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HomeMy WebLinkAbout02-23-56 SM _ _ February 23, 1956 I pursuant to due call and notice thereof, a special meeting of the Town Board of the Toum of New Canada, Minnesota, was duly held at the Town Ha11 in said Town on Febru- j ary 23, 1956 at 8:00 o~clock P.M. for the purpose o£ opening and considering bids for, and awarding the sale of $18,000.00 Building Bonds of 1956, and for such other bus- mess as might come before the Board. ~ The following members were presents i W. E. Luebben, Ed O~Mara, L. Kaeder I and no members were absent. The Board proceeded to `receive and open bids for the sale of said bonds. II The following bids were received: Terms of Bid Nams of Bidder Coupons Premium Net Interest Cost Juran & Moody, Inc. 2.8~ plus None, 2.87 1;b from sept. 1, 1956 to Mar. 1, 195'7 Piper, Jaffrey & Hopwood 2.9~ $39.00 2.$68°fo The-Board then proceeded to consider such bids. After the bids had been considered and discussed, member O~Mara introduced the following resolution and moved its ~ i adoption; ~ A RESOLTJTION ACCEPTING BID ON SALE OF BONDS AI~TD FTXTI~TG THE RATE OF INTEREST BE IT RESOLVI~;D, By the Council of the Town of New Canada, Minnesota, as follows: 1. That 'the bid of Piper, Jaffrey 8, Hopwood of Minneapolis, Minnesota, to purchase $18,000.00 Building Bonds of this Town at the rate of two Fo 910 (2.90) percent per annum, and to paytherefor the sum of $18,039.00 is hereby found, deter- mined end declared to be the most favorable bid received and is hereby accepted and said bonds are hereby awarded to said 'bidder. The Town Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. 2. The rate of interest said bonds shall bear is hereby Fixed at two and nine-.tenths (2.9~) per cent per annum. ' 3. Said bonds shall be payable at First National Bank of St. Paul, Minnesota. Member Luebben seconded the motion for the adoption of th'o foregoing resolution and upon vote being taken thereon the Following voted in favor thereofs Luebben, OsMara, Kaeder and the following voted against the same; None , _ _ i Whereupon said resolution was declared duly passed and adopted. j .-Member Luebben introduced the following resolution and moved its adoption; _ A RESOLUTION PROVIDING FOR THN; YSSUANCE OF $1$;000.00 BUILDIIQG BONDS AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED,` By the Town Board of the Town of New Canada, Minnesota, as follows: 1. The Town shall forthwith issue its negotiable coupon genexal obligation bonds in the aggregate principal amount o£ $18,000.00 to be 1$ in number, numbered I from 1 to 18, both inclusive, in the denomination of $1,000.00 each, bearing interest at the rate of two & nine-tenths per cent (2.9~) per annum, payable Mareh 1, 1957 and semi-annually thereafter on September 1 and March 1 of each year and to mature serially on March 1 in the years and amounts as follows; $1,000.00 in each of the years 19$8 and 1959, $2,000.00 in each of the years 1960 and 196~k, both inclusive; and $3,000.00 in each of the years 1965 and 1966; ` all bonds of this issue are subject to redemption without option of prior payment, in inverse order of their numbers, on any interest payment date, at par and accrued interest. The said bonds shall be payable as to both principal and interest at I First National Bank of St. Paul, Minnesota. I ~ 2. The bonds and interest coupons to be issued hereunder shall be in sub- stantially the following forms UNITED STATES OF AMERICA STATE OF MINNESOTA j COUNTY OF RAMSEY TOItiN OF NEW CANADA No. ~ ($1,000.00 ) BUILDIIQG BOND ' XNOW ALL MEN BY THESE PRESENTS, That the Town of New Canada,` Minnesota, Ramsey County, certifies that it is indebted, and for value received promises to pay to bearer, the sum of ONFJ THOUSAATD DOLLARS on the first day of March, 19^,, and to pay interest thereon from the date hereof until paid, at the rate of two & nine-tenths per cent (2.9~) per annum, interest being payable on the first day of March, 1957 and semi-annually thereafter on the 'first day of September and the first day of March in each year, in accordance with and upon presentation and surrender of, the interest coupons hereto attached as they severally become due. ,Both principal and interest are payable at First Nat- ional Bank of St,. Paul, Minnesota in any coin or eur-rency of the United States of America which at the time of payment is legal tender for public and private i debts. This bond is one of an issue in the total principal amount of $18,000.00, all of like date and tenor, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, for the. purpose of providing money for the construction of a building to house adminis- i f 1 j trative offices and for other general purposes of the Town government. This bond constitutes a general obligation of the T'oam, and to provide moneys for the prompt and full payment of said principal and interest when the same become due and full - faith and credit of said Town have .been and are hereby irrevocably pledged. IT IS I3EREBY CERTTFIED 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 N~.p:pened and have been performed, in regular and due foxm, time and manner as required by law, and this bond together with all other debts of the ~ Toum outstanding on the date hereof and the date of its actual issuance and del- ivery, does not exceed any constitutional or statutory limitation of indebtedness. IN WITITT'SS WHCRECF, The Town of New Canada, Ramsey County, Minnesota, by its 'T'own Board has caused this bond to be executed, in its behalf by the signatures of the Chairman of ,the Town Board and the To~,m Cl,erk,~and the corporate seal to be hereunto affixed,, anti has caused the interest coupons to be executed and authen- ticated by the facsimile signatures of said officers, all as of March 1, 1956. ---___-------_._J.______.____~___________~ __._._.e_-_---- Toom Clerk Chairman of the Town Board (Farm of Coupon) No . On the first day of March (September), 19,.~, the Town of New Canada, &omsey County, Minnesota, will'pay to bearer at First National Bank of St. Paul, Minnesota, ~ the sum of $ for interest then due on its Building Bond No. _ _ dated March 1, 1956• Town Clerk Chairman of the Town Board 3. The Town Clerk is directed to cause said bonds to be prepared and the Chairman of the Town Board and Clerk are authorized and directed to execute the same, and to cause the said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said persons. 4• The said bonds when so prepared and executed shall b~ delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the pur- chaser shall not be obliged to see to the proper application thereof. i 5. There is hereby created a special fund to be designated as °Iuilding Bonds Fund° to be held and administered by the Town Treasurer separate and apart from all other funds of the Town. Said fund shall be maintained in the manner herein specified. until al]. of the bonds herein authorized and interest thereon shall have been fully paid. In said. fund there shall be maintained two separate accounts to be designated as the °Construction Account° and the °Sink:ing Fund Account,° respectively. The proceeds o£ the solo of bonds herein authorized, less accxued interest received thereon, shall be credited to the Construction Account. From said Construction Account there shall be paid all of the costs of the Construction of the Building, and the moneys in said account shall be used for no othex purposes, provided that if upon completion _ _ - of said construction there shall remain any unexpended balance in said Construction Account such balance shall be transferred to the Sinking Fund Account. There shall also be ereditsd to the Sinking Fund Account, all collections of general taxes herein levied and all accrued interest received upon delivery of said bonds. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 6. To provide moneys for the payment of the principal of said. bonds and the intorsst thereon there is hereby levied upon all of the taxable property in the Town a direct -general annual ad valorsm tax, which. shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said Town fox the-years and amounts as follows: Year Amount Year Amount.. 1956 $1,000.00 1960 $2,000.00 1957 $1,.000,00 1961. $2,000.00 - 1958 $2,000.00 1962 $2,ooa.oo 1959 $2,ooo.oa 1963 $3,000.00 I 196 $3,000.00 i Said tax ahall be irrepealable as long as any of said bonds are outstanding and unpaid, provided that the Town reserves the right and power to reduce the levies in the manner and to the extent pormitted by Sec. X75.61 (3) M.S.A.. 7. The full faith and credit of the Toum is hereby pledged for the payment of principal a.nd interest of said bonds. ~i 8: The Town Clerk is hereby directed to file a certified copy of this resolu- tion with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor a certificate that said bonds have been entered in the-Auditors Bond Register, and. that the. tax levy 'required by law has begn made. The mat ion for the adoption of the foregoing resolution wa's d.uly'seconded by member O~Mara and upon vote being taken thereon the following voted in favor thereof: Lueben, O~Mara, Kaeder and the following voted against tho same: None S+Rieroupon said resolution was declared duly passed and adopted. I ' Chairman Luebben then opened the meeting for the discussion of fire protection for i the year from March 1, 1956. In attendance representing the Little Canada Firo De- partment were, Marcel Gagne and Michael Stszeysnke. Luebben moved, Kaeder aecondod that the Town Attorney be authorized to draw up a new contract with the Little Canada Fire Department for fire protection in that part of the Township lying west i of Highway No. #61 and authorizing the Chairman of the Board and the Clerk to ex- ecute the contract for $3,8ao.00 for the year from March 1, 1956 to March 1, 1957• Ayes - all Representatives of the East County Line and Gladstone Fire Departments were also present. It was decided that contracts would be made urith the East County Line Fire Department for $6,300.00 for the period from March 1st, 1956 to March 1st, ~ 1957, and for $8,800.00 for the Gladstone Fire Department for that same period, huebben moved, Kaeder seconded that the Town Attorney be instructed to draw up contracts as specified and that the Chairman of the Board and the Clerk be authorized to execute said contracts. I Ayes - all A discussion was opened on the Road and Bridge Fund. Carley, Town Engineer, had previously presented a comprehensive written report on the accomplishments in 1955, the anticipated expenses and budget for roads for the year 1956 and also a proposed budget £or 1957• Tt was decided to follow Mr. Carley~s recommendations for 1956 and to conaidex his proposal for 1957 for submission to the Annual Town Meeting. Carley, Totm Engineer, presented a plat to the Board £or a proposed new addition to be known as Minnehaha Highlands on behalf of the developer. Its location was shoran on a topographic map of part of the southeast one-quarter of the southwest one-quarter of Section 25, Township 29, which accompanied the.pla.~t. The Clerk Baas instructed by the Board to turn the map and proposed plat aver to the Planning Commission. Luebben moved, O~Maxa seconded that the Annual Toom Meeting be held on March 13th, 1956 at 8:15 P.M. at the Gladstone School Auditorium and that notice thereof be inserted in the Ramsey County Review and.also that notice be posted in the usual three (3} public places, the Town Ha11, Beaver hake School and Edgerton School. Ayes - all Luebben moved, O~Mara seconded that William Kaeder be reappointed as Weed Inspector. Ayes - al]. Meeting was adjourned at 12105 A.M. i Olerk