thereon, shall be credited to the Construction Account from-,-' there shall be paid all costs and ex i penses of said �.prove- men'ts in accordance with the provisions cf last and the rules and regulations of the Hig.-way Commissio *:er relati— to the establishment, location, relocation, cons-Iruction, recon- struction, and improvement of municipal state -aid streets within said Village, and the moneys in said account shall be used for no other purpose, provided that if upon comple- tion of said improvements there shall re=in any a ^expended balance in said account, then such sum shall be transferred to the Sinking Fund Account established herein. There shall be credited to the Sinking Fund Account all moneys from time to time available in the Village's normal maintenance account in the I'•7unic -ipal State -Aid Street Fund while these bonds remain outstanding, and all interest on the obligations issued hereunder shall be paid out of these moneys. There shall also be credited to said Sinking Fund Account all moneys allotted or to be allotted to the village fry^ its account in the Municipal State -Aid Street Fund for the pay- ment of the principal and interest on the obligations issued hereunder as they respectively become due,, all collections of taxes which may be levied for the payment of the iDrincipa.i. and interest on the obligations issued 'hereunder, all Village - 9 - 7/20 funds. at any time transferred to said Sinking Fund Account, all accrued interest received upon delivery of said obliga- tions and all funds remaining in the Construction Account after completion of the improvements and the pad -ent o_' the. costs thereof. The Sinking Fund Account shall.be used solely to pay principal and interest on the bonds issued hereunder. 10. If any moneys of the Village other than moneys received from the Municipal State -Aid Street Fund are used for the payment of thecbligations issued hereunder, the moneys so used shall be restored to the appropriate fund, from the moneys next received by the Village from the Con- struction or Maintenance Account in the iunici.al State= Ai.d Street Fund which are not required to be paid into a Sinking Fund for obligations. 11. There is hereby irrevocably pled -ed and appropriated to the Slrking Fund Account establ:is :ed here under an amount or the moneys allotted or to be allotted to the. - Village from its account in the Municipal State -.--id Street Fund sufficient to pay the principal of and interest on the bonds issued hereunder as they respectively bec = e due. 12. For the crcmnt and full :'.i.pal of and interest on said bongs as beco.-_e due, the full faith, credit and `•Iillae shall be and are hereby irrevo yment of the pr _n- I:ey same r soerz _. ?eiv axir.E po.•_.rs Of `7:"le _ably pled�.-_a. 13. Upon delivery of said bonds and t e receipt of payment therefor, the Village Council shall ferthT;;rith adapt a resolution certifying to the state Commissioner of Highways the amount of money required annually fcr the p -y- ment of principal and interest on the bonds, and the Village Clerk shall forthwith transmit said resolution to the C::-�mis- sioner of Highways, all in accordance with M.S.A. 152.18 and the form resolution hereto attached as Exhibit A and incor- porated herein by reference. Upon receipt from t,e Statte Auditor of the annual amount of Tao ney needed for payment of principal and interest due each year, the same shall be deposited in the Sinking Fund Account established hereunder. 14. The Village Clerk is hereby directed to file a certified cppy -of this resolution with the County Auditor of Ramsey County, Minnesota, together with such ct:er infor- mation as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Fond Register. 10 - 7/20 15. The officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all pro - ceedings and records of the Village relating to said bonds and to the finan- cial condition and affairs of the Village, and such other affidavits, cer- tificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Village as to the facts recited therein. Seconded by Councilman Haugan. Ayes - all. c. Councilman Haugan introduced the following resolution and moved its adoption: ($1,740,000.00 General Obligation Bonds of 1971) RESOLUTION ACCN7G BID3 EPTI ON SALE OF $1,740,000 General Obligation Improvement Bonds of 1971 Providing For Their Issuance and Levying A Tax For the Payment Thereof BE IT RESOLVED by the Council of the Village of Maplewood, Minnesota, as follows: 1. That the bid of American National Eank u Trust Co manv t0 purchase $'1,74o,voo Genera] C� iga�iori T,..�r1- Ve "'C -:" IG. - of 1971 of the Village, in accordance with the notice o' bond sale, at the rages of interest hereinafter set forth, and to pay therefor the sum of $1,092,317.50 (plus a pre -sum Of none_) is hereby found, deter -fined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The Village Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at the American stational Bank and Trust Company, in St. Paul, Minnesota 2. The $1,740,000 negotiable coupon general obliga- tion bonds of the Village shall be dated August 1,1971 and shall be issued forthwith. Said bonds shall be 343 in number and numbered from 1 to 343, both inclusive, in the denomination. of $5,000 each. Said bonds shall mature serially, lowest numbers first, on August 1 in the years and amounts as follows;: $ 90,000 in $ 95,000 in $105,000 in $115,000 in $125,000 in bo the year 1974, the year 1975, the year 1970, the year 1977, each of the years 1978 to 1980, th inclusive; - 11 - 7/20 `$130,000. in the year 1981, $ 80,000. in each of the years 1982 to 19874 both inclusive; - $ 85, 000 in each of the years 1988 and 1989, $ 90,000 in each of the years 1990 and 1991. 