HomeMy WebLinkAboutResolution - 32 - Authorizing Sale of Temporary Improvement Bonds in Amount of $60,000 - 10/10/1961 t
TOWN OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 32
A RESOLUTION AUTHORIZING SALE OF TEMPORARY IMPROVEMENT BONDS
WHEREAS, the Town Board of the Town of Eden Prairie has entered Into
a contract known as contract -fl - 1961 Street Improvement Project, and
WHEREAS, It Is necessary to obtain funds prior to completion of said
project in order to make payments to the contractors under said contract, and
WHEREAS, on the 28th day of June, 1961, the Town Board of the Town of
Eden Prairie adopted a Resolution pursuant to M.S.A. 429.091 that it sell tempor-
ary Improvement bonds to the First National Bank of Hopkins in an amount not to
exceed $60,000.00, which bonds were to be sold on an interest rate not to exceed
four (4) per cent per annum and that they were to be due six (6) months from the
date of issue which was ,Tune 29, 1961, and
WHEREAS, It now appears that they will be unable to complete the pro-
ject within the said six months period,
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN BOARD OF THE TOWN OF EDEN
PRAIRIE, that It substitute for Temporary Improvement Bond No. 1 , dated June 29,
1961 , a new bond upon the following terms;
That pursuant to M.S.A. 429.091 that it sell Temporary Improvement Bonds
to the Firt National Bank of Hopkins in an amount not to exceed $60,000.00 and
that the costs of said project be assessed against the benefited properties.
BE IT FURTHER RESOLVED, that said bonds be sold at an interest rate not
to exceed four (4) per cent per annum and that they be due on or before twelve (12)
months from the date of issue and callable at the option of the Town, and that the
Chairman and Clerk of said Town be authorized to sign said Bonds.
ADOPTED by the supervisors of the Town of Eden Prairie at a
regular meeting thereof held this 10th day of October, 1961 .
Donald Rogers, Cha rm
Elmer E. Clark, Clerk
W. HarIan Perbix, Town Attorney