3. Said bonds shall provide funds for the construction of various improvements in the Village. The total. cost of said improvements, including the cost of construction under the terns of the lowest bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefore, and all other costs necessarily- incurred and to be incurred from the inception to the completion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. 4: The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable August 1, 1972, ` and semiannually thereafter on February 1 and ?.ugust 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial numbers Interest Rate 1974 1 -18 4.200 1975 19 -37 4.400 1976 38 -58 4.60o 1977 59 -8.1 4.7S% 1.978 82 -106 4.90% 1979 107 -131 5.00% 1980 132 -156 5.15% 1981 157 -182 5.30% 1982 183 -198 5.40% 1983 199 -214 5.50% 1984 215 -230 5.60% 1985 231 -246 5.70% 1986 247 -262 5.80% 1987 263 -278 5.90% 1988 -1991 279 -348 6.00% S. All bonds of this issue maturing in the years 1982 to 1991, both inclusive (bonds numbered 183 to 348, both inclusive) , shall be subject to redemption and prepayment at the option of the Village in inverse order of serial numbers, on August 1, 1981 and on any interest pavment date thereafter at par and accrued interest plus a premium: of $ 50.00 At least thirty days prior mailed notice of redemption shall in each case be given to the bank where said bonds are payable and to the last known holder, and thirty days prior published notice of redemption shall be given in accordance with .law. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the Village Clerk, but published notice shall be effective without mailed notice. 6. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: - 12 - 7/20 UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY VILLAGE OF MAPLEWCCD No.'' $. ...... GENERAL OBLIGATION IMPROVEMENT BOND OF 1971 KNOW ALL MEN BY THESE PRESENTS that the Village of Maplewood, Ramsey County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of THOUSAND DOLLARS on the first day of August, 19 and to pay interest thereon from the date hereof until the principal is paid at the rate of per cent ( Q per annum, payable on the first day of -August, 1972 and semiannually thereafter on the first day of February and the first day of Aus°ust in each year, in accordance with and upon presentation and surrender o.f the interest coupons hereto attacha , as the saIFle seve- rally _ 5. become due. Both principal and interest are payable at in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing in the years 1982 to 1991, both inclusive (bonds numbered to both inclusive), are subject to redemption and Dre- payment at the option of the Village in inverse order of serial numbers, on August 1, 1981 and on any interest payment date thereafter at par and accrued interest plus a premium of $ At least thirty days prior mailed notice of redemption shall in each case be given to the bank ahere said bonds are payable and to the last known holder, and published notice of redemption shall be given in accordance with law. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the Villaye Clerk, but published notice shall be effective without mailed notice. - 13 - 7120 This bond is one of an issue i.n the total principal amount of $1,740,000 all of like date and tenor, except as to maturity, interest rate and redemption privilege, ..,hich bond has been issued pursuant to and in full conformity "with the Constitution and laws of the State of Mlinnesota for the pur- pose of providing money for various improvements, and is payable out of the General Obligation IL:.provement 3onds of 1971 Fund of the Village. This bond constitutes a general obligation of the Village, and to provide moneys for the prompt and full payment of said principal and interest ;,Then the same become due, the full faith and credit of said Village have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been performed, in regular and due form., time and manner as required by law, and this bond, together with all other debts of the Village outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS V7.HEREOF, the Village of Maplewood, 4amsey County, Minnesota, by its Village Council has caused -Uhis bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of the Village Clerk, and the corporate seal of said Village to be affixed hereto, and has caused the interest conoons to be executed and authenticated by the facsimile si €natures. of said officers, all as of August 1, 1971. Village Clerk (Form of Coupon) No. On the first day of August (February), 19 , unless the bond described below is called for earlier reder..ption, the Village of Maplewood, Ramsey County, Minnesota, will pay to bearer at the sum shorn hereon for interest then due on its General Obligation Improvement Bond of 1971, No. — dated August 1, 1971. /s/ Facsimile /s/ Facsimile Village Clerk Mayor - 14 - 7/20 7. The Village Clerk is directed to cause said bonds to be prepared and the Mayor and Clerk are authorized and directed to execute the same by the facsimile signature of the mayor and the manual signature of the Village Clerk, and to cause said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 9. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1971 Fund" to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund be maintained in the manner herein specified until all of 'the bonds herein authorized and the interest thereon have teen _fully paid._. In said fund there shall be Maintained t;•ro ,rparate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account ", respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon and less any amount paid for said bonds in excess of ;;1,709,000, Sh8.11 be CreC.ited +;U tik onstructinn ,'ccc1`nt, from whi-h --here s' al! be 4;a! c 's G3 and expenses of inaking, said ir:;proverrent s, Inc u`Y_ the 'co ts; of construction_ contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to pay interest on said bonds due prior to the anticipated date of co_ :_-nencement of the collection of taxes or special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $1,709,000, and all funds remaining in said Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improve - ment. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 10. It is hereby determined that no less than $1,214,702 of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The Village hereby covenants and agrees that it will do and - 15 - 7/20 perform as soon as they may be done, all acts and thinEs necessary for the final and valid le:q✓ of such special _ assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregular - ity, in any action or proceedings taken or to be taken by the Village or this Council or any of the Village officers or employees, either in the making of such assessments or in the performance of any condition r ecedent thereto, the Village and this Council will forth-11 -th do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in ecual, consecutive, annual installments, win general taxes for the years shown below and with interest on the deferred balance of all such assessments at the rate of 7 a per annum: lmorovement Designation Amount Lever Years Beam Ave. - Streets $430,000 1972 -1980 Beam Ave. - Storm Sewer $332,500 1972 -1990 Beam Ave. - San. Sew. s Water $204,000 1972 -1990 Project Nos. 69 -19, 68 -1, 70 -2,) 70 -16, 70 -8, 71 -7,) 71 -4, 71 -2 } $248,190 1972 -1990 11. To provide moneys for the payments of said principal and interest there is hereby levied ur�or all of the taxable property in the Village a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, ether general property taxes in said Village for the years and in the amounts as follows: - 16 - 7/20 they me nt five due Year of Tax Year of Tax Levy Collection Amount 1971 1972 - -- 1972 1973 $30,000 1973 1974 30,000 1974 1975 30,000 1975 1976 40,000 1976 1977 $40,000 1977 1978 50,000 1978 1979 50,000 1979 1980 55,000 1980 1981 55,000 1981 1982 $55,000 1982 1983 55,000 1983 1984 55,000 1984 1985 55,000 1985 1986 55,000 1986 1987 $55,000 1987 1988 55,000 1988 1989 55,000 1989 1990 55,000 1990 1991 56,000 Said tax levies are together with estimated s for the payment of said per cent in excess of the the principal and interest such that if collected 'n full collections of special assess - bonds, will broduce at least amount needed to meet when payments on the bonds. Said tax levies shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided thai: the Village reserves the right and power to reduce the levies in the -ahner and to the extent permitted by Sec. X75.61(3) M.S.A. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing po.ers of the Village shall be and are hereby irrevocably pledged. 12. The Village Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other infor- mation as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has been made. - 17 - 7/20 13. The officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all pro- ceedings and records of the Village relating to said bonds and to the finan- cial condition and affairs of the Village, and such other affidavits, cer- tificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear rrom the Doo "-s and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Village as to the facts recited therein. Seconded by Councilman Wiegert. Ayes - all. D. PRESENTATIONS (continued) 4. Beam Avenue Bid Opening a. Mr. Iry Samuelson, Howard,Needles, Tammen and Bergendoff, stated the bids for Beam Avenue Improvement were received July 19, 1971. '!he ap- parent low bidder was Schafer Contracting Company, Inc., 2,34C,C +0.65. Engineering estima"e for the entire Droject aas $2,331.497.00. 7,1--le bids have been analyzed and are found to be in order. Staff recommends ac- ceptance of the bids. There are several items that need be approved be- fore bids can be awarded. b. Village Engineer Collier stated if Council intended to award ti-e bid now, he would recomr: end it be contingent upon State and other government! agencies approval of the contract, and also consider the _team Avenue basin and the storage pond portion of the project would not be constructed until the authorization by the Village Council. This condition is for two reasons; Staff is trying to finance that portion and if another bond issue sale is required for this portion, the bonding attorneys feel that a public hearing should be held. c. Following further discussion, Councilman Greavu introduced tiie follow- ing resolution and moved its adoption: 71 - 7 - 144 BE IT RESOLVED BY THE VILLAGE CODICIL OF MAPLEWOOD, MIIN ESOTA, that . the bid of Shafer Construction Company, Inc. in the amount of $2,340,040.65 is the lowest responsible bid for the construction of Maplewood Heig'nts Ponding Reservoir, i-nprovement No. 70 -5A and Beam Avenue Utilities and Street Construction Improvement No. 70 -5; and award of the contract is contigent on (1) approval of the plans by the Minnesota Highway Department and (2) the notice to proceed will specif'ically exclude the construction of ponding area and facilities in ^e vicinity of Beam Avenue and ennard Street until such time as is authorized by the Village Council of �_aple- wood, Minnesota; and the Mayor and Clerk are hereby authorized and directed to enter into a contract with said bidder for and on behalf of the Villa; Seconded by Councilman Wiegert. Ayes - all. E. ADJOLTR1\'MENT 5:30 P.M. 18 _ City Clerk 7/